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September 20 , 2021 ** BigBear.ai BigBear.ai Announces First Half 2021 Financial Results Including Over $ 150 Million in New Contract Awards and Strategic Partnership with Virgin Orbit • Revenue of approximately $ 72 million for the six months ended June 30 , 2021 • Over $ 150 million in new contract awards since the end of the second quarter • Analytics segment adjusted gross margin of 48 % • Ramping of investments / workforce to execute on growth strategy ; 75+ hires year - to- date across R & D , sales and marketing and product / service delivery • Entered into multiple commercial strategic agreements , including a multi - year transformational commercial partnership with Virgin Orbit • Business Combination with GigCapital4 on track to close in fourth quarter 2021 COLUMBIA , Md .-- ( BUSINESS WIRE ) -- Big Bear.ai , a leading provider of artificial intelligence ( " AI " ) , machine learning , cloud - based big data analytics , and cyber engineering solutions , today announced financial results for the six months ended June 30 , 2021 . " BigBear.ai's steady pace of contract awards and expanded customer engagements drove our strong year - to - date revenue and backlog growth . This is a testament to our successful track record for growing customer relationships by seamlessly implementing flexible solutions that enable customers to make critical decisions faster , more accurately and with better outcomes , " said Dr. Reggie Brothers , BigBear.ai Chief Executive Officer . “ Our investments for commercial penetration and public company readiness have proceeded according to plan . I am also very pleased to report that we recently signed two major contract awards that add more than $ 150 million to our backlog as well as a new transformational commercial agreement that will generate annual recurring revenue of $ 6 million over four years . Though timing of these key contract awards differed slightly from our expectations due to COVID - related delays and pushed a portion of our revenue growth later in the year than anticipated , this revenue is now on board . This timing difference between our investments and revenue will largely be settled in the second half of 2021 , when our adjusted EBITDA will reflect the true performance of the company . " Dr. Brothers continued , “ We are looking forward to completing our business combination with GigCapital4 later this year and for BigBear.ai to emerge as a public company . This will further accelerate our growth as we invest to develop new technology and expand into commercial markets , where we see substantial opportunities for our Al - powered solutions , which enable companies to make better decisions based on the massive amount of data they are rapidly accumulating . " Second Quarter Financial Highlights