Artificial intelligence technology services company BigBear.ai has released its second quarter 2022 financial report, which includes a revenue result of $37.6 million.
The Columbia, Maryland-headquartered company said Thursday that its Q2 gross margin was 25 percent and analytics revenue grew at a rate of 18 percent ($2.9 million) from the prior year period, but that geopolitical events such as Russia’s invasion of Ukraine as well as an unstable economic climate hindered other areas of income.
Reggie Brothers, CEO of BigBear.ai and a GovCon Expert, noted second quarter triumphs such as the company’s acquisition of modeling, simulation and planning application manufacturer ProModel; the widespread usage of BigBear.ai software in hospitals; and a new deal with “one of the largest health systems in the Eastern U.S.”
The company also reported a net loss of $56.8 million — compared to a loss of $3.2 million in the comparable period in 2021 — and a non-GAAP adjusted earnings before interest, taxes, depreciation and amortization of negative $7.7 million, as opposed to a positive $0.5 million for the same quarter last year.
GovCon Expert Reggie Brothers, who is a multiple-time recipient of the Wash100 Award, pointed to the significant revenues that the company normally generates from government customers who have been preoccupied with the conflict in Ukraine as a major factor in reducing earnings, though he also said that ultimately the military’s missions and objectives overseas will likely call for the adoption of many of the AI tools and technologies BigBear offers.
For the time being, though, BigBear.ai’s team has altered its expectations and outlook for 2022 to accommodate hold-ups in contracts from the government and protracted sales cycles. It is looking to tighten spending and extricate unnecessary costs going forward.
Recently appointed chief financial officer Julie Peffer predicted that contract work for which BigBear is currently developing prototypes will pay off in the form of “large multi-year contracts with considerably higher margins” in the coming year.
BigBear.ai additionally reported a solid backlog of $325 million for the second quarter of 2022.
“While the second quarter presented challenges to our 2022 performance and slowed the pace of our transformation, we remain confident in our ability to capture larger, higher-margin projects with both federal and commercial customers to drive long-term growth,” Brothers commented.
BigBear.ai Posts 18 Percent Growth for Analytics Revenue in Q2 2022 Financial Report; GovCon Expert Reggie Brothers Quoted & Latest News Update
BigBear.ai Posts 18 Percent Growth for Analytics Revenue in Q2 2022 Financial Report; GovCon Expert Reggie Brothers Quoted & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
BigBear.ai Posts 18 Percent Growth for Analytics Revenue in Q2 2022 Financial Report; GovCon Expert Reggie Brothers Quoted & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links