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BigBear.ai Holdings, Inc.

BigBear.ai Holdings, Inc.

NYSE•BBAI
CEO: Mr. Theodore Tanner Jr.
Sector: Technology
Industry: Information Technology Services
Listing Date: 2021-04-05
BigBear.ai Holdings, Inc. provides artificial intelligence-powered decision intelligence solutions. It offers national security, supply chain management, and digital identity and biometrics solutions. The company also provides data ingestion, data enrichment, data processing, artificial intelligence, machine learning, predictive analytics, and predictive visualization solutions and services. It serves nation defense and intelligence agencies, border protection, transportation security, manufacturing, distribution and logistics, travel, entertainment, and tourism sectors. The company is headquartered in Columbia, Maryland.
Contact Information
6811 Benjamin Franklin Drive, Suite 200, Columbia, MD, 21046, United States
410-312-0885
bigbear.ai
Market Cap
$2.12B
P/E (TTM)
-4.5
34.5
Dividend Yield
--
52W High
$10.36
52W Low
$1.65
52W Range
47%
2.4
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Weak • 2.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2018-2024

Financial Dashboard

Q3 2025 Data

Revenue

$33.14M-20.15%
4-Quarter Trend

EPS

$0.01-120.53%
4-Quarter Trend

FCF

-$5.09M-17.89%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Cash Position Strengthened Significantly Cash and equivalents reached $390.8M by June 30, 2025, a substantial increase from $50.1M at year-end 2024.
ATM Financing Provided Liquidity Raised $300M gross proceeds from May 2024 and June 2025 ATM sales agreements during the first half of 2025.
Equity Deficit Significantly Reduced Total stockholders' equity improved to a $266.6M surplus, largely due to derivative fair value adjustments recognized.
Six-Month Revenue Declined Six-month revenues decreased 7.8% to $67.2M compared to 2024, primarily due to lower volume on certain Army programs.

Risk Factors

Goodwill Impairment Recorded Recognized $70.6M non-cash goodwill impairment charge during Q2 2025 following downward revisions to short and long-term forecasts.
Backlog Value Decreased Total backlog fell to $380.4M as of June 30, 2025, down from $418.3M at December 31, 2024, indicating reduced contracted work.
Internal Control Material Weakness Disclosure controls remain ineffective due to a previously reported material weakness in internal control over financial reporting.
Government Funding Uncertainty Majority revenue relies on federal government contracts, subject to shifting budget requests and procurement priorities impacting performance.

Outlook

New SOX Compliance Required Company ceased EGC status as of June 30, 2025; now subject to auditor attestation for internal controls under SOX 404(b).
Remaining Performance Obligations Aggregate transaction price allocated to remaining performance obligations totals $86.1M, with 98% expected recognized within 12 months.
Focus on Debt Servicing Medium-term cash requirements focus on servicing debt and investing capital into facilities, equipment, and growth initiatives.
Derivative Fair Value Volatility Significant fluctuations in derivative fair value, like the $169.1M net increase in 6M 2025, impact reported net loss materially.

Peer Comparison

Revenue (TTM)

Concentrix CorporationCNXC
$9.72B
+3.4%
Insight Enterprises, Inc.NSIT
$8.27B
-6.7%
Clarivate PlcCLVT
$2.50B
-3.0%

Gross Margin (Latest Quarter)

Asana, Inc.ASAN
89.7%
+0.9 pp
Clarivate PlcCLVT
65.0%
-1.3 pp
C3.ai, Inc.AI
37.6%
-22.2 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PAY$4.73B79.611.6%1.1%
WNS$3.32B20.320.8%30.8%
ASAN$3.20B-15.4-89.7%29.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-8.9%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q4 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|Refer to amended data

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 11, 2025|
    Revenue: $32.47M-18.4%
    |
    EPS: $-0.71+1388.5%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 2, 2025|
    Revenue: $34.76M+4.9%
    |
    EPS: $-0.25-62.7%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 25, 2025|
    Revenue: $158.24M+2.0%
    |
    EPS: $-1.10-175.0%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $41.51M+22.1%
    |
    EPS: $-0.05-289.5%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 9, 2024|
    Revenue: $39.78M+3.4%
    |
    EPS: $-0.05-60.3%
    Meet

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 10, 2024|
    Revenue: $33.12M-21.4%
    |
    EPS: $-0.67+252.6%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 15, 2024|
    Revenue: $155.16M+0.1%
    |
    EPS: $-0.40+57.9%
    Miss