Iceberg reiterates BigBear.ai ‘not an AI-play’

Iceberg Research says the financial performance of BigBear.ai (BBAI) “reflects low growth and escalating losses” and says in a newly-issued critical report that to date in 2024, the private equity firm AE Industrial Partners “has sold over 85 million BigBear shares, with 61 million dumped in just the past two months.” The short-seller added that its “thesis remains unchanged: BigBear is not an AI-play. It was a vehicle for private equity to drop under-performing legacy assets onto retail investors.”