Business
BigBear.ai Announces First Half 2021 Financial Results Including Over $150 Million in New Contract Awards and Strategic Partnership with Virgin Orbit
Revenue of approximately $72 million for the six months ended June 30, 2021 Over $150 million in new contract awards since the end of the second quarter
About this update from Gigcapital7 Corp.
[{"type":"text","content":"\n\nRevenue of approximately $72 million for the six months ended June 30, 2021\n\n\nOver $150 million in new contract awards since the end of the second quarter\n\n\nAnalytics segment adjusted gross margin of 48%\n\n\nRamping of investments/workforce to execute on growth strategy; 75+ hires year-to-date across R&D, sales and marketing and product/service delivery\n\n\nEntered into multiple commercial strategic agreements, including a multi-year transformational commercial partnership with Virgin Orbit\n\n\nBusiness Combination with GigCapital4 on track to close in fourth quarter 2021\n\n\n COLUMBIA, Md.--(BUSINESS WIRE)--\nBigBear.ai, a leading provider of artificial intelligence (“AI”), machine learning, cloud-based big data analytics, and cyber engineering solutions, today announced financial results for the six months ended June 30, 2021.\n\n“BigBear.ai’s steady pace of contract awards and expanded customer engagements drove our strong year-to-date revenue and backlog growth. 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,” said Dr. Reggie Brothers, BigBear.ai Chief Executive Officer. “Our investments for commercial penetration and public company readiness have proceeded according to plan. I am also very pleased to report that we recently signed two major contract awards that add more than $150 million to our backlog as well as a new transformational commercial agreement that will generate annual recurring revenue of $6 million over four years. Though timing of these key contract awards differed slightly from our expectations due to COVID-related delays and pushed a portion of our revenue growth later in the year than anticipated, this revenue is now on board. This timing difference between our investments and revenue will largely be settled in the second half of 2021, when our adjusted EBITDA will reflect the true performance of the company.”\n\nDr. Brothers continued, “We are looking forward to completing our business combination with GigCapital4 later this year and for BigBear.ai to emerge as a public company. This will further accelerate our growth as we invest to develop new technology and expand into commercial markets, where we see substa...