BigBear.ai, a leading provider of artificial intelligence, machine learning, cloud-based big data analytics, and cyber engineering solutions, announced its 2021 third-quarter financial results on Wednesday.
“BigBear.ai continues to build strong momentum through expanded customer engagements, additional contract awards, and additional investments aimed at accelerating commercial penetration,” said Dr. Reggie Brothers, BigBear.ai CEO and a 2021 Wash100 Award recipient.
The company reported a gross margin of roughly 27 percent in the third quarter against the year-to-date projections with approximately $40 million in revenue from the quarter as well. Also, the company reached an adjusted gross margin of 49 percent in its analytics segment and 21 percent in its cyber and engineering segment.
“Our record third-quarter revenue of $40.2 million represents an increase of approximately $4 million, or approximately 11%, over the second quarter of 2021, and reflects our recent contract wins,” GovCon Expert Reggie Brothers added. “Additionally, as the timing difference between our investments and the resulting revenue growth has continued to settle, we saw considerable EBITDA growth in the quarter.”
On Monday, BigBear.ai announced that GigCapital4 has filed its definitive proxy statement and set a date of Dec. 3, 2021, for its stockholder meeting in regards to the company’s pending business combination with BigBear.ai. The merger was originally announced in June 2021 and is expected to close following the stakeholders meeting.
“We are on track for the completion of our business combination with GigCapital4 and listing on the New York Stock Exchange later this year,” said Dr. Brothers. “This will enable us to further accelerate growth and ensure we are well-positioned to meet increasing demand from companies across virtually all verticals that need to optimize massive amounts of data to enable better decision making.”