BigBear.ai Stock Is Soaring After The Bell: What's Going On?

Author: Adam Eckert | August 20, 2024 05:15pm

BigBear.ai Holdings Inc (NYSE:BBAI) shares are ripping higher in Tuesday’s after-hours session after the company announced it received a contract award as a subcontractor to Concept Solutions.

What To Know: Concept Solutions was one of 14 companies awarded a Federal Aviation Administration (FAA) Information Technology Innovative Procurement Strategic Sourcing (ITIPSS) contract. The multiple-award contract enables the FAA to acquire a full range of IT capabilities, solutions and emerging technologies.

Concept Solutions will lead a team of subcontractors to support the contract. BigBear.ai said it will work with the company to help manage information systems, provide support for various programs, assist in evolving existing programs and implement innovative solutions aligned with the FAA’s strategic goals. The contract has a $2.4 billion shared ceiling more than 10 years.

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“Through this contract, BigBear.ai brings to FAA and the Concept Solutions team a long-term sustainment partner, far beyond initial implementation of off-the-shelf technology,” said Robert Wedertz, senior vice president, Federal at BigBear.ai.

“Our proven history of supporting the U.S. government has enabled us to rapidly modernize myriad bespoke solutions, facilitate deep integration, and provide embedded support. These core tenants of BigBear.ai partnerships distinguish us in the Federal space and we are privileged to be part of this team.”

BigBear.ai is a provider of AI-powered decision intelligence solutions for national security, digital identity and supply chain management. 

BBAI Price Action: BigBear.ai shares were up 28.57% after hours at $1.71 at the time of publication Tuesday, according to Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.

Posted In: BBAI