10 Stocks That Vanished in Value

2. BigBear.ai Holdings, Inc. (NYSE:BBAI)

BigBear AI fell by 15.8 percent on Tuesday to close at $5.97 apiece following the release of a disappointing earnings performance in the second quarter of the year, coupled with a lower growth guidance for the full-year period.

In a statement, BigBear.ai Holdings, Inc. (NYSE:BBAI) said it widened its net loss by a whopping 1,487 percent to $228.6 million from the $14.4 million in the same period last year. Revenues fell by 18 percent to $32.47 million from $39.78 million year-on-year.

In the first half, net loss more than doubled to $290.6 million from $142 million in the same period last year, while revenues decreased by 8 percent to $67.2 million from $72.9 million.

Due to uncertainties on certain programs by the US Army, BigBear.ai Holdings, Inc. (NYSE:BBAI) reduced its revenue outlook for the full-year period to $125 million to $140 million, from the $160 million to $180 million previously expected.

“While we are very optimistic with these significant investments and growth opportunities, we have also seen disruptions in federal contracts from efficiency efforts this quarter, most notably in programs that support the U.S. Army, as they seek to consolidate and modernize their data architecture and in turn, we have adjusted our full-year guidance this quarter to reflect these disruptions,” said CEO Kevin McAleenan.