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BigBear.ai Announces Second Quarter 2025 Results; Updates Financial Outlook

• Sequential improvement to the balance sheet and record cash balance of $390.8 million, as of June 30, 2025, positioning the Company to accelerate growth.
• Company now projects full-year 2025 revenue between $125 million and $140 million.

MCLEAN, Va.--(BUSINESS WIRE)-- BigBear.ai Holdings, Inc. (NYSE: BBAI) (鈥�BigBear.ai鈥� or the 鈥�Company鈥�), a leader in AI-powered decision intelligence solutions, today announced financial results for the second quarter of 2025 and issued an investor presentation that has been posted to the Investor Relations section of the Company鈥檚 website.

"Our robust balance sheet allows us to make significant transformational investments to shape the future of BigBear.ai. Our capital raising activities this quarter coincide with the tremendous opportunities we see coming from the One Big Beautiful Bill, particularly in the Department of Homeland Security, and several of which are uniquely aligned to our core capabilities. This legislation will bring a generational investment and provides over $170 billion in supplemental funding to the Department of Homeland Security, and $150 billion to the Department of Defense for disruptive defense technology. This is not incremental funding for innovation - this is a transformative level of investment. As a Mission Ready AI company with a national and border security focus, it鈥檚 directly in our lane,鈥� said Kevin McAleenan, CEO of BigBear.ai.

"Beyond the opportunities that we鈥檙e pursuing in the U.S., this quarter, we signed a transformative partnership with leading companies in the UAE under the IHC umbrella focused on accelerating the development and adoption of AI across several domains and applications. This is just the beginning of our international expansion and demonstrates the need for BigBear.ai鈥檚 technology and solutions across the globe,鈥� he continued.

鈥淲hile we are very optimistic with these significant investments and growth opportunities, we have also seen disruptions in federal contracts from efficiency efforts this quarter, most notably in programs that support the U.S. Army, as they seek to consolidate and modernize their data architecture and in turn, we have adjusted our full-year guidance this quarter to reflect these disruptions,鈥� he concluded.

鈥淥ur record cash balance will enable us to make significant investments, both organically and inorganically, in an order of magnitude that was not possible before,鈥� said Sean Ricker, CFO of BigBear.ai.

Financial Highlights

• Revenue decreased 18% to $32.5 million for the second quarter of 2025, compared to $39.8 million for the second quarter of 2024 primarily due to lower volume on certain Army programs.
• Gross margin was 25.0% in the second quarter of 2025, compared to 27.8% in the second quarter of 2024.
• Net loss in the second quarter of 2025 was $228.6 million, compared to a net loss of $14.4 million for the second quarter of 2024. The increase in net loss was primarily driven by non-cash changes in derivative liabilities of $135.8 million associated with changes in the fair value of the convertible features of the 2029 Notes and warrants, as well as a non-cash goodwill impairment charge of $70.6 million.
• Non-GAAP Adjusted EBITDA* of $(8.5) million for the second quarter of 2025 compared to $(3.7) million for the second quarter of 2024, primarily driven by decreased gross margin as well as an increase in research and development expenses.
• SG&A of $21.5 million for the second quarter of 2025 compared to $23.4 million for the second quarter of 2024. The year-over-year decrease was primarily driven by lower legal expenses ($1.7 million), and lower bonus expense ($1.1 million).
• Backlog of $380 million as of June 30, 2025.

Financial Outlook

For the year-ended December 31, 2025, the Company now projects:

• Revenue between $125 million and $140 million

Due to uncertainty on certain Army programs as well as new anticipated growth investment spending in the second half of the year, at this time, the Company is withdrawing its previously provided Adjusted EBITDA guidance for the year-ended December 31, 2025. The Company expects to provide updated Adjusted EBITDA guidance at a later date. The above information on financial outlook, and other sections of this release contain forward-looking statements, which are based on the Company鈥檚 current expectations. Actual results may differ materially from those projected. It is the Company鈥檚 practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, changes in law, or new accounting standards until such items have been consummated, enacted, or adopted, as the case may be. For additional factors that may impact the Company鈥檚 actual results, refer to the 鈥淔orward-Looking Statements鈥� section in this release.

Forward-Looking Statements

This release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the 鈥淪ecurities Act鈥�), the Securities Exchange Act of 1934 (the 鈥淓xchange Act鈥�) and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥減lan,鈥� 鈥減redict,鈥� 鈥減roject,鈥� 鈥減otential,鈥� 鈥渟eem,鈥� 鈥渟eek,鈥� 鈥渇uture,鈥� 鈥渙utlook,鈥� and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding our industry, future events, and other statements that are not historical facts. These statements are based on current expectations and beliefs concerning future developments and their potential effects on us and should not be relied upon as representing BigBear鈥檚 assessment as of any date subsequent to the date of this release. There can be no assurance that future developments affecting us will be those that we have anticipated. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those relating to: changes in domestic and foreign business, market, financial, political, and legal conditions; the uncertainty of projected financial information; delays caused by factors outside of our control, including changes in fiscal or contracting policies or decreases in available government funding, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns or epidemics; changes in government programs or applicable requirements; budgetary constraints, including any potential constraints as a result of recent or future federal government layoffs, including automatic reductions as a result of 鈥渟equestration鈥� or similar measures and constraints imposed by any lapses in appropriations for the federal government or certain of its departments and agencies, including government shutdowns or the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience; the failure of contracts comprising backlog to result in revenue due to changes in funding, terminations for convenience, or option periods going unexercised; the impact of tariffs or other restrictive trade measures; implementation of spending limits or changes in budgetary constraints; influence by, or competition from, third parties with respect to pending, new, or existing contracts with government customers; changes in our ability to successfully compete for and receive task orders and generate revenue under Indefinite Delivery/Indefinite Quantity contracts; our ability to realize the benefits of the strategic partnerships; risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings; failure to realize anticipated benefits of the combined operations; potential delays or changes in the government appropriations or procurement processes; our ability to remediate a material weakness in our internal control over financial reporting; risks regarding the market and our customers accepting and adopting our products, including future new product offerings; the high degree of uncertainty of the level of demand for, and market utilization of, our solutions and products; our ability to successfully execute and realize the benefits of joint ventures, channel sales relationships, partnerships, strategic alliances, subcontracting opportunities, customer contracts and other commercial agreements to which we are a party; and those factors discussed in the Company鈥檚 reports and other documents filed with the SEC, including under the heading 鈥�Risk Factors.鈥� If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those projected by these forward-looking statements. There may be additional risks that we presently do not know or that we currently believe are immaterial which could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this release. We anticipate that subsequent events and developments will cause our assessments to change. However, we specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures

The financial information and data contained in this press release is unaudited. Some of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin have not been prepared in accordance with United States generally accepted accounting principles (鈥淕AAP鈥�). To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP in our press release, we also report certain non-GAAP financial measures. A 鈥渘on-GAAP financial measure鈥� refers to a numerical measure of a company鈥檚 historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in such company鈥檚 financial statements. Non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies.

The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of BigBear.ai鈥檚 liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare BigBear.ai鈥檚 performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.

EBITDA is defined as net loss before interest expense, interest income, income tax expense (benefit) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for equity-based compensation, employer payroll taxes related to equity-based compensation, net increase in fair value of derivatives, restructuring charges, non-recurring strategic initiatives, non-recurring integration costs, non-recurring litigation, transaction expenses, goodwill impairment, and loss on extinguishment of debt.

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of Revenue.

Similar excluded expenses may be incurred in future periods when calculating these measures. BigBear.ai believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company鈥檚 financial condition and results of operations. BigBear.ai believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing BigBear.ai鈥檚 financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company鈥檚 financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.

Management uses EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin as non-GAAP performance measures which are reconciled to the most directly comparable GAAP measure, in the tables included in this release. The Company does not reconcile forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure (or otherwise describe such forward-looking GAAP measure) because it is not able to forecast the most directly comparable measure calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of the GAAP amounts are not predictable, making it impracticable for the Company to forecast. As a result, no guidance for the Company鈥檚 net (loss) income or reconciliation of the Company鈥檚 Adjusted EBITDA guidance is provided. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a potentially significant impact on its future net income (loss).

We present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures in the tables included in this release.

About BigBear.ai

BigBear.ai is a leading provider of AI-powered decision intelligence solutions and services for national security, defense, travel, trade, and enterprise. Customers and partners rely on BigBear.ai鈥檚 predictive analytics capabilities in highly complex, distributed, mission-based operating environments. Headquartered in McLean, Virginia, BigBear.ai is a public company traded on the NYSE under the symbol BBAI. For more information, visit and follow BigBear.ai on LinkedIn: @BigBear.ai and X: @BigBearai.

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Source: BigBear.ai Holdings, Inc.