BigBear.ai to Showcase AI/ML Situational Awareness and Predictive Forecasting Solution at Exclusive U.S. Naval Forces Central Command International Maritime Exercise 2023

Rhea-AI Summary

BigBear.ai (NYSE: BBAI) is partnering with the U.S. Navy to showcase its Ursa Minor technology during the International Maritime Exercise 23 (IMX 23) in Bahrain and Jordan. The event aims to enhance unmanned technologies and AI integration in naval operations. Ursa Minor utilizes AI/ML to deliver situational awareness and predictive forecasts, crucial for monitoring international waters. The collaboration reflects BigBear.ai's commitment to supporting the Navy in its ambition to create the world's first fleet of autonomous vessels by summer 2023.

Positive

• Collaboration with U.S. Navy for IMX 23 enhances credibility and potential contracts.
• Demonstration of Ursa Minor showcases advanced AI/ML capabilities, attracting interest in military applications.
• Commitment to support development of the unmanned surface vessel fleet may lead to future business opportunities.

Negative

• None.

The company will demo Ursa Minor on unmanned and autonomous platforms as part of the U.S. Navy’s goal of deploying the world’s first fleet of autonomous surface vessels

COLUMBIA, Md.--(BUSINESS WIRE)-- BigBear.ai (NYSE: BBAI), a leader in AI-powered analytics and cyber engineering solutions, today announced that the company has accepted an invitation to participate and collaborate with the U.S. Navy during International Maritime Exercise 23 (IMX 23). The three-week unmanned and artificial intelligence integration event in Bahrain and Jordan aims to advance the U.S. Naval Forces Central Command’s efforts to integrate new unmanned technologies and artificial intelligence.

“We’re elated to continue our partnership with Task Force 59 and showcase innovation in AI/ML-based forecasting and computer vision capabilities,” said Mandy Long, CEO of BigBear.ai. “We’re committed to helping the U.S. Navy gather, interpret, and act upon intelligence critical to maintaining security across international waters in vast maritime environments that have historically been challenging to monitor.”

Following and with the continuation of the Digital Horizon event in December 2022, BigBear.ai will demo its AI/ML-powered decision support solution, Ursa Minor, which identifies potential threats using ML-augmented algorithms and analytics, at IMX 23. Ursa Minor provides analysts and decision-makers with real-time situational awareness, predictive forecasts, and computer vision capabilities.

“Along with our Task Force 59 partners, we’re dedicated to building mission-ready capabilities at the tactical edge,” said Tony Barrett, President and General Manager of Federal Markets at BigBear.ai. “These opportunities allow us to showcase our strengths in building a robust data infrastructure that supports the development and enhancement of AI and ML technologies.”

BigBear.ai looks forward to continuing its partnership with the U.S. Navy and supporting its endeavors to build the world’s first unmanned surface vessel fleet by the end of summer 2023.

About BigBear.ai

BigBear.ai delivers AI-powered analytics and cyber engineering solutions to support mission-critical operations and decision-making in complex, real-world environments. BigBear.ai’s customers, which include the U.S. Intelligence Community, as well as customers in manufacturing, logistics, commercial space, and other sectors, rely on BigBear.ai’s solutions to see and shape their world through reliable, predictive insights and goal-oriented advice. Headquartered in Columbia, Maryland, BigBear.ai has additional locations in Virginia and Michigan. For more information, visit: https://bigbear.ai/ and follow BigBear.ai on Twitter: @BigBearai.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements include, but are not limited to, statements regarding the intended use of proceeds from the private placement and may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to the uncertainty of the projected financial information (including on a segment reporting basis); risks related to delays caused by factors outside of our control, including changes in fiscal or contracting policies or decreases in available government funding; changes in government programs or applicable requirements; budgetary constraints, including automatic reductions as a result of “sequestration” or similar measures and constraints imposed by any lapses in appropriations for the federal government or certain of its departments and agencies; influence by, or competition from, third parties with respect to pending, new, or existing contracts with government customers; our ability to successfully compete for and receive task orders and generate revenue under Indefinite Delivery/Indefinite Quantity contracts; potential delays or changes in the government appropriations or procurement processes, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns or epidemics; and increased or unexpected costs or unanticipated delays caused by other factors outside of our control, such as performance failures of our subcontractors; risks related to the rollout of the business and the timing of expected business milestones; the effects of competition on our future business; our ability to issue equity or equity-linked securities in the future, and those factors discussed in the Company’s reports and other documents filed with the SEC, including under the heading “Risk Factors.” More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

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BigBear.ai

Tyler Sigmon

443-430-2622

media@bigbear.ai

Source: BigBear.ai

FAQ

What is BigBear.ai's role in IMX 23?

BigBear.ai is demonstrating its Ursa Minor technology to enhance unmanned and AI integration for the U.S. Navy during IMX 23.

When is the International Maritime Exercise 23 taking place?

IMX 23 is a three-week event scheduled to occur in Bahrain and Jordan.

What does Ursa Minor do?

Ursa Minor is an AI/ML-powered decision support solution that provides real-time situational awareness and predictive analytics.

What is the goal of BigBear.ai's partnership with the U.S. Navy?

The goal is to support the Navy in building the world's first fleet of autonomous surface vessels by the end of summer 2023.

What technologies is BigBear.ai showcasing at IMX 23?

BigBear.ai is showcasing its AI/ML-based forecasting and computer vision capabilities through the Ursa Minor technology.