BigBear.ai Stock Tumbles on Weak Results. It’s Been an AI Favorite This Year

Dow Jones03-08

BigBear.ai shares are down sharply in late trading Thursday after the AI software provider posted weaker-than-expected revenue for its fourth quarter.

BigBear shares, which been rallied 75% so far this year, are down 19.2% in late trading, to $3.04.

For the quarter, BigBear reported revenue of $40.6 million, up 0.5% from a year ago and below the Wall Street consensus forecast of $42.8 million.

The company posted adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, of $3.7 million. BigBear noted that it was its second straight quarter of profitability on that basis.

BigBear recorded a net loss for the quarter of $21.3 million, or 14 cents a share.

For 2024, BigBear is projecting revenue of between $195 million and $215 million, which is above the Street consensus of $174 million, but it’s not clear that the figures are comparable. The company last week completed the acquisition of Pangiam, a provider of AI-based vision systems, for $70 million in stock.

In a letter to shareholders, CEO Mandy Long said the company is not providing adjusted Ebitda guidance for the full year, “as we focus on the critical first steps of integrating Pangiam, and want to reinforce our commitment to moving the business forward and unlocking efficiencies of scale.”

Wall Street has been expecting adjusted Ebitda for 2024 of $7 million, according to estimates tracked by FactSet.

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It’s Been an AI Favorite This Year","media":"Dow Jones","content":"<html><head></head><body><p style=\"text-align: start;\">BigBear.ai shares are down sharply in late trading Thursday after the AI software provider posted weaker-than-expected revenue for its fourth quarter.</p><p style=\"text-align: start;\">BigBear shares, which been rallied 75% so far this year, are down 19.2% in late trading, to $3.04.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c65e6ebf6536f0a72d39ba0d83050ff6\" tg-width=\"842\" tg-height=\"622\"/></p><p style=\"text-align: start;\">For the quarter, BigBear reported revenue of $40.6 million, up 0.5% from a year ago and below the Wall Street consensus forecast of $42.8 million.</p><p>The company posted adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, of $3.7 million. 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