BigBear.ai Holdings Inc 2026年季度报告

(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2026ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______ Commission file number 001-40031 BigBear.ai Holdings, Inc.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports);and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo There were 478,949,450 shares of our common stock, $0.0001 par value per share, outstanding as of May1, 2026. BIGBEAR.AI HOLDINGS, INC. Quarterly Report on Form 10-QMarch31, 2026 TABLE OF CONTENTS Item PART I—FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)3Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations34Item 3. Quantitative and Qualitative Disclosures About Market Risk46Item 4. Controls and Procedures47 PART II—OTHER INFORMATION48Item 1. Legal Proceedings48Item 1A Risk Factors48Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.48Item 3. Defaults Upon Senior Securities.48Item 5. Other Information48Item 6. Exhibits49 BigBear.ai Holdings, Inc. and Subsidiaries PageNumberCondensed Consolidated Balance Sheets as of March 31, 2026, and December31, 20254Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2026and 20255Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2026 and20256Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 20257Notes to Condensed Consolidated Financial StatementsNote 1—Description of the Business9Note 2—Summary of Significant Accounting Policies9Note 3—Restructuring Charges10Note 4—Business Combinations10Note 5—Fair Value of Financial Instruments12Note 6—Investments in Debt Securities14Note 7—Goodwill15Note 8—Intangible Assets, net15Note 9—Prepaid Expenses and Other Current Assets16Note 10—Accrued Liabilities16Note 11—Debt17Note 12—Leases19Note 13—Income Taxes20Note 14—Commitments and Contingencies20Note 15—Stockholders’ Equity21Note 16—At-the-Money Offering22Note 17—Derivatives22Note 18—Equity-Based Compensation26Note 19—Net Loss Per Share29Note 20—Revenues30Note 21—Segments32 BIGBEAR.AI HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in thousands, except share and per share data) March 31,2026December 31, 2025 BIGBEAR.AI HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(unaudited, in thousands, except share and per share data) The accompanying notes to the condensed consolidated financial statements are an integral part of these statements. BIGBEAR.AI HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)(unaudited, in thousands, except share data) BIGBEAR.AI HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in thousands) BIGBEAR.AI HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in thousands) Three Months Ended March 31, The accompanying notes to the condensed consolidated financial statements are an integral part of these statements. BIGBEAR.AI HOLDINGS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(unaudited, thousands of U.S. dollars unless stated otherwise) Note 1—Description of the Business BigBear.ai Holdings, Inc.’s (“BigBear.ai”, “BigBear.ai Holdings”, “BigBear” or the “Company”) mission is to help deliver clarity forthe world’s most complex decisions. BigBear.ai is a leading provider of Edge A