Bigbear.Ai Q1 2023 Earnings Report
Key Takeaways
BigBear.ai reported a 15.8% increase in revenue to $42.2 million for Q1 2023 compared to $36.4 million in Q1 2022. The company's net loss was $26.2 million, which included $10.6 million of non-cash expenses. They are reiterating FY23 revenue guidance of $155 million to $170 million.
Revenue grew 15.8% to $42.2 million for the first quarter of 2023, compared to $36.4 million for the first quarter of 2022.
Gross margin of 24.2% in the first quarter of 2023, a decrease from 27.1% in the first quarter of 2022, was primarily driven by incremental costs on the Global Force Information Management (GFIM) Phase 2 contract.
Net loss of $26.2 million for the first quarter of 2023, which includes $10.6 million of non-cash expense related to the change in fair value of PIPE warrants that were issued in January 2023.
Non-GAAP Adjusted EBITDA of $(3.8) million for the first quarter of 2023 compared to $(2.9) million for the first quarter of 2022.
Bigbear.Ai
Bigbear.Ai
Forward Guidance
For the year-ended December 31, 2023, the Company continues to project revenue between $155 million and $170 million and single digit negative adjusted EBITDA.