Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40031 BigBear.ai Holdings, Inc. (Exact name of registrant as specified in its charter) Regis ...

BigBear.ai Holdings, Inc. (NYSE:BBAI) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Norm Laudermilch - COO Mandy Long - CEO Julie Peffer - CFO Conference Call Participants Vivek Palani - Northland Capital Louie DiPalma - William Blair Operator Thank you for joining the BigBear.ai Second Quarter Conference Call. This call is being recorded. At this time, all participants are in listen-only mode and a question-and-answer session will follow the presentation. [Operator Instruc ...

Financial Performance - Revenues for the three months ended June 30, 2023, were $38,459,000, a 2.2% increase from $37,613,000 in the same period of 2022, driven by new contract awards and increased volume with Army customers [164]. - Revenues for the six months ended June 30, 2023, increased by $6,610 to $80,613, representing an 8.9% growth compared to the same period in 2022 [179]. - For the three months ended June 30, 2023, the company reported a net loss of $16.895 million, compared to a net loss of $56.844 million for the same period in 2022 [196]. - The net loss for the six months ended June 30, 2023, was $43,109,000, compared to a net loss of $75,669,000 for the same period in 2022 [164]. - Adjusted EBITDA for the six months ended June 30, 2023, was $(7.027) million, an improvement from $(10.634) million in the same period of 2022 [196]. Costs and Expenses - Cost of revenues increased to $29,496,000 for the three months ended June 30, 2023, representing a 5.3% increase from $28,023,000 in 2022, with cost of revenues as a percentage of total revenues rising to 77% from 75% [166]. - Cost of revenues rose by $6,891 to $61,437, with the cost as a percentage of revenues increasing to 76% from 74% year-over-year [180]. - SG&A expenses decreased significantly to $16,930,000 in Q2 2023, down 37.2% from $26,952,000 in Q2 2022, primarily due to reduced personnel costs and elimination of non-recurring costs [168]. - SG&A expenses decreased by $11,680 to $37,292, with SG&A as a percentage of revenues dropping to 46% from 66% [182]. - Research and development expenses decreased by 12.2% to $2,225,000 in Q2 2023 from $2,535,000 in Q2 2022, attributed to decreased headcount and project timing [169]. - Research and development expenses fell by $2,056 to $3,353, a decrease of 38.0% compared to the prior year [183]. - The company incurred restructuring charges of $780,000 during the six months ended June 30, 2023 [196]. - Restructuring charges for the six months ended June 30, 2023, amounted to $780, a 100% increase from zero in the same period of 2022 [184]. Cash Flow and Financing - The company completed a registered direct offering on June 13, 2023, raising approximately $25 million before expenses, intended for general corporate purposes [144]. - A private placement on January 19, 2023, generated approximately $25 million, also aimed at general corporate purposes including working capital [146]. - Net cash used in operating activities for the six months ended June 30, 2023, was $24,813 million, compared to $31,996 million for the same period in 2022 [225][226]. - Net cash provided by financing activities for the six months ended June 30, 2023, was $42,106 million, mainly from the issuance of shares totaling $50,000 million [229]. - The company had available cash and cash equivalents of $29.923 million as of June 30, 2023, compared to $12.632 million at the end of 2022 [210]. - The company believes it may fail to meet the minimum Adjusted EBITDA requirements in future periods, impacting its ability to draw on the Senior Revolver [221]. - The Company anticipates that cash from operating activities will be adequate for the next 12 months to meet its anticipated uses of cash flow [221]. Backlog and Contracts - As of June 30, 2023, the total backlog was $205.557 million, down from $218.473 million as of December 31, 2022 [204]. - Funded backlog increased to $61.073 million as of June 30, 2023, from $57.234 million at the end of 2022 [204]. - The company is closely monitoring the impact of the Russian invasion of Ukraine, which has slowed contract awards for government customers but is expected to drive long-term adoption of AI tools [150]. Debt and Compliance - The company has an outstanding balance of $200 million related to convertible notes, with a maturity date of December 15, 2026 [213]. - The company was in compliance with all covenants related to the convertible notes as of June 30, 2023 [213]. - The Bank of America Senior Revolver, which provides a $25 million credit facility, was not drawn upon as of June 30, 2023 [214]. - As of June 30, 2023, the outstanding principal amount of the Company's debt was $200.5 million, excluding unamortized discounts and issuance costs of $6.7 million [235]. - The Second Amendment to the Bank of America Credit Agreement removed the requirement for the Company to demonstrate compliance with the minimum Fixed Charge Coverage ratio [220]. Tax and Other Financial Metrics - The effective tax rate for the six months ended June 30, 2023, was (0.1)%, down from 2.3% in the same period of 2022 [190]. - The company incurred no transaction expenses in the six months ended June 30, 2023, compared to $1,585 in 2022 [185]. - The net increase in fair value of derivatives for the six months ended June 30, 2023, was $13,688, a significant increase compared to a net decrease of $1,462 in 2022 [187]. - Interest expense for the six months ended June 30, 2023, was $7,116, a slight increase of 0.1% from $7,109 in 2022 [189]. - The unfavorable change in net working capital for the six months ended June 30, 2023, was $10,077 million, primarily due to a decrease in accounts payable of $8,124 million [226].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40031 BigBear.ai Holdings, Inc. (Exact name of registrant as specified in its charter) Registran ...

BigBear.ai Holdings, Inc. (NYSE:BBAI) Q1 2023 Results Conference Call May 9, 2023 5:00 PM ET Company Participants Shane Karp - Vice President, Marketing and Communications Mandy Long - Chief Executive Officer Julie Peffer - Chief Financial Officer Conference Call Participants Louie DiPalma - William Blair Param Singh - Oppenheimer Operator Thank you for joining the BigBear.ai first quarter conference call. This call is being recorded. [Operator Instructions] I will now turn the call over to Shane Karp, Vice ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40031 BigBear.ai Holdings, Inc. (Exact name of registrant as specified in its charter) | --- | --- | ...

BigBear.ai Holdings, Inc. (NYSE:BBAI) Q4 2022 Earnings Conference Call March 13, 2023 5:00 PM ET Company Participants Shane Karp - Vice-President Marketing and Communications Amanda Long - CEO Julie Peffer - CFO Conference Call Participants Louie DiPalma - William Blair Param Singh - Oppenheimer Operator Thank you for joining the BigBear.ai Fourth Quarter and Full Year 2022 Conference Call. This call is being recorded. [Operator Instructions] I will now turn the call over to Shane Karp, Vice-President Marke ...

BigBear.ai Holdings, Inc., Inc. (NYSE:BBAI) Q3 2022 Earnings Conference Call November 9, 2022 5:00 PM ET Company Participants Joshua Kinley - Chief Corporate Development Officer Amanda Long - CEO Julie Peffer - CFO Tony Barrett - President & General Manager, Federal Markets Conference Call Participants Louie DiPalma - William Blair Harshil Thakkar - Oppenheimer Operator Thank you for joining the BigBear.ai Third Quarter 2022 Conference Call. This call is being recorded. [Operator Instructions] And I will no ...

Financial Data and Key Metrics Changes - Revenue for Q2 2022 was $37.6 million, up from $36.3 million in Q2 2021, driven by contract execution and growing commercial engagement [19] - The company reported a net loss of $56.8 million, primarily due to a goodwill impairment charge of $35.3 million and increased operating expenses [25] - Adjusted EBITDA was negative $7.7 million for Q2 2022, influenced by delayed contract awards and ongoing investments [25] Business Line Data and Key Metrics Changes - Analytics segment revenue was approximately $19 million, an 18% increase from $16 million in the prior year, attributed to expanded key programs and commercial growth from ProModel [19] - Cyber & Engineering (C&E) business revenue was $18.6 million, down from $20.3 million in the prior year, due to lumpy procurement activity [20] - The gross margin for the analytics segment was 39%, down from 46% in the prior year, while C&E segment gross margin was 24%, up from 22% [23] Market Data and Key Metrics Changes - The firm backlog at the end of Q2 2022 was $325 million, reflecting a 70% increase over the last 18 months, despite a reduction in backlog due to changes in reporting methodology [20][22] - The geopolitical environment has caused delays in contracting processes, impacting revenue timing and projections [8][10] Company Strategy and Development Direction - The company is transitioning from a services-led business to a technology-led model focused on AI-powered analytics, requiring significant investments in people, products, and infrastructure [6] - The acquisition of ProModel is a key part of the growth strategy, enhancing the company's portfolio in high-growth markets such as healthcare and manufacturing [12][13] - The company aims to improve operational efficiency and reduce cash burn through aggressive cost-saving initiatives [26][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the war in Ukraine and a slowing U.S. economy have created challenges, leading to a more conservative revenue forecast for 2022 [7][8] - Despite current challenges, management remains confident in the company's ability to transform and deliver on its vision, with expectations for increased government contract activity in the latter half of the year [29][30] Other Important Information - The company is focusing on integrating AI-powered analytics into various sectors, including healthcare and manufacturing, to enhance operational efficiency [14] - Management emphasized the importance of maintaining strong relationships with federal customers despite delays in contract awards [9] Q&A Session Summary Question: What is the addressable opportunity for additional wins for other healthcare systems in the U.S.? - The company has an established product called FutureFlow Rx, which has significant potential use cases in over 6,000 hospitals in the U.S. [34] Question: What is the long-term margin potential for BigBear as prototype contracts shift to production? - The company expects higher margins from production contracts in 2023, with gross margins anticipated to be in the range of 50% to 60% [37] Question: Are there any projects that have been outright canceled? - No projects have been canceled; however, there has been an elongation of the contracting cycle due to prioritization of funding for Ukraine [54] Question: What is the right run rate for SG&A going forward? - SG&A has increased significantly due to stock compensation and public company expenses, but a lower run rate is expected in Q3 and Q4 [59]