Constellations, Launch, New Space and more…
Satellites Revenue Increased 6.5% in 2022

By Doug Messier
Parabolic Arc
April 14, 2023
Filed under , , , Revenue Increased 6.5% in 2022
Dashboard (Credit:’s fourth quarter revenue increase year over year by 20.6% from $33.5 million to $40.4 million. The company’s revenues for 2022 increased to $155 million, which was a $9.4 million increase from $145.6 million in 2021. reported a $29.9 million net fourth quarter loss, which the company said was primarily a result of an $18.3 million non-cash goodwill impairment charge in the company’s analytics segment. The fourth-quarter was a reduction from the $114.8 million net loss in the same period in 2021.

The company, which applies artificial intelligence and machine learning to satellite data, had a net loss of $121.7 million last year. It was a slight reduction from the $123.6 million net loss the previous year.

BigBear said $60.5 million of the 2021 net loss was due to stock-based compensation associated with the company’s merger with GigCapital4, Inc. That merger allowed to go public on the New York Stock Exchange.

The company said it ended 2022 with a backlog of $222 million. Key Metrics
(in thousands of dollars)

Fourth Quarter Revenue$40,357$33,478
Full Year Revenue$155,011$145,578
Fourth Quarter Net Loss$(29,895)$(114,794)
Full Year Net Loss$(121,674)$(123,552)
Fourth Quarter EBITDA$(24,357)$(106,403)
Full Year EBITDA$(101,197) $(107,444)

“Since I joined in October 2022, we completed a full portfolio assessment, reduced our cost structure, recalibrated the business, and are focused on executing against our strategic plan. In the fourth quarter, we continued our mission of delivering clarity for the world’s most complex decisions with’s advanced AI capabilities,” CEO Mandy Long said. “This core strength, coupled with the actions we took to strengthen our financial position, enabled us to deliver on our 2022 revenue and Adjusted EBITDA targets, despite continued macroeconomic uncertainty. We are building momentum and positioning ourselves as a strong competitor for larger prime contracts.”

“With our AI-powered decision intelligence solutions and more efficient operating structure, we are positioned to grow our footprint in key market categories – including global supply chains & logistics, autonomous systems, and cyber – and capitalize on our differentiators and the growing momentum in the field of artificial intelligence. We are focused on driving meaningful, sustainable long-term growth,” Long added.’s financials are below.

Summary of Results for the Fourth Quarter and Year to Date Periods Ended
December 31, 2022 and December 31, 2021

$ thousands (expect per share amounts)Three Months Ended December 31, 2022Three Months Ended December 31, 2021Year Ended December 31, 2022Year Ended December 31, 2021
Cost of revenues28,57229,651112,018111,510
Gross margin11,7853,82742,99334,068
Operating expenses:
Selling, general and administrative15,57073,95084,775106,507
Research and development1,1991,8758,3936,033
Restructuring charges2,6414,203
Transaction expenses4542,605
Goodwill impairment18,29253,544
Operating loss(26,371)(71,998)(110,527)(78,472)
Interest expense3,7702,18314,4367,762
Net (decrease) increase in fair value of derivatives(27)33,353(1,591)33,353
Loss on extinguishment of debt2,8812,881
Other expense7119
Loss before taxes(30,121)(110,416)(123,391)(122,468)
Income tax (benefit) expense(226)4,378(1,717)1,084
Net loss$(29,895)$(114,794)$(121,674)$(123,552)
Basic and diluted net loss per share$(0.23)$(1.02)$(0.95)$(1.15)

EBITDA* and Adjusted EBITDA* for the Fourth Quarter and Year to Date Periods Ended
December 31, 2022 and December 31, 2021

$ thousandsThree Months Ended
December 31,
Three Months Ended
December 31,
Year Ended
December 31, 2022
Year Ended
December 31, 2021
Net loss$(29,895)$(114,794)$(121,674)$(123,552)
Interest expense3,7702,18314,4367,762
Income tax (benefit) expense(226)4,378(1,717)1,084
Depreciation and amortization1,9941,8307,7587,262
Equity-based compensation(295)60,52910,86560,615
Net (decrease) increase in fair value of derivatives(1)(27)33,353(1,591)33,353
Restructuring charges(2)2,6414,203
Loss on extinguishment of debt(3)2,8812,881
Transaction bonuses(4)1,0891,089
Capital market advisory fees(5)2,9617416,917
Termination of legacy benefits(6)1571,639
Management fees(7)3181,001
Non-recurring integration costs(8)7815387,2551,783
Commercial start-up costs(9)2,2456,4903,018
Transaction expenses(10)4542,605
Goodwill impairment(11)18,29253,544
Adjusted EBITDA$(2,511)$(2,332)$(17,085)$4,852


(1)The (decrease) increase in fair value of derivatives primarily relates to the changes in the fair value of certain Forward Share Purchase Agreements (FPAs) that were entered into prior to the closing of the Business Combination and were fully settled during the first quarter of 2022, as well as changes in the fair value of private warrants.
(2)In the third and fourth quarters of 2022, 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. In addition, restructuring charges include an impairment of the right-of-use assets associated with certain underutilized real estate leases that we vacated during the fourth quarter.
(3)Loss on extinguishment of debt consists of the derecognition of the remaining unamortized debt issuance costs related to the Antares Capital Credit Facility upon its settlement in December 2021.
(4)Bonuses paid to certain employees related to the closing of the Business Combination.
(5)The Company incurred capital market and advisory fees related to advisors assisting with the Business Combination.
(6)In the third quarter of 2021, the Company elected to terminate certain legacy employee incentive benefits with final payments made in the fourth quarter of 2021.
(7)Management and other related consulting fees paid to AE Partners. These fees ceased subsequent to the Business Combination.
(8)Non-recurring internal integration costs related to the Business Combination.
(9)Commercial start-up costs includes certain non-recurring expenses associated with tailoring the Company’s software products for commercial customers and use cases.
(10)The Company incurred transaction expenses related to the acquisition of ProModel Corporation, which closed on April 7, 2022.
(11)During the second and fourth quarters of 2022, the Company recognized non-cash goodwill impairment charges related to its Cyber & Engineering and Analytics business segments, respectively.

Consolidated Balance Sheets as of
December 31, 2022 and December 31, 2021

$ in thousandsDecember 31, 2022December 31, 2021
Current assets:
Cash and cash equivalents$12,632$68,900
Restricted cash101,021
Accounts receivable, less allowance for doubtful accounts30,09128,605
Contract assets1,312628
Prepaid expenses and other current assets10,3007,028
Total current assets54,335206,182
Non-current assets:
Property and equipment, net1,4331,078
Intangible assets, net85,68583,646
Deferred tax assets51
Right-of-use assets4,638
Other non-current assets483780
Total assets$195,308$383,322
Liabilities and equity
Current liabilities:
Accounts payable$15,422$5,475
Short-term debt, including current portion of long-term debt2,0594,233
Accrued liabilities13,36610,735
Contract liabilities2,0224,207
Current portion of long-term lease liability806
Derivative liabilities44,827
Other current liabilities2,085541
Total current liabilities35,76070,018
Non-current liabilities:
Long-term debt, net192,318190,364
Long-term lease liability5,092
Deferred tax liabilities248
Other non-current liabilities10324
Total liabilities233,180260,954
Stockholders’ (deficit) equity:
Common stock1414
Additional paid-in capital272,528253,744
Treasury stock, at cost 9,952,803 shares at December 31, 2022 and — shares at December 31, 2021(57,350)
Accumulated deficit(253,064)(131,390)
Total stockholders’ (deficit) equity(37,872)122,368
Total liabilities and stockholders’ (deficit) equity$195,308$383,322

Consolidated Statements of Cash Flows for the Year Ended
December 31, 2022 and December 31, 2021

$ in thousandsYear Ended December 31, 2022Year Ended December 31, 2021
Cash flows from operating activities:
Net (loss) income$(121,674)$(123,552)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization expense7,7587,262
Amortization of debt issuance costs2,302679
Equity-based compensation expense10,86560,615
Goodwill impairment53,544
Impairment of right-of-use assets901
Non-cash lease expense174
Provision for doubtful accounts55
Deferred income tax (benefit) expense(1,757)1,042
Loss on extinguishment of debt2,881
Net (decrease) increase in fair value of derivatives(1,591)33,353
Loss on sale of property and equipment14
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(798)(7,179)
(Increase) decrease in contract assets(286)1,947
Increase in prepaid expenses and other assets(1,702)(6,437)
Increase in accounts payable9,9422,744
(Decrease) increase in accrued liabilities(5,121)2,845
(Decrease) increase in contract liabilities(3,740)3,666
Increase in other liabilities2,210338
Net cash used in operating activities(48,918)(19,782)
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired(4,465)(224)
Purchases of property and equipment(769)(645)
Proceeds from disposal of property and equipment6
Net cash used in investing activities(5,234)(863)
Cash flows from financing activities:
Repurchase of shares as a result of forward share purchase agreements(100,896)
Proceeds from issuance of convertible notes200,000
Repayment of term loan(110,000)
Proceeds from short-term borrowings2,0599,233
Repayment of short-term borrowings(4,233)(5,000)
Proceeds from the Merger101,958
Payment of Merger transaction costs(9,802)
Payment of debt issuance costs to third parties(5,527)
Payments for taxes related to net share settlement of equity awards(67)
Net cash (used in) provided by financing activities(103,137)180,862
Net (decrease) increase in cash and cash equivalents and restricted cash(157,289)160,217
Cash and cash equivalents and restricted cash at the beginning of period169,9219,704
Cash and cash equivalents and restricted cash at the end of the period$12,632$169,921

*Refer to the “Non-GAAP Financial Measures”

One response to “ Revenue Increased 6.5% in 2022”

  1. Stanistani says:

    I’m pondering some more space-related investment, and this company is on my list, although fairly low on it. Anyone else considering buying in?

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