What happened
Shares of artificial intelligence analytics company BigBear.ai Holdings (BBAI 6.74%) fell hard on Friday morning, down 20% as of 10:10 a.m. ET after the company reported a big fourth-quarter loss last night.
NYSE: BBAI
Key Data Points
So what
Revenue for the fiscal fourth quarter of 2021 grew 24% year over year to $33.5 million, but BigBear suffered a $1.02 per share loss for the quarter. Management did not provide data on Q4 2020's income, so as to compare that to this year's loss. BigBear did say that its gross profit margin declined to 11% in Q4.
For all of fiscal 2021, BigBear said its revenue was $145.6 million, up 59.5% from fiscal 2020, with a 23% gross profit margin. That wasn't enough to give BigBear a profit on the bottom line, however. Losses for the full year were $1.15 per share, and $123.6 million in total, versus only a $2.5 million net loss for 2020. (Management did not provide a per-share loss figure for 2020).
BigBear noted that the bulk of its losses, both for the quarter and for the year, were attributable to "$61 million of stock-based compensation expense from vesting that occurred upon the merger" with GigCapital4.
Image source: Getty Images.
Now what
Looking ahead to the rest of 2022, BigBear CEO Reggie Brothers promised to "ramp up our commercial business toward the latter half of the year," and predicted that BigBear's "significant backlog, which is 14% higher than last year, multiple new customer wins, and 100% customer retention rate provide strong momentum for the entire business in 2022."
Management forecasts full-year 2022 revenue will range from $175 million to $205 million, thus growing between 20% and 41% over 2021. The company did not say that it would earn a profit on that revenue, however.
