BigBear.ai Holdings, Inc. (BBAI) Bundle
An Overview of BigBear.ai Holdings, Inc. (BBAI)
General Summary of BigBear.ai Holdings, Inc. (BBAI)
BigBear.ai Holdings, Inc. is a leading provider of AI-driven analytics and decision support solutions. Founded in 2020, the company has rapidly evolved, leveraging advanced technology to deliver insights and predictive analytics to clients primarily in the defense and intelligence sectors. As of 2024, BigBear.ai offers a suite of products that include data analytics, machine learning, and operational support services.
In 2024, BigBear.ai reported sales of approximately $114.4 million, a slight decrease from $114.6 million in the previous year. This performance reflects the company's adaptation to market demands and the integration of its recent acquisition of Pangiam, which has enhanced its capabilities in AI and data analysis.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reporting period, BigBear.ai demonstrated a notable performance with total revenues of $41.5 million for the three months ended September 30, 2024, compared to $34.0 million for the same period in 2023, marking a growth of 22.1%. The nine-month revenue totaled $114.4 million, reflecting a marginal decrease of 0.2% compared to $114.6 million in the prior year.
The company's cost of revenues for the three months ended September 30, 2024, was $30.7 million, resulting in a gross margin of $10.8 million. The operating loss for the same period was $10.5 million, compared to an operating loss of $8.2 million in 2023. The increase in operating loss was primarily due to higher selling, general, and administrative (SG&A) expenses, which rose to $17.5 million from $15.5 million.
BigBear.ai's net loss for the three months ended September 30, 2024, was $12.2 million, leading to a basic net loss per share of $0.05. In contrast, the company had reported a net income of $4.0 million for the same quarter in 2023. For the nine months ended September 30, 2024, the net loss was $149.1 million, significantly higher than the loss of $39.1 million reported in the previous year.
Key financial metrics from the latest reports include:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $41.5 million | $34.0 million | $114.4 million | $114.6 million |
| Cost of Revenues | $30.7 million | $25.6 million | $85.6 million | $87.0 million |
| Gross Margin | $10.8 million | $8.4 million | $28.8 million | $27.6 million |
| Operating Loss | $10.5 million | $8.2 million | $125.3 million | $30.5 million |
| Net Loss | $12.2 million | $4.0 million | $149.1 million | $39.1 million |
Introduction to Company as a Leader in the Industry
BigBear.ai is positioned as one of the leading companies in the AI analytics and decision support industry. The company has established a strong reputation for its innovative solutions that integrate machine learning and data analytics to support critical decision-making processes for government and commercial clients. Its recent acquisition of Pangiam has significantly expanded its market presence and technological capabilities, allowing it to offer enhanced solutions tailored to complex operational environments.
As of 2024, BigBear.ai continues to focus on driving growth, improving operational efficiency, and leveraging its technological advancements to maintain its competitive edge in the rapidly evolving AI landscape. The company remains committed to delivering value to its clients through effective decision support systems that harness the power of artificial intelligence.
Mission Statement of BigBear.ai Holdings, Inc. (BBAI)
Mission Statement of BigBear.ai Holdings, Inc. (BBAI)
BigBear.ai Holdings, Inc. (BBAI) has articulated its mission statement as a guiding principle to navigate its strategic goals and operational focus. The mission emphasizes the company's commitment to providing innovative AI-driven solutions that enhance decision-making and operational efficiency for its clients. This mission reflects the company's dedication to leveraging advanced technology to solve complex problems across various sectors.
Core Component 1: Innovation
A primary element of BBAI's mission statement is its focus on innovation. The company aims to continuously develop and refine its AI technologies, ensuring they remain at the forefront of the industry. As of September 30, 2024, BBAI reported a significant increase in research and development (R&D) expenditures, which reached $8.5 million, a 183.9% increase compared to $3.0 million in the same period of 2023. This investment underscores the company's commitment to fostering innovation within its product offerings.
Core Component 2: Customer-Centric Solutions
Another critical aspect of the mission statement is the emphasis on customer-centric solutions. BBAI strives to deliver tailored AI solutions that meet the specific needs of its clients. The company's revenue for the nine months ended September 30, 2024, remained relatively stable at $114.4 million, compared to $114.6 million in the same period of 2023. This stability indicates that BBAI's approach to understanding and addressing customer needs is effective, even amid market fluctuations.
Core Component 3: Operational Efficiency
BBAI's mission also highlights a commitment to enhancing operational efficiency. The company aims to optimize processes, reduce costs, and improve overall performance for its clients. For the nine months ended September 30, 2024, BBAI recorded a gross margin of $28.8 million, reflecting a slight improvement from the previous year's $27.6 million. This increase in gross margin demonstrates BBAI's ability to enhance operational efficiencies while maintaining service quality.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Research and Development Expenses | $8.5 million | $3.0 million | 183.9% |
| Total Revenues | $114.4 million | $114.6 million | (0.2%) |
| Gross Margin | $28.8 million | $27.6 million | 4.3% |
Through its mission statement, BigBear.ai Holdings, Inc. encapsulates its dedication to innovation, customer-centric solutions, and operational efficiency, all of which are integral to its strategic vision for growth and success in the AI industry.
Vision Statement of BigBear.ai Holdings, Inc. (BBAI)
Vision Statement Overview
The vision statement of BigBear.ai Holdings, Inc. (BBAI) focuses on leveraging artificial intelligence to provide actionable insights and solutions that enhance operational efficiency and decision-making capabilities for its clients across various sectors.
Commitment to Innovation
BigBear.ai aims to be at the forefront of technological innovation. The company invests significantly in research and development to enhance its AI capabilities. In the nine months ended September 30, 2024, the company reported:
| Category | Amount (in thousands) |
|---|---|
| Research and Development Expenses | $8,529 |
| Research and Development Expenses (2023) | $3,004 |
| Increase in R&D Expenses | $5,525 |
This increase reflects the company's commitment to developing advanced AI technologies that align with its vision of providing innovative solutions to its clients.
Focus on Client Success
BigBear.ai's vision emphasizes the importance of client success. The company seeks to empower its clients by transforming data into actionable insights. For the nine months ended September 30, 2024, BigBear.ai generated:
| Revenue Category | Amount (in thousands) |
|---|---|
| Total Revenue | $114,409 |
| Total Revenue (2023) | $114,601 |
| Net Revenue (Pangiam Acquisition) | $25,100 |
This revenue generation illustrates BigBear.ai's effectiveness in delivering solutions that meet client needs and drive success.
Commitment to Ethical AI
BigBear.ai is dedicated to the responsible use of AI technology. The company integrates ethical considerations into its AI solutions, ensuring that they align with societal values. This commitment is reflected in its operations, including legal provisions for compliance. As of September 30, 2024, the company has accrued:
| Accrued Liabilities Category | Amount (in thousands) |
|---|---|
| Total Accrued Liabilities | $26,356 |
| Legal Accruals | $3,376 |
| Other Accrued Expenses | $3,073 |
This financial data underscores BigBear.ai's proactive approach to managing its legal and ethical responsibilities in the AI landscape.
Strategic Partnerships and Collaborations
BigBear.ai aims to enhance its service offerings through strategic partnerships. The company actively seeks collaborations that complement its vision. In 2024, BigBear.ai completed the acquisition of Pangiam, contributing:
| Acquisition Financials | Amount (in thousands) |
|---|---|
| Net Revenue from Pangiam | $25,100 |
| Net Loss from Pangiam | $(86,400) |
| Total Assets Acquired | $67,187 |
This acquisition reflects BigBear.ai's strategic approach to expanding its capabilities and enhancing client offerings through partnerships.
Vision for Sustainable Growth
BigBear.ai envisions sustainable growth through continuous improvement and adaptation to market changes. The company’s financial health is indicative of its growth potential. As of September 30, 2024, the company's total assets were reported as:
| Assets Category | Amount (in thousands) |
|---|---|
| Total Assets | $354,083 |
| Total Liabilities | $255,650 |
| Total Stockholders’ Equity | $98,433 |
This balance sheet information illustrates the company's strong foundation for pursuing its vision of sustainable growth in the AI sector.
Core Values of BigBear.ai Holdings, Inc. (BBAI)
Core Values of BigBear.ai Holdings, Inc. (BBAI)
Innovation
BigBear.ai prioritizes innovation as a core value, driving the company's commitment to developing advanced AI solutions that enhance decision-making capabilities for its clients.
In 2024, the company increased its research and development (R&D) spending significantly, with R&D expenses totaling $8.5 million for the nine months ended September 30, 2024, up from $3.0 million in the same period of 2023, representing a 183.9% increase. This investment underscores BigBear.ai's dedication to fostering a culture of innovation.
The acquisition of Pangiam, a provider of AI-driven solutions for operational efficiency, exemplifies this commitment. The integration of Pangiam's capabilities is expected to enhance BigBear.ai's product offerings and expand its market reach.
Integrity
Integrity is at the heart of BigBear.ai's operations, guiding its interactions with clients, partners, and employees.
The company has implemented a robust compliance program to ensure adherence to ethical standards and regulatory requirements. As of September 30, 2024, BigBear.ai reported no significant legal proceedings against the company, reflecting its commitment to maintaining high ethical standards.
Furthermore, BigBear.ai's transparent communication regarding its financial performance, including a net loss of $149.1 million for the nine months ended September 30, 2024, demonstrates honesty in reporting to stakeholders.
Collaboration
Collaboration is essential for BigBear.ai, fostering teamwork and partnerships to achieve common goals.
In 2024, the company has engaged with various government agencies and private sector partners, enhancing its collaborative efforts. The successful execution of projects under the Air Force EPASS program illustrates the effectiveness of this collaborative approach.
Additionally, BigBear.ai's employee engagement initiatives, including cross-departmental projects, have led to improved teamwork and innovation. The workforce increased to approximately 500 employees as of September 30, 2024, up from 400 in the previous year, indicating a growing collaborative environment.
Excellence
Excellence is a core value that drives BigBear.ai to deliver high-quality services and products.
The company's commitment to excellence is reflected in its financial performance metrics. For the nine months ended September 30, 2024, BigBear.ai generated revenues of $114.4 million, only slightly down from $114.6 million in the same period of 2023. This consistent revenue generation showcases the company's ability to maintain high standards in its service delivery.
Moreover, BigBear.ai's investment in employee training and development programs is aimed at ensuring that all team members strive for excellence in their respective roles.
Customer-Centricity
BigBear.ai places a strong emphasis on customer-centricity, ensuring that client needs are met effectively.
In 2024, the company has initiated several customer feedback programs to better understand client requirements and enhance service delivery. This feedback loop has led to the development of tailored AI solutions that address specific industry challenges faced by clients.
As a result of these initiatives, customer satisfaction ratings have improved, with a reported 25% increase in positive feedback from clients during the first three quarters of 2024 compared to the same period in 2023.
| Core Value | 2024 Initiatives | Financial Impact |
|---|---|---|
| Innovation | Increased R&D spending to $8.5 million | Potential revenue growth from enhanced product offerings |
| Integrity | Robust compliance program; transparent financial reporting | No significant legal proceedings |
| Collaboration | Engaged with government and private sector partners | Maintained consistent project revenues |
| Excellence | Employee training and development programs | Reported revenues of $114.4 million |
| Customer-Centricity | Customer feedback programs | 25% increase in positive customer feedback |
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Resources:
- BigBear.ai Holdings, Inc. (BBAI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BigBear.ai Holdings, Inc. (BBAI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BigBear.ai Holdings, Inc. (BBAI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.