BigBear.ai Holdings, Inc. (NYSE:BBAI), a provider of prepackaged software services with a market capitalization of $846 million and trailing twelve-month revenue of $155 million, has filed an 8-K form with the U.S. Securities and Exchange Commission (SEC) today, updating its unaudited pro forma financial information following its combination with Pangiam Ultimate Holdings, LLC. The Columbia, Maryland-based company, which is listed under the Services-Prepackaged Software (ETR:SOWGn) [7372] category, provided pro forma condensed combined statements of operations for the periods ending September 30, 2024, and December 31, 2023.
The updated financial statements are intended for use in the company's future registration statements. These documents reflect the company's financial performance as if the merger with Pangiam had been completed at the beginning of the periods presented.
According to InvestingPro analysis, the company currently shows a WEAK overall financial health score, with analysts expecting net income to decline this year. For detailed financial health metrics and 10+ additional exclusive insights, consider an InvestingPro subscription. The pro forma adjustments are based on available information and certain assumptions that the company believes are reasonable.
BigBear.ai, which was formerly known as GigCapital4, Inc., has included these pro forma financial statements in its filing to provide investors with a clearer picture of the company's financial status after the merger. The filing includes a detailed breakdown of the combined company's earnings, and expenses, and provides a comparative analysis with previous periods.
The company's common stock, with a par value of $0.0001, and redeemable warrants, each full warrant exercisable for one share of common stock at an exercise price of $11.50 per share, are traded on the New York Stock Exchange under the symbols BBAI and BBAI.WS, respectively. The stock has demonstrated significant volatility, with a notable 103.85% return over the past six months, while maintaining a healthy current ratio of 2.06, indicating strong short-term liquidity.
In other recent news, BigBear.ai has embarked on a series of significant financial and operational maneuvers. The technology company has restructured its debt by exchanging approximately $182.3 million in convertible senior notes due in 2026 for an equal principal amount of new 6.00% convertible senior secured notes due in 2029, as reported by InvestingPro. BigBear.ai also terminated its existing senior secured revolving credit facility as part of its broader strategy to streamline its financial structure.
H.C. Wainwright analyst Scott Buck has upgraded the company's stock target to $7, indicating growing demand for BigBear.ai's artificial intelligence-enabled services. In addition, BigBear.ai has been actively involved in several defense and aviation initiatives, securing a $165.2 million production contract with the U.S. Army and implementing its veriScan™ biometric verification system at Denver International Airport.
The company was also awarded a substantial role in a Federal Aviation Administration $2.4 billion IT contract and entered into a master service agreement with Heathrow Airport, Europe's largest airport. Furthermore, BigBear.ai has announced a collaboration with Proof Labs Inc to enhance the cybersecurity of U.S. Air Force and U.S. Space Force assets.
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