BigBear.ai Q4 revenue $43.8M (+8% YoY); 2025 outlook $160-180M; net debt cut to $27M

BigBear.ai Holdings, Inc.

Q4 2024 revenue $43.8M, up 8% YoY from $40.6M; gross margin 37.4% vs 32.1%.
GAAP net loss $108.0M, driven by $93.3M non-cash derivative liability change.
Exchanged $182.3M of 6% 2026 notes for 6% 2029 secured notes; $58M converted to equity post-Q4.
Cash $50.1M at Dec 31; received $64.7M from warrant exercises in Q1 2025; net debt now $27M.
FY 2025 guidance: revenue $160-180M; negative single-digit Adjusted EBITDA.

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