BigBear.ai restates 2022-2024 financials; prior statements no longer reliable

BigBear.ai Holdings, Inc.

Board concludes 2022-2023 audited and 2023-2024 interim financials should not be relied upon due to accounting for convertible notes.
Preliminary restated loss before taxes: 2022 $113.4M ($10M improvement), 2023 $71.3M ($11M worse), 2024 $296.1M ($39M worse).
Adjustments relate to embedded conversion option on 2026 Notes; 90% of principal retired in Dec 2024 via 2029 Notes.
Revenues, gross margin, Adjusted EBITDA, operating cash flows, and 2025 guidance are unaffected.
Audit by Grant Thornton ongoing; final amounts may change.

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