BigBear.ai Holdings, Inc. (NYSE: BBAI) saw its stock price skyrocket by an impressive 28.57% in after-hours trading following a major contract announcement. The AI-powered decision intelligence company has been selected as a subcontractor to Concept Solutions for the Federal Aviation Administration’s (FAA) Information Technology Innovative Procurement Strategic Sourcing (ITIPSS) initiative.
This lucrative contract boasts a shared ceiling of $2.4 billion over a decade, positioning BigBear.ai at the forefront of providing cutting-edge IT capabilities and emerging technologies to the FAA. The Columbia, Maryland-based firm will play a crucial role in supporting various programs, including managing information systems and implementing innovative solutions aligned with the FAA’s strategic goals.
Founded in 2020, BigBear.ai has quickly established itself as a key player in operationalizing artificial intelligence and machine learning for defense, intelligence, and commercial markets. This latest win underscores the company’s growing influence in the AI sector and its ability to secure high-profile government contracts.
Investors will be keeping a close eye on BigBear.ai’s upcoming second-quarter 2024 financial results, set to be released on August 1, 2024. While the company has opted not to host an earnings call, a shareholder letter from the CEO is expected to provide valuable insights into the company’s performance and future outlook.