Business Combinations (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Assets and Liabilities Assumed

The following table summarizes the final fair value of the consideration transferred and the fair values of the major classes of assets acquired and liabilities assumed as of the acquisition date.

	February 29, 2024, as reported at March 31, 2024		Measurement period adjustments		February 29, 2024, as reported at December 31, 2024
Holdback amount	$	3,500	$	(513)	$	2,987
Equity issued	207,776		(6)		207,770
Purchase consideration	$	211,276	$	(519)	$	210,757
Assets:
Cash	$	13,935	$	—	$	13,935
Accounts receivable	5,848		(369)		5,479
Prepaid expenses and other current assets	143		150		293
Property and equipment	635		—		635
Right-of-use assets	5,754		188		5,942
Intangible assets	39,100		(1,035)		38,065
Other non-current assets	1,772		—		1,772
Total assets acquired	$	67,187	$	(1,066)	$	66,121
Liabilities:
Accounts payable	1,137		—		1,137
Accrued expenses	2,454		36		2,490
Other current liabilities	69		(24)		45
Deferred revenue	1,148		—		1,148
Current portion of long-term lease liability	1,080		(874)		206
Long-term lease liability	6,109		(373)		5,736
Total liabilities acquired	$	11,997	$	(1,235)	$	10,762
Fair value of net identifiable assets acquired	55,190		169		55,359
Goodwill	$	156,086	$	(688)	$	155,398

Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived

The following table summarizes the intangible assets acquired by class and the weighted-average estimated useful lives:

	February 29 2024		Weighted-average estimated useful lives
Technology	$	14,835	7 years
Trade names	1,560		5 years
Customer relationships	21,670		20 years
Total intangible assets	$	38,065

Schedule of Business Combination

The following table presents the net revenues, net loss and transaction expenses included in the results of operations for the following periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net revenue	$	10,761	$	10,551	$	21,485	$	13,990
Net loss	(4,233)		(89,056)		(8,306)		(87,929)
Transaction expenses related to the Pangiam Acquisition	—		—		—		1,450

Schedule of Pro Forma Information

The following table presents the pro forma consolidated results of operations of BigBear.ai for the six months ended June 30, 2024 as though the acquisition of Pangiam had been completed as of January 1, 2024.

	Pro forma for the six months ended
	June 30, 2024
Net revenue	$	79,215
Net loss	$	(141,040)