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BBAI

BigBear.ai Holdings, Inc.

BBAI

BigBear.ai Holdings, Inc. • NYSE
$6.35 ▲ 5.48% (+0.33)
Market Cap $2.35 B
52w High $10.36
52w Low $2.05
Dividend Yield 0%
P/E -4.38
Volume 1.16M
Outstanding Shares 370.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $33.143M ▲ $29.29M ▲ $2.521M ▲ 7.606% ▲ $0.01 ▲ $11.269M ▲
Q2-2025 $32.472M ▼ $25.88M ▼ $-228.619M ▼ -704.05% ▼ $-0.71 ▼ $-220.735M ▼
Q1-2025 $34.757M ▼ $26.898M ▲ $-61.986M ▲ -178.341% ▲ $-0.25 ▲ $-19.51M ▼
Q4-2024 $43.827M ▲ $24.547M ▲ $-146.487M ▼ -334.239% ▼ $-0.43 ▼ $-2.205M ▲
Q3-2024 $41.505M $21.305M $-12.176M -29.336% $-0.049 $-5.22M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $586.664M ▲ $919.756M ▲ $309.74M ▼ $610.016M ▲
Q2-2025 $390.845M ▲ $599.372M ▲ $332.822M ▲ $266.55M ▲
Q1-2025 $107.61M ▲ $396.268M ▲ $198.473M ▼ $197.795M ▲
Q4-2024 $50.141M ▼ $343.776M ▼ $347.49M ▲ $-3.714M ▼
Q3-2024 $65.584M $354.083M $255.65M $98.433M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.521M ▲ $-9.585M ▼ $-260.069M ▼ $335.285M ▲ $65.735M ▼ $-10.915M ▼
Q2-2025 $-228.619M ▼ $-3.868M ▲ $-1.164M ▲ $288.822M ▲ $283.235M ▲ $-5.032M ▲
Q1-2025 $-61.986M ▲ $-6.664M ▲ $-1.62M ▲ $65.943M ▲ $57.469M ▲ $-8.284M ▲
Q4-2024 $-108.034M ▼ $-14.806M ▼ $-3.414M ▲ $2.295M ▲ $-15.443M ▼ $-14.986M ▼
Q3-2024 $-15.135M $-1.896M $-4.308M $-420K $-6.682M $-6.204M

Revenue by Products

Product Q2-2022Q3-2022Q4-2022Q2-2025
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Analytics
Analytics
 $20.00M ▲$20.00M ▲$20.00M ▲$0 ▼
Cyber and Engineering
Cyber and Engineering
 $20.00M ▲$20.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past few years, growing from a very small base and not yet breaking out. The company is consistently generating gross profit, which is a positive sign that its contracts are priced above delivery cost, but overhead and investment spending keep total operating results in the red. Losses at the net income level have been persistent, and most recently have widened again, suggesting that the push into new capabilities and acquisitions is weighing on short‑term profitability. Overall, this is still a story of building scale and capabilities rather than one of mature, steady earnings.

Balance Sheet

Balance Sheet The balance sheet shows a mixed picture. Total assets have increased, and cash on hand has improved compared with the trough years, giving the company a bit more breathing room. However, debt remains meaningful relative to the size of the business, and shareholders’ equity has only recently climbed back toward breakeven after a period of negative equity. That combination—modest cash, significant debt, and a thin equity cushion—means the company has limited room for major financial missteps and depends on continued access to funding and contract wins.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, though the absolute outflow is not enormous in the context of the company’s size. Free cash flow mirrors operating cash flow because capital spending is very light, which underscores that the main cash drain is from running and growing the business rather than from heavy investment in physical assets. While the cash burn appears manageable for now, the company is not yet self‑funding and still relies on external capital or financing to support its strategy.

Competitive Edge

Competitive Edge BigBear.ai is positioned as a specialist in AI‑driven decision support for defense, intelligence, and other mission‑critical government applications. Its strengths lie in long‑standing relationships with U.S. federal agencies, domain expertise in classified and high‑security environments, and technology that can work with messy, incomplete data—something highly valued in defense and intelligence. Security clearances, trust with government customers, and FedRAMP‑authorized offerings create barriers that make it harder for generic AI competitors to displace them. At the same time, the company is small relative to major defense and cloud providers and operates in a crowded AI market, so competition for large contracts, pricing pressure, and customer concentration remain key risks to its position.

Innovation and R&D

Innovation and R&D The company has been very active on the innovation front. Its core “Observe, Orient, Dominate” platform is designed specifically for complex, real‑time decision‑making under uncertainty, which differentiates it from more generic AI tools. Acquisitions like Pangiam have expanded its capabilities into biometric and vision AI, already showing up in airport and security deployments, while the Ask Sage acquisition brings secure generative and agentic AI that can operate inside sensitive government environments. Product lines such as Pro‑Model, Arcas, and VANE show a focus on real‑world, mission‑ready solutions rather than just experimentation. Looking ahead, the push toward agentic AI, “physical AI,” and IoT‑connected systems could open new use cases, but also raises execution risk: integrating these technologies and turning them into scalable, profitable offerings is still a work in progress.

Summary

BigBear.ai is an early‑stage, AI‑focused government and defense contractor that is still in its build‑out phase. On the plus side, it has carved out a clear niche in secure, mission‑critical AI; it has long‑term relationships with demanding federal customers; and it is investing in advanced areas like generative, agentic, and vision AI that align with where the market is heading. On the downside, revenue remains modest and relatively flat, profitability is not yet in sight, cash flow is negative, and the balance sheet—while improved—still shows limited cushion and meaningful leverage. The company’s future hinges on its ability to convert its technology and acquisitions into larger, repeatable contracts, manage its cash carefully, and defend its niche against much larger AI and defense players, all while navigating the inherently lumpy nature of government spending.

NEWS

November 20, 2025 · 9:15 AM UTC

BigBear.ai, Easy Lease, and Vigilix Sign MOU to Advance Pahang Aerospace City Development, Southeast Asia's First AI-Driven Aerospace Hub

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November 10, 2025 · 4:15 PM UTC

BigBear.ai Announces Third Quarter 2025 Results and Definitive Agreement to Acquire Ask Sage

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October 23, 2025 · 4:25 PM UTC

BigBear.ai's Biometric System Helps Secure and Speed Up International Travel at Chicago O'Hare International Airport

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October 21, 2025 · 8:05 AM UTC

Mission Critical Group Appoints Julie Peffer as Chief Financial Officer

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October 16, 2025 · 4:15 PM UTC

BigBear.ai to Report Third Quarter 2025 Results on November 10, 2025

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