BigBear.ai Holdings reported a sharply wider second-quarter loss and reduced its full-year outlook after weaker-than-expected demand on several U.S. Army programs, sending the artificial-intelligence contractor’s shares down more than 30% in early New York trading. Revenue for the three months ended June 30 fell 18% from a year earlier to $32.5 million, missing analyst expectations of about $41 million. The company posted a net loss of $0.71 a share, compared with the Wall Street consensus for a $0.06 loss and a shortfall of $0.60 a share a year ago. Gross margin narrowed to 25.0% from 27.8%. Management cut 2025 revenue guidance to a range of $125 million to $140 million, down from earlier forecasts and below the roughly $167 million analysts had projected. BigBear.ai also withdrew its adjusted EBITDA target for the year, citing uncertainty tied to the timing and scope of U.S. Army data-analytics contracts and other growth initiatives. The Columbia, Maryland-based company said it is working to diversify its customer base and pursue additional federal and commercial opportunities, but cautioned that near-term results will depend on the pace of new awards. Investors reacted by driving the stock down about 31% in pre-market trading on Tuesday.