secwatch.observer — SEC 8-K summary
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Issuer:     BigBear.ai Holdings, Inc. (BBAI)
CIK:        0001836981
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001628280-24-020018
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1836981/000162828024020018/0001628280-24-020018-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1836981/000162828024020018/bbai-20240502.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-020018

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