BigBear.ai Holdings (NYSE: BBAI) has returned to the spotlight following its first commercial deployment of an AI-powered International Shipping Compliance platform with Panama Transshipment Group.

The company’s contract backlog is now reported to be approaching $282 million, adding weight to the bull case for a business that remains in loss-making territory.

Recent share price movement has been turbulent, with a 10.53% gain over seven days and a 15.83% gain over 30 days, bringing the stock to $4.83.

Despite that short-term momentum, the stock is still down 17.29% year to date, reflecting the uneven sentiment that has surrounded the company throughout its public life.

Over a three-year period, the total shareholder…