---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-020018"
form_type: "8-K"
ticker: "BBAI"
cik: "0001836981"
company_name: "BigBear.ai Holdings, Inc."
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-03T00:52:17.701255+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-020018
- form_type: 8-K
- ticker: BBAI
- cik: 0001836981
- company_name: BigBear.ai Holdings, Inc.
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1836981/000162828024020018/0001628280-24-020018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1836981/000162828024020018/bbai-20240502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-020018
- JSON: https://secwatch.observer/filing/0001628280-24-020018.json
- Plain text: https://secwatch.observer/filing/0001628280-24-020018.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1836981/000162828024020018/0001628280-24-020018-index.htm

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