**BigBear.ai Holdings, Inc. Reports Fiscal Year 2025 Results**

BigBear.ai Holdings, Inc. (NYSE: BBAI), a provider of artificial intelligence solutions, today released its financial results for the fiscal year ended December 31, 2025. The company reported total revenues of $127.7 million, a decrease of 19.3% compared to the $158.2 million reported for the year ended December 31, 2024. This decline was attributed to lower volume on Army programs and the absence of significant one-time contracts that occurred in the previous fiscal year. The cost of revenues was $99.2 million, representing 78% of total revenues, compared to $113.0 million, or 71% of total revenues, in the prior year. The increase in cost of revenue as a percentage of total revenue was partially driven by a higher mix of higher margin solutions work in the year ended December 31, 2024 as compared to the year ended December 31, 2025.

Operating expenses for the year included selling, general, and administrative expenses of $95.1 million, up from $80.0 million in 2024. Research and development expenses increased to $16.8 million from $10.9 million in the previous year, driven by fewer projects qualifying for software capitalization. The company also reported restructuring charges of $4.4 million, transaction expenses of $2.1 million related to the Ask Sage acquisition, and non-cash impairment charges of $53.4 million on long-lived assets and $70.6 million on goodwill. The company reported a net loss of $293.9 million, or $0.82 per share, compared to a net loss of $295.5 million, or $1.27 per share, for the year ended December 31, 2024.

Operationally, BigBear.ai completed the acquisition of Ask Sage, a generative AI platform, on December 31, 2025, for a total consideration of $271.6 million. The company also executed several at-the-market (ATM) offerings, generating gross proceeds of $637 million through the issuance of 142 million shares. Total debt was reduced from $142.3 million as of December 31, 2025 to $17.7 million subsequent to year-end, an 88% reduction. As of December 31, 2025, the company had 579 employees, with the majority holding active security clearances.

Looking ahead, BigBear.ai's total backlog as of December 31, 2025, was $248.1 million, consisting of $54.9 million in funded backlog, $57.5 million in unfunded backlog, $130.6 million in priced unexercised options, and $5.1 million in unpriced unexercised options. The company anticipates that its existing cash and cash equivalents will be sufficient to meet its cash needs for the next 12 months. The company also expects to continue to enter into joint ventures, channel sales relationships, platform partnerships, strategic alliances, and subcontracting relationships as part of its long-term business strategy.

About BigBear.ai Holdings, Inc.

BigBear.ai Holdings, Inc. provides AI-driven technology solutions that enable organizations to operationalize artificial intelligence for faster, data-driven decision-making. Its core offerings include software and services in Edge AI, Vision AI, digital identity, predictive analytics, and digital twin modeling. Serving primarily U.S. defense, intelligence, and critical infrastructure sectors, BigBear.ai leverages deep domain expertise and secure, mission-focused technology to support complex operational environments and national security objectives.

This description was generated via AI from an annual report. Updated 9 months ago.

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