BigBear.ai (NYSE: BBAI) reported $40.7 million in revenue during the third quarter of fiscal 2022 and saw its Q3 analytics revenue rise 8 percent driven by the award of a U.S. Army contract for the implementation of the Global Force Information Management system.
The Columbia, Maryland-based technology company said Wednesday it ended the quarter with a cash balance of $22 million, gross margin of 29 percent and a backlog of $288 million.
Q3 segment adjusted gross margin for the analytics segment and cyber and engineering segment were 43 percent and 22 percent, respectively.
For its financial outlook, the company expects to record revenue of about $150 million to $170 million for the year ended Dec. 31.
During the quarterly earnings call, BigBear.ai CEO Mandy Long said the sole-source GIFM contract with the Army valued at approximately $14.8 million reflects the company’s ability to glean actionable insights from complex data “to drive operational decisions.”
“The GFIM award began generating revenue in September and will be a primary driver of our fourth quarter growth,” Long added.
In response to a question during the call, Tony Barrett, president and general manager of federal markets at BigBear.ai, told analysts that the company’s partnership with Palantir Technologies (NYSE: PLTR) in relation to the GFIM contract work is “complementary.”
“It’s not competitive in this particular offering. In fact, we have several partners that we’re going into this solution with, to include Appian. So what we’ve done is we’re leading the way with a multi-member team approach, which answers all of the government’s questions and allows them to get the best solution,” Barrett noted.