BigBear.ai (NYSE:BBAI) has announced on September 29, 2022 about being selected by the United States Army as the sole source prime contractor for implementing the Global Force Information Management (GFIM) system.
Trading Data
On Thursday, BBAI stock increased 30.25% to $1.5500 with more than 53.79 million shares, compared to its average volume of 1.30 million shares. The stock moved within a range of $1.4700 – 1.8000 after opening trade at $1.6100.
BigBear.ai Awarded $14.8 Million U.S. Army Global Force Information Management System Contract
The contract spans 9 months and is valued at $14.8 million. The award builds on BigBear.ai’s previous work and successful delivery of the prototype platform developed during Phase 1 of the GFIM project.
As per the terms of the contact, the BigBear.ai team will be joined by Palantir Technologies as a leading partner, for implementing an enterprise-wide intelligent automation platform. It will provide the Army with a holistic view of its global force structure.
The system empowers senior leaders and combatant commanders to man, equip, train, ready, and resource the Army more effectively. The end-state solution will transition 14 legacy systems into a single solution to provide real-time holistic data for up to 160,000 Army users, enabling risk-informed decision-making capabilities to support training and mission operations.
BigBear.ai and Palantir’s solution helps the Army address Secretary of the Army Christine Wormuth’s objective to embrace emerging technologies and become more data-centric. Wormuth had stated in February of this year that an integrated and data-driven approach is the best way to empower Army to emerge as a more effective and efficient force in the future.
Key Quote
“This contract supports the continuation of BigBear.ai’s efforts to deliver on the Secretary’s goal of ensuring the Army embraces new technologies to become a more data-centric fighting force,” said Ryan Legge, President, Analytics at BigBear.ai. “With BigBear.ai’s artificial intelligence capabilities, the Army can streamline processes and quickly make data-driven decisions on force structure, balance and readiness while bringing new levels of efficiency and confidence to every critical decision maker from senior leadership to combatant commanders.”
Technical Data
BBAI stock is trading below the 20-Day and 50-Day Moving averages of $1.44 and $1.84 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.47.
