BigBear.ai, an artificial intelligence and cloud-based data analytics solutions provider, announced its first half 2021 financial results, which include $72 million in year-to-date revenue, $150 million in contract awards and their upcoming merger with GigCapital4, which is expected to close in the fourth quarter of 2021.
“BigBear.ai’s steady pace of contract awards and expanded customer engagements drove our strong year-to-date revenue and backlog growth,” said 2021 Wash100 Award winner Dr. Reggie Brothers, CEO of BigBear.ai.
The company’s new contract awards combined with their backlog as of June 30th, 2021 now totals around $485 million.
GovCon Expert Dr. Brothers continued, “This is a testament to our successful track record for growing customer relationships by seamlessly implementing flexible solutions that enable customers to make critical decisions faster, more accurately and with better outcomes.”
One of BigBear.ai’s newest contract awards includes a recent transformational commercial agreement with Virgin Orbit that is expected to generate annual recurring revenue of $6 million over four years.
Additionally, Brothers said he is looking forward to BigBear.ai’s business combination with GigCapital4 and the subsequent emergence of BigBear.ai as a public company.
In a recent Executive Spotlight, Brothers said that merging BigBear.ai with GigCapital4, “Fuels our commercial growth, expands our sales and marketing, funds our research and development efforts that accelerate the product offerings, and enables us to continue pursuing corporate growth opportunities.”
Brothers also noted that the timing of some key contract awards has been significantly affected by Covid-related delays, but that the difference between the BigBear.ai’s investments and revenue is expected to be settled in the second half of 2021 to accurately reflect the company’s performance.
Due to these delays, BigBear.ai has revised their previous financial projections for fiscal year 2021. The company is now projecting revenue between $88 million and $113 million in the second half of 2021, which brings full-year projected revenue between $160 million and $185 million.