- 1Q 25 revenue of $34.8 million (1Q 24 $33.1 million) +5% year-over-year.
- During the first quarter of 2025, reduced long-term debt by $58 million as a result of voluntary conversions of the 2029 Notes.
- Raised gross proceeds of $64.7 million from the exercise of 2024 warrants and issued 3.77 million new warrants at a per share exercise price of $9.00.
- Cash balance of $107.6 million, as of March 31, 2025.
- Affirms 2025 Outlook
MCLEAN, Va.--(BUSINESS WIRE)--BigBear.ai Holdings, Inc. (NYSE: BBAI) (“BigBear.ai” or the “Company”), a leader in AI-powered decision intelligence solutions, today announced financial results for the first quarter of 2025 and issued an investor presentation that has been posted to the Investor Relations section of the Company’s website.
"As we enter the second quarter, we are seeing early and encouraging signs that our strategic focus is resonating, particularly in sectors where we’ve built deep relationships, have a clear understanding of the mission, and are deploying proven technologies," said Kevin McAleenan, CEO of BigBear.ai. "We remain focused on capitalizing on this dynamic market and driving disciplined, sustained execution."
Financial Highlights
- Revenue increased 5% to $34.8 million for the first quarter of 2025, compared to $33.1 million for the first quarter of 2024 primarily due to additional revenue related to Department of Homeland Security and Digital Identity awards.
- Gross margin was 21.3% in the first quarter of 2025, compared to 21.1% in the first quarter of 2024.
- Net loss in the first quarter of 2025 was $62.0 million, compared to a net loss of $127.8 million for the first quarter of 2024. The decrease in net loss was primarily driven by non-cash goodwill impairment charges of $85.0 million in the first quarter of 2024 that were not repeated in the first quarter of 2025, partially offset by higher non-cash losses on the increase in fair value of derivatives of $33.3 million in the first quarter of 2025 compared to $23.8 million in the first quarter of 2024, $2.6 million of non-cash losses on debt extinguishment in the first quarter of 2025 related to voluntary conversions by the holders of the convertible notes due in 2029, as well an increase of $2.2 million in equity-based compensation expense, primarily as a result of awards granted in the first quarter of 2025.
- Non-GAAP Adjusted EBITDA* of $(7.0) million for the first quarter of 2025 compared to $(1.6) million for the first quarter of 2024, primarily driven by increased research and development expense and Recurring SG&A* due to government funding delays creating excess resource capacity.
- SG&A of $22.7 million for the first quarter of 2025 compared to $16.9 million for the first quarter of 2024 and Recurring SG&A* of $17.7 million in the first quarter of 2025 compared to $13.6 million in the first quarter of 2024. The year-over-year increases include Pangiam’s headcount and operating expenses not fully included in the first quarter of 2024 (acquired as of March 1, 2024) as well as the carrying cost of excess resource capacity due to government funding delays.
- Ending backlog of $385 million as of March 31, 2025.
Financial Outlook
For the year-ended December 31, 2025, the Company projects:
- Revenue between $160 million and $180 million
- Adjusted EBITDA* in the negative single digit millions
The above information on financial outlook, and other sections of this release contain forward-looking statements, which are based on the Company’s current expectations. Actual results may differ materially from those projected. It is the Company’s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, changes in law, or new accounting standards until such items have been consummated, enacted, or adopted, as the case may be. For additional factors that may impact the Company’s actual results, refer to the “Forward-Looking Statements” section in this release.
* EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
Summary of Results for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
$ thousands (expect per share amounts) |
|
2025 |
|
2024 |
||||
Revenues |
|
$ |
34,757 |
|
|
$ |
33,121 |
|
Cost of revenues |
|
|
27,369 |
|
|
|
26,135 |
|
Gross margin |
|
|
7,388 |
|
|
|
6,986 |
|
Operating expenses: |
|
|
|
|
||||
Selling, general and administrative |
|
|
22,732 |
|
|
|
16,948 |
|
Research and development |
|
|
4,166 |
|
|
|
1,144 |
|
Restructuring charges |
|
|
1,698 |
|
|
|
860 |
|
Transaction expenses |
|
|
— |
|
|
|
1,103 |
|
Goodwill impairment |
|
|
— |
|
|
|
85,000 |
|
Operating loss |
|
|
(21,208 |
) |
|
|
(98,069 |
) |
Interest expense |
|
|
5,116 |
|
|
|
6,385 |
|
Net increase in fair value of derivatives |
|
|
33,336 |
|
|
|
23,807 |
|
Loss on extinguishment of debt |
|
|
2,577 |
|
|
|
— |
|
Other income, net |
|
|
(276 |
) |
|
|
(455 |
) |
Loss before taxes |
|
|
(61,961 |
) |
|
|
(127,806 |
) |
Income tax expense (benefit) |
|
|
25 |
|
|
|
(14 |
) |
Net loss |
|
$ |
(61,986 |
) |
|
$ |
(127,792 |
) |
|
|
|
|
|
||||
Basic and diluted net loss per share |
|
$ |
(0.25 |
) |
|
$ |
(0.68 |
) |
|
|
|
|
|
||||
Weighted-average shares outstanding: |
|
|
|
|
||||
Basic |
|
|
252,341,401 |
|
|
|
187,279,204 |
|
Diluted |
|
|
252,341,401 |
|
|
|
187,279,204 |
|
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited) |
|||||||
|
|
|
|
||||
$ in thousands (except per share amounts) |
March 31, |
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
107,610 |
|
|
$ |
50,141 |
|
Accounts receivable, less allowance for credit losses |
|
34,565 |
|
|
|
38,953 |
|
Contract assets |
|
512 |
|
|
|
895 |
|
Prepaid expenses and other current assets |
|
5,547 |
|
|
|
3,768 |
|
Total current assets |
|
148,234 |
|
|
|
93,757 |
|
Non-current assets: |
|
|
|
||||
Property and equipment, net |
|
1,454 |
|
|
|
1,566 |
|
Goodwill |
|
119,081 |
|
|
|
119,081 |
|
Intangible assets, net |
|
117,600 |
|
|
|
119,119 |
|
Right-of-use assets |
|
8,893 |
|
|
|
9,263 |
|
Other non-current assets |
|
1,006 |
|
|
|
990 |
|
Total assets |
$ |
396,268 |
|
|
$ |
343,776 |
|
|
|
|
|
||||
Liabilities and stockholders’ equity (deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
3,936 |
|
|
$ |
8,455 |
|
Short-term debt, including current portion of long-term debt |
|
818 |
|
|
|
818 |
|
Accrued liabilities |
|
20,734 |
|
|
|
19,496 |
|
Contract liabilities |
|
3,017 |
|
|
|
2,541 |
|
Current portion of long-term lease liability |
|
1,091 |
|
|
|
1,068 |
|
Derivative liabilities |
|
57,449 |
|
|
|
170,515 |
|
Other current liabilities |
|
2,070 |
|
|
|
73 |
|
Total current liabilities |
|
89,115 |
|
|
|
202,966 |
|
Non-current liabilities: |
|
|
|
||||
Long-term debt, net |
|
100,588 |
|
|
|
135,404 |
|
Long-term lease liability |
|
8,770 |
|
|
|
9,120 |
|
Total liabilities |
|
198,473 |
|
|
|
347,490 |
|
Stockholders’ equity (deficit): |
|
|
|
||||
Common stock, par value $0.0001; 500,000,000 shares authorized and 289,052,369 shares issued and outstanding at March 31, 2025 and 251,554,378 shares issued and outstanding at December 31, 2024 |
|
31 |
|
|
|
26 |
|
Additional paid-in capital |
|
888,608 |
|
|
|
625,130 |
|
Treasury stock, at cost 9,952,803 shares at March 31, 2025 and December 31, 2024 |
|
(57,350 |
) |
|
|
(57,350 |
) |
Accumulated deficit |
|
(633,627 |
) |
|
|
(571,641 |
) |
Accumulated other comprehensive income |
|
133 |
|
|
|
121 |
|
Total stockholders’ equity (deficit) |
|
197,795 |
|
|
|
(3,714 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
396,268 |
|
|
$ |
343,776 |
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
||||||
$ in thousands |
2025 |
|
2024 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(61,986 |
) |
|
$ |
(127,792 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
3,470 |
|
|
|
2,439 |
|
Amortization of debt issuance costs and discount |
|
2,764 |
|
|
|
3,336 |
|
Equity-based compensation expense |
|
7,400 |
|
|
|
5,157 |
|
Goodwill impairment |
|
— |
|
|
|
85,000 |
|
Non-cash lease expense |
|
370 |
|
|
|
94 |
|
Provision for doubtful accounts |
|
40 |
|
|
|
171 |
|
Deferred income tax benefit |
|
— |
|
|
|
(23 |
) |
Loss on extinguishment of debt |
|
2,577 |
|
|
|
— |
|
Net increase in fair value of derivatives |
|
33,336 |
|
|
|
23,807 |
|
Changes in assets and liabilities: |
|
|
|
||||
Decrease (increase) in accounts receivable |
|
4,348 |
|
|
|
(8,957 |
) |
Decrease in contract assets |
|
383 |
|
|
|
2,443 |
|
(Increase) decrease in prepaid expenses and other assets |
|
(1,795 |
) |
|
|
950 |
|
Decrease in accounts payable |
|
(4,163 |
) |
|
|
(5,960 |
) |
Increase in accrued expenses |
|
4,446 |
|
|
|
2,599 |
|
Increase in contract liabilities |
|
476 |
|
|
|
1,826 |
|
Increase in other liabilities |
|
1,670 |
|
|
|
551 |
|
Net cash used in operating activities |
|
(6,664 |
) |
|
|
(14,359 |
) |
Cash flows from investing activities: |
|
|
|
||||
Acquisition of business, net of cash acquired |
|
— |
|
|
|
13,935 |
|
Purchases of property and equipment |
|
(80 |
) |
|
|
(38 |
) |
Capitalized software development costs |
|
(1,540 |
) |
|
|
(1,643 |
) |
Net cash (used in) provided by investing activities |
|
(1,620 |
) |
|
|
12,254 |
|
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of shares for exercised RDO and PIPE warrants |
|
64,673 |
|
|
|
53,809 |
|
Payment of RDO and PIPE transaction costs |
|
(551 |
) |
|
|
— |
|
Proceeds from at-the-market offering |
|
6,569 |
|
|
|
— |
|
Payment of transaction costs for at-the-market offering |
|
(115 |
) |
|
|
— |
|
Repayment of short-term borrowings |
|
(366 |
) |
|
|
(403 |
) |
Payment of debt issuance costs to third parties |
|
(4,342 |
) |
|
|
— |
|
Proceeds from exercise of options |
|
1,393 |
|
|
|
86 |
|
Payments of tax withholding from the issuance of common stock |
|
(1,318 |
) |
|
|
(2,532 |
) |
Net cash provided by financing activities |
|
65,943 |
|
|
|
50,960 |
|
Effect of foreign currency rate changes on cash and cash equivalents |
|
(190 |
) |
|
|
— |
|
Net increase in cash and cash equivalents |
|
57,469 |
|
|
|
48,855 |
|
Cash and cash equivalents at the beginning of period |
|
50,141 |
|
|
|
32,557 |
|
Cash and cash equivalents at the end of the period |
$ |
107,610 |
|
|
$ |
81,412 |
|
EBITDA* and Adjusted EBITDA* for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
Three Months Ended |
||||||
$ thousands |
2025 |
|
2024 |
||||
Net loss |
$ |
(61,986 |
) |
|
$ |
(127,792 |
) |
Interest expense |
|
5,116 |
|
|
|
6,385 |
|
Interest income |
|
(556 |
) |
|
|
(447 |
) |
Income tax expense (benefit) |
|
25 |
|
|
|
(14 |
) |
Depreciation and amortization |
|
3,470 |
|
|
|
2,439 |
|
EBITDA* |
|
(53,931 |
) |
|
|
(119,429 |
) |
Adjustments: |
|
|
|
||||
Equity-based compensation |
|
7,400 |
|
|
|
5,156 |
|
Employer payroll taxes related to equity-based compensation(1) |
|
1,015 |
|
|
|
664 |
|
Net increase in fair value of derivatives(2) |
|
33,336 |
|
|
|
23,807 |
|
Restructuring charges(3) |
|
1,698 |
|
|
|
860 |
|
Non-recurring strategic initiatives(4) |
|
894 |
|
|
|
— |
|
Non-recurring litigation(5) |
|
22 |
|
|
|
(121 |
) |
Transaction expenses(6) |
|
— |
|
|
|
1,103 |
|
Non-recurring integration costs(7) |
|
— |
|
|
|
1,334 |
|
Goodwill impairment(8) |
|
— |
|
|
|
85,000 |
|
Loss on extinguishment of debt(9) |
|
2,577 |
|
|
|
— |
|
Adjusted EBITDA* |
$ |
(6,989 |
) |
|
$ |
(1,626 |
) |
(1) |
Includes employer payroll taxes due upon the vesting of equity awards granted to employees. |
(2) |
The change in fair value of derivatives during the three months ended March 31, 2025, relates to the $14.0 million loss recorded upon the exercise of the 2024 RDO and 2024 PIPE Warrants (the “2024 Warrants”) and issuance of the warrants in 2025 (the “2025 Warrants”) in connection with the warrant exercise agreements entered into on February 5, 2025. During the three months ended March 31, 2025, there was loss related to a mark-to-market adjustment of $59.9M adjustment for the debt to equity conversions during the period. There was an offsetting gain related to the fair market value adjustment on the 2025 warrants and the private warrants of $10.3 million. Additionally, there was an offsetting gain of $30.3 million fair market value adjustment of the 2026 and 2029 Notes Conversion Option, during the quarter ended March 31, 2025. The increase in fair value of derivatives during the quarter ended March 31, 2024, relates to the $52.9 million loss recorded upon the exercise of the 2023 RDO and 2023 PIPE Warrants (the “2023 Warrants”) in connection with the warrant exercise agreements entered into on February 27, 2024 and March 4, 2024. This loss was offset by gains of $10.6 million, net of cash proceeds received, related to the issuance of warrants in 2024 (the “2024 Warrants”). In addition, an $18.3 million reduction in fair value was recorded on the 2024 Warrants issued in connection with the warrant exercise agreements as the fair value decreased from the issue date to quarter end. |
(3) |
During the three months ended March 31, 2025 and the three months ended March 31, 2024, the Company incurred employee separation costs associated with a strategic review of the Company’s capacity and future projections to better align the organization and cost structure and improve the affordability of its products and services. |
(4) |
Non-recurring professional fees related to the execution of certain strategic initiatives of the Company. |
(5) |
Non-recurring litigation consists primarily of legal settlements and related fees for specific proceedings that we have determined arise outside of the ordinary course of business based on the following considerations which we assess regularly: (1) the frequency of similar cases that have been brought to date, or are expected to be brought within two years; (2) the complexity of the case; (3) the nature of the remedy(ies) sought, including the size of any monetary damages sought; (4) offensive versus defensive posture of us; (5) the counterparty involved; and (6) our overall litigation strategy. |
(6) |
Transaction expenses during the quarter ended March 31, 2024 consist primarily of diligence, legal and other related expenses incurred associated with the Pangiam acquisition. |
(7) |
Non-recurring internal integration costs related to the Pangiam acquisition. |
(8) |
During the three months ended March 31, 2024, the Company recognized a non-cash goodwill impairment charge primarily driven by a decrease in share price during the quarter compared to the share price of the equity issued as consideration for the purchase of Pangiam. |
(9) |
Loss on extinguishment of debt is related to voluntary conversions of the 2029 Notes to common stock and the related extinguishment of unamortized debt discount and debt costs. |
*EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
|
Adjusted EBITDA* Reconciliation for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
Three Months Ended |
||||||
$ in thousands |
2025 |
|
2024 |
||||
Revenue |
$ |
34,757 |
|
|
$ |
33,121 |
|
|
|
|
|
||||
Net loss |
|
(61,986 |
) |
|
|
(127,792 |
) |
Interest expense |
|
5,116 |
|
|
|
6,385 |
|
Interest income |
|
(556 |
) |
|
|
(447 |
) |
Income tax expense (benefit) |
|
25 |
|
|
|
(14 |
) |
Depreciation & amortization |
|
3,470 |
|
|
|
2,439 |
|
EBITDA* |
$ |
(53,931 |
) |
|
$ |
(119,429 |
) |
|
|
|
|
||||
Adjustments: |
|
|
|
||||
Equity-based compensation |
|
7,400 |
|
|
|
5,156 |
|
Employer payroll taxes related to equity-based compensation(1) |
|
1,015 |
|
|
|
664 |
|
Net increase in fair value of derivatives(2) |
|
33,336 |
|
|
|
23,807 |
|
Restructuring charges(3) |
|
1,698 |
|
|
|
860 |
|
Non-recurring strategic initiatives(4) |
|
894 |
|
|
|
— |
|
Non-recurring litigation(5) |
|
22 |
|
|
|
(121 |
) |
Transaction expenses(6) |
|
— |
|
|
|
1,103 |
|
Non-recurring integration costs(7) |
|
— |
|
|
|
1,334 |
|
Goodwill impairment(8) |
|
— |
|
|
|
85,000 |
|
Loss on extinguishment of debt(9) |
|
2,577 |
|
|
|
— |
|
Adjusted EBITDA* |
$ |
(6,989 |
) |
|
$ |
(1,626 |
) |
Gross Margin |
|
21.3 |
% |
|
|
21.1 |
% |
Net Loss Margin |
|
(178.3 |
)% |
|
|
(385.8 |
)% |
Adjusted EBITDA* Margin |
|
(20.1 |
)% |
|
|
(4.9 |
)% |
(1) |
Includes employer payroll taxes due upon the vesting of equity awards granted to employees. |
(2) |
The change in fair value of derivatives during the three months ended March 31, 2025, relates to the $14.0 million loss recorded upon the exercise of the 2024 RDO and 2024 PIPE Warrants (the “2024 Warrants”) and issuance of the warrants in 2025 (the “2025 Warrants”) in connection with the warrant exercise agreements entered into on February 5, 2025. During the three months ended March 31, 2025, there was loss related to a mark-to-market adjustment of $59.9M adjustment for the debt to equity conversions during the period. There was an offsetting gain related to the fair market value adjustment on the 2025 warrants and the private warrants of $10.3 million. Additionally, there was an offsetting gain of $30.3 million fair market value adjustment of the 2026 and 2029 Notes Conversion Option, during the quarter ended March 31, 2025. The increase in fair value of derivatives during the quarter ended March 31, 2024, relates to the $52.9 million loss recorded upon the exercise of the 2023 RDO and 2023 PIPE Warrants (the “2023 Warrants”) in connection with the warrant exercise agreements entered into on February 27, 2024 and March 4, 2024. This loss was offset by gains of $10.6 million, net of cash proceeds received, related to the issuance of warrants in 2024 (the “2024 Warrants”). In addition, an $18.3 million reduction in fair value was recorded on the 2024 Warrants issued in connection with the warrant exercise agreements as the fair value decreased from the issue date to quarter end. |
(3) |
During the three months ended March 31, 2025 and the three months ended March 31, 2024, the Company incurred employee separation costs associated with a strategic review of the Company’s capacity and future projections to better align the organization and cost structure and improve the affordability of its products and services. |
(4) |
Non-recurring professional fees related to the execution of certain strategic initiatives of the Company. |
(5) |
Non-recurring litigation consists primarily of legal settlements and related fees for specific proceedings that we have determined arise outside of the ordinary course of business based on the following considerations which we assess regularly: (1) the frequency of similar cases that have been brought to date, or are expected to be brought within two years; (2) the complexity of the case; (3) the nature of the remedy(ies) sought, including the size of any monetary damages sought; (4) offensive versus defensive posture of us; (5) the counterparty involved; and (6) our overall litigation strategy. |
(6) |
Transaction expenses during the quarter ended March 31, 2024 consist primarily of diligence, legal and other related expenses incurred associated with the Pangiam acquisition. |
(7) |
Non-recurring internal integration costs related to the Pangiam acquisition. |
(8) |
During the three months ended March 31, 2024, the Company recognized a non-cash goodwill impairment charge primarily driven by a decrease in share price during the quarter compared to the share price of the equity issued as consideration for the purchase of Pangiam. |
(9) |
Loss on extinguishment of debt is related to voluntary conversions of the 2029 Notes to common stock and the related extinguishment of unamortized debt discount and debt costs. |
*EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
|
Recurring SG&A* Reconciliation for the First Quarter Ended March 31, 2025 and March 31, 2024 (Unaudited) |
|||||||
|
Three Months Ended |
||||||
$ in thousands |
2025 |
|
2024 |
||||
Selling, general and administrative |
$ |
22,732 |
|
|
$ |
16,948 |
|
Equity-based compensation allocated to selling, general and administrative expense |
|
(4,087 |
) |
|
|
(2,171 |
) |
Non-recurring strategic initiatives(1) |
|
(894 |
) |
|
|
— |
|
Non-recurring integration costs(2) |
|
— |
|
|
|
(1,334 |
) |
Non-recurring litigation(3) |
|
(22 |
) |
|
|
121 |
|
Adjusted (recurring) selling, general and administrative expense* |
$ |
17,729 |
|
|
$ |
13,564 |
|
(1) |
Non-recurring professional fees related to the execution of certain strategic initiatives of the Company. |
(2) |
Non-recurring internal integration costs related to the Pangiam acquisition. |
(3) |
Non-recurring litigation consists primarily of legal settlements and related fees for specific proceedings that we have determined arise outside of the ordinary course of business based on the following considerations which we assess regularly: (1) the frequency of similar cases that have been brought to date, or are expected to be brought within two years; (2) the complexity of the case; (3) the nature of the remedy(ies) sought, including the size of any monetary damages sought; (4) offensive versus defensive posture of us; (5) the counterparty involved; and (6) our overall litigation strategy. |
|
|
*EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Recurring SG&A are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section in this press release for additional information and reconciliations. |
|
Forward-Looking Statements
This release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding our industry, future events, and other statements that are not historical facts. These statements are based on current expectations and beliefs concerning future developments and their potential effects on us and should not be relied upon as representing BigBear’s assessment as of any date subsequent to the date of this release. There can be no assurance that future developments affecting us will be those that we have anticipated. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those relating to: changes in domestic and foreign business, market, financial, political, and legal conditions; the uncertainty of projected financial information; delays caused by factors outside of our control, including changes in fiscal or contracting policies or decreases in available government funding, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns or epidemics; changes in government programs or applicable requirements; budgetary constraints, including any potential constraints as a result of recent or future federal government layoffs, including automatic reductions as a result of “sequestration” or similar measures and constraints imposed by any lapses in appropriations for the federal government or certain of its departments and agencies, including government shutdowns or the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience; the impact of tariffs or other restrictive trade measures; implementation of spending limits or changes in budgetary constraints; influence by, or competition from, third parties with respect to pending, new, or existing contracts with government custo
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