$BBAI
BigBear.ai Holdings, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021057023 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q1
Revenue $0.00 $35.57M
YoY Change
Cost Of Revenue $29.42M $25.29M
YoY Change
Gross Profit $10.80M $10.28M
YoY Change
Gross Profit Margin 28.9%
Selling, General & Admin $1.964M $10.11M
YoY Change
% of Gross Profit 18.19% 98.39%
Research & Development $1.363M $928.0K
YoY Change
% of Gross Profit 12.62% 9.03%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.964M $11.04M
YoY Change
Operating Profit -$1.964M -$762.0K
YoY Change
Interest Expense $9.050K $1.860M
YoY Change
% of Operating Profit
Other Income/Expense, Net $32.99K -$22.12K
YoY Change
Pretax Income -$1.922M -$2.621M
YoY Change
Income Tax $2.699K -$184.0K
% Of Pretax Income
Net Earnings -$1.925M -$2.437M
YoY Change
Net Earnings / Revenue -6.85%
Basic Earnings Per Share -$0.03 -$0.02
Diluted Earnings Per Share -$191.5K -$0.02
COMMON SHARES
Basic Shares Outstanding 105.0M shares 105.0M shares
Diluted Shares Outstanding 105.0M shares 105.0M shares

Balance Sheet

Concept 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $982.3K $2.173M
YoY Change
Cash & Equivalents $982.2K $9.928M
Short-Term Investments
Other Short-Term Assets $347.7K $812.8K
YoY Change
Inventory
Prepaid Expenses $812.8K
Receivables
Other Receivables
Total Short-Term Assets $1.331M $2.986M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $358.8M $358.8M
YoY Change
Other Assets $114.5K
YoY Change
Total Long-Term Assets $358.9M $358.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.331M $2.986M
Total Long-Term Assets $358.9M $358.8M
Total Assets $360.3M $361.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.47K $50.63K
YoY Change
Accrued Expenses $2.312M $362.7K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $57.39K $20.48K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.402M $435.3K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.94M $12.77M
YoY Change
Total Long-Term Liabilities $12.94M $12.77M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.402M $435.3K
Total Long-Term Liabilities $12.94M $12.77M
Total Liabilities $15.34M $13.20M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$647.9K
YoY Change
Common Stock $5.648M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.89M $97.99M
YoY Change
Total Liabilities & Shareholders Equity $360.3M $361.8M
YoY Change

Cashflow Statement

Concept 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income -$1.925M -$2.437M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$669.4K $893.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $170.0K
YoY Change
Acquisitions $224.0K
YoY Change
Other Investing Activities $0.00 -$358.8M
YoY Change
Cash From Investing Activities $0.00 -$394.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$351.6M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$275.0K
YoY Change
NET CHANGE
Cash From Operating Activities -669.4K $893.0K
Cash From Investing Activities 0.000 -$394.0K
Cash From Financing Activities 0.000 -$275.0K
Net Change In Cash -669.4K $224.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$669.4K $893.0K
Capital Expenditures $170.0K
Free Cash Flow $723.0K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
35880000
CY2021Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
gigu Number Of Trading Period For Transfer Of Shares
NumberOfTradingPeriodForTransferOfShares
P20D
gigu Number Of Consecutive Trading Period For Transfer Of Shares
NumberOfConsecutiveTradingPeriodForTransferOfShares
P30D
CY2021Q1 gigu Fair Value Assumption Expected Term
FairValueAssumptionExpectedTerm
P6Y
gigu Temporary Equity Shares Subject To Redemption Value
TemporaryEquitySharesSubjectToRedemptionValue
358814144
us-gaap Net Income Loss
NetIncomeLoss
-4280092
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-13893139
CY2021Q1 gigu Stock Split Ratio On Common Stock
StockSplitRatioOnCommonStock
1.2:1
us-gaap Profit Loss
ProfitLoss
-4280092
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
196973
CY2020Q4 gigu Shares Forfeited Subsequent To Expiration Of Underwriters Over Allotment Option
SharesForfeitedSubsequentToExpirationOfUnderwritersOverAllotmentOption
1170000
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1964218
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1964218
CY2021Q3 us-gaap Interest Income Other
InterestIncomeOther
9045
CY2021Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
32989
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1922184
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2699
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1924883
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
5000008
CY2021Q3 gigu Temporary Equity Shares Subject To Redemption Value
TemporaryEquitySharesSubjectToRedemptionValue
16968264
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1924883
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-13893139
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-9096
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
187908
gigu Interest Earned On Cash And Marketable Securities Held In Trust Account
InterestEarnedOnCashAndMarketableSecuritiesHeldInTrustAccount
20160
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
347674
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
1242
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
114487
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2396
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
57369
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2232049
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
6016
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2268852
us-gaap Payments To Acquire Trust Preferred Investments
PaymentsToAcquireTrustPreferredInvestments
358800000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-358800000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
351624000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
125000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
593899
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
361901101
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
832249
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
150000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
982249
gigu Offering Costs Included In Accrued Liabilities
OfferingCostsIncludedInAccruedLiabilities
70000
gigu Fair Value Of Warrant Liability
FairValueOfWarrantLiability
187908
gigu Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
12558000
gigu Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
20412043
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2020-12-04
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
351624000
CY2021Q1 gigu Payments Of Stock Issuance Costs Net
PaymentsOfStockIssuanceCostsNet
20397899
CY2021Q1 gigu Deferred Underwriting Fees
DeferredUnderwritingFees
12558000
CY2021Q1 gigu Original Offering Cost
OriginalOfferingCost
663899
us-gaap Decommissioning Trust Assets Description
DecommissioningTrustAssetsDescription
The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay taxes, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of 100% of the shares of common stock included in the units sold in the Offering (the “public shares”) if the Company is unable to complete a Business Combination within 24 months from the closing of the Offering on February 11, 2021; or (iii) the redemption of the public shares in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if it does not complete its initial Business Combination within 24 months from the closing of the Offering on February 11, 2021.
gigu Common Stock Redemption Percentage
CommonStockRedemptionPercentage
1
gigu Public Shares Redemption Percentage
PublicSharesRedemptionPercentage
1
gigu Minimum Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance
MinimumPercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance
0.80
CY2021Q3 us-gaap Assets Held In Trust
AssetsHeldInTrust
358817210
CY2021Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
358800000
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
35880000
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
us-gaap Investment Income Interest
InvestmentIncomeInterest
17210
CY2021Q3 us-gaap Interest Receivable Noncurrent
InterestReceivableNoncurrent
2950
gigu Percentage Of Initial Public Offering
PercentageOfInitialPublicOffering
0.200
CY2021Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
200000000
us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.060
CY2021Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
11.50
gigu Unsecured Convertible Notes Maturity Period
UnsecuredConvertibleNotesMaturityPeriod
P5Y
gigu Conversion Of Notes Terms
ConversionOfNotesTerms
(a) prior to the third anniversary of the initial issuance of the Notes, the Company will be obligated to pay an amount equal to twelve months of interest or (b) on or after the third anniversary of the initial issuance of the Notes but prior to the fourth anniversary of the initial issuance of the Notes, any accrued and unpaid interest plus any remaining amounts that would be owed up to, but excluding, the fourth anniversary of the initial issuance of the Notes. In certain circumstances, the Company may force conversion of the Notes after the first anniversary of the initial issuance of the Notes, subject to a holder’s prior right to convert, if the last reported sale price of the Common Stock exceeds 130% of the conversion price for 20 trading days (whether or not consecutive) during the 30 trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter and the 30-day average daily trading volume ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to $3,000,000 for the first two years after the initial issuance of the Notes and $2,000,000 thereafter.
us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30
gigu Amount Greater Than Or Equal To Immediately Preceding Calender Quater After Initial Issuance Of Notes
AmountGreaterThanOrEqualToImmediatelyPrecedingCalenderQuaterAfterInitialIssuanceOfNotes
3000000
gigu Amount Greater Than Or Equal To Immediately Preceding Calender Quater Thereafter
AmountGreaterThanOrEqualToImmediatelyPrecedingCalenderQuaterThereafter
2000000
gigu Notes Principal Amount
NotesPrincipalAmount
1000
gigu Subcription Agreement Terms
SubcriptionAgreementTerms
(i) there shall have been no amendment, waiver or modification to the Merger Agreement that materially and adversely affects the Company or the Note Investor’s investment in the Company, other than amendments, waivers or modifications pursuant to the terms of the Merger Agreement, (ii) the Company shall not have entered into any Other Subscription Agreement (as defined in the Subscription Agreement), including through amendment, waiver or modification of the terms of an any Other Subscription Agreement, with a lower purchase price per $1,000 principal amount of the Notes or other terms (economic or otherwise) substantially more favorable to such other subscriber or investor than as set forth in the Subscription Agreement unless the Note Investor has been offered substantially the same terms or benefits; and (iii) there has not occurred any Company Material Adverse Effect (as defined in the Merger Agreement) or Company Material Adverse Effect (as defined in the Subscription Agreement)
gigu Adjustments To Additional Paid In Capital Due To Change In Carrying Amount Of Common Stock Subject To Possible Redemption
AdjustmentsToAdditionalPaidInCapitalDueToChangeInCarryingAmountOfCommonStockSubjectToPossibleRedemption
17000000.0
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
18000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which at times, may exceed federally insured limits. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
20397899
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
35880000
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 gigu Number Of Shares Of Common Stock Per Unit
NumberOfSharesOfCommonStockPerUnit
1
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q1 gigu Number Of Public Warrants To Be Exercised In Order To Obtain Whole Shares Of Common Stock
NumberOfPublicWarrantsToBeExercisedInOrderToObtainWholeSharesOfCommonStock
3
gigu Holding Period Of Shares For Completion Of Initial Business Combination
HoldingPeriodOfSharesForCompletionOfInitialBusinessCombination
P12M
gigu Period After Completion Of Business Combination To Allow Transfer Of Shares
PeriodAfterCompletionOfBusinessCombinationToAllowTransferOfShares
P30D
gigu Underwriting Discount Per Unit Paid In Cash
UnderwritingDiscountPerUnitPaidInCash
0.20
gigu Deferred Underwriting Commissions Per Unit
DeferredUnderwritingCommissionsPerUnit
0.35
CY2021Q3 gigu Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
12558000
CY2021Q1 us-gaap Share Price
SharePrice
9.83
CY2021Q1 gigu Fair Value Assumptions Volatility Rate
FairValueAssumptionsVolatilityRate
0.1000
CY2021Q1 gigu Fair Value Assumption Risk Free Interest Rate
FairValueAssumptionRiskFreeInterestRate
0.0062
CY2021Q1 gigu Fair Value Assumption Exercise Price
FairValueAssumptionExercisePrice
11.50
CY2021Q3 us-gaap Interest Receivable Noncurrent
InterestReceivableNoncurrent
2950

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