2 weeks Ago By Erica Kollmann
BigBear.ai, Inc. BBAI reported its third-quarter results after Tuesday's closing bell.
Here's a look at the details from the report. The Details: BigBear.ai reported quarterly losses of five cents per share, which beat the analyst consensus estimate for losses of seven cents per share.
Quarterly revenue of $41.505 million missed the analyst consensus estimate of $46.03 million and is an increase over sales of $33.
98 million from the same period last year. Gross margin increased to 25.9% in the third quarter of 2024 as compared to 24.
7% in the third quarter of 2023, partially driven by higher margin commercial solutions in the third quarter of 2024 compared to the third quarter of 2023. Ending backlog was $437 million as of Sept. 30, 2024.
“Our third quarter financials show that we are continuing to build a long-term sustainable business, with good cash reserves and steady progress. The headwinds we face as a business are unchanged: the cautious approach of governments and regulators towards artificial intelligence means our business will remain lumpy, and we understand these challenges and are navigating them thoughtfully,” said Mandy Long , CEO of BigBear.ai.
Read Next: Trump Media Stock Volatile On Election Eve As Polls, Betting Markets Predict Tight White House Race Outlook: BigBear.ai affirmed its 2024 revenue guidance of between $165 million and $180 million. BBAI Price Action: According to Benzinga Pro , BigBear.
ai shares are down 7.39% after-hours at $1.63 at the time of publication Tuesday.
Read Also: Alibaba Layoffs Hit Metaverse Division: Will The Chinese E-Commerce Giant Double-Down On AI? Photo: Brian Penny from Pixabay © 2024 Benzinga.com. Benzinga does not provide investment advice.
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