Artificial intelligence company BigBear.ai (NYSE: BBAI) posted a 2 percent year-over-year revenue increase for the second quarter of 2023 and booked two key contracts from the U.S. Army during the quarter.
Sales in the April-June period totaled $38.5 million, compared to $37.6 million a year earlier, while backlog as of June 30 stood at $206 million, up 5 percent quarter-on-quarter, BigBear.ai said Tuesday.
Bookings for the period included a $7.7 million contract to implement the second phase of a mission management platform for the U.S. Army Test and Evaluation Command and an $8.5 million Army award to continue the development of a global force data management tool.
Mandy Long, CEO of BigBear.ai, said the two contracts serve as “evidence that we have momentum in the markets we serve.”
The Columbia, Maryland-based company’s 2023 guidance forecasts full-year revenue of between $155 million and $170 million.
Hear BigBear Chief Technology Officer Theodore Tanner share his in-depth perspective on pursuing trusted AI systems at ExecutiveBiz’s Sept. 12 in-person event, themed “Trusted AI and Autonomy.” Register for this timely event here.
