---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-037362"
form_type: "8-K"
ticker: "BBAI"
cik: "0001836981"
company_name: "BigBear.ai Holdings, Inc."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T17:16:48.110473+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-037362
- form_type: 8-K
- ticker: BBAI
- cik: 0001836981
- company_name: BigBear.ai Holdings, Inc.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1836981/000162828023037362/0001628280-23-037362-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1836981/000162828023037362/bbai-20231107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-037362
- JSON: https://secwatch.observer/filing/0001628280-23-037362.json
- Plain text: https://secwatch.observer/filing/0001628280-23-037362.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1836981/000162828023037362/0001628280-23-037362-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.