BigBear.ai Announces Fourth Quarter 2025 Results; Releases 2026 Financial Outlook
- Closed 2025 with strongest financial position in Company history
-
Total cash and investments of
$462 million as ofDecember 31, 2025 -
Settled the remaining
$125 million of 2029 Convertible notes, primarily through the Company’s exercise of debt-to-equity conversion features inJanuary 2026 . -
Closed acquisitions of Ask Sage (
December 2025 ), and CargoSeer (January 2026 ), and expanded into theMiddle East , which positions the Company for solid growth in 2026 -
The Company projects full-year 2026 revenue between
$135 million and$165 million , representing approximately 17% growth at the midpoint compared to full-year 2025 revenue of$128 million
“At the start of 2025, we set out to transform our financial foundations to establish a base from which to accelerate in 2026. We have delivered exactly that. As of year-end 2025,
“The
“There were many significant milestones in 2025: we raised
Financial Highlights
-
Revenue decreased 38% to
$27.3 million for the fourth quarter of 2025, compared to$43.8 million for the fourth quarter of 2024 primarily due to lower volume on Army programs. - Gross margin was 20.3% in the fourth quarter of 2025, compared to 37.4% in the fourth quarter of 2024, due to significant one-time high margin contracts in the fourth quarter of 2024, which did not recur in the fourth quarter of 2025.
-
Net loss in the fourth quarter of 2025 was
$5.8 million , compared to a net loss of$138.2 million for the fourth quarter of 2024. The decrease in net loss was primarily driven by non-cash gain of$50.2 million related to derivative liabilities associated with changes in the fair value of the convertible features of the 2029 and 2026 Notes and warrants for the fourth quarter of 2025 compared to a non-cash loss of$93.3 million for the fourth quarter of 2024. Further there was a non-cash loss on extinguishment of debt in fourth quarter of 2024 of$31.3 million . Additionally, the Company realized an income tax benefit of$21.7 million related to a change in tax valuation allowances resulting from the Ask Sage acquisition. This was partially offset by impairment of long-lived assets of$53.4 million during the fourth quarter of 2025. -
Non-GAAP Adjusted EBITDA* of
$(10.3) million for the fourth quarter of 2025 compared to$2.0 million for the fourth quarter of 2024, primarily driven by a decrease in gross margin as well as an increase in research and development, and SG&A expenses.
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, and Adjusted EBITDA Margin 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 Fourth Quarter Ended and Years Ended
|
|||||||||||||||
|
|
Three Months Ended
|
|
Years Ended D ecember 31, |
||||||||||||
|
$ thousands (expect per share amounts) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Revenues |
$ |
27,300 |
|
|
$ |
43,827 |
|
|
$ |
127,672 |
|
|
$ |
158,236 |
|
|
Cost of revenues |
|
21,752 |
|
|
|
27,422 |
|
|
|
99,194 |
|
|
|
113,016 |
|
|
Gross margin |
|
5,548 |
|
|
|
16,405 |
|
|
|
28,478 |
|
|
|
45,220 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative |
|
25,658 |
|
|
|
22,243 |
|
|
|
95,132 |
|
|
|
80,040 |
|
|
Research and development |
|
4,818 |
|
|
|
2,334 |
|
|
|
16,752 |
|
|
|
10,863 |
|
|
Restructuring charges |
|
113 |
|
|
|
(30 |
) |
|
|
4,370 |
|
|
|
1,287 |
|
|
Transaction expenses |
|
2,082 |
|
|
|
— |
|
|
|
2,082 |
|
|
|
1,450 |
|
|
Impairment of long-lived assets |
|
53,403 |
|
|
|
— |
|
|
|
53,403 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
70,636 |
|
|
|
85,000 |
|
|
Operating loss |
|
(80,526 |
) |
|
|
(8,142 |
) |
|
|
(213,897 |
) |
|
|
(133,420 |
) |
|
Interest expense |
|
3,977 |
|
|
|
6,258 |
|
|
|
18,116 |
|
|
|
25,647 |
|
|
Interest income |
|
(6,687 |
) |
|
|
(486 |
) |
|
|
(13,253 |
) |
|
|
(2,293 |
) |
|
Net (decrease) increase in fair value of derivatives |
|
(50,168 |
) |
|
|
93,262 |
|
|
|
92,794 |
|
|
|
107,658 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
31,272 |
|
|
|
2,577 |
|
|
|
31,272 |
|
|
Other (income) expense |
|
(40 |
) |
|
|
11 |
|
|
|
1,505 |
|
|
|
99 |
|
|
Loss before taxes |
|
(27,608 |
) |
|
|
(138,459 |
) |
|
|
(315,636 |
) |
|
|
(295,803 |
) |
|
Income tax benefit |
|
(21,778 |
) |
|
|
(278 |
) |
|
|
(21,722 |
) |
|
|
(256 |
) |
|
Net loss |
$ |
(5,830 |
) |
|
$ |
(138,181 |
) |
|
$ |
(293,914 |
) |
|
$ |
(295,547 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic and diluted net loss per share |
$ |
(0.01 |
) |
|
$ |
(0.55 |
) |
|
$ |
(0.82 |
) |
|
$ |
(1.27 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
436,683,643 |
|
|
|
250,575,733 |
|
|
|
358,801,375 |
|
|
|
233,604,500 |
|
|
Diluted |
|
436,683,643 |
|
|
|
250,575,733 |
|
|
|
358,801,375 |
|
|
|
233,604,500 |
|
|
Consolidated Balance Sheets as of
|
|||||||
|
|
|
|
|
||||
|
$ in thousands (except per share amounts) |
2 025 |
|
2024 |
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
87,126 |
|
|
$ |
50,141 |
|
|
Restricted cash |
|
5,521 |
|
|
|
— |
|
|
Available for sale investments |
|
200,461 |
|
|
|
— |
|
|
Accounts receivable, less allowance for credit losses |
|
22,703 |
|
|
|
38,953 |
|
|
Contract assets |
|
218 |
|
|
|
895 |
|
|
Prepaid expenses and other current assets |
|
14,514 |
|
|
|
3,768 |
|
|
Total current assets |
|
330,543 |
|
|
|
93,757 |
|
|
Non-current assets: |
|
|
|
||||
|
Property and equipment, net |
|
1,562 |
|
|
|
1,566 |
|
|
|
|
241,100 |
|
|
|
119,081 |
|
|
Intangible assets, net |
|
139,470 |
|
|
|
119,119 |
|
|
Available for sale investments |
|
173,949 |
|
|
|
— |
|
|
Right-of-use assets |
|
7,063 |
|
|
|
9,263 |
|
|
Other non-current assets |
|
860 |
|
|
|
990 |
|
|
Total assets |
$ |
894,547 |
|
|
$ |
343,776 |
|
|
|
|
|
|
||||
|
Liabilities and stockholders’ equity (deficit) |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
6,088 |
|
|
$ |
8,455 |
|
|
Short-term debt, including current portion of long-term debt |
|
16,560 |
|
|
|
818 |
|
|
Accrued liabilities |
|
19,649 |
|
|
|
19,496 |
|
|
Contract liabilities |
|
14,756 |
|
|
|
2,541 |
|
|
Current portion of long-term lease liability |
|
1,095 |
|
|
|
1,068 |
|
|
Derivative liabilities |
|
116,906 |
|
|
|
170,515 |
|
|
Other current liabilities |
|
10,466 |
|
|
|
73 |
|
|
Total current liabilities |
|
185,520 |
|
|
|
202,966 |
|
|
Non-current liabilities: |
|
|
|
||||
|
Long-term debt, net |
|
90,484 |
|
|
|
135,404 |
|
|
Long-term lease liability |
|
6,673 |
|
|
|
9,120 |
|
|
Total liabilities |
|
282,677 |
|
|
|
347,490 |
|
|
Stockholders’ equity (deficit) |
|
|
|
||||
|
Common stock, par value |
|
46 |
|
|
|
26 |
|
|
Additional paid-in capital |
|
1,534,792 |
|
|
|
625,130 |
|
|
|
|
(57,350 |
) |
|
|
(57,350 |
) |
|
Accumulated deficit |
|
(865,555 |
) |
|
|
(571,641 |
) |
|
Accumulated other comprehensive (loss) income |
|
(63 |
) |
|
|
121 |
|
|
Total stockholders’ equity (deficit) |
|
611,870 |
|
|
|
(3,714 |
) |
|
Total liabilities and stockholders’ equity (deficit) |
$ |
894,547 |
|
|
$ |
343,776 |
|
|
Consolidated Statements of Cash Flows for the Fourth Quarter and Years Ended
|
|||||||||||||||
|
|
Three Months Ended
|
|
Years Ended D ecember 31, |
||||||||||||
|
$ in thousands |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
|
Net loss |
$ |
(5,830 |
) |
|
$ |
(138,181 |
) |
|
$ |
(293,914 |
) |
|
$ |
(295,547 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
||||||||
|
Depreciation and amortization expense |
|
4,233 |
|
|
|
3,133 |
|
|
|
15,281 |
|
|
|
11,873 |
|
|
Amortization of debt discount and issuance costs |
|
2,108 |
|
|
|
3,169 |
|
|
|
9,057 |
|
|
|
13,428 |
|
|
Accretion of discount on investments in debt securities |
|
(841 |
) |
|
|
— |
|
|
|
(966 |
) |
|
|
— |
|
|
Equity-based compensation expense |
|
6,290 |
|
|
|
5,053 |
|
|
|
23,330 |
|
|
|
21,127 |
|
|
|
|
— |
|
|
|
— |
|
|
|
70,636 |
|
|
|
85,000 |
|
|
Impairment of long-lived assets |
|
53,403 |
|
|
|
— |
|
|
|
53,403 |
|
|
|
— |
|
|
Non-cash lease expense |
|
246 |
|
|
|
167 |
|
|
|
2,200 |
|
|
|
720 |
|
|
Provision for doubtful accounts |
|
— |
|
|
|
8 |
|
|
|
351 |
|
|
|
228 |
|
|
Deferred income tax benefit |
|
(21,660 |
) |
|
|
(291 |
) |
|
|
(21,660 |
) |
|
|
(328 |
) |
|
Loss on extinguishment of debt |
|
— |
|
|
|
31,272 |
|
|
|
2,577 |
|
|
|
31,272 |
|
|
(Decrease) increase in fair value of derivatives |
|
(50,168 |
) |
|
|
93,262 |
|
|
|
92,794 |
|
|
|
107,658 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||||||||
|
Decrease (increase) in accounts receivable |
|
2,998 |
|
|
|
(6,357 |
) |
|
|
17,237 |
|
|
|
(11,753 |
) |
|
Decrease in contract assets |
|
1,962 |
|
|
|
849 |
|
|
|
677 |
|
|
|
3,927 |
|
|
(Increase) decrease in prepaid expenses and other assets |
|
(7,232 |
) |
|
|
536 |
|
|
|
(10,370 |
) |
|
|
2,076 |
|
|
(Decrease) increase in accounts payable |
|
(2,809 |
) |
|
|
4,197 |
|
|
|
(5,698 |
) |
|
|
(4,027 |
) |
|
Decrease in accrued expenses |
|
(6,768 |
) |
|
|
(10,483 |
) |
|
|
(254 |
) |
|
|
(2,873 |
) |
|
(Decrease) increase in contracts liabilities |
|
(373 |
) |
|
|
28 |
|
|
|
593 |
|
|
|
514 |
|
|
Increase (decrease) in other liabilities |
|
2,607 |
|
|
|
(1,168 |
) |
|
|
2,775 |
|
|
|
(1,414 |
) |
|
Net cash used in operating activities |
|
(21,834 |
) |
|
|
(14,806 |
) |
|
|
(41,951 |
) |
|
|
(38,119 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
|
Purchases of investments in debt securities |
|
(305,706 |
) |
|
|
— |
|
|
|
(564,445 |
) |
|
|
— |
|
|
Proceeds from maturities and sales of investments in debt securities |
|
191,154 |
|
|
|
— |
|
|
|
191,154 |
|
|
|
— |
|
|
Acquisition of business, net of cash acquired |
|
(229,025 |
) |
|
|
— |
|
|
|
(229,025 |
) |
|
|
13,935 |
|
|
Purchases of property and equipment |
|
(252 |
) |
|
|
(180 |
) |
|
|
(525 |
) |
|
|
(484 |
) |
|
Capitalized software development costs |
|
— |
|
|
|
(3,234 |
) |
|
|
(3,841 |
) |
|
|
(10,630 |
) |
|
Net cash (used in) provided by investing activities |
|
(343,829 |
) |
|
|
(3,414 |
) |
|
|
(606,682 |
) |
|
|
2,821 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
|
Proceeds from issuance of shares for exercised RDO and PIPE warrants |
|
— |
|
|
|
— |
|
|
|
64,673 |
|
|
|
53,809 |
|
|
Payment of Private Placement and Registered Direct Offering transaction costs |
|
— |
|
|
|
— |
|
|
|
(551 |
) |
|
|
— |
|
|
Proceeds from at-the-market offering |
|
— |
|
|
|
— |
|
|
|
637,073 |
|
|
|
— |
|
|
Payment of transaction costs for at-the-market offering |
|
— |
|
|
|
— |
|
|
|
(8,284 |
) |
|
|
— |
|
|
Proceeds from short-term borrowings |
|
— |
|
|
|
817 |
|
|
|
— |
|
|
|
817 |
|
|
Repayment of short-term borrowings |
|
— |
|
|
|
— |
|
|
|
(818 |
) |
|
|
(1,229 |
) |
|
Payment of debt issuance costs to third parties |
|
— |
|
|
|
(349 |
) |
|
|
(4,679 |
) |
|
|
(349 |
) |
|
Proceeds from exercise of options |
|
61 |
|
|
|
302 |
|
|
|
3,665 |
|
|
|
421 |
|
|
Issuance of common stock upon ESPP purchase |
|
1,310 |
|
|
|
760 |
|
|
|
2,379 |
|
|
|
1,367 |
|
|
Payments of tax withholding from the issuance of common stock |
|
(108 |
) |
|
|
765 |
|
|
|
(2,145 |
) |
|
|
(2,378 |
) |
|
Net cash provided by financing activities |
|
1,263 |
|
|
|
2,295 |
|
|
|
691,313 |
|
|
|
52,458 |
|
|
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash |
|
467 |
|
|
|
482 |
|
|
|
(174 |
) |
|
|
424 |
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(363,933 |
) |
|
|
(15,443 |
) |
|
|
42,506 |
|
|
|
17,584 |
|
|
Cash, cash equivalents, and restricted cash at the beginning of the period |
|
456,580 |
|
|
|
65,584 |
|
|
|
50,141 |
|
|
|
32,557 |
|
|
Cash, cash equivalents, and restricted cash at the end of the period |
$ |
92,647 |
|
|
$ |
50,141 |
|
|
$ |
92,647 |
|
|
$ |
50,141 |
|
|
EBITDA* and Adjusted EBITDA* for the Fourth Quarter and Years Ended
|
|||||||||||||||
|
|
Three Months Ended D ecember 31, |
|
Years Ended D ecember 31, |
||||||||||||
|
$ thousands |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net loss |
$ |
(5,830 |
) |
|
$ |
(138,181 |
) |
|
$ |
(293,914 |
) |
|
$ |
(295,547 |
) |
|
Interest expense |
|
3,977 |
|
|
|
6,258 |
|
|
|
18,116 |
|
|
|
25,647 |
|
|
Interest income |
|
(6,687 |
) |
|
|
(486 |
) |
|
|
(13,253 |
) |
|
|
(2,293 |
) |
|
Income tax benefit |
|
(21,778 |
) |
|
|
(278 |
) |
|
|
(21,722 |
) |
|
|
(256 |
) |
|
Depreciation and amortization |
|
4,233 |
|
|
|
3,132 |
|
|
|
15,281 |
|
|
|
11,872 |
|
|
EBITDA |
|
(26,085 |
) |
|
|
(129,555 |
) |
|
|
(295,492 |
) |
|
|
(260,577 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
|
Equity-based compensation |
|
6,290 |
|
|
|
5,053 |
|
|
|
23,330 |
|
|
|
21,127 |
|
|
Employer payroll taxes related to equity-based compensation(1) |
|
125 |
|
|
|
244 |
|
|
|
2,011 |
|
|
|
985 |
|
|
Net (decrease) increase in fair value of derivatives(2) |
|
(50,168 |
) |
|
|
93,262 |
|
|
|
92,794 |
|
|
|
107,658 |
|
|
Restructuring charges(3) |
|
113 |
|
|
|
(30 |
) |
|
|
4,370 |
|
|
|
1,287 |
|
|
Non-recurring strategic initiatives(4) |
|
3,944 |
|
|
|
1,517 |
|
|
|
9,075 |
|
|
|
6,459 |
|
|
Non-recurring litigation(5) |
|
— |
|
|
|
23 |
|
|
|
30 |
|
|
|
1,142 |
|
|
Transaction expenses(6) |
|
2,082 |
|
|
|
— |
|
|
|
2,082 |
|
|
|
1,450 |
|
|
Non-recurring integration costs(7) |
|
44 |
|
|
|
175 |
|
|
|
44 |
|
|
|
1,800 |
|
|
|
|
— |
|
|
|
— |
|
|
|
70,636 |
|
|
|
85,000 |
|
|
Impairment of long-lived assets(9) |
|
53,403 |
|
|
|
— |
|
|
|
53,403 |
|
|
|
— |
|
|
Loss on extinguishment of debt(10) |
|
— |
|
|
|
31,272 |
|
|
|
2,577 |
|
|
|
31,272 |
|
|
Adjusted EBITDA |
$ |
(10,252 |
) |
|
$ |
1,961 |
|
|
$ |
(35,140 |
) |
|
$ |
(2,397 |
) |
|
(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 year ended |
|
|
The increase in fair value of derivatives during the year ended |
|
(3) |
Employee separation costs associated with strategic reviews 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 incurred in connection with discrete, non-recurring strategic initiatives, including business transformation and strategy realignment consulting services which management does not consider part of the Company’s ongoing operating expenses. |
|
(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 year ended |
|
(7) |
Non-recurring internal integration costs related to the Pangiam and Ask Sage acquisitions, respectively. |
|
(8) |
During the year ended |
|
(9) |
During |
|
(10) |
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 and Adjusted EBITDA 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
Non-GAAP Financial Measures
The financial information and data contained in this press release is unaudited. Some of the financial information and data contained in this press release, such as EBITDA and Adjusted EBITDA have not been prepared in accordance with
The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of BigBear.ai’s liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare BigBear.ai’s performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.
EBITDA is defined as net loss before interest expense, interest income, income tax expense (benefit) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for equity-based compensation, employer payroll taxes related to equity-based compensation, net (decrease) increase in fair value of derivatives, restructuring charges, non-recurring strategic initiatives, non-recurring litigation, transaction expenses, non-recurring integration costs, goodwill impairment, impairment of long-lived assets, and loss on extinguishment of debt.
Similar excluded expenses may be incurred in future periods when calculating these measures.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.
Management uses EBITDA and Adjusted EBITDA as non-GAAP performance measures which are reconciled to the most directly comparable GAAP measure, in the tables included in this release. The Company does not reconcile forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure (or otherwise describe such forward-looking GAAP measure) because it is not able to forecast the most directly comparable measure calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of the GAAP amounts are not predictable, making it impracticable for the Company to forecast. As a result, no guidance for the Company’s net (loss) income or reconciliation of the Company’s Adjusted EBITDA guidance is provided. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a potentially significant impact on its future net income (loss).
We present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures in the tables included in this release.
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