NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a complaint has been filed in the United States District Court for the Eastern District of Virginia on behalf of investors who purchased or acquired the securities of BigBear.ai Holdings, Inc. (“BigBear” or the “Company”) (NYSE: BBAI) between March 31, 2022 and March 25, 2025, inclusive, alleging violations of the Securities Exchange Act of 1934 against the Company and certain o ...

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against BigBear.ai Holdings, Inc. (NYSE: BBAI) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in BigBear.ai, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/bigbearai-holdings-inc. Investors have until June 10, 2025, to ask the Court to be a ...

NEW YORK, May 03, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against BigBear.ai Holdings, Inc. (NYSE: BBAI) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in BigBear.ai, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/bigbearai-holdings-inc. Investors have until June 10, 2025, to ask the Court to be a ...

Financial Performance - BigBear.ai reported revenues of $34.8 million for the three months ended March 31, 2025, representing a year-over-year increase of $1.6 million or 4.9% compared to $33.1 million in the same period of 2024[196][197]. - The operating loss for Q1 2025 was $21.2 million, an improvement from a loss of $98.1 million in Q1 2024[196]. - BigBear.ai's net loss for the three months ended March 31, 2025, was $62.0 million, compared to a net loss of $127.8 million in the same period of 2024[196]. - Free cash flow for Q1 2025 was a negative $8.3 million, an improvement from negative $16.0 million in Q1 2024, indicating better cash generation capabilities[215]. - The company reported a net loss before depreciation, amortization, and other non-cash items of $12.0 million for the three months ended March 31, 2025, compared to a net loss of $7.8 million in the same period of 2024[245][246]. Revenue and Cost Analysis - Cost of revenues for the same period was $27.4 million, up $1.2 million or 4.7% from $26.1 million in 2024, maintaining a cost of revenues as a percentage of total revenues at 79%[196][199]. - SG&A expenses increased to $22.7 million for the three months ended March 31, 2025, up 34.1% from $16.9 million in the same period of 2024, with SG&A as a percentage of revenues rising to 65% from 51%[200]. - Research and development expenses surged by $3.0 million to $4.2 million in Q1 2025, representing a 264.2% increase compared to $1.1 million in Q1 2024, driven by increased headcount and project timing[201]. - Restructuring charges rose to $1.7 million in Q1 2025, a 97.4% increase from $860,000 in Q1 2024, related to employee separation costs for strategic cost-saving initiatives[202]. Cash Flow and Financing Activities - The net cash provided by financing activities for the three months ended March 31, 2025, was $65.9 million, an increase of 29% from $51.0 million in the same period of 2024[248][249]. - The company sold 1,936,000 shares under the ATM Program for an aggregate offering price of $6.6 million during the three months ended March 31, 2025[228]. - The net proceeds from the exercise of the 2024 PIPE warrants and 2024 RDO warrants contributed $64.7 million to financing activities in Q1 2025[248]. - The company incurred capitalized software development costs of $1.5 million in Q1 2025, compared to $1.6 million in Q1 2024[247]. Debt and Backlog - Total debt decreased to $143.1 million as of March 31, 2025, down from $200.8 million as of December 31, 2024, reflecting a reduction of approximately 29%[230]. - Funded backlog represents the remaining contract value of goods and services to be delivered under existing contracts, providing insight into future revenue potential[219]. - As of March 31, 2025, total backlog was $384.9 million, down from $418.3 million as of December 31, 2024, representing a decrease of approximately 8%[221]. Strategic Initiatives and Acquisitions - The company completed the acquisition of Pangiam on February 29, 2024, enhancing its capabilities in vision AI and positioning it as a leader in operationalizing AI at the edge[176]. - The company anticipates that the global economic and geopolitical environment will drive long-term adoption of its AI offerings, despite potential funding shifts affecting defense spending[185]. Other Financial Metrics - Interest expense for the three months ended March 31, 2025, was $5.1 million, down from $6.4 million in the same period of 2024[196]. - Other income improved to a net loss of $276,000 in Q1 2025, a 39.3% reduction from a loss of $455,000 in Q1 2024, mainly due to increased interest income[207]. - A favorable change in net working capital of $5.4 million in Q1 2025 was driven by a decrease in accounts receivable of $4.3 million and an increase in accrued expenses of $4.4 million[245]. - Cash and cash equivalents at the end of the period for Q1 2025 were $107.6 million, up from $81.4 million at the end of Q1 2024, reflecting a 32% increase[244].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $34.8 million, up 5% year-on-year from $33.1 million in Q1 2024, primarily driven by additional revenue from the Department of Homeland Security and digital identity awards [22] - Gross profit increased by 6% from $7 million in Q1 2024 to $7.4 million in Q1 2025, with a gross margin of 21.3%, slightly up from 21.1% in the previous year [23] - Net loss for Q1 2025 was $62 million, an improvement from a net loss of $127.8 million in Q1 2024, mainly due to the absence of goodwill impairment charges that were $85 million in the prior year [25] - Adjusted EBITDA was negative $7 million for Q1 2025, compared to negative $1.6 million in Q1 2024, driven by increased R&D expenses and recurring SG&A due to government funding delays [26] - Backlog at the end of Q1 2025 was $385 million, up 30% from Q1 2024, indicating continued customer confidence [27] - Cash and cash equivalents at the end of Q1 2025 were $108 million, up from $81 million in Q1 2024, providing increased financial flexibility [27][28] Business Line Data and Key Metrics Changes - The company is focusing on core markets such as border security, defense, and manufacturing, with ongoing support for missions at the Department of Homeland Security and expanding AI infrastructure [15][16] - In manufacturing and supply chain, the company aims to modernize the American industrial base and streamline global supply chains [16] Market Data and Key Metrics Changes - The global security environment is driving renewed focus and investment in defense technology, creating opportunities for American AI innovation [10] - There is a shift in federal procurement practices with increased emphasis on efficiency and advanced commercial technologies [10] Company Strategy and Development Direction - The company is focused on mission expertise, international growth, business alliances, and relentless innovation in AI as core strategic priorities for 2025 [12][13][14] - The growth strategy includes strengthening core markets while selectively expanding into high-potential adjacencies [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic business and macroeconomic environment, which presents both opportunities and potential short-term risks, including delays in funding and award timing [20] - The company reaffirms its full-year guidance for 2025, indicating confidence in its strategic focus and market positioning [20] Other Important Information - The company is committed to providing more context and transparency in its communications with stakeholders [5] - The CEO emphasizes the importance of blending technological innovation with operational expertise to succeed in complex environments [6][9] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $34.8 million, up 5% year-on-year from $33.1 million in Q1 2024, primarily driven by additional revenue from the Department of Homeland Security and digital identity awards [22] - Gross profit increased by 6% from $7 million in Q1 2024 to $7.4 million in Q1 2025, with a gross margin of 21.3%, slightly up from 21.1% in Q1 2024 [23] - Net loss for Q1 2025 was $62 million, compared to a net loss of $127.8 million in Q1 2024, with the primary drivers being non-cash items [25] - Adjusted EBITDA was negative $7 million for Q1 2025, compared to negative $1.6 million in Q1 2024, primarily due to increased R&D expenses and recurring SG&A [26] - Backlog at the end of Q1 2025 was $385 million, up 30% from Q1 2024, indicating continued customer confidence [27] - Cash and cash equivalents at the end of Q1 2025 were $108 million, up from $81 million in Q1 2024 [28] Business Line Data and Key Metrics Changes - In border security, the company continues to support missions at the Department of Homeland Security and is expanding AI infrastructure at major US and partner nation gateways [15] - In defense and intelligence, the company is orchestrating AI at the mission edge, delivering actionable insights directly to the point of need [15] - In manufacturing and supply chain, the company is positioned to help modernize the American industrial base and streamline global supply chains [16] Market Data and Key Metrics Changes - The global security environment is driving renewed focus and investment in defense technology, creating opportunities for American AI innovation [10] - There are fundamental transitions in global trade, creating demand for smarter, more resilient supply chains [10] - A shift in federal procurement practices is emphasizing efficiency and the adoption of advanced commercial technologies [10] Company Strategy and Development Direction - The company is focused on mission expertise, international growth, business alliances, and relentless innovation in AI [12][13][14] - The growth strategy for 2025 includes strengthening core markets while selectively expanding into high-potential adjacencies [14] - The company aims to build flexible, mission-driven solutions that can adapt and scale with technology innovation [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic business and macroeconomic environment, which creates opportunities but also potential short-term risks [20] - The company is confident in its strategy and has reaffirmed its full-year guidance for 2025 [20] - Management emphasizes the importance of a strong financial foundation and healthy backlog for long-term positioning [31] Other Important Information - The company is committed to providing more context and transparency in its communications with stakeholders [5] - The CEO's leadership philosophy is shaped by experiences in operational government organizations, emphasizing the fusion of technology and operational expertise [6][7] Q&A Session Summary - No specific questions or answers were documented in the provided content [33]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $34.8 million, up 5% year-on-year from $33.1 million in Q1 2024, primarily driven by additional revenue from the Department of Homeland Security and digital identity awards [21] - Gross profit increased by 6% from $7 million in Q1 2024 to $7.4 million in Q1 2025, with a gross margin of 21.3%, slightly up from 21.1% in Q1 2024 [22] - Net loss for Q1 2025 was $62 million, significantly improved from a net loss of $127.8 million in Q1 2024, mainly due to the absence of goodwill impairment charges that were $85 million in the previous year [24] - Adjusted EBITDA was negative $7 million for Q1 2025 compared to negative $1.6 million in Q1 2024, primarily driven by increased R&D expenses and recurring SG&A due to government funding delays [25] - Backlog at the end of Q1 2025 was $385 million, up 30% from Q1 2024, indicating continued customer confidence [26] - Cash and cash equivalents at the end of Q1 2025 were $108 million, up from $81 million in Q1 2024, providing increased financial flexibility [26] Business Line Data and Key Metrics Changes - The company is focusing on core markets such as border security, defense, and manufacturing, where it continues to deepen its leadership and expand AI infrastructure [14][18] - In border security, advanced AI solutions have been deployed at major points of entry, enhancing operational efficiency and security [18] - The company is also modernizing the American industrial base and streamlining global supply chains, particularly in shipbuilding [15] Market Data and Key Metrics Changes - The global security environment is driving renewed focus and investment in defense technology, creating opportunities for AI innovation [9] - There is a shift in federal procurement practices towards efficiency and the adoption of advanced commercial technologies [9] - The company is seeing early signs of strategic focus resonating in sectors where it has built deep relationships and understands the mission [17] Company Strategy and Development Direction - The company is committed to mission expertise, international growth, business alliances, and relentless innovation in AI as core strategic priorities for 2025 [12][13] - The growth strategy focuses on strengthening core markets while selectively expanding into high-potential adjacencies [13] - The company aims to build flexible, mission-driven solutions that can adapt and scale with technology innovation [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic business and macroeconomic environment, which presents both opportunities and potential short-term risks [19] - The company reaffirms its full-year guidance for 2025, emphasizing a strong financial foundation and healthy backlog [30] - Management expresses confidence in the strategy and the ability to navigate market uncertainties while investing in future growth [31] Other Important Information - The company is focused on responsible capital allocation towards projects that aim to provide material improvement to shareholder returns [27] - The debt position has materially reduced, with a significant portion of convertible notes converted into equity, enhancing financial flexibility [27] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Financial Performance - Revenue for Q1 2025 was $34.8 million, a 5% increase from $33.1 million in Q1 2024, primarily due to additional revenue from Department of Homeland Security and Digital Identity awards[5] - Net loss for Q1 2025 was $62.0 million, significantly reduced from a net loss of $127.8 million in Q1 2024, mainly due to the absence of non-cash goodwill impairment charges of $85.0 million that occurred in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $(7.0) million, compared to $(1.6) million in Q1 2024, driven by increased research and development expenses and higher SG&A costs due to government funding delays[6] - Revenue for the three months ended March 31, 2025, was $34,757 thousand, an increase from $33,121 thousand in the same period of 2024, representing a growth of 4.9%[20] - The net loss for Q1 2025 was $61,986 thousand, significantly improved from a net loss of $127,792 thousand in Q1 2024, indicating a reduction of 51.5%[20] - Adjusted EBITDA for Q1 2025 was $(6,989) thousand, compared to $(1,626) thousand in Q1 2024, reflecting a decline in performance[20] - The net loss margin for Q1 2025 was (178.3)%, an improvement from (385.8)% in Q1 2024[20] Expenses - SG&A expenses increased to $22.7 million in Q1 2025 from $16.9 million in Q1 2024, with recurring SG&A rising to $17.7 million from $13.6 million[6] - Selling, general and administrative expenses for Q1 2025 were $22,732 thousand, up from $16,948 thousand in Q1 2024, marking a 33.9% increase[24] - Equity-based compensation allocated to selling, general and administrative expense was $4,087 thousand in Q1 2025, compared to $2,171 thousand in Q1 2024[24] - The company recognized a loss on extinguishment of debt amounting to $2,577 thousand in Q1 2025, with no such loss reported in Q1 2024[20] Cash and Debt Management - Cash balance as of March 31, 2025, was $107.6 million, up from $50.1 million at the end of Q1 2024[13] - The company reduced long-term debt by $58 million during Q1 2025 through voluntary conversions of the 2029 Notes[5] Future Projections - For the full year 2025, the company projects revenue between $160 million and $180 million, with adjusted EBITDA expected to be in the negative single-digit millions[9] - Ending backlog as of March 31, 2025, was $385 million[7] Gross Margin - Gross margin for Q1 2025 was 21.3%, slightly up from 21.1% in Q1 2024[6] - The gross margin for Q1 2025 was 21.3%, slightly up from 21.1% in Q1 2024[20] Non-GAAP Measures - BigBear.ai reported non-GAAP financial measures including EBITDA and Adjusted EBITDA, which are not prepared in accordance with GAAP[28] - Adjusted EBITDA is defined as EBITDA further adjusted for various costs, including equity-based compensation and non-recurring expenses[31] - The company emphasizes that non-GAAP measures should not be considered in isolation from GAAP measures, as they exclude significant expenses and income[34] - BigBear.ai's Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of Revenue[32] - The company does not provide guidance for net income or reconciliation of Adjusted EBITDA due to unpredictability of certain GAAP elements[35] - Management uses non-GAAP measures to analyze business performance and trends, providing additional tools for investors[33] Strategic Focus - The company is focused on strategic initiatives and market expansion, with ongoing efforts to align organizational capacity and improve product affordability[26] - BigBear.ai operates in sectors such as national security, defense, and enterprise, providing AI-powered decision intelligence solutions[37] - BigBear.ai aims to enhance transparency regarding key measures used to operate and analyze the business over time[30] Company Information - The company is publicly traded on the NYSE under the symbol BBAI[37] - The financial information presented is unaudited and reflects the company's expectations as of the release date[28]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of BigBear.ai Holdings, Inc. regarding a class action lawsuit due to alleged misleading statements and accounting errors during a specified class period [1][3]. Summary by Relevant Sections Class Period and Allegations - The class period for the lawsuit is from March 31, 2022, to March 25, 2025 [3]. - Allegations include that BigBear maintained deficient accounting review policies, leading to incorrect accounting for the 2026 Convertible Notes and misstatements in financial statements [3]. Financial Reporting Issues - The company allegedly failed to disclose that the conversion option within the 2026 Convertible Notes did not qualify for the derivative scope exception under ASC 815-40, resulting in improper accounting [3]. - As a consequence, BigBear's financial statements were inaccurate and may require restatement, increasing the risk of delays in filing reports with the SEC [3]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by June 10, 2025, to monitor the case's progress [4]. - Registration allows shareholders to receive updates and does not incur any costs or obligations [4]. Law Firm's Commitment - The Gross Law Firm aims to protect investors' rights and seeks recovery for losses incurred due to misleading statements or omissions by companies [5].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of BigBear.ai Holdings, Inc. regarding a class action lawsuit due to alleged misleading statements and accounting errors during the class period from March 31, 2022, to March 25, 2025 [1][2]. Summary by Sections Allegations - The complaint alleges that BigBear maintained deficient accounting review policies related to the reporting and disclosure of certain non-routine, unusual, or complex transactions [2] - It is claimed that BigBear incorrectly determined that the conversion option within the 2026 Convertible Notes qualified for the derivative scope exception under ASC 815-40 and failed to bifurcate the conversion option as required by ASC 815-15 [2] - The company is accused of improperly accounting for the 2026 Convertible Notes, leading to misstatements in several previously issued financial statements [2] - As a result of these errors, the financial statements were deemed inaccurate and likely to require restatement, increasing the risk of delays in filing financial reports with the SEC [2] Next Steps for Shareholders - Shareholders are encouraged to register for the class action by June 10, 2025, to monitor the case's progress [3] - Registration will provide shareholders with status updates throughout the lifecycle of the case, with no cost or obligation to participate [3] About the Law Firm - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors affected by deceit, fraud, and illegal business practices [4] - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [4]