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Jun 30, 2023
Bigbear.Ai Q2 2023 Earnings Report
Revenue grew slightly, gross margin decreased due to Virgin Orbit bankruptcy, and net loss decreased due to reduced operating expenses.
Key Takeaways
BigBear.ai reported a slight increase in revenue for Q2 2023, but gross margin decreased due to the Virgin Orbit bankruptcy. However, the net loss significantly decreased due to reduced operating expenses.
Revenue increased by 2.2% year-over-year to $38.5 million.
Gross margin was 23.3%, down from 25.5% in Q2 2022, impacted by Virgin Orbit's bankruptcy.
Net loss was $16.9 million, improved from $56.8 million in Q2 2022.
Non-GAAP Adjusted EBITDA was $(3.2) million, compared to $(7.7) million in Q2 2022.
Bigbear.Ai
Bigbear.Ai
Forward Guidance
BigBear.ai reiterates FY2023 revenue guidance between $155 million and $170 million and expects single digit negative adjusted EBITDA.
Positive Outlook
- Revenue between $155 million and $170 million is projected.
- Company expects single digit negative Adjusted EBITDA.