BigBear.ai Holdings, Inc. reported a net loss of $295.5 million for the fiscal year ended December 31, 2024, compared to a restated net loss of $70.7 million in 2023 and a restated net loss of $111.4 million in 2022. Revenue for 2024 reached $158.2 million, a slight increase of $3.1 million from the restated 2023 figure. The company attributed the revenue increase to the acquisition of Pangiam, partially offset by decreased volume from the Air Force EPASS program. The company's cost of revenue as a percentage of total revenue decreased to 71% in 2024 from 74% in 2023, primarily due to higher margins from Pangiam.
Significant changes compared to the previous year include a substantial increase in operating expenses, driven by factors such as increased headcount, strategic initiatives, integration costs, and litigation expenses. A non-cash goodwill impairment charge of $85 million was recognized in 2024, primarily due to a decrease in share price. The company also reported a net increase of $107.7 million in the fair value of derivatives in 2024, primarily related to the remeasurement of convertible notes and warrants. The company completed the acquisition of Pangiam in February 2024, expanding its vision and edge AI portfolio.
During the year, the company also engaged in several financing activities, including the exchange of $182.3 million in 2026 convertible notes for 2029 convertible notes and the full exercise of warrants resulting in gross proceeds of approximately $53.8 million. The company had approximately 630 employees as of December 31, 2024, with the majority holding active security clearances. Approximately 53% of the workforce consisted of software engineers, data scientists, and other technical experts.
The company's backlog, a key performance indicator, increased to $418.3 million as of December 31, 2024, from $167.8 million at the end of 2023. This increase reflects the estimated dollar value of awarded contracts for which work has not yet been performed, as well as estimated opportunities for future contract awards. The company's liquidity as of December 31, 2024, consisted primarily of cash and cash equivalents totaling $50.1 million. The company's total debt, net of unamortized debt issuance discount and costs, was $136.2 million as of December 31, 2024.
The company identified a material weakness in its internal controls over financial reporting, which resulted in the restatement of previously issued financial statements. This material weakness stemmed from inconsistencies in executing technical accounting review policies. The company is implementing measures to remediate these deficiencies. The company's outlook and forward-looking statements are subject to various risks and uncertainties, including those related to government contracts, competition, and market conditions, as detailed in the 10-K filing.
About BigBear.ai Holdings, Inc.
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