Artificial intelligence technology company BigBear.ai has released its financial report for both the fourth quarter and the fiscal year 2021, as well as expectations for the coming year.
The Columbia, Maryland-based company disclosed Thursday that its fourth quarter revenue was $33.5 million and full-year revenue reached $145.6 million in 2021.
“Our government business continues to thrive, providing a solid foundation for R&D innovation in areas that resonate with the public and private sectors,” commented BigBear.ai CEO Dr. Reggie Brothers, who is a two-time Wash100 Award winner as well as a key member of Executive Mosaic's GovCon Expert program.
Brothers also said that international political developments have driven growth and interest in the company’s “technical solutions, operational support and expert guidance.”
During the year, BigBear.ai brought on four new major executives to its team, received nine new prime contracts and closed a business combination with GigCapital4 that resulted in the company becoming publicly traded.
The company said its ending backlog at the close of 2021 was $465 million, with a gross margin of 23 percent for the year and 11 percent for the fourth quarter. CFO Josh Kinley attributed the significant backlog to a series of new business deals, customer accounts and contract awards.
Kinley also said the company’s $(2.3) million EBITDA for the fourth quarter was the result of a handful of contract awards being “pushed into future periods” due to delays. BigBear.ai’s full-year EBITDA was $4.9 million.
BigBear.ai is predicting a revenue between $175 million and $205 million at the end of the fiscal year 2022 with a goal of $20 million in commercial revenue. The company is also aiming for a positive adjusted EBITDA figure.
“We expect to grow revenue substantially among commercial customers, positioning the company for sustainable, highly-profitable revenue in a growing addressable market,” GovCon Expert Brothers remarked, adding that the company will utilize “strategic M&A,” among other strategies, to meet their year objectives.
One significant contract won by BigBear.ai in 2021 was a U.S. Army award in December for work in global force management and data-driven decision-making.
In an interview with ExecutiveBiz, Ryan Legge, president of analytics at BigBear.ai, shared his thoughts on how this work would affect the company’s assignments going forward.
“We are hopeful to take these capabilities to other government agencies and the commercial sector. I think automating and getting process management to accelerate is something that both the private and public sector can use,” Legge said.
