- Closed the acquisition of Pangiam in an all-stock transaction,
combining BigBear.ai’s computer vision capabilities with facial
recognition, image-based anomaly detection and advanced
biometrics.
- Cash balance of $81.4 million as of March 31, 2024.
- Affirming full-year 2024 revenue guidance of $195 - $215
million.
BigBear.ai Holdings, Inc. (NYSE: BBAI) (“BigBear.ai” or
the “Company”), a leader in AI-powered decision intelligence
solutions, today announced financial results for the first quarter
of 2024 and issued an investor letter that has been posted to the
Investor Relations section of the Company’s website.
BigBear.ai CEO Mandy Long said, “Today’s results reflect
BigBear.ai’s steady progress in the first quarter of 2024 as we
continue to operationalize AI at the edge for our customers in
National Security, Digital Identity, and Supply Chain
Management.”
“I am proud of the positive momentum and spirit within the
business, driven by a relentless focus on delivering our solutions
in operational readiness, 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 EPASS program in mid-2023 ($6.8 million)
and the elimination of revenue from Virgin Orbit due to their
bankruptcy announcement in April 2023 ($1.5 million). We also
experienced delays in contract awards due to the continuing
resolutions.
- Gross margin of 21.1% in the first quarter of 2024, a decrease
from 24.2% in the first quarter of 2023, primarily driven by an
increase in equity-based compensation expense of $1.8 million and
the elimination of revenue and gross margin from Virgin Orbit.
- Net loss of $125.1 million for the first quarter of 2024, which
includes a non-cash goodwill impairment charge of $85.0 million,
$24.0 million of non-cash expense which includes a $52.9 million
loss related to the change in fair value of warrants that were
issued in 2023 (the “2023 Warrants”) that were exercised in the
first quarter of 2024, partially offset by gains of $10.6 million,
net of cash proceeds received, related to the issuance of warrants
in the first quarter of 2024 (the “2024 Warrants”), and a gain of
$18.3 million related to the decrease in fair value of the 2024
Warrants from the date of issuance to the end of the first quarter,
$5.2 million of equity-based compensation expense, and $0.9 million
related to restructuring charges. Net loss for the first quarter of
2023 was $26.2 million, which included $10.6 million of non-cash
expense related to the change in fair value of Private Investment
in Public Equity (“PIPE”) warrants that were issued in January
2023, $3.8 million of equity-based compensation expense, and $0.8
million related to restructuring charges.
- Non-GAAP Adjusted EBITDA* of $(1.6) million for the first
quarter of 2024 compared to $(3.8) million for the first quarter of
2023, primarily driven by continued focus on operating expense
reductions, including the recent acquisition of Pangiam.
- SG&A of $16.9 million for the first quarter of 2024
compared to $20.4 million for the first quarter of 2023, primarily
due to continued focus on operating expense reductions including
combined business synergies.
- Recurring SG&A* has been reduced from $15.3 million in the
first quarter of 2023 to $13.6 million in the first quarter of
2024, a net improvement of $1.7 million, including the business
combination with Pangiam.
- Ending cash balance of $81.4 million as of March 31, 2024
compared to $32.6 million as of December 31, 2023, primarily driven
by $53.8 million of proceeds from the 2023 Warrants that were
exercised in the first quarter of 2024 and $13.9 million related to
cash acquired from the acquisition of Pangiam.
- Ending backlog of $296 million as of March 31, 2024.
- The consolidated results include results from Pangiam from the
acquisition date of February 29, 2024 through the end of the
quarter.
Momentum
- The US Army G-3/5/7 recently provided an $8.3 million extension
to BigBear.ai to continue to lead the sustainment and modernization
of mission critical force generation and analytics capabilities.
This commitment along with the previous GFIM-OE extension
demonstrates BigBear.ai's position as the leader in providing
critical enterprise IT capabilities to the Army.
- Following the release of a competitive solicitation for
Biometric International Exit at Ronald Reagan Washington National
Airport (DCA) and Washington Dulles International Airport (IAD),
Metropolitan Washington Airports Authority (MWAA) selected and
awarded Pangiam, a BigBear.ai company, a contract for the provision
of veriScan™ at 127 gates.
- Denver International Airport recently awarded a contract to
Pangiam, a BigBear.ai Company, for the implementation of veriScan™
to facilitate passenger processing for Biometric International
Exit. The initial scope of work includes hardware, software, and
services at 24 gates.
- BigBear.ai’s Pangiam was awarded a contract with a key port
authority in Canada to deploy a biometric-enabled passenger
processing application for entry into the United States. This
brings BigBear.ai’s existing Linkware and VeriScan offerings into a
new space, with the aim of replicating and scaling across multiple
locations.
- BigBear.ai’s Pangiam has signed an agreement with Melbourne
Airport in Australia to trial Project Dartmouth, our AI/ML threat
detection capability, to assist officers in detecting prohibited
items in carry-on baggage. This is BigBear.ai’s first Project
Dartmouth trial in Australia — an exciting partnership to help
inform considerations for deploying such capabilities at scale in
the future.
- BigBear.ai announced it has been designated as an “Awardable”
vendor for the Chief Digital and Artificial Intelligence Office’s
(CDAO) Tradewinds Solutions Marketplace (the “Marketplace”). Five
of the company’s products, including Sensor, Data and AI
Orchestration (ConductorOS), Time-Series Forecasting (VANE),
Contested Logistics Planning (AURORA), Maritime Domain Awareness
(Arcas), and Publicly Available Data Curation (Observe) have been
added to the Marketplace. Achieving ‘Awardable’ on the DoD’s
Tradewinds enables the acceleration of the procurement process of
these technologies across the DoD.
- BigBear.ai formed a teaming agreement with Spinnaker SCA, a
supply chain focused consulting firm, to further bolster consulting
services for manufacturing and warehouse operations. By combining
BigBear.ai's ProModel® simulation software with Spinnaker SCA's
consulting expertise, supply chain, manufacturing and warehousing
clients will benefit from strategic guidance, simulation-based
validation of changes, and data-driven optimization to reduce
costs, increase efficiency, and achieve faster time to value.
Financial Outlook
The following information and other sections of this release
contain forward-looking statements, which are based on the
Company’s current expectations. Actual results may differ
materially from those projected. It is the Company’s practice not
to incorporate adjustments into its financial outlook for proposed
acquisitions, divestitures, changes in law, or new accounting
standards until such items have been consummated, enacted, or
adopted. For additional factors that may impact the Company’s
actual results, refer to the “Forward-Looking Statements” section
in this release.
For the year-ended December 31, 2024, the Company continues to
project:
- Revenue between $195 million and $215 million
- The projections include the results of Pangiam after the
acquisition date of February 29, 2024
Summary of Results for the
First Quarter Ended March 31, 2024 and March 31, 2023
(Unaudited)
Three Months Ended
March 31,
$ thousands (expect per share amounts)
2024
2023
Revenues
$
33,121
$
42,154
Cost of revenues
26,135
31,941
Gross margin
6,986
10,213
Operating expenses:
Selling, general and administrative
16,948
20,362
Research and development
1,144
1,128
Restructuring charges
860
755
Transaction expenses
1,103
—
Goodwill impairment
85,000
—
Operating loss
(98,069
)
(12,032
)
Interest expense
3,555
3,556
Net increase in fair value of
derivatives
23,992
10,567
Other income
(455
)
—
Loss before taxes
(125,161
)
(26,155
)
Income tax (benefit) expense
(14
)
59
Net loss
$
(125,147
)
$
(26,214
)
Basic and diluted net loss per
share
$
(0.67
)
$
(0.19
)
Weighted-average shares
outstanding:
Basic
187,279,204
138,548,599
Diluted
187,279,204
138,548,599
EBITDA* and Adjusted EBITDA*
for the First Quarter Ended March 31, 2024 and March 31, 2023
(Unaudited)
Three Months Ended
March 31,
$ thousands
2024
2023
Net loss
$
(125,147
)
$
(26,214
)
Interest expense
3,555
3,556
Interest income
(447
)
—
Income tax (benefit) expense
(14
)
59
Depreciation and amortization
2,439
1,986
EBITDA
(119,614
)
(20,613
)
Adjustments:
Equity-based compensation
5,156
3,805
Employer payroll taxes related to
equity-based compensation(1)
664
183
Net increase in fair value of
derivatives(2)
23,992
10,567
Restructuring charges(3)
860
755
Non-recurring strategic initiatives(4)
1,334
1,508
Non-recurring litigation(5)
(121
)
—
Transaction expenses(6)
1,103
—
Goodwill impairment(7)
85,000
—
Adjusted EBITDA
$
(1,626
)
$
(3,795
)
(1)
Includes employer payroll taxes due upon
the vesting of equity awards granted to employees.
(2)
The increase in fair value of derivatives
during the quarter ended March 31, 2024, relates to the $52.9
million loss recorded upon the exercise of the 2023 RDO and 2023
PIPE Warrants (the “2023 Warrants”) in connection with the warrant
exercise agreements entered into effect February 27, 2024 and March
4, 2024. This loss was offset by gains of $10.6 million, net of
cash proceeds received, related to the issuance of warrants in 2024
(the “2024 Warrants”), In addition, an $18.3 million reduction in
fair value was recorded on the 2024 Warrants issued in connection
with the warrant exercise agreements as the fair value decreased
from the issue date to quarter end.
(3)
In the first quarter of 2024 and first
quarter of 2023, the Company incurred employee separation costs
associated with a strategic review of the Company’s capacity and
future projections to better align the organization and cost
structure and improve the affordability of its products and
services.
(4)
Non-recurring professional fees related to
the execution of certain strategic initiatives of the Company.
(5)
Non-recurring litigation consists
primarily of legal settlements and related fees for specific
proceedings that we have determined arise outside of the ordinary
course of business based on the following considerations which we
assess regularly: (1) the frequency of similar cases that have been
brought to date, or are expected to be brought within two years;
(2) the complexity of the case; (3) the nature of the remedy(ies)
sought, including the size of any monetary damages sought; (4)
offensive versus defensive posture of us; (5) the counterparty
involved; and (6) our overall litigation strategy.
(6)
Transaction expenses during the quarter
ended March 31, 2024 consist primarily of diligence, legal, and
other related expenses incurred associated with the Pangiam
Acquisition.
(7)
During the quarter ended March 31, 2024,
the Company recognized a non-cash goodwill impairment charge
primarily driven by a decrease in share price during the quarter
compared to the share price of the equity issued as consideration
for the purchase of Pangiam.
*Refer to the “Non-GAAP Financial
Measures” section in this press release.
Consolidated Balance Sheets as
of March 31, 2024 and December 31, 2023 (Unaudited)
$ in thousands
March 31,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$
81,412
$
32,557
Accounts receivable, less allowance for
credit losses
36,584
21,949
Contract assets
2,379
4,822
Prepaid expenses and other current
assets
4,661
4,449
Total current assets
125,036
63,777
Non-current assets:
Property and equipment, net
1,570
997
Goodwill
119,769
48,683
Intangible assets, net
120,444
82,040
Deferred tax assets
—
—
Right-of-use assets
9,701
4,041
Other non-current assets
1,107
372
Total assets
$
377,627
$
199,910
Liabilities and stockholders’
deficit
Current liabilities:
Accounts payable
$
6,215
$
11,038
Short-term debt, including current portion
of long-term debt
826
1,229
Accrued liabilities
21,515
16,233
Contract liabilities
3,853
879
Current portion of long-term lease
liability
848
779
Derivative liabilities
24,956
37,862
Other current liabilities
4,857
602
Total current liabilities
63,070
68,622
Non-current liabilities:
Long-term debt, net
194,761
194,273
Long-term lease liability
11,300
4,313
Deferred tax liabilities
14
37
Other non-current liabilities
—
—
Total liabilities
269,145
267,245
Stockholders’ deficit:
Common stock
25
17
Additional paid-in capital
604,384
303,428
Treasury stock, at cost 9,952,803 shares
at March 31, 2024 and December 31, 2023
(57,350
)
(57,350
)
Accumulated deficit
(438,577
)
(313,430
)
Total stockholders’ deficit
108,482
(67,335
)
Total liabilities and stockholders’
deficit
$
377,627
$
199,910
Consolidated Statements of
Cash Flows for the Three Months Ended March 31, 2024 and March 31,
2023 (Unaudited)
Three Months Ended
March 31,
$ in thousands
2024
2023
Cash flows from operating
activities:
Net loss
$
(125,147
)
$
(26,214
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization expense
2,439
1,986
Amortization of debt issuance costs
506
500
Equity-based compensation expense
5,157
3,805
Goodwill impairment
85,000
—
Non-cash lease expense
94
(35
)
Provision for doubtful accounts
171
882
Deferred income tax (benefit) expense
(23
)
54
Net increase in fair value of
derivatives
23,992
10,567
Loss on sale of property and equipment
—
8
Changes in assets and liabilities:
(Increase) in accounts receivable
(8,957
)
(3,469
)
Decrease (increase) in contract assets
2,443
(1,115
)
Decrease in prepaid expenses and other
assets
950
1,488
(Decrease) in accounts payable
(5,960
)
(4,914
)
Increase in accrued liabilities
2,598
4,066
Increase in contract liabilities
1,826
325
Increase in other liabilities
552
49
Net cash used in operating
activities
(14,359
)
(12,017
)
Cash flows from investing
activities:
Acquisition of business, net of cash
acquired
13,935
—
Purchases of property and equipment
(38
)
—
Capitalized software development costs
(1,643
)
—
Net cash provided by investing
activities
12,254
—
Cash flows from financing
activities:
Proceeds from issuance of shares for
exercised RDO and PIPE warrants
53,809
—
Proceeds from issuance of Private
Placement shares
—
25,000
Payment of Private Placement transaction
costs
—
(3,025
)
Repayment of short-term borrowings
(403
)
(763
)
Payments of tax withholding from the
issuance of common stock
(2,532
)
—
Net cash provided by financing
activities
50,960
21,212
Net increase in cash and cash
equivalents
48,855
9,195
Cash and cash equivalents at the beginning
of period
32,557
12,632
Cash and cash equivalents at the end of
the period
$
81,412
$
21,827
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act, and Section 21E of
the Exchange Act. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding BigBear.ai’s industry, future events, and
other statements that are not historical facts. These statements
are based on various assumptions, whether or not identified herein,
and on the current expectations of BigBear.ai’s management and are
not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by you or any other
investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond our control. These forward-looking statements are subject to
a number of risks and uncertainties, including those relating to:
changes in domestic and foreign business, market, financial,
political, and legal conditions; the uncertainty of projected
financial information; delays caused by factors outside of our
control, including changes in fiscal or contracting policies or
decreases in available government funding; changes in government
programs or applicable requirements; budgetary constraints,
including automatic reductions as a result of “sequestration” or
similar measures and constraints imposed by any lapses in
appropriations for the federal government or certain of its
departments and agencies; influence by, or competition from, third
parties with respect to pending, new, or existing contracts with
government customers; changes in our ability to successfully
compete for and receive task orders and generate revenue under
Indefinite Delivery/Indefinite Quantity contracts; our ability to
realize the benefits of the strategic partnerships; risks that the
new businesses will not be integrated successfully or that the
combined companies will not realize estimated cost savings; failure
to realize anticipated benefits of the combined operations;
potential delays or changes in the government appropriations or
procurement processes, including as a result of events such as war,
incidents of terrorism, natural disasters, and public health
concerns or epidemics, such as the coronavirus outbreak; the
identified material weakness in our internal controls over
financial reporting (including the timeline to remediate the
material weakness); increased or unexpected costs or unanticipated
delays caused by other factors outside of our control, such as
performance failures of our subcontractors; the rollout of the
business and the timing of expected business milestones; the
effects of competition on our future business; our ability to
obtain and access financing in the future; and those factors
discussed in the Company’s reports and other documents filed with
the SEC, including under the heading “Risk Factors.” If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
BigBear.ai presently does not know or that BigBear.ai currently
believes are immaterial which could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect BigBear.ai’s
expectations, plans or forecasts of future events and views as of
the date of this release. BigBear.ai anticipates that subsequent
events and developments will cause BigBear.ai’s assessments to
change. However, while BigBear.ai may elect to update these
forward-looking statements at some point in the future, BigBear.ai
specifically disclaims any obligation to do so. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Non-GAAP Financial
Measures
The financial information and data contained in this press
release is unaudited. Some of the financial information and data
contained in this press release, such as EBITDA, Adjusted EBITDA,
and Recurring SG&A have not been prepared in accordance with
United States generally accepted accounting principles (“GAAP”). To
supplement our unaudited condensed consolidated financial
statements, which are prepared and presented in accordance with
GAAP in our press release, we also report certain non-GAAP
financial measures. A “non-GAAP financial measure” refers to a
numerical measure of a company’s historical or future financial
performance, financial position, or cash flows that excludes (or
includes) amounts that are included in (or excluded from) the most
directly comparable measure calculated and presented in accordance
with GAAP in such company’s financial statements. Non-GAAP
financial measures should not be considered in isolation or as a
substitute for the relevant GAAP measures and should be read in
conjunction with information presented on a GAAP basis. Because not
all companies use identical calculations, our presentation of
non-GAAP measures may not be comparable to other similarly titled
measures of other companies.
The presentation of these financial measures is not intended to
be considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP and should not be considered measures of BigBear.ai’s
liquidity. Investors are cautioned that there are material
limitations associated with the use of non-GAAP financial measures
as an analytical tool. In particular, many of the adjustments to
our GAAP financial measures reflect the exclusion of certain items,
as defined in our non-GAAP definitions below, which are recurring
and will be reflected in our financial results for the foreseeable
future. In addition, these measures may be different from non-GAAP
financial measures used by other companies, even where similarly
titled, limiting their usefulness for comparison purposes and
therefore should not be used to compare BigBear.ai’s performance to
that of other companies. We endeavor to compensate for the
limitation of the non-GAAP financial measures presented by also
providing the most directly comparable GAAP measures and
descriptions of the reconciling items and adjustments to derive the
non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors
and analysts with useful supplemental information about the
financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and allow for greater
transparency with respect to key measures used by management to
operate and analyze our business over different periods of
time.
EBITDA is defined as net loss before interest expense, interest
income, income tax (benefit) expense and depreciation and
amortization. Adjusted EBITDA is defined as EBITDA further adjusted
for equity-based compensation, employer payroll taxes related to
equity-based compensation, net increase in fair value of
derivatives, restructuring charges, non-recurring strategic
initiatives, non-recurring litigation, transaction expenses and
goodwill impairment.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a
percentage of Revenue.
Recurring SG&A is defined as selling, general and
administrative expense further adjusted for equity-based
compensation allocated to selling, general and administrative
expense, non-recurring strategic integration costs and strategic
initiatives, non-recurring litigation, and reserves on Virgin Orbit
receivables.
Similar excluded expenses may be incurred in future periods when
calculating these measures. BigBear.ai believes these non-GAAP
measures of financial results provide useful information to
management and investors regarding certain financial and business
trends relating to the Company’s financial condition and results of
operations. BigBear.ai believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use
in evaluating projected operating results and trends and in
comparing BigBear.ai’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors.
Management does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses and
income that are required by GAAP to be recorded in the Company’s
financial statements. In addition, they are subject to inherent
limitations as they reflect the exercise of judgment by management
about which expense and income items are excluded or included in
determining these non-GAAP financial measures.
Management uses EBITDA, Adjusted EBITDA, Adjusted EBITDA margin
and Recurring SG&A as non-GAAP performance measures which are
reconciled to the most directly comparable GAAP measure, in the
tables below. The Company does not reconcile forward-looking
non-GAAP financial measures to the most directly comparable GAAP
financial measure (or otherwise describe such forward-looking GAAP
measure) because it is not able to forecast the most directly
comparable measure calculated and presented in accordance with GAAP
without unreasonable effort. Certain elements of the composition of
the GAAP amounts are not predictable, making it impracticable for
the Company to forecast. As a result, no guidance for the Company’s
net (loss) income or reconciliation of the Company’s Adjusted
EBITDA guidance is provided. For the same reasons, the Company is
unable to assess the probable significance of the unavailable
information, which could have a potentially significant impact on
its future net (loss) income.
We present reconciliations of these non-GAAP financial measures
to the most directly comparable GAAP measures in the tables
below.
Adjusted EBITDA
Reconciliation* for the First Quarter Ended March 31, 2024 and
March 31, 2023 (Unaudited)
Quarters Ended
$ in thousands
1Q 24
1Q 23
Revenue
$
33,121
$
42,154
Net loss
(125,147
)
(26,214
)
Interest expense
3,555
3,556
Interest income
(447
)
—
Income tax (benefit) expense
(14
)
59
Depreciation & amortization
2,439
1,986
EBITDA
$
(119,614
)
$
(20,613
)
Adjustments:
Equity-based compensation
5,156
3,805
Employer payroll taxes related to
equity-based compensation
664
183
Net increase in fair value of
derivatives
23,992
10,567
Restructuring charges
860
755
Non-recurring integration costs and
strategic initiatives
1,334
1,508
Non-recurring litigation
(121
)
—
Transaction expenses
1,103
—
Goodwill impairment
85,000
—
Adjusted EBITDA
$
(1,626
)
(3,795
)
Gross Margin
21.1
%
24.2
%
Net Loss Margin
(377.8
)%
(62.2
)%
Adjusted EBITDA Margin
(4.9
)%
(9.0
)%
Recurring SG&A
Reconciliation* for the First Quarter Ended March 31, 2024 and
March 31, 2023 (Unaudited)
Quarters Ended
$ in thousands
1Q 24
1Q 23
Selling, general and administrative
$
16,948
$
20,362
Equity-based compensation allocated to
selling, general and administrative expense
(2,171
)
(2,803
)
Non-recurring integration costs and
strategic initiatives
(1,334
)
(1,508
)
Non-recurring litigation
121
—
Virgin Orbit AR Reserve
-
(750
)
Adjusted (recurring) selling, general
and administrative expense
$
13,564
$
15,301
About BigBear.ai
BigBear.ai is a leading provider of AI-powered decision
intelligence solutions for national security, digital identity, and
supply chain management. Customers and partners rely on
BigBear.ai’s predictive analytics capabilities in highly complex,
distributed, mission-based operating environments. Headquartered in
Columbia, Maryland, BigBear.ai is a public company traded on the
NYSE under the symbol BBAI. For more information, visit
https://bigbear.ai/ and follow BigBear.ai on LinkedIn: @BigBear.ai
and X: @BigBearai.
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