BigBear.ai Holdings, Inc.

Listed Company

BBAICIK 0001836981NYSELarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$127.67M

Net Income

$-293.91M

Total Assets

$894.55M

Equity

$611.87M

Shares Out

476.06M

Op. Cash Flow

$-41.95M

Business

BigBear.ai Holdings, Inc. is an AI-driven technology solutions company that operationalizes artificial intelligence to help organizations make faster, more informed decisions by analyzing complex data. It provides software and services including computer vision, edge and vision AI, predictive and descriptive analytics, anomaly detection, biometrics and digital identity solutions, plus modeling, simulation and digital twin capabilities. Key business areas include national security and defense, supply chain management, digital identity and ongoing research and development. The company serves public and private customers globally—particularly U.S. defense, intelligence, border and transportation agencies—and delivers solutions via on‑premises deployments, cloud and edge integrations, and channel or services engagements.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	128	158	155	155	146
Cost of revenues	99	113	115	112	112
Gross margin	28	45	41	43	34
Selling, general and administrative	95	80	71	85	107
Research and development	17	11	5	8	6
Restructuring charges	4	1	822,000	4	0
Transaction expenses	2	1	3	3	0
Impairment of long-lived assets	53	0	0	—	—
Goodwill impairment	71	85	0	54	0
Operating loss	−214	−133	−39	−111	−78
Interest expense	18	26	25	24	8
Interest income	−13	−2	−392,000	—	—
Net increase in fair value of derivatives	93	108	7	−21	33
Loss on extinguishment of debt	3	31	0	0	3
Other expense (income), net	2	99,000	−1,000	19,000	0
Loss before taxes	−316	−296	−71	−113	−122
Income tax benefit	−22	−256,000	−222,000	−2	1
Net loss	−294	−296	−71	−111	−124
Basic net loss per share (in usd per share)	−0.82	−1.27	−0.47	−0.87	−1.15
Diluted net loss per share (in usd per share)	−0.82	−1.27	−0.47	−0.87	−1.15
Weighted-average shares outstanding, Basic (in shares)	359	234	149	128	107
Weighted-average shares outstanding, Diluted (in shares)	359	234	149	128	107
Unrealized gains on AFS investments, net of tax (expense) benefit	153,000	0	0	—	—
Foreign currency translation	−337,000	121,000	0	—	—
Total other comprehensive (loss) income	−184,000	121,000	0	—	—
Total comprehensive loss	−294	−295	−71	−111	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Cash and cash equivalents	87	50	66	72	81
Restricted cash	6	0	—	—	—
Available for sale investments, at fair value (amortized cost of $200,468 at December 31, 2025 and $ at December 31, 2024)	200	0	—	—	—
Accounts receivable, less allowance for credit losses of $438 as of December 31, 2025 and $127 as of December 31, 2024	23	39	32	34	37
Contract assets	218,000	895,000	2	1	2
Prepaid expenses and other current assets	15	4	4	5	5
Total current assets	331	94	104	112	125
Property and equipment, net	2	2	2	2	2
Goodwill	241	119	119	119	120
Intangible assets, net	139	119	119	118	120
Available for sale investments, at fair value (amortized cost of $173,789 at December 31, 2025 and $ at December 31, 2024)	174	0	—	—	—
Right-of-use assets	7	9	9	10	10
Other non-current assets	860,000	990,000	1	1	1
Total assets	895	344	354	361	378
Accounts payable	6	8	4	7	6
Short-term debt, including current portion of long-term debt	17	818,000	0	417,000	826,000
Accrued liabilities	20	19	26	20	22
Contract liabilities	15	3	2	3	4
Current portion of long-term lease liability	1	1	1	1	848,000
Derivative liabilities	117	171	16	17	25
Other current liabilities	10	73,000	1	4	5
Total current liabilities	186	203	51	53	63
Long-term debt, net	90	135	166	163	159
Long-term lease liability	7	9	9	10	11
Total liabilities	283	347	227	226	234
Commitments and contingencies (Note 16)	—	—	—	—	—
Common stock, par value $0.0001; 500,000,000 shares authorized and 436,955,655 shares issued and outstanding at December 31, 2025 and 251,554,378 shares issued and outstanding at December 31, 2024	46,000	26,000	25,000	25,000	25,000
Additional paid-in capital	1,535	625	618	610	604
Treasury stock, at cost 9,952,803 shares at December 31, 2025 and December 31, 2024	−57	−57	−57	−57	−57
Accumulated deficit	−866	−572	−433	−418	−404
Accumulated other comprehensive (loss) income	−63,000	121,000	−8,000	0	0
Total stockholders equity (deficit)	612	−4	127	135	143
Total liabilities and stockholders equity (deficit)	895	344	354	361	378

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	15	12	8	8	7
Amortization of debt discount and issuance costs	9	13	13	—	—
Accretion of discount on investments in debt securities	−966,000	0	0	—	—
Equity-based compensation expense	23	21	19	11	61
Non-cash lease expense	2	720,000	597,000	174,000	0
Provision for doubtful accounts	351,000	228,000	2	55,000	0
Deferred income tax benefit	−22	−328,000	−235,000	−2	1
Increase in fair value of derivatives	93	108	7	−21	33
Loss on sale of property and equipment	0	0	10,000	0	14,000
Decrease (increase) in accounts receivable	17	−12	6	−798,000	−7
Decrease (increase) in contract assets	677,000	4	−4	−286,000	2
Decrease (increase) in prepaid expenses and other assets	−10	2	6	−2	−6
Decrease in accounts payable	−6	−4	−4	10	3
(Decrease) increase in accrued expenses	−254,000	−3	3	−5	3
Increase (decrease) in contract liabilities	593,000	514,000	−1	−4	4
Increase (decrease) in other liabilities	3	−1	−2	2	338,000
Net cash used in operating activities	−42	−38	−18	−49	−20
Purchases of investments in debt securities	−564	0	0	—	—
Sales of AFS investments	191	0	0	—	—
Acquisition of business, net of cash acquired	−229	14	0	−4	−224,000
Purchases of property and equipment	−525,000	−484,000	−2,000	−769,000	−645,000
Capitalized software development costs	−4	−11	−4	0	—
Net cash (used in) provided by investing activities	−607	3	−4	−5	−863,000
Proceeds from warrant exercises	65	54	0	—	—
Proceeds from issuance of Private Placement and Registered Direct Offering shares	0	0	50	—	—
Payment of Private Placement and Registered Direct Offering transaction costs	−551,000	0	−6	—	—
Proceeds from short-term borrowings	0	817,000	1	2	9
Repayment of short-term borrowings	−818,000	−1	−2	−4	−5
Proceeds from at-the-market offering	637	0	0	—	—
Payment of transaction costs for at-the-market offering	−8	0	0	—	—
Payment of debt issuance costs to third parties	−5	−349,000	0	0	−6
Issuance of common stock upon ESPP purchase	2	1	1	0	0
Proceeds from exercise of options	4	421,000	0	—	—
Payments of tax withholding from the issuance of common stock	−2	−2	−3	−67,000	0
Net cash provided by financing activities	691	52	42	−103	181
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash	−174,000	424,000	0	0	—
Net increase in cash, cash equivalents, and restricted cash	43	18	20	−157	160
Interest	9	13	12	12	6
U.S. federal	0	0	0	—	—
U.S. state and local	−28,000	0	0	—	—
Foreign	0	0	0	—	—
As previously disclosed, prior to the adoption of ASU 2023-09	0	−2	−30,000	9,000	68,000
Issuance of common stock upon conversion of 2029 Notes	136	0	0	—	—
Issuance of common stock for paid-in-kind interest on 2029 Convertible Notes	4	0	0	—	—
Transfers of debt securities from held-to-maturity to available for sale	510	0	0	—	—
Issuance of common stock for exercise of RDO and PIPE warrants, net of cash received	50	0	0	—	—
Deferred purchase consideration for the acquisition of Ask Sage included in other current liabilities	5	0	0	—	—
Issuance of common stock as consideration for Pangiam acquisition	0	211	0	8	0

Filings

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