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BBAI-WT

BigBear.ai Holdings, Inc. WT

BBAI-WT

BigBear.ai Holdings, Inc. WT • NYSE
$1.90 ▲ 6.29% (+0.11)
Market Cap $2.45 B
52w High $2.10
52w Low $1.81
Dividend Yield 0%
P/E 0
Volume 101.44K
Outstanding Shares 1.29B

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 Q2-2022Q3-2022Q4-2022Q1-2025
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Analytics
Analytics
 $20.00M ▲$20.00M ▲$60.00M ▲$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 last several years, growing only gradually. The company does generate a positive gross profit, but its operating costs are high enough that it continues to post operating losses and net losses year after year. Recent results suggest losses have actually widened rather than narrowed, which points to a business still in investment and scaling mode rather than one nearing stable profitability. For warrant holders, this means the underlying story is still about future potential rather than current earnings power.

Balance Sheet

Balance Sheet The balance sheet shows a relatively small asset base, modest cash, and a meaningful amount of debt. Shareholder equity has hovered around break-even, at times slightly negative, which indicates the company has limited cushion to absorb setbacks and may depend on outside funding or future equity issuance to support growth. Overall, the financial foundation looks thin and somewhat leveraged, typical of an early-stage, post-SPAC technology company still working to solidify its capital structure.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, and free cash flow has tracked closely with this, since the business has not been spending heavily on physical assets. This pattern indicates an ongoing cash burn to fund operating expenses and growth initiatives. The company appears reliant on external capital rather than self-funding its activities, which introduces financing and dilution risk if the path to positive cash flow takes longer than expected.

Competitive Edge

Competitive Edge BigBear.ai operates in a specialized corner of the AI and analytics market, focused on high-stakes decision support for defense, intelligence, and complex commercial operations. Its close relationships with U.S. government agencies and its tailored, mission-critical solutions are important strengths and help set it apart from generic AI providers. However, it faces intense competition from larger players, including well-known defense-focused data analytics firms, and its competitive moat is still considered developing rather than firmly established. Its smaller scale makes contract wins and renewals especially important for maintaining relevance and bargaining power.

Innovation and R&D

Innovation and R&D The company is innovation-heavy, with a portfolio of AI platforms that cover data collection, analysis, and recommended actions. It has expanded capabilities through acquisitions such as biometric identity tools for airports, process automation solutions, and a generative AI platform aimed at secure government use. Products like ConductorOS for maritime awareness and various decision-support tools show a strong push into applied, real-world AI. The key execution risk is integrating these technologies into a cohesive offering and turning technical strength into repeatable, profitable revenue streams.

Summary

BigBear.ai, which underlies the BBAI-WT warrants, combines an ambitious AI technology story with relatively weak and still-unproven financial performance. The business remains loss-making with persistent cash burn and a thin equity buffer, suggesting a high degree of financial and execution risk. At the same time, it has carved out a niche in defense and mission-critical analytics, built notable relationships with government customers, and is actively expanding its technology stack and international reach. For warrant holders, outcomes are likely to be very sensitive to whether the company can convert its strong narrative and product pipeline into durable contracts, growing revenue, and eventually positive cash flow before financing pressures become too great. Uncertainty is high on both the upside and downside.