BBAI BigBear.ai Holdings, Inc. Insider Trading

Director PANGIAM ULTIMATE HOLDINGS LLC sold 27,430,402 shares (99.3% of holdings) at $2.86; stock now $3.10, down 68.3% from $9.78 high.

PANGIAM ULTIMATE HOLDINGS, LLC (Director) divested 27,430,402 shares on 2025-04-08 for $78,450,949.72, reducing stake from 27.63M to 197.6K shares—a near-complete exit. The sale occurred at $2.86, and the stock has since risen to $3.10 current price; compared to the 52-week high of $9.78, the share price remains depressed at -68.3%. The company's fundamentals show net income of $-12.2M on quarterly revenue of $41.5M, with only +2.0% annual growth and unprofitability in the latest full fiscal year—a backdrop consistent with sustained underperformance. Across the insider's cross-ticker history, prior sells have averaged a 30d return of -28.0%, though timing outcomes at BBAI specifically remain incomplete due to recent transaction clustering (four additional sells between 2025-03-10 and 2025-03-17, with the 2025-03-10 sale showing a -7.7% 30d return). The near-total liquidation by a director, coupled with weak operational metrics and recent multi-transaction activity, warrants investor scrutiny of director conviction and capital allocation signals.

Director PANGIAM ULTIMATE HOLDINGS sold 7,531,233 shares at blended average $3.51 for $26.4M (−21.4% of holdings) in two March 2025 trades.

PANGIAM ULTIMATE HOLDINGS, LLC executed 2 separate sales totaling 7,531,233 shares for $26,446,044.21, reducing its stake from 35,164,399 shares to 27,633,166 shares. The sales occurred on March 14 and March 17 at prices of $3.49 and $3.56 respectively, blended to $3.51. Since the filings, the stock has declined to a current price of $2.97 (69.6% below the 52-week high of $9.78) and is down 67.1% over the past 30 days. PANGIAM's recent selling pattern at BBAI spans 5 consecutive trades across March 6–17 with outcomes not yet measurable at 30 or 90 days. The company itself is unprofitable with full-year net income of $-12,176,000.00 and near-flat annual revenue growth of +0.1%, raising questions about operational fundamentals independent of insider activity timing.

PANGIAM ULTIMATE HOLDINGS sells 5,336,945 shares (5.34M) for $17,686,635 at blended avg $3.31, reducing stake 13.2% amid stock decline to $3.53 (-63.9% from 52-week high).

Director PANGIAM ULTIMATE HOLDINGS executed 2 separate sales totaling 5,336,945 shares for $17,686,635.00, reducing holdings from 40,501,344 shares to 35,164,399 shares—a 13.2% portfolio reduction. The sales occurred at $3.33 and $3.28 per share on 2025-03-12 and 2025-03-13, while the stock currently trades at $3.53, representing a 63.9% decline from the 52-week high of $9.78. The company is unprofitable (net income $-12.2M in the latest quarter) with minimal annual revenue growth of 0.1%, creating a fundamental backdrop of operating challenges. The timing is notable: the stock has already fallen 63.8% over the past 30 days and 5 additional insider sales at this ticker occurred within a 9-day window (2025-03-05 through 2025-03-14), suggesting coordinated reduction of exposure rather than isolated activity.

Director PANGIAM ULTIMATE HOLDINGS sold 5.80M shares (12.5% of holdings) at blended $3.36; stock now $3.14, down 67.9% from 52-week high.

PANGIAM ULTIMATE HOLDINGS, LLC (Director) executed two separate sales totaling 5,798,134 shares for $19,455,121.83, reducing holdings from 46,277,540 to 40,479,406 shares. The sales occurred at $3.35 and $3.36 on consecutive trading days (March 7–10, 2025), near the blended average price of $3.36. The current price of $3.14 now stands -67.9% from the 52-week high of $9.78 and -63.4% over the past 30 days, indicating severe recent deterioration. The company's fundamentals remain challenged: latest quarterly revenue of $41,505,000 is paired with a net loss of $-12,176,000, and annualized growth stands at only +0.1%. The insider holds 4 prior same-ticker sales dating back to March 3–6, 2025 (all outcomes not yet measurable), suggesting sustained disposition activity. This series of substantial dispositions at price levels that have subsequently depreciated sharply warrants scrutiny of whether deteriorating operating results or forward guidance prompted the liquidation sequence.

Director PANGIAM ULTIMATE HOLDINGS sold 8,239,383 shares for $36,738,687.93 across two days at blended $4.46, reducing stake by 15.1%.

PANGIAM ULTIMATE HOLDINGS, LLC (Director) executed two separate sales on 2025-03-05 and 2025-03-06, offloading 8,239,383 shares (8.24M shares) for a combined $36,738,687.93 at a blended average price of $4.46, while the current price stands at $4.20. The sales reduced the director's holdings from 54,516,923 shares to 46,277,540 shares, a -15.1% decrease in stake. BigBear.ai is currently unprofitable (full-year net income was negative, quarterly net income $-12,176,000.00) with minimal revenue growth of +0.1% year-over-year and a market cap of $1,052,460,767.40. The stock is down 57.1% from its 52-week high of $9.78 and down 14.5% over the prior 30 days, placing these sales near a relative low in the company's recent trading range ($1.19–$9.78). The director's cross-ticker track record shows only 2 prior open-market sells, and the prior trades at BBAI on 2025-03-03 and 2025-03-04 have outcomes not yet measurable. This multi-transaction filing suggests a deliberate reduction in exposure at a depressed valuation relative to recent highs, occurring against a backdrop of ongoing losses and negligible revenue growth.

Director PANGIAM ULTIMATE HOLDINGS sells 9.64M shares (15% of holdings) for $47.2M at blended avg $4.89

PANGIAM ULTIMATE HOLDINGS executed 2 separate sales totaling 9,640,898 shares for $47,187,657.63, reducing its stake from 64,157,821 shares to 54,516,923 shares—a 15.0% reduction. The sales occurred on consecutive days at $5.12 and $4.65, with the second transaction below the first, despite the stock closing the 30-day period up 11.1%. BigBear.ai remains unprofitable with latest-quarter net income of $-12,176,000.00 on quarterly revenue of $41,505,000.00, and full-year net income was negative. The director remains a substantial holder with 54.52M shares post-transaction, but the scale of this divestiture—nearly $47.2M in proceeds—signals a material reduction in exposure to the company despite its recent price recovery (+80.5% over 90 days from a 52-week low). The timing of the sale relative to the stock's recovery from depressed levels warrants investor attention to whether additional liquidity or capital allocation needs drove the transaction.

BBAI Ultimate Holdings sold 6,075,697 shares ($25.2M) at $4.15; 5 prior BBAI sales in 10 days

BBAI Ultimate Holdings, a director, disposed of 6,075,697 shares on 2024-12-26 as part of a rapid succession of five separate sells at this ticker within a 14-day window (2024-12-12 through 2024-12-26), totaling substantial share reduction. The company reported revenue of $41,505,000 and a net loss of $-12,176,000 for the latest quarter, with annual revenue growth of only +0.1% and full-year unprofitability. The stock has appreciated +109.9% over the past 30 days and +187.1% over 90 days from the transaction date, reaching its 52-week high of $4.45 shortly after these sales. The concentrated liquidation pattern during a period of sharp price appreciation, combined with the company's persistent unprofitability and minimal revenue growth, suggests the insider may be responding to valuation-driven selling pressure rather than operational momentum.

BBAI CEO Amanda Long sold 200,000 shares at $4.25 on 2024-12-26; retains 2,583,253 shares post-sale

Amanda Long, CEO of BigBear.ai Holdings, Inc., executed an open-market sale of 200,000 shares at $4.25 for $850,000 on 2024-12-26, reducing her holdings by 7.2% from 2,783,253 shares to 2,583,253 shares. The transaction occurred as the stock trades at its 52-week high of $4.45 and has surged +109.9% over 30 days and +187.1% over 90 days. Long's cross-ticker track record includes only 1 prior sell trade; timing assessment is not measurable for her one prior BBAI sale on 2024-12-09. The company remains unprofitable, reporting a net loss of $12.2M on quarterly revenue of $41.5M, with annual revenue growth of only +0.1%. A significant portion of her wealth remains deployed (2.58M shares), but the sale during an elevated price environment against a backdrop of financial losses and minimal growth may signal reassessment of near-term prospects.

Director sold 10.75M shares for $33.6M across 3 days (Dec 16–18) at blended avg $3.13; stock up +77.8% in 30d

BBAI Ultimate Holdings, LLC (Director) executed 3 separate sales totaling 10,748,468 shares for $33,632,060.32 across a 3-day window (Dec 16–18, 2024), reducing holdings by 13.2% to 70,386,768 shares. The multi-day execution at prices of $2.89, $3.11, and $3.59 came during a sharp 30-day rally of +77.8% and a 90-day surge of +98.1%, placing the stock near its 52-week high of $4.33. Notably, the director has completed 5 consecutive daily sells at this ticker from Dec 9–13 prior to this filing, suggesting a sustained liquidation program. Against this backdrop, the company remains unprofitable with full-year net income of $-12,176,000.00 and zero annual revenue growth (+0.1%), raising questions about whether the liquidation reflects operational weakness or is purely portfolio-driven.

BBAI Ultimate Holdings sold 9,863,730 shares across 3 days (Dec 11–13) for $26,860,948.90; director retains 81,135,236 shares post-sale.

This Form 4 reports 3 separate sales totaling 9,863,730 shares for $26,860,948.90 at blended average price $2.72, representing a 10.8% reduction in BBAI Ultimate Holdings' stake. The sales occurred over December 11–13 at prices ($2.94, $2.69, $2.52) that track the stock's recent downward pressure—current price of $2.52 reflects a 41.8% decline from the 52-week high of $4.33, though the stock has recovered 47.4% over the past 30 days and 59.5% over 90 days. The company remains unprofitable with annual revenue growth of 0.1% and trailing net income of $-12.2M, and the director retained 81,135,236 shares post-transaction. The timing and magnitude of these sales warrant attention given the fundamental weakness and the insider's substantial remaining exposure to BBAI.