BigBear.ai Stock Plunges 15% as Company Announces Financial Restatements
BigBear.ai Holdings shares were falling after the artificial-intelligence software provider said it would need more time to file its annual report for 2024 and would restate several years' worth of accounts.
BigBear shares were down 15% on Tuesday. It said the restatement was related to the accounting presentation of convertible debt which is due in 2026.
The company said the changes weren't expected to affect its revenue, gross margin, or operating cash flows in any prior period. BigBear expects to report $158.2 million in 2024 compared with $155.2 million in 2023.
It expects a pretax loss of $296.1 million, compared with $71.3 million in 2023. The company had previously said its 2024 pretax loss was $257.1 million.
It's the latest blow for the company, which has dropped 59% in the past month through Monday as traders have fled highly valued AI stocks.
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