BBAI at a glance
BigBear.ai Holdings, Inc. (BBAI, SEC CIK 1836981) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on September 15, 2026 and Form 4 insider filings as recently as September 30, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), BigBear.ai Holdings, Inc. (BBAI) reported revenue of $127.7 million (down 19.3% from FY2024) and a net loss of $293.9 million. Diluted EPS was -$0.82.
- As of June 30, 2026, 31 institutional investment managers tracked by SignalX reported holding BigBear.ai Holdings, Inc. (BBAI) shares worth $391.5 million in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $127.7M
- −19.3% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 31 funds
- $391.5M · +1 vs prior quarter
- Latest 8-K
- Sep 15, 2026
- Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model centered on data analytics and AI-driven decision support solutions
- No new products or business segments introduced or emphasized this year
- Completed voluntary conversion of 2029 Convertible Notes, issuing approx. 38.1 million common shares for debt retirement
- Long-term debt outstanding $124.6 million as of December 31, 2025, excluding $35.2 million issuance costs
- Foreign currency transaction gains/losses from GBP exposure noted but not material to consolidated financials
Risk Factors
- Regulatory risk: U.S. government contract compliance and funding risk tied to government budget process and continuing resolutions impacting revenue timing
- Geopolitical/macro risk: Exposure to economic uncertainty from ongoing conflicts in Ukraine, Middle East, and Africa affecting customer purchasing decisions
- Operational risk: Revenue concentration with few customers ($65M or 51% of 2025 revenue) and $27M backlog with risk of contract termination or non-renewal
- Competitive risk: Sales cycle delays due to customers' preference for internally-developed or competitor technologies extending sales cycles beyond 12 months
- Financial risk: Fixed-price contracts (25% of revenue) risk cost overruns and losses due to project estimation errors and inflationary pressure
Management Discussion & Analysis
- Revenue $127.7M in 2025, down 19.3% YoY from $158.2M in 2024 due to lower Army program volume and no repeat of significant one-time contracts
- Operating loss increased to $213.9M in 2025 from $133.4M in 2024; gross margin 22.3% in 2025 vs 28.6% in 2024 (calculated: $28.5M/$127.7M vs $45.2M/$158.2M)
- SG&A rose to $95.1M (75% of revenue) in 2025 from $80.0M (51% of revenue) in 2024, driven by Pangiam acquisition expenses and increased sales/marketing spend
- Best segment: revenue contribution from Pangiam acquisition mitigated declines; worst: Army programs volume declined causing revenue drop
- Cash proceeds totaling $637M from ATM sales of 142M shares; $267.6M cash paid for Ask Sage acquisition; no dividend or buyback details; interest income $13.3M in 2025 vs $2.3M in 2024 reflecting higher cash balances
- Management flags U.S. government budget uncertainties and defense acquisition reforms as key risks; expects long-term AI adoption growth despite near-term funding volatility
AI summary of the BBAI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $36.749M, up 13.2% YoY from $32.472M, primarily from Ask Sage
- Cost margin 67% vs 75% YoY, driven by higher-margin Ask Sage revenue
- Net loss $25.749M vs $228.619M YoY; Adjusted EBITDA loss $11.572M vs $8.498M
- Ask Sage best-performing addition, contributing higher-margin revenue; Army programs weakest, with lower volume
- Cash and investments increased from at-the-market equity issuances; $267.6M paid for Ask Sage
- Outlook headwinds: uncertain federal funding, procurement reforms, defense-program reviews, and potential cancellations
Risk Factors
- No material changes; 10-K risk factors incorporated by reference
- Newly filed Certificate of Amendment dated June 9, 2026
- No unregistered equity sales during three months ended June 30, 2026
- No common-stock repurchases during three months ended June 30, 2026
AI summary of the BBAI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Kirk Konert resigned from BigBear.ai’s Board effective September 15, 2026
- Resignation unrelated to disagreements over operations, policies, or practices
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Ret. Lt. Gen. Sean Gainey elected director and Nominating and Corporate Governance Committee member on August 13, 2026
- Defense leadership adds military space, missile defense, and counter-drone expertise relevant to BigBear.ai’s government-focused strategy
Item 8.01: Other Events
- At-the-market facility permitting sales of up to 100 million BBAI common shares
- Potential substantial share-count dilution for existing shareholders
AI summaries of BBAI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for BBAI
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- Fund moves. Which tracked funds opened, added or cut BBAI, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Blankenship Carolyn | F | Sep 30, 2026 | 9,020 | $2.65 |
| Ricker Sean Raymond | F | Sep 30, 2026 | 6,991 | $2.65 |
| McAleenan Kevin | F | Sep 30, 2026 | 21,523 | $2.65 |
| Gainey Sean Alexander | A | Aug 13, 2026 | 32,776 | - |
| McAleenan Kevin | F | Jun 30, 2026 | 23,562 | $3.60 |
| Ricker Sean Raymond | F | Jun 30, 2026 | 10,069 | $3.60 |
| Blankenship Carolyn | F | Jun 30, 2026 | 9,019 | $3.60 |
| PANGIAM ULTIMATE HOLDINGS, LLC | A | Jun 14, 2026 | 36,070 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $158.2M | $127.7M |
| Gross Profit | - | $45.2M | $28.5M |
| Operating Income | - | -$133.4M | -$213.9M |
| Net Income | - | -$295.5M | -$293.9M |
| Gross Margin | - | 28.6% | 22.3% |
| Op. Margin | - | -84.3% | -167.5% |
| Net Margin | - | -186.8% | -230.2% |
| Balance Sheet | |||
| Total Assets | $199.9M | $343.8M | $894.5M |
| Equity | - | -$3.7M | $611.9M |
| ROE | - | 7957.6% | -48.0% |
| Per Share | |||
| EPS | - | $-1.27 | $-0.82 |
| Cash Flow | |||
| Operating CF | - | -$38.1M | -$42.0M |
| CapEx | $2K | $484K | $525K |
Source: XBRL data in BigBear.ai Holdings, Inc. (BBAI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate BBAI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 31 | $391.5M |
| Q1 2026 | 30 | $365.5M |
| Q4 2025 | 30 | $669.6M |
| Q3 2025 | 28 | $671.0M |
| Q2 2025 | 27 | $554.0M |
| Q1 2025 | 20 | $76.2M |
| Q4 2024 | 13 | $63.2M |
| Q3 2024 | 7 | $4.8M |
- BlackRock+4.62M (+13%)
- Vanguard Capital Management LLC+1.94M (+10%)
- State Street Corp+1.68M (+16%)
- Vanguard Portfolio Management LLC+820.6K (+8%)
- Northern Trust+622.6K (+17%)
- Marex Group plc−5.14M (-96%)
- Citadel Advisors LLC−1.94M (-27%)
- Two Sigma Investments−485.2K (-69%)
- Goldman Sachs Group−379.7K (-10%)
- JPMorgan Chase & Co−341.8K (-26%)
- Allstate+32.9K
Source: 13F-HR filings on SEC EDGAR (aggregated from 186 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
BBAI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 30, 2026 | - | - | - |
| 4 | Sep 30, 2026 | - | - | - |
| 4 | Sep 30, 2026 | - | - | - |
| 8-K | Sep 15, 2026 | - | Analysis | - |
| 4 | Aug 17, 2026 | - | - | - |
| 8-K | Aug 17, 2026 | - | Analysis | - |
| 8-K | Jul 31, 2026 | - | Analysis | - |
| SC 13G | Jul 31, 2026 | - | - | |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 4 | Jun 15, 2026 | - | - | - |
| 8-K | Jun 12, 2026 | - | Analysis | - |
| 4 | Jun 9, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 8, 2026 | - | - | |
| 8-K | May 5, 2026 | - | Analysis | - |
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BBAI SEC filings: frequently asked questions
Which institutions hold BBAI stock?
As of June 30, 2026, the largest BigBear.ai Holdings, Inc. (BBAI) holders among the 13F filers tracked by SignalX were BlackRock ($148.9 million), Vanguard Capital Management LLC ($77.8 million), State Street Corp ($44.7 million), Vanguard Portfolio Management LLC ($39.5 million), Citadel Advisors LLC ($19.7 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was BBAI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), BigBear.ai Holdings, Inc. (BBAI) reported revenue of $127.7 million (down 19.3% from FY2024) and a net loss of $293.9 million. Diluted EPS was -$0.82. The figures come from the XBRL data in the 10-K.
What are the main risks in BBAI's latest 10-K?
In the 10-K filed March 2, 2026, BigBear.ai Holdings, Inc. (BBAI) flagged: Regulatory risk: U.S. government contract compliance and funding risk tied to government budget process and continuing resolutions impacting revenue timing. Geopolitical/macro risk: Exposure to economic uncertainty from ongoing conflicts in Ukraine, Middle East, and Africa affecting customer purchasing decisions. (AI summary of the Risk Factors section.)
What did BBAI report in its latest 8-K?
BigBear.ai Holdings, Inc. (BBAI) filed an 8-K on September 15, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers). Kirk Konert resigned from BigBear.ai’s Board effective September 15, 2026.
What are the latest BBAI SEC filings?
BigBear.ai Holdings, Inc. (BBAI) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on September 15, 2026 and a Form 4 insider filing on September 30, 2026.
What is BBAI's SEC CIK number?
BigBear.ai Holdings, Inc. (BBAI)'s SEC Central Index Key (CIK) is 1836981. EDGAR lists every BBAI filing under that number.
Ask anything about BBAI
The research agent reads BBAI's filings, financials, insider trades and 13F holders, then answers with sources.