BigBear.ai ( BBAI 1.63% ) , a developer of artificial intelligence ( AI ) modules for edge networks, went public through a merger with a special purpose acquisition company ( SPAC ) four years ago. It started trading at $9.84 on its first day, but it now trades at less than $7.

Before BigBear.ai went public, it predicted its revenue would surge from $182 million in 2021 to $550 million in 2024. Unfortunately, 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, intense competition from similar AI module makers, and macroeconomic headwinds.

To grow again, BigBear.ai acquired the AI vision company Pangiam in early 2024. It also appointed Kevin McAleenan, CEO of Pangiam -- who previously served

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