BigBear.ai ( BBAI +2.29% ) , a developer of artificial intelligence (AI) modules, went public by merging with a special purpose acquisition company (SPAC) four years ago. Its stock opened at $9.84, went through some wild swings, but now trades at less than $7.

Like many other SPAC-backed start-ups, BigBear.ai overpromised and underdelivered. In a pre-merger presentation, it predicted its annual revenue would more than triple from $182 million in 2021 to $550 million in 2024. But in reality, its revenue only rose from $146 million in 2021 to $158 million in 2024 as it dealt with the bankruptcy of its top customer Virgin Orbit, faced stiff competition from other AI companies, and weathered rough macro headwinds.

BigBear.ai has also been led by three CEOs since its public debut.

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