BigBear.ai Q1 revenue down 21% to $33.1M; net loss $125.1M includes $85M goodwill impairment; reaffirms FY guidance

BigBear.ai Holdings, Inc.

2024-Q1 EPS reported -$0.67 revenue$33,121,000

Revenue $33.1M, down 21.4% YoY from $42.2M; driven by wind-down of Air Force EPASS program ($6.8M) and Virgin Orbit bankruptcy.
Net loss $125.1M vs $26.2M a year ago; includes $85M non-cash goodwill impairment from Pangiam acquisition and $52.9M loss on warrant fair value change.
Adjusted EBITDA improved to ($1.6M) from ($3.8M) in Q1 2023; breakeven revenue lowered to $38.7M.
Closed all-stock acquisition of Pangiam on Feb 29; cash balance $81.4M; reaffirms FY 2024 revenue guidance of $195M-$215M.
Notable contract wins: U.S. Army $8.3M extension, MWAA veriScan at 127 gates, Denver Airport, Tradewinds 'Awardable' status.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BigBear.ai Holdings, Inc. reported the first quarter of 2024 results: revenue $33.1 million, net income $125.1 million. Guidance reaffirmed.

Period: the first quarter of 2024
Revenue: $33.1 million
Net income: $125.1 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

autonomy at the edge, contested logistics, modeling & simulation, and digital identity for our customers,” she continued. Financial Highlights • Revenue decreased 21.4% to $33.1 million for the first quarter of 2024, compared to $42.2 million for the first quarter of 2023. The year-over-year decrease was primarily driven by the planned wind-down of the Air Force

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Source: SEC EDGAR

accession 0001628280-24-020018

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