BigBear.ai Holdings, Inc.BBAI
BigBear.ai Holdings, Inc. Revenue Disclosure
Revenues
Substantially all revenues were generated within the United States of America.
The table below presents total revenues by contract type for the following periods:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Time and materials | $ | 78,437 | $ | 88,740 | $ | 85,734 | |||||||||||
Firm fixed price | 31,613 | 46,259 | 50,100 | ||||||||||||||
Cost-reimbursable | 17,622 | 23,237 | 19,330 | ||||||||||||||
Total revenues | $ | 127,672 | $ | 158,236 | $ | 155,164 | |||||||||||
The table below presents the revenue recognition pattern for the following periods:
| Years Ended December 31, 2025 | Years Ended December 31, 2024 | Years Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Point in Time | Over Time | Total Revenue | Point in Time | Over Time | Total Revenue | Point in Time | Over Time | Total Revenue | |||||||||||||||||||||||||||||||||||||||||||||
| All revenue streams | $ | 8,298 | $ | 119,374 | $ | 127,672 | $ | 7,294 | $ | 150,942 | $ | 158,236 | $ | 9,583 | $ | 145,581 | $ | 155,164 | |||||||||||||||||||||||||||||||||||
The table below presents total revenues by major customer type for the following periods:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
U.S. government | $ | 114,686 | $ | 143,087 | $ | 145,182 | |||||||||||
Non-U.S. government and commercial | 12,986 | 15,149 | 9,982 | ||||||||||||||
Total revenues | $ | 127,672 | $ | 158,236 | $ | 155,164 | |||||||||||
The table below summarizes the activity in the allowance for expected credit losses:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Beginning balance | $ | 127 | $ | 230 | $ | 98 | |||||||||||
Additions | 351 | 125 | 1,739 | ||||||||||||||
Write-offs | (40) | (228) | (1,607) | ||||||||||||||
| Recoveries | — | — | — | ||||||||||||||
Ending balance | $ | 438 | $ | 127 | $ | 230 | |||||||||||
Concentration of Risk
Revenue earned from customers contributing in excess of 10% of total revenues are presented in the tables below for the following periods:
| Years Ended December 31, 2025 | |||||||||||
| Total | Percent of total revenues | ||||||||||
Customer A(1) | $ | — | — | % | |||||||
Customer B(1) | 10,640 | 8 | % | ||||||||
Customer C | 16,945 | 13 | % | ||||||||
Customer D | 13,831 | 11 | % | ||||||||
Customer E | 20,728 | 16 | % | ||||||||
Customer F | 13,600 | 11 | % | ||||||||
All others | 51,928 | 41 | % | ||||||||
Total revenues | $ | 127,672 | 100 | % | |||||||
| Years Ended December 31, 2024 | |||||||||||
| Total | Percent of total revenues | ||||||||||
Customer A | $ | 21,284 | 13 | % | |||||||
Customer B | 25,681 | 16 | % | ||||||||
Customer C | 18,731 | 12 | % | ||||||||
Customer D(1) | — | — | % | ||||||||
Customer E | 16,840 | 11 | % | ||||||||
Customer F(1) | — | — | % | ||||||||
All others | 75,700 | 48 | % | ||||||||
Total revenues | $ | 158,236 | 100 | % | |||||||
| Years Ended December 31, 2023 | |||||||||||
| Total | Percent of total revenues | ||||||||||
Customer A | $ | 33,266 | 21 | % | |||||||
Customer B | 24,560 | 16 | % | ||||||||
Customer C | 18,143 | 12 | % | ||||||||
Customer D(1) | 14,197 | 9 | % | ||||||||
Customer E(1) | — | — | % | ||||||||
Customer F(1) | — | — | % | ||||||||
All others | 64,998 | 42 | % | ||||||||
Total revenues | $ | 155,164 | 100 | % | |||||||
(1) Customers that contributed in excess of 10% of consolidated revenues in any period presented have been included in all periods presented for comparability.
As of December 31, 2025, the Company had one customer with an accounts receivable balance of $3.4 million, which exceeds 10% of total accounts receivable. As of December 31, 2024, no individual customer had an accounts receivable balances that exceeded 10% of total accounts receivable.
Contract Balances
The table below presents the contract assets and contract liabilities included on the consolidated balance sheets for the following periods:
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
Accounts receivable, net of allowance for credit losses | $ | 22,703 | $ | 38,953 | $ | 21,949 | |||||||||||
| Contract assets | $ | 218 | $ | 895 | $ | 4,822 | |||||||||||
Contract liabilities | $ | 14,756 | $ | 2,541 | $ | 879 | |||||||||||
We receive payments from customers based on a billing schedule as established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance under the contract. Accounts receivables are recorded when the right to consideration becomes unconditional. Contract liabilities relates to payments received in advance of performance under a contract. Contract liabilities are recognized as revenue as (or when) we perform under the contract. Included in the contract liabilities balance as of December 31, 2025 are $11.6 million of contract liabilities from our acquisition of Ask Sage. Refer to Note 4—Business Combinations. Revenue recognized in the year ended December 31, 2025 that was included in the contract liability balance as of December 31, 2024 was $2.3 million. Revenue recognized in the year ended December 31, 2024 that was included in the contract liability balance as of December 31, 2023 was $0.9 million.
When the Company’s estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment in the consolidated statements of operations and comprehensive loss. Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company’s operating results.
The following table summarizes the impact of the net estimates at completion (“EAC”) adjustments on the Company’s operating results:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net EAC Adjustments, before income taxes | $ | 4,347 | $ | 626 | $ | 593 | |||||||||||
Net EAC Adjustments, net of income taxes(1) | $ | 4,347 | $ | 626 | $ | 593 | |||||||||||
| Net EAC Adjustments, net of income taxes, per diluted share | $ | 0.01 | $ | — | $ | — | |||||||||||
(1) Due to the Company being in a net taxable loss position for all periods presented, the impact of income taxes is insignificant.
Remaining Performance Obligations
The Company includes in its computation of remaining performance obligations customer orders for which it has accepted signed sales orders and generally includes the funded and unfunded components of contracts that have been awarded. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $8.2 million. The Company expects to recognize approximately 74% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter assuming completion of these contracts without any reductions in scope or termination.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 25, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 31, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.