BigBear.ai Holdings, Inc. reported a revenue increase of 4.9% for the first quarter of 2025, generating $34.8 million compared to $33.1 million in the same period of 2024. The company's gross margin improved to $7.4 million, up from $7.0 million year-over-year. However, BigBear.ai recorded a net loss of $62.0 million, a significant reduction from the $127.8 million loss reported in the prior year, primarily due to a lack of goodwill impairment charges that had impacted the previous year's results.
The company’s operating expenses rose to $22.7 million in selling, general, and administrative costs, reflecting a 34.1% increase from $16.9 million in the prior year. This increase was attributed to the integration of Pangiam, which was acquired in February 2024, and the associated headcount and operational costs. Research and development expenses also surged to $4.2 million, up from $1.1 million, driven by increased staffing and project timelines, including contributions from Pangiam.
In terms of strategic developments, BigBear.ai completed the acquisition of Pangiam, enhancing its capabilities in vision AI and predictive analytics. The company also executed significant warrant exercises, generating approximately $64.7 million from the exercise of 2024 PIPE and RDO warrants. As of March 31, 2025, BigBear.ai had cash and cash equivalents of $107.6 million, a substantial increase from $50.1 million at the end of 2024, bolstered by financing activities.
Operationally, BigBear.ai's backlog decreased to $384.9 million from $418.3 million at the end of 2024, with funded backlog dropping significantly. The company reported a favorable change in working capital, which helped offset cash outflows during the quarter. The total employee headcount increased as a result of the Pangiam acquisition, contributing to higher operational costs but also expanding the company's service capabilities.
Looking ahead, BigBear.ai anticipates continued growth driven by demand for advanced AI tools in national security and supply chain management. The company remains focused on integrating Pangiam's offerings and optimizing its operational structure to enhance profitability. However, it acknowledges potential risks related to government funding and macroeconomic conditions that could impact future performance.
About BigBear.ai Holdings, Inc.
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