BigBear.ai Holdings, Inc. (BBAI) FY2025 10-K Annual Report
BigBear.ai Holdings, Inc. (BBAI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BigBear.ai Holdings, Inc. FY2025 10-K Analysis
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
BigBear.ai Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$128M
▼ -19.3% YoY
Net Income
-$294M
▲ +0.6% YoY
Gross Margin
22.3%
▼ -627bp YoY
Operating Margin
-167.5%
▼ -8322bp YoY
Net Margin
-230.2%
▼ -4343bp YoY
ROE
-48.0%
▼ -800568bp YoY
Total Assets
$895M
▲ +160.2% YoY
EPS (Diluted)
$-0.82
▲ +35.4% YoY
Operating Cash Flow
-$42M
▼ -10.1% YoY
Source: XBRL data from BigBear.ai Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on BigBear.ai Holdings, Inc.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.