BigBear.ai Announces First Quarter 2025 Results; Affirms 2025 Outlook
-
1Q 25 revenue of
$34.8 million $33.1 million 5% year-over-year.
-
During the first quarter of 2025, reduced long-term debt by
$58 million
-
Raised gross proceeds of
$64.7 million $9.00
-
Cash balance of
$107.6 million
- Affirms 2025 Outlook
"As we enter the second quarter, we are seeing early and encouraging signs that our strategic focus is resonating, particularly in sectors where we’ve built deep relationships, have a clear understanding of the mission, and are deploying proven technologies," said Kevin McAleenan, CEO of BigBear.ai. "We remain focused on capitalizing on this dynamic market and driving disciplined, sustained execution."
Financial Highlights
-
Revenue increased
5% to$34.8 million $33.1 million -
Gross margin was
21.3% in the first quarter of 2025, compared to21.1% in the first quarter of 2024. -
Net loss in the first quarter of 2025 was
$62.0 million $127.8 million $85.0 million $33.3 million $23.8 million $2.6 million $2.2 million -
Non-GAAP Adjusted EBITDA* of
$(7.0) million $(1.6) million -
SG&A of
$22.7 million $16.9 million $17.7 million $13.6 million -
Ending backlog of
$385 million
Financial Outlook
For the year-ended December 31, 2025, the Company projects:
-
Revenue between
$160 million $180 million - Adjusted EBITDA* in the negative single digit millions
The above information on financial outlook, and other sections of this release contain forward-looking statements, which are based on the Company’s current expectations. Actual results may differ materially from those projected. It is the Company’s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, changes in law, or new accounting standards until such items have been consummated, enacted, or adopted, as the case may be. For additional factors that may impact the Company’s actual results, refer to the “Forward-Looking Statements” section in this release.
* EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
Summary of Results for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
||||||||
|
|
Three Months Ended
|
||||||
$ thousands (expect per share amounts) |
|
2025 |
|
2024 |
||||
Revenues |
|
$ |
34,757 |
|
|
$ |
33,121 |
|
Cost of revenues |
|
|
27,369 |
|
|
|
26,135 |
|
Gross margin |
|
|
7,388 |
|
|
|
6,986 |
|
Operating expenses: |
|
|
|
|
||||
Selling, general and administrative |
|
|
22,732 |
|
|
|
16,948 |
|
Research and development |
|
|
4,166 |
|
|
|
1,144 |
|
Restructuring charges |
|
|
1,698 |
|
|
|
860 |
|
Transaction expenses |
|
|
— |
|
|
|
1,103 |
|
Goodwill impairment |
|
|
— |
|
|
|
85,000 |
|
Operating loss |
|
|
(21,208 |
) |
|
|
(98,069 |
) |
Interest expense |
|
|
5,116 |
|
|
|
6,385 |
|
Net increase in fair value of derivatives |
|
|
33,336 |
|
|
|
23,807 |
|
Loss on extinguishment of debt |
|
|
2,577 |
|
|
|
— |
|
Other income, net |
|
|
(276 |
) |
|
|
(455 |
) |
Loss before taxes |
|
|
(61,961 |
) |
|
|
(127,806 |
) |
Income tax expense (benefit) |
|
|
25 |
|
|
|
(14 |
) |
Net loss |
|
$ |
(61,986 |
) |
|
$ |
(127,792 |
) |
|
|
|
|
|
||||
Basic and diluted net loss per share |
|
$ |
(0.25 |
) |
|
$ |
(0.68 |
) |
|
|
|
|
|
||||
Weighted-average shares outstanding: |
|
|
|
|
||||
Basic |
|
|
252,341,401 |
|
|
|
187,279,204 |
|
Diluted |
|
|
252,341,401 |
|
|
|
187,279,204 |
|
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited) |
|||||||
|
|
|
|
||||
$ in thousands (except per share amounts) |
March 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
107,610 |
|
|
$ |
50,141 |
|
Accounts receivable, less allowance for credit losses |
|
34,565 |
|
|
|
38,953 |
|
Contract assets |
|
512 |
|
|
|
895 |
|
Prepaid expenses and other current assets |
|
5,547 |
|
|
|
3,768 |
|
Total current assets |
|
148,234 |
|
|
|
93,757 |
|
Non-current assets: |
|
|
|
||||
Property and equipment, net |
|
1,454 |
|
|
|
1,566 |
|
Goodwill |
|
119,081 |
|
|
|
119,081 |
|
Intangible assets, net |
|
117,600 |
|
|
|
119,119 |
|
Right-of-use assets |
|
8,893 |
|
|
|
9,263 |
|
Other non-current assets |
|
1,006 |
|
|
|
990 |
|
Total assets |
$ |
396,268 |
|
|
$ |
343,776 |
|
|
|
|
|
||||
Liabilities and stockholders’ equity (deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
3,936 |
|
|
$ |
8,455 |
|
Short-term debt, including current portion of long-term debt |
|
818 |
|
|
|
818 |
|
Accrued liabilities |
|
20,734 |
|
|
|
19,496 |
|
Contract liabilities |
|
3,017 |
|
|
|
2,541 |
|
Current portion of long-term lease liability |
|
1,091 |
|
|
|
1,068 |
|
Derivative liabilities |
|
57,449 |
|
|
|
170,515 |
|
Other current liabilities |
|
2,070 |
|
|
|
73 |
|
Total current liabilities |
|
89,115 |
|
|
|
202,966 |
|
Non-current liabilities: |
|
|
|
||||
Long-term debt, net |
|
100,588 |
|
|
|
135,404 |
|
Long-term lease liability |
|
8,770 |
|
|
|
9,120 |
|
Total liabilities |
|
198,473 |
|
|
|
347,490 |
|
Stockholders’ equity (deficit): |
|
|
|
||||
Common stock, par value |
|
31 |
|
|
|
26 |
|
Additional paid-in capital |
|
888,608 |
|
|
|
625,130 |
|
Treasury stock, at cost 9,952,803 shares at March 31, 2025 and December 31, 2024 |
|
(57,350 |
) |
|
|
(57,350 |
) |
Accumulated deficit |
|
(633,627 |
) |
|
|
(571,641 |
) |
Accumulated other comprehensive income |
|
133 |
|
|
|
121 |
|
Total stockholders’ equity (deficit) |
|
197,795 |
|
|
|
(3,714 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
396,268 |
|
|
$ |
343,776 |
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
|||||||
|
Three Months Ended
|
||||||
$ in thousands |
2025 |
|
2024 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(61,986 |
) |
|
$ |
(127,792 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
3,470 |
|
|
|
2,439 |
|
Amortization of debt issuance costs and discount |
|
2,764 |
|
|
|
3,336 |
|
Equity-based compensation expense |
|
7,400 |
|
|
|
5,157 |
|
Goodwill impairment |
|
— |
|
|
|
85,000 |
|
Non-cash lease expense |
|
370 |
|
|
|
94 |
|
Provision for doubtful accounts |
|
40 |
|
|
|
171 |
|
Deferred income tax benefit |
|
— |
|
|
|
(23 |
) |
Loss on extinguishment of debt |
|
2,577 |
|
|
|
— |
|
Net increase in fair value of derivatives |
|
33,336 |
|
|
|
23,807 |
|
Changes in assets and liabilities: |
|
|
|
||||
Decrease (increase) in accounts receivable |
|
4,348 |
|
|
|
(8,957 |
) |
Decrease in contract assets |
|
383 |
|
|
|
2,443 |
|
(Increase) decrease in prepaid expenses and other assets |
|
(1,795 |
) |
|
|
950 |
|
Decrease in accounts payable |
|
(4,163 |
) |
|
|
(5,960 |
) |
Increase in accrued expenses |
|
4,446 |
|
|
|
2,599 |
|
Increase in contract liabilities |
|
476 |
|
|
|
1,826 |
|
Increase in other liabilities |
|
1,670 |
|
|
|
551 |
|
Net cash used in operating activities |
|
(6,664 |
) |
|
|
(14,359 |
) |
Cash flows from investing activities: |
|
|
|
||||
Acquisition of business, net of cash acquired |
|
— |
|
|
|
13,935 |
|
Purchases of property and equipment |
|
(80 |
) |
|
|
(38 |
) |
Capitalized software development costs |
|
(1,540 |
) |
|
|
(1,643 |
) |
Net cash (used in) provided by investing activities |
|
(1,620 |
) |
|
|
12,254 |
|
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of shares for exercised RDO and PIPE warrants |
|
64,673 |
|
|
|
53,809 |
|
Payment of RDO and PIPE transaction costs |
|
(551 |
) |
|
|
— |
|
Proceeds from at-the-market offering |
|
6,569 |
|
|
|
— |
|
Payment of transaction costs for at-the-market offering |
|
(115 |
) |
|
|
— |
|
Repayment of short-term borrowings |
|
(366 |
) |
|
|
(403 |
) |
Payment of debt issuance costs to third parties |
|
(4,342 |
) |
|
|
— |
|
Proceeds from exercise of options |
|
1,393 |
|
|
|
86 |
|
Payments of tax withholding from the issuance of common stock |
|
(1,318 |
) |
|
|
(2,532 |
) |
Net cash provided by financing activities |
|
65,943 |
|
|
|
50,960 |
|
Effect of foreign currency rate changes on cash and cash equivalents |
|
(190 |
) |
|
|
— |
|
Net increase in cash and cash equivalents |
|
57,469 |
|
|
|
48,855 |
|
Cash and cash equivalents at the beginning of period |
|
50,141 |
|
|
|
32,557 |
|
Cash and cash equivalents at the end of the period |
$ |
107,610 |
|
|
$ |
81,412 |
|
EBITDA* and Adjusted EBITDA* for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
Three Months Ended
|
||||||
$ thousands |
2025 |
|
2024 |
||||
Net loss |
$ |
(61,986 |
) |
|
$ |
(127,792 |
) |
Interest expense |
|
5,116 |
|
|
|
6,385 |
|
Interest income |
|
(556 |
) |
|
|
(447 |
) |
Income tax expense (benefit) |
|
25 |
|
|
|
(14 |
) |
Depreciation and amortization |
|
3,470 |
|
|
|
2,439 |
|
EBITDA* |
|
(53,931 |
) |
|
|
(119,429 |
) |
Adjustments: |
|
|
|
||||
Equity-based compensation |
|
7,400 |
|
|
|
5,156 |
|
Employer payroll taxes related to equity-based compensation(1) |
|
1,015 |
|
|
|
664 |
|
Net increase in fair value of derivatives(2) |
|
33,336 |
|
|
|
23,807 |
|
Restructuring charges(3) |
|
1,698 |
|
|
|
860 |
|
Non-recurring strategic initiatives(4) |
|
894 |
|
|
|
— |
|
Non-recurring litigation(5) |
|
22 |
|
|
|
(121 |
) |
Transaction expenses(6) |
|
— |
|
|
|
1,103 |
|
Non-recurring integration costs(7) |
|
— |
|
|
|
1,334 |
|
Goodwill impairment(8) |
|
— |
|
|
|
85,000 |
|
Loss on extinguishment of debt(9) |
|
2,577 |
|
|
|
— |
|
Adjusted EBITDA* |
$ |
(6,989 |
) |
|
$ |
(1,626 |
) |
(1) |
Includes employer payroll taxes due upon the vesting of equity awards granted to employees. |
(2) |
The change in fair value of derivatives during the three months ended March 31, 2025, relates to the |
(3) |
During the three months ended March 31, 2025 and the three months ended March 31, 2024, the Company incurred employee separation costs associated with a strategic review of the Company’s capacity and future projections to better align the organization and cost structure and improve the affordability of its products and services. |
(4) |
Non-recurring professional fees related to the execution of certain strategic initiatives of the Company. |
(5) |
Non-recurring litigation consists primarily of legal settlements and related fees for specific proceedings that we have determined arise outside of the ordinary course of business based on the following considerations which we assess regularly: (1) the frequency of similar cases that have been brought to date, or are expected to be brought within two years; (2) the complexity of the case; (3) the nature of the remedy(ies) sought, including the size of any monetary damages sought; (4) offensive versus defensive posture of us; (5) the counterparty involved; and (6) our overall litigation strategy. |
(6) |
Transaction expenses during the quarter ended March 31, 2024 consist primarily of diligence, legal and other related expenses incurred associated with the Pangiam acquisition. |
(7) |
Non-recurring internal integration costs related to the Pangiam acquisition. |
(8) |
During the three months ended March 31, 2024, the Company recognized a non-cash goodwill impairment charge primarily driven by a decrease in share price during the quarter compared to the share price of the equity issued as consideration for the purchase of Pangiam. |
(9) |
Loss on extinguishment of debt is related to voluntary conversions of the 2029 Notes to common stock and the related extinguishment of unamortized debt discount and debt costs. |
*EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
|
Adjusted EBITDA* Reconciliation for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
Three Months Ended
|
||||||
$ in thousands |
2025 |
|
2024 |
||||
Revenue |
$ |
34,757 |
|
|
$ |
33,121 |
|
|
|
|
|
||||
Net loss |
|
(61,986 |
) |
|
|
(127,792 |
) |
Interest expense |
|
5,116 |
|
|
|
6,385 |
|
Interest income |
|
(556 |
) |
|
|
(447 |
) |
Income tax expense (benefit) |
|
25 |
|
|
|
(14 |
) |
Depreciation & amortization |
|
3,470 |
|
|
|
2,439 |
|
EBITDA* |
$ |
(53,931 |
) |
|
$ |
(119,429 |
) |
|
|
|
|
||||
Adjustments: |
|
|
|
||||
Equity-based compensation |
|
7,400 |
|
|
|
5,156 |
|
Employer payroll taxes related to equity-based compensation(1) |
|
1,015 |
|
|
|
664 |
|
Net increase in fair value of derivatives(2) |
|
33,336 |
|
|
|
23,807 |
|
Restructuring charges(3) |
|
1,698 |
|
|
|
860 |
|
Non-recurring strategic initiatives(4) |
|
894 |
|
|
|
— |
|
Non-recurring litigation(5) |
|
22 |
|
|
|
(121 |
) |
Transaction expenses(6) |
|
— |
|
|
|
1,103 |
|
Non-recurring integration costs(7) |
|
— |
|
|
|
1,334 |
|
Goodwill impairment(8) |
|
— |
|
|
|
85,000 |
|
Loss on extinguishment of debt(9) |
|
2,577 |
|
|
|
— |
|
Adjusted EBITDA* |
$ |
(6,989 |
) |
|
$ |
(1,626 |
) |
Gross Margin |
|
21.3 |
% |
|
|
21.1 |
% |
Net Loss Margin |
|
(178.3 |
)% |
|
|
(385.8 |
)% |
Adjusted EBITDA* Margin |
|
(20.1 |
)% |
|
|
(4.9 |
)% |
(1) |
Includes employer payroll taxes due upon the vesting of equity awards granted to employees. |
(2) |
The change in fair value of derivatives during the three months ended March 31, 2025, relates to the |
(3) |
During the three months ended March 31, 2025 and the three months ended March 31, 2024, the Company incurred employee separation costs associated with a strategic review of the Company’s capacity and future projections to better align the organization and cost structure and improve the affordability of its products and services. |
(4) |
Non-recurring professional fees related to the execution of certain strategic initiatives of the Company. |
(5) |
Non-recurring litigation consists primarily of legal settlements and related fees for specific proceedings that we have determined arise outside of the ordinary course of business based on the following considerations which we assess regularly: (1) the frequency of similar cases that have been brought to date, or are expected to be brought within two years; (2) the complexity of the case; (3) the nature of the remedy(ies) sought, including the size of any monetary damages sought; (4) offensive versus defensive posture of us; (5) the counterparty involved; and (6) our overall litigation strategy. |
(6) |
Transaction expenses during the quarter ended March 31, 2024 consist primarily of diligence, legal and other related expenses incurred associated with the Pangiam acquisition. |
(7) |
Non-recurring internal integration costs related to the Pangiam acquisition. |
(8) |
During the three months ended March 31, 2024, the Company recognized a non-cash goodwill impairment charge primarily driven by a decrease in share price during the quarter compared to the share price of the equity issued as consideration for the purchase of Pangiam. |
(9) |
Loss on extinguishment of debt is related to voluntary conversions of the 2029 Notes to common stock and the related extinguishment of unamortized debt discount and debt costs. |
*EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
|
Recurring SG&A* Reconciliation for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
Three Months Ended
|
||||||
$ in thousands |
2025 |
|
2024 |
||||
Selling, general and administrative |
$ |
22,732 |
|
|
$ |
16,948 |
|
Equity-based compensation allocated to selling, general and administrative expense |
|
(4,087 |
) |
|
|
(2,171 |
) |
Non-recurring strategic initiatives(1) |
|
(894 |
) |
|
|
— |
|
Non-recurring integration costs(2) |
|
— |
|
|
|
(1,334 |
) |
Non-recurring litigation(3) |
|
(22 |
) |
|
|
121 |
|
Adjusted (recurring) selling, general and administrative expense* |
$ |
17,729 |
|
|
$ |
13,564 |
|
(1) |
Non-recurring professional fees related to the execution of certain strategic initiatives of the Company. |
(2) |
Non-recurring internal integration costs related to the Pangiam acquisition. |
(3) |
Non-recurring litigation consists primarily of legal settlements and related fees for specific proceedings that we have determined arise outside of the ordinary course of business based on the following considerations which we assess regularly: (1) the frequency of similar cases that have been brought to date, or are expected to be brought within two years; (2) the complexity of the case; (3) the nature of the remedy(ies) sought, including the size of any monetary damages sought; (4) offensive versus defensive posture of us; (5) the counterparty involved; and (6) our overall litigation strategy. |
|
|
*EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
|
Forward-Looking Statements
This release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding our industry, future events, and other statements that are not historical facts. These statements are based on current expectations and beliefs concerning future developments and their potential effects on us and should not be relied upon as representing BigBear’s assessment as of any date subsequent to the date of this release. There can be no assurance that future developments affecting us will be those that we have anticipated. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those relating to: changes in domestic and foreign business, market, financial, political, and legal conditions; the uncertainty of projected financial information; delays caused by factors outside of our control, including changes in fiscal or contracting policies or decreases in available government funding, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns or epidemics; changes in government programs or applicable requirements; budgetary constraints, including any potential constraints as a result of recent or future federal government layoffs, 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, including government shutdowns or the ability of the
Non-GAAP Financial Measures
The financial information and data contained in this press release is unaudited. Some of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A have not been prepared in accordance with
The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of BigBear.ai’s liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare BigBear.ai’s performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.
EBITDA is defined as net loss before interest expense, interest income, income tax expense (benefit) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for equity-based compensation, employer payroll taxes related to equity-based compensation, net increase in fair value of derivatives, restructuring charges, non-recurring strategic initiatives, non-recurring integration costs, non-recurring litigation, transaction expenses, goodwill impairment, and loss on extinguishment of debt.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of Revenue.
Recurring SG&A is defined as selling, general and administrative expense further adjusted for equity-based compensation allocated to selling, general and administrative expense, non-recurring integration costs, non-recurring strategic initiatives, and non-recurring litigation.
Similar excluded expenses may be incurred in future periods when calculating these measures. BigBear.ai believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. BigBear.ai believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing BigBear.ai’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.
Management uses EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A as non-GAAP performance measures which are reconciled to the most directly comparable GAAP measure, in the tables included in this release. The Company does not reconcile forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure (or otherwise describe such forward-looking GAAP measure) because it is not able to forecast the most directly comparable measure calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of the GAAP amounts are not predictable, making it impracticable for the Company to forecast. As a result, no guidance for the Company’s net (loss) income or reconciliation of the Company’s Adjusted EBITDA guidance is provided. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a potentially significant impact on its future net income (loss).
We present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures in the tables included in this release.
About BigBear.ai
BigBear.ai is a leading provider of AI-powered decision intelligence solutions and services for national security, defense, travel, trade, and enterprise. Customers and partners rely on BigBear.ai’s predictive analytics capabilities in highly complex, distributed, mission-based operating environments. Headquartered in
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Source: BigBear.ai Holdings, Inc.
