- Revenue up 3.4% to $39.8 million compared to $38.5 million in
2023, up 20% QoQ vs. 1Q24.
- Cash balance of $72.3 million as of June 30, 2024.
- Announced upcoming exercises for ConductorOS distributed
platform.
- Signed MSA with Heathrow Airport to deliver advanced
technologies to Europe’s largest airport.
- Adjusting full-year 2024 revenue guidance to $165-$180
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 second quarter
of 2024 and issued an investor letter that has been posted to the
Investor Relations section of the Company’s website.
“BigBear.ai continues to focus on our mission of creating
clarity for the world’s most complex decisions by delivering
enabling technology and expertise so our customers can take action
faster. We are excited to share progress on the trajectory of our
business as well as our ConductorOS distributed platform
investment.”
“ConductorOS is built to be lightweight, and works within any
existing infrastructure to rapidly and seamlessly orchestrate
sensor data and artificial intelligence models across highly
diverse and distributed environments. We believe that ConductorOS
will play a critical role in unlocking the last mile for artificial
intelligence for our customers, and that BigBear.ai is uniquely
positioned to deliver this capability,” said Mandy Long, CEO of
BigBear.ai.
“I am also proud today as we announce signing a Master Service
Agreement with Heathrow Airport - this is exactly the sort of win
that demonstrates that the path we are on is the right one.”
“We also faced several challenges this quarter, particularly
around the timing of certain customer awards and regulatory
approvals. While we’re confident in our ability to achieve these
milestones and execute on these opportunities, as a result of the
current timing uncertainty we’ve experienced, we are adjusting our
full year guidance down to $165 - $180 million,” she continued.
Financial Highlights
- Revenue increased 3.4% to $39.8 million for the second quarter
of 2024, compared to $38.5 million for the second quarter of 2023.
The year-over-year increase was impacted by the planned wind-down
of the Air Force EPASS program in mid-2023 offset by a full quarter
of Pangiam revenue in the second quarter of 2024.
- Gross margin increased to 27.8% in the second quarter of 2024
as compared to 23.3% in the second quarter of 2023, partially
driven by higher margin solutions in the second quarter of 2024
compared to the second quarter of 2023.
- Net loss of $11.7 million for the second quarter of 2024,
compared to $16.9 million for the second quarter of 2023. The
decrease in net loss was primarily driven by the change in fair
value of warrants issued in 2024 of $11.0 million, which was
partially offset by higher non-recurring integration and strategic
initiatives of $2.1 million and higher equity-based compensation of
$1.8 million.
- Non-GAAP Adjusted EBITDA* of $(3.7) million for the second
quarter of 2024 compared to $(3.2) million for the second quarter
of 2023, primarily driven by increased Recurring SG&A* of $2.7
million, increased research and development expense of $0.6 million
net of capitalized software development costs, partially offset by
higher gross margin driven by higher mix of higher margin solutions
in the second quarter of 2024 compared to the second quarter of
2023.
- SG&A of $23.4 million for the second quarter of 2024
compared to $16.9 million for the second quarter of 2023, partially
due to higher costs related to non-recurring integration and
strategic initiatives.
- Recurring SG&A* increased $2.7 million from $13.1 million
in the second quarter of 2023, to $15.8 million for the second
quarter of 2024, which includes a full quarter of Pangiam’s
operating results.
- Ending backlog was $266 million as of June 30, 2024.
- The consolidated year-to-date results include results from
Pangiam from the acquisition date of February 29th, 2024 to the end
of June 2024.
*Refer to the “Non-GAAP Financial Measures” section in this
press release.
Momentum
- BigBear.ai to Showcase AI Orchestration at the Edge during DoD
Technology Readiness Experimentation 2024 — BigBear.ai is slated to
battle-test its ConductorOS distributed platform at the Department
of Defense’s (DoD) RDER Technology Readiness Experimentation 2024
event in August. An exclusive live-fire, full-scale event, DoD’s
T-REX-24-2 is an essential demonstration and evaluation event for
advanced military technologies. BigBear.ai’s ConductorOS is a
lightweight, distributed platform built to support the rapid
adoption and integration of AI-powered solutions at the edge. Read
the PR: https://rb.gy/h9d0sg
- MSA with Heathrow Airport — Bigbear.ai entered into a Master
Service Agreement with Heathrow to deliver advanced technologies at
Europe’s largest airport. The partnership between BigBear.ai and
Heathrow aims to improve security and operational effectiveness,
while enhancing the overall experience for travelers through the
UK’s hub airport.
- BigBear.ai’s Troy workflow engine newest ‘Awardable’ product on
DoD’s Tradewinds procurement platform — Troy, the company’s
intelligent workflow engine designed to automate and accelerate the
process of binary reverse engineering, has achieved “Awardable”
status and is now available for procurement on the Chief Digital
and Artificial Intelligence Office’s (CDAO) Tradewinds Solutions
Marketplace. Troy is the latest of six BigBear.ai products now
available on the Marketplace. Read the PR:
https://rb.gy/shzjoi
- EPP in Vancouver: Canada Place cruise terminal implements
cutting-edge facial recognition technology for passenger processing
— Vancouver Fraser Port Authority (VFPA), the federal agency
mandated to enable Canada’s trade through the Port of Vancouver,
selected BigBear.ai to enable deployment of the US Customs and
Border Protection’s (CBP) new Enhanced Primary Processing (EPP)
initiative. BigBear.ai’s technology provides passengers the EPP
option, which fully automates the existing manual documentation
identity verification checks for passengers boarding a cruise
requiring admission into the United States. This is BigBear.ai’s
first deployment of facial recognition technology for cruises in
Canada.
- Dallas Fort Worth International Airport (DFW) - BigBear.ai
continues to expand its strategic partnership with DFW; most
recently, working with DFW’s Terminal Experience team to deploy
Enhanced Passenger Processing for use by US CBP. BigBear.ai’s
VeriScan enables the expedited screening of returning US citizens,
significantly reducing passenger processing times.
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, as the case may be. 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 projects:
- Revenue between $165 million and $180 million.
- The projections include the results of Pangiam after the
acquisition date of February 29, 2024.
Summary of Results for the
Second Quarter and Six Months Ended
June 30, 2024 and June 30,
2023
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
$ thousands (expect per share amounts)
2024
2023
2024
2023
Revenues
$
39,783
$
38,459
$
72,904
$
80,613
Cost of revenues
28,720
29,496
54,855
61,437
Gross margin
11,063
8,963
18,049
19,176
Operating expenses:
Selling, general and administrative
23,364
16,930
40,312
37,292
Research and development
3,565
2,225
4,709
3,353
Restructuring charges
457
25
1,317
780
Transaction expenses
347
—
1,450
—
Goodwill impairment
—
—
85,000
—
Operating loss
(16,670
)
(10,217
)
(114,739
)
(22,249
)
Interest expense
3,551
3,560
7,106
7,116
Net (decrease) increase in fair value of
derivatives
(7,882
)
3,121
16,110
13,688
Other income
(617
)
—
(1,072
)
—
Loss before taxes
(11,722
)
(16,898
)
(136,883
)
(43,053
)
Income tax expense (benefit)
15
(3
)
1
56
Net loss
$
(11,737
)
$
(16,895
)
$
(136,884
)
$
(43,109
)
Basic and diluted net loss per
share
$
(0.05
)
$
(0.12
)
$
(0.63
)
$
(0.30
)
Weighted-average shares
outstanding:
Basic
246,303,139
145,469,043
216,754,082
142,027,938
Diluted
246,303,139
145,469,043
216,754,082
142,027,938
Consolidated Balance Sheets as
of
June 30, 2024 and December 31,
2023
(Unaudited)
$ in thousands
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
72,266
$
32,557
Accounts receivable, less allowance for
credit losses
33,944
21,949
Contract assets
1,041
4,822
Prepaid expenses and other current
assets
4,519
4,449
Total current assets
111,770
63,777
Non-current assets:
Property and equipment, net
1,586
997
Goodwill
118,621
48,683
Intangible assets, net
118,197
82,040
Right-of-use assets
9,620
4,041
Other non-current assets
1,089
372
Total assets
$
360,883
$
199,910
Liabilities and stockholders’
deficit
Current liabilities:
Accounts payable
$
7,128
$
11,038
Short-term debt, including current portion
of long-term debt
417
1,229
Accrued liabilities
20,375
16,233
Contract liabilities
3,496
879
Current portion of long-term lease
liability
1,077
779
Derivative liabilities
17,074
37,862
Other current liabilities
3,748
602
Total current liabilities
53,315
68,622
Non-current liabilities:
Long-term debt, net
195,250
194,273
Long-term lease liability
9,562
4,313
Deferred tax liabilities
—
37
Total liabilities
258,127
267,245
Stockholders’ equity (deficit):
Common stock, par value $0.0001;
500,000,000 shares authorized and 246,774,184 shares issued and
outstanding at June 30, 2024 and 157,287,522 at December 31,
2023
25
17
Additional paid-in capital
610,395
303,428
Treasury stock, at cost 9,952,803 shares
at June 30, 2024 and December 31, 2023
(57,350
)
(57,350
)
Accumulated deficit
(450,314
)
(313,430
)
Total stockholders’ equity
(deficit)
102,756
(67,335
)
Total liabilities and stockholders’
equity (deficit)
$
360,883
$
199,910
Consolidated Statements of
Cash Flows for the Six Months Ended
June 30, 2024 and June 30,
2023
(Unaudited)
Six Months Ended June
30,
$ in thousands
2024
2023
Cash flows from operating
activities:
Net loss
$
(136,884
)
$
(43,109
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization expense
5,346
3,965
Amortization of debt issuance costs
1,012
1,006
Equity-based compensation expense
10,906
7,799
Goodwill impairment
85,000
—
Non-cash lease expense
363
297
Provision for doubtful accounts
176
1,557
Deferred income tax (benefit) expense
(37
)
53
Net increase in fair value of
derivatives
16,110
13,688
Loss on sale of property and equipment
—
8
Changes in assets and liabilities:
Increase in accounts receivable
(6,232
)
(7,735
)
Decrease in contract assets
3,781
966
Decrease in prepaid expenses and other
assets
1,243
5,244
Decrease in accounts payable
(5,047
)
(8,124
)
Increase in accrued liabilities
1,652
660
Increase (decrease) in contract
liabilities
1,469
(22
)
Decrease in other liabilities
(275
)
(1,066
)
Net cash used in operating
activities
(21,417
)
(24,813
)
Cash flows from investing
activities:
Acquisition of business, net of cash
acquired
13,935
—
Purchases of property and equipment
(167
)
(2
)
Capitalized software development costs
(3,225
)
—
Net cash provided by (used in)
investing activities
10,543
(2
)
Cash flows from financing
activities:
Proceeds from issuance of shares for
exercised RDO and PIPE warrants
53,809
—
Proceeds from issuance of Private
Placement and Registered Direct Offering shares
—
50,000
Payment of Private Placement and
Registered Direct Offering transaction costs
—
(5,225
)
Repayment of short-term borrowings
(812
)
(1,537
)
Proceeds from exercise of options
119
—
Issuance of common stock upon ESPP
purchase
607
—
Payments of tax withholding from the
issuance of common stock
(3,140
)
(1,132
)
Net cash provided by financing
activities
50,583
42,106
Net increase in cash and cash
equivalents
39,709
17,291
Cash and cash equivalents at the beginning
of period
32,557
12,632
Cash and cash equivalents at the end of
the period
$
72,266
$
29,923
EBITDA* and Adjusted EBITDA*
for the Second Quarter and Six Months Ended
June 30, 2024 and June 30,
2023
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
$ thousands
2024
2023
2024
2023
Net loss
$
(11,737
)
$
(16,895
)
$
(136,884
)
$
(43,109
)
Interest expense
3,551
3,560
7,106
7,116
Interest income
(725
)
—
(1,172
)
—
Income tax expense (benefit)
15
(3
)
1
56
Depreciation and amortization
2,907
1,979
5,346
3,965
EBITDA
(5,989
)
(11,359
)
(125,603
)
(31,972
)
Adjustments:
Equity-based compensation
5,749
3,994
10,906
7,799
Employer payroll taxes related to
equity-based compensation(1)
48
174
712
357
Net (decrease) increase in fair value of
derivatives(2)
(7,882
)
3,121
16,110
13,688
Restructuring charges(3)
457
25
1,317
780
Non-recurring strategic initiatives(4)
2,040
813
3,374
2,321
Non-recurring litigation(5)
666
—
545
—
Transaction expenses(6)
347
—
1,450
—
Non-recurring integration costs(7)
883
—
883
—
Goodwill impairment(8)
—
—
85,000
—
Adjusted EBITDA
$
(3,681
)
$
(3,232
)
$
(5,306
)
$
(7,027
)
(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 six months ended June 30, 2024, relates to
the $42.3 million loss recorded upon the exercise of the 2023 RDO
and 2023 PIPE Warrants (the “2023 Warrants”) and issuance of the
warrants in 2024 (the “2024 Warrants”) in connection with the
warrant exercise agreements entered into on February 27, 2024 and
March 4, 2024. This loss is net of a $10.6 million gain related to
the issuance of the 2024 Warrants and was further offset by a
reduction of $26.1 million upon remeasurement of the 2024 Warrants
and IPO Warrants’ fair value during the six months ended June 30,
2024. The decrease in fair value of derivatives during the three
months ended June 30, 2024 relates to remeasurement of the 2024
Warrants and IPO Warrants’ fair value.
(3)
During the six months ended June
30, 2024 and the six months ended June 30, 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 consist primarily of diligence, legal and other
related expenses incurred associated with the Pangiam
acquisition.
(7)
Non-recurring internal
integration costs related to the Pangiam acquisition.
(8)
During the six months ended June
30, 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.
Adjusted EBITDA
Reconciliation* for the Second Quarter and Six Months Ended
June 30, 2024 and June 30,
2023
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
$ in thousands
2024
2023
2024
2023
Revenue
$
39,783
$
38,459
$
72,904
$
80,613
Net loss
(11,737
)
(16,895
)
(136,884
)
(43,109
)
Interest expense
3,551
3,560
7,106
7,116
Interest income
(725
)
—
(1,172
)
—
Income tax (benefit) expense
15
(3
)
1
56
Depreciation & amortization
2,907
1,979
5,346
3,965
EBITDA
$
(5,989
)
$
(11,359
)
$
(125,603
)
$
(31,972
)
Adjustments:
Equity-based compensation
5,749
3,994
10,906
7,799
Employer payroll taxes related to
equity-based compensation
48
174
712
357
Net increase in fair value of
derivatives
(7,882
)
3,121
16,110
13,688
Restructuring charges
457
25
1,317
780
Non-recurring integration costs and
strategic initiatives
2,923
813
4,257
2,321
Non-recurring litigation
666
—
545
—
Transaction expenses
347
—
1,450
—
Goodwill impairment
—
—
85,000
—
Adjusted EBITDA
$
(3,681
)
$
(3,232
)
$
(5,306
)
(7,027
)
Gross Margin
27.8
%
23.3
%
24.8
%
23.8
%
Net Loss Margin
(29.5
)%
(43.9
)%
(187.8
)%
(53.5
)%
Adjusted EBITDA Margin
(9.3
)%
(8.4
)%
(7.3
)%
(8.7
)%
Recurring SG&A
Reconciliation* for the Second Quarter and Six Months Ended
June 30, 2024 and June 30,
2023
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
$ in thousands
2024
2023
2024
2023
Selling, general and administrative
$
23,364
$
16,930
$
40,312
$
37,292
Equity-based compensation allocated to
selling, general and administrative expense
(3,980
)
(2,319
)
(6,151
)
(5,122
)
Non-recurring integration costs and
strategic initiatives
(2,923
)
(813
)
(4,257
)
(2,321
)
Non-recurring litigation
(666
)
—
(545
)
—
Virgin Orbit AR Reserve
—
(675
)
—
(1,425
)
Adjusted (recurring) selling, general
and administrative expense
$
15,795
$
13,123
$
29,359
$
28,424
Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act, Section 21E of the
Exchange Act and the Private Securities Litigation Reform Act of
1995. 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 current expectations and beliefs concerning future
developments and their potential effects on us and should not be
relied upon as representing BigBear’s assessment as of any date
subsequent to the date of this release. There can be no assurance
that future developments affecting us will be those that we have
anticipated. 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; 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 those projected 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
above.
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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