BigBear.ai Q1 revenue $42.2M (+15.8% YoY); net loss $26.2M; appoints COO

BigBear.ai Holdings, Inc.

2023-Q1 EPS reported -$0.19 revenue$42,154,000

Q1 revenue $42.2M (+15.8% YoY); net loss $26.2M incl. $10.6M non-cash warrant expense.
Adjusted EBITDA loss $3.8M vs. $2.9M loss YoY; gross margin 24.2% down from 27.1%.
Appointed Norm Laudermilch as COO effective May 8; base salary $425k, bonus target 50%, $1.5M equity grant.
Teaming with L3Harris to provide AI/ML for DoD autonomous surface vessels; FY guidance $155-170M.

item 2.02 item 5.02 item 9.01

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Appointed

Norm Laudermilch

Chief Operating Officer

BBAI · BigBear.ai Holdings, Inc.

Effective: 2023-05-08
Filed: May 9, 2023, 7:59 PM ET

On May 9, 2023, BigBear.ai Holdings, Inc. (the “Company”) announced Norm Laudermilch as the new Chief Operating Officer of the Company, effective May 8, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BigBear.ai Holdings, Inc. reported the first quarter of 2023 results: revenue $42.2 million, net income $26.2 million. Guidance reaffirmed.

Period: the first quarter of 2023
Revenue: $42.2 million
Net income: $26.2 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

BigBear.ai Announces 16% Year-over-Year Revenue Growth in First Quarter 2023 and Reporting Segment Changes Strategic partnership announced with L3Harris and BigBear.ai to deliver artificial intelligence (AI) and autonomous surface vessel (ASV) capabilities for current and future defense programs Reiterating FY Guidance of Revenue between $155 million and $170 million COLUMBIA, MD – May 9, 2023 – BigBear.ai Holdings, Inc. (NYSE: BBAI) (“ BigBear.ai ” or the “ Company ”), a leader in AI-powered decision intelligence solutions, today announced financial results for the first quarter of 2023. Financial Highlights • Revenue grew 15.8% to $42.2 million for the first quarter of 2023, compared to $36.4 million for the first quarter of 2022. • Gross margin of 24.2% in the first quarter of 2023, a decrease from 27.1% in the first quarter of 2022, was primarily driven by incremental costs on the Global Force Information Management (GFIM) Phase 2 contract. • Net loss of $26.2 million for the first

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Executive change SEC 8-K Item 5.02 confidence 0.95

Norm Laudermilch was appointed as Chief Operating Officer at BigBear.ai Holdings, Inc..

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

On May 9, 2023, BigBear.ai Holdings, Inc. (the “Company”) announced Norm Laudermilch as the new Chief Operating Officer of the Company, effective May 8, 2023.

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Source: SEC EDGAR

accession 0001628280-23-016826

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