As of February 29, 2024, BigBear.ai Holdings, Inc. has completed a merger with Pangiam Ultimate Holdings, LLC, and the unaudited pro forma condensed combined financial information has been released to reflect the impact of this transaction. The pro forma statement of operations for the year ended December 31, 2023, shows that the combined revenue increased to $195,813, up from $155,164 for BigBear.ai Holdings, Inc. alone. The cost of revenues also rose to $142,232 from $114,563, resulting in a gross margin of $53,581, up from $40,601.
Moving on to the unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2024, the combined revenue increased to $120,770 from $114,409 for BigBear.ai Holdings, Inc. alone. The cost of revenues also rose to $90,280 from $85,594, resulting in a gross margin of $30,490, up from $28,815.
Additionally, there were adjustments made to the unaudited pro forma condensed combined financial information to account for the merger, including certain reclassifications to conform Pangiam's historical financial statement presentation to BigBear.ai's presentation and the application of the acquisition method of accounting under the provisions of ASC 805 to reflect consideration of $210.8 million.
The pro forma condensed combined financial information, prepared based on the assumption that the merger occurred on January 1, 2023, does not reflect any anticipated synergies or dis-synergies, operating efficiencies, or cost savings that may result from the transaction and integration costs that may be incurred.
As a result of these announcements, the company's shares have moved 15.0% on the market, and are now trading at a price of $3.9. If you want to know more, read the company's complete 8-K report here.
