2024 Q2 Form 10-Q Financial Statement

#000162828024022622 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $39.78M $33.12M $42.15M
YoY Change 3.44% -21.43% 15.84%
Cost Of Revenue $28.72M $26.14M $31.94M
YoY Change -2.63% -18.18% 20.43%
Gross Profit $11.06M $6.986M $10.21M
YoY Change 23.43% -31.6% 3.51%
Gross Profit Margin 27.81% 21.09% 24.23%
Selling, General & Admin $23.36M $16.95M $20.36M
YoY Change 38.0% -16.77% -7.53%
% of Gross Profit 211.19% 242.6% 199.37%
Research & Development $3.565M $1.144M $1.128M
YoY Change 60.22% 1.42% -60.75%
% of Gross Profit 32.22% 16.38% 11.04%
Depreciation & Amortization $2.907M $2.439M $1.986M
YoY Change 46.89% 22.81% 12.08%
% of Gross Profit 26.28% 34.91% 19.45%
Operating Expenses $26.93M $18.09M $21.49M
YoY Change 40.58% -15.81% -13.67%
Operating Profit -$16.67M -$98.07M -$11.28M
YoY Change 63.16% 769.64% -31.35%
Interest Expense $4.331M -$27.55M -$14.12M
YoY Change -164.83% 95.05% -497.27%
% of Operating Profit
Other Income/Expense, Net $617.0K $455.0K $0.00
YoY Change -100.0%
Pretax Income -$11.72M -$125.2M -$26.16M
YoY Change -30.63% 378.54% 39.51%
Income Tax $15.00K -$14.00K $59.00K
% Of Pretax Income
Net Earnings -$11.74M -$125.1M -$26.21M
YoY Change -30.53% 377.41% 39.25%
Net Earnings / Revenue -29.5% -377.85% -62.19%
Basic Earnings Per Share -$0.05 -$0.67 -$0.19
Diluted Earnings Per Share -$0.05 -$0.67 -$0.19
COMMON SHARES
Basic Shares Outstanding 246.1M shares 242.6M shares 141.5M shares
Diluted Shares Outstanding 246.3M shares 187.3M shares 138.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.27M $81.41M $21.83M
YoY Change 141.51% 272.99% -63.61%
Cash & Equivalents $72.27M $81.41M $21.83M
Short-Term Investments
Other Short-Term Assets $4.519M $4.661M $8.775M
YoY Change -10.37% -46.88% 32.93%
Inventory
Prepaid Expenses
Receivables $33.94M $36.58M $35.11M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $111.8M $125.0M $65.71M
YoY Change 56.15% 90.29% -31.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.586M $1.570M $5.799M
YoY Change 32.28% -72.93% 334.38%
Goodwill $118.6M $119.8M $48.68M
YoY Change 143.66% 146.02% -46.87%
Intangibles $118.2M $120.4M $83.82M
YoY Change 44.23% 43.7% 2.24%
Long-Term Investments
YoY Change
Other Assets $1.089M $1.107M $560.0K
YoY Change 132.2% 97.68% -24.43%
Total Long-Term Assets $249.1M $252.6M $138.9M
YoY Change 82.31% 81.91% -20.96%
TOTAL ASSETS
Total Short-Term Assets $111.8M $125.0M $65.71M
Total Long-Term Assets $249.1M $252.6M $138.9M
Total Assets $360.9M $377.6M $204.6M
YoY Change 73.32% 84.6% -24.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.128M $6.215M $10.51M
YoY Change -2.33% -40.85% 58.61%
Accrued Expenses $20.38M $21.52M $19.08M
YoY Change 30.36% 12.76% 11.96%
Deferred Revenue $3.496M $3.853M $2.347M
YoY Change 74.8% 64.17% -15.94%
Short-Term Debt $0.00 $0.00 $1.296M
YoY Change -100.0% -100.0%
Long-Term Debt Due $417.0K $826.0K $1.296M
YoY Change -20.11% -36.27% -57.84%
Total Short-Term Liabilities $53.32M $63.07M $60.84M
YoY Change -25.73% 3.67% 101.74%
LONG-TERM LIABILITIES
Long-Term Debt $195.3M $194.8M $192.8M
YoY Change 1.01% 1.01% 1.02%
Other Long-Term Liabilities $9.562M $0.00 $4.906M
YoY Change -100.0% 1330.32%
Total Long-Term Liabilities $195.3M $194.8M $197.7M
YoY Change 1.01% -1.49% 3.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.32M $63.07M $60.84M
Total Long-Term Liabilities $195.3M $194.8M $197.7M
Total Liabilities $258.1M $269.1M $258.6M
YoY Change -4.32% 4.08% 16.61%
SHAREHOLDERS EQUITY
Retained Earnings -$450.3M -$438.6M -$279.3M
YoY Change 52.04% 57.04% 85.92%
Common Stock $610.4M $604.4M $282.6M
YoY Change 109.08% 113.88% 9.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $102.8M $108.5M -$54.04M
YoY Change
Total Liabilities & Shareholders Equity $360.9M $377.6M $204.6M
YoY Change 73.32% 84.6% -24.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.74M -$125.1M -$26.21M
YoY Change -30.53% 377.41% 39.25%
Depreciation, Depletion And Amortization $2.907M $2.439M $1.986M
YoY Change 46.89% 22.81% 12.08%
Cash From Operating Activities -$7.058M -$14.36M -$12.02M
YoY Change -44.84% 19.49% 59.61%
INVESTING ACTIVITIES
Capital Expenditures $1.711M $38.00K $0.00
YoY Change 85450.0% -100.0%
Acquisitions -$13.94M $0.00
YoY Change
Other Investing Activities $0.00 $13.94M
YoY Change
Cash From Investing Activities -$1.711M $12.25M $0.00
YoY Change 85450.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -377.0K $50.96M 21.21M
YoY Change -101.8% 140.24% -120.78%
NET CHANGE
Cash From Operating Activities -7.058M -$14.36M -12.02M
Cash From Investing Activities -1.711M $12.25M 0.000
Cash From Financing Activities -377.0K $50.96M 21.21M
Net Change In Cash -9.146M $48.86M 9.195M
YoY Change -212.97% 431.32% -108.36%
FREE CASH FLOW
Cash From Operating Activities -$7.058M -$14.36M -$12.02M
Capital Expenditures $1.711M $38.00K $0.00
Free Cash Flow -$8.769M -$14.40M -$12.02M
YoY Change -31.48% 19.81% 52.35%

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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2024Q1 bbai Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
56740000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
120444000 usd
CY2023Q4 us-gaap Prepaid Insurance
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CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
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PrepaidTaxes
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PrepaidExpenseAndOtherAssetsCurrent
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lease Cost
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CY2024Q1 us-gaap Short Term Lease Cost
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CY2024Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Variable Lease Cost
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CY2024Q1 bbai Number Of Subleases
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CY2023Q1 bbai Number Of Subleases
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CY2024Q1 us-gaap Sublease Income
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CY2023Q1 us-gaap Sublease Income
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CY2024Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Operating Lease Payments
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1790000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2359000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2278000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1697000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1671000 usd
CY2024Q1 bbai Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
9076000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18871000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6723000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12148000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
848000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11300000 usd
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2024Q1 us-gaap Loss Contingency Estimate Of Possible Loss
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1631000 usd
CY2024Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1631000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q1 us-gaap Common Stock Shares Outstanding
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2024Q1 bbai Common Stock Voting Rights Vote For Each Share
CommonStockVotingRightsVoteForEachShare
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CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
5127673 shares
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.14
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2209000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
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CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
69171 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.35
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
507749 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.55
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
4550753 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.10
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M4D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1733000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1382936 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.35
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y1M28D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
593000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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5157000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3805000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-125147000 usd
CY2023Q1 us-gaap Net Income Loss
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-26214000 usd
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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187279204 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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187279204 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138548599 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138548599 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33121000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
42154000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
230000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
98000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
882000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
59000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
171000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
980000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33121000 usd
CY2024Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1
CY2023Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1
CY2024Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
2379000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
4822000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3853000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
879000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
879000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
111000000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
1
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M

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