Short answer
BigBear.ai Holdings, Inc. (BBAI) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $128M (−19.3% year over year) and net income of −$294M.
- Top risk flagged: Regulatory risk: U.S. government contract compliance and funding risk tied to government budget process and continuing resolutions impacting revenue timing
FY2025 key financial metrics · XBRL
- Revenue
- $128M
- −19.3% YoY
- Net income
- −$294M
- +0.6% YoY
- Operating margin
- -167.5%
- −83.2 pp YoY
- Gross margin
- 22.3%
- −6.3 pp YoY
- EPS (diluted)
- −$0.82
- +35.4% YoY
- ROE
- -48.0%
- −8005.7 pp YoY
- Operating cash flow
- −$42M
- −10.1% YoY
Source: XBRL data from the BigBear.ai Holdings, Inc. (BBAI) FY2025 10-K on SEC EDGAR. USD.
BigBear.ai Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
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