BigBear.ai to acquire Pangiam in all-stock deal; reports first positive net income and EBITDA in Q3

BigBear.ai Holdings, Inc.

Definitive merger agreement to acquire Pangiam in all-stock transaction, combining facial recognition and biometrics with computer vision.
Q3 revenue $34.0M (-16.4% YoY) due to planned wind-down of Air Force programs and Virgin Orbit bankruptcy.
First quarter of positive net income, positive adjusted EBITDA, and positive cash flows from operations since December 2021 debut.
FY 2023 guidance reaffirmed: revenue $155-$170M and single-digit negative adjusted EBITDA.
SG&A reduced 23% YoY to $15.5M; gross margin 24.7% vs 28.9% a year ago.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.4

BigBear.ai Holdings, Inc. reported third quarter of 2023 results: revenue $34.0 million. Guidance reaffirmed.

Period: third quarter of 2023
Revenue: $34.0 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

a breakout leader in one of the fastest growing categories for the application of AI. We believe BigBear.ai’s future is bright.” Financial Highlights • Revenue declined 16.4% to $34.0 million for the third quarter of 2023, compared to $40.7 million for the third quarter of 2022. The decrease was primarily due to the planned wind-down of certain Air Force programs in

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Source: SEC EDGAR

accession 0001628280-23-037362

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