BigBear.ai Reports Worse-Than-Expected Q4 Results
Portfolio Pulse from Erica Kollmann
BigBear.ai Holdings Inc (NYSE:BBAI) reported Q4 financial results below analyst expectations, with a loss of 14 cents per share against an expected 5 cents and quarterly sales of $40.563 million versus the expected $42.755 million. The company also announced the completion of its acquisition of Pangiam Intermediate Holdings and an increase in its year-end cash balance to $32.6 million from $12.6 million the previous year. Looking forward, BigBear.ai projects FY 2024 revenue to be between $195 million and $215 million, inclusive of Pangiam's results post-acquisition. BBAI shares dropped 18.09% in after-hours trading to $3.08.
March 07, 2024 | 10:00 pm
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BigBear.ai reported lower-than-expected Q4 results, completed the acquisition of Pangiam, and provided a positive FY 2024 revenue outlook. Shares fell 18.09% after-hours.
The immediate negative reaction in after-hours trading to the earnings miss and sales shortfall indicates a short-term bearish outlook for BBAI shares. However, the acquisition of Pangiam and the positive revenue forecast for FY 2024 could provide some offsetting positive sentiment in the medium to long term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100