BigBear.ai Holdings
BBAIQ2 2024(BBAI Q1 FY2024)Reported55% AI
AI Revenue %
55%
AI Fair Value
$965.3M
AI Revenue (Q)
$18.2M
Total Revenue (Q)
$33.1M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Revenue was $33.1M. Pangiam acquisition closed Feb 29, 2024, adding Vision AI capabilities (facial recognition, image-based anomaly detection, biometrics). However, Pangiam contributed only ~1 month of revenue in Q1. From Q3 FY2024 10-Q: Pangiam contributed $25.1M in revenue over 7 months (Mar-Sep), implying ~$3.6M/month. Q1 had ~1 month = ~$3.6M from Pangiam. Legacy BigBear.ai Q1 revenue: ~$29.5M at 55% AI = $16.2M. Pangiam at ~90% AI: ~$3.2M. Total AI: $19.4M / $33.1M = 59%. However, with only 1 month of Pangiam included and uncertainty around exact contribution, conservatively maintaining 55%.
Analyzed by claude-opus-4-6
Quoted Figures
Revenues $ 33,121
10-Q March 31, 2024 - Consolidated Statements of Operations
On February 29, 2024, the Company completed the acquisition of Pangiam Intermediate Holdings, LLC ( Pangiam or the Pangiam Acquisition ), a leader in vision AI for the global trade, travel, and digital identity industries
10-K December 31, 2023 - Item 1: Business
The post-acquisition net revenues and net loss included in the results of operations for the nine months ended September 30, 2024 were $ 25.1 million and $ 86.4 million, respectively
10-Q September 30, 2024 - Note 4: Business Combinations
AI Products Identified (Ring 1)
Observe (computer vision)Orient (decision intelligence)Dominate (autonomous systems)Pangiam Vision AIFacial recognitionBiometricsPredictive analytics
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Cybersecurity consultingSystems engineeringIT servicesManagement consulting
Confidence Tier
ReportedAI revenue explicitly disclosed in SEC filings