BigBear.ai reported a decrease in revenue for Q1 2024, primarily due to the planned wind-down of the Air Force EPASS program and the elimination of revenue from Virgin Orbit's bankruptcy. The company's net loss included a significant non-cash goodwill impairment charge. However, they affirm their full-year revenue guidance of $195 - $215 million.
Revenue decreased by 21.4% to $33.1 million compared to Q1 2023.
Net loss was $125.1 million, including a non-cash goodwill impairment charge of $85.0 million.
Non-GAAP Adjusted EBITDA was $(1.6) million, an improvement from $(3.8) million in Q1 2023.
Cash balance ended at $81.4 million as of March 31, 2024.
The company continues to project revenue between $195 million and $215 million for the year ending December 31, 2024. This projection includes the results of Pangiam after the acquisition date of February 29, 2024.
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