BigBear.ai Announces Full Conversion of 6.00% Convertible Senior Secured Notes Due 2029, Significantly Strengthening Balance Sheet

Core Viewpoint - BigBear.ai has successfully converted all of its outstanding 6.00% Convertible Senior Secured Notes due 2029, significantly strengthening its balance sheet and capital structure [1]. Debt Conversion - The total principal amount of $125 million in Notes has been converted into shares of common stock, resulting in the elimination of approximately $125 million of debt without any material cash outlay [2]. - Following the full conversion, BigBear.ai has reduced its total note-related debt from approximately $142 million to about $17 million as of January 14, 2026, which represents the remaining principal balance of convertible notes due in December 2026 [3]. Company Overview - BigBear.ai is a leading provider of mission-ready AI solutions and services for defense, national security, and critical infrastructure, headquartered in McLean, Virginia, and publicly traded on the NYSE under the symbol BBAI [4].