BigBear.ai Holdings, Inc.
ir.bigbear.aiWhat Do They Do?
Provides AI software and services for national security, supply chain management, and digital identity to government agencies and commercial organizations.
10-K for FY2025, filed Mar 2, 2026
How Do They Make Money?
Customers pay for software and services through fixed-price contracts, hourly work, or reimbursement of allowed costs plus a fee; they also buy software licenses and hosted subscriptions. Hourly and reimbursed-cost work can be billed as performed, while subscriptions provide access during the contract term.
10-K for FY2025, filed Mar 2, 2026The Company’s revenues from contracts with customers are from offerings including artificial intelligence (“AI”) and machine learning…View ↗
The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified…View ↗
Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company’s…View ↗
For T&M contracts and cost-reimbursable contracts, the Company has a right to consideration from the customer in an amount that corresponds…View ↗
Sales of the Company’s software licenses, primarily term licenses, grant customers the right to use functional intellectual property…View ↗
$127.7M
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10-K for FY2025, filed Mar 2, 2026
$127.7M ↗
Who Are Their Customers?
Federal government agencies are the main customers, alongside commercial organizations in manufacturing, logistics, retail, healthcare, and life sciences. The company works with government customers and commercial partners on software and services.
10-K for FY2025, filed Mar 2, 2026BigBear.ai is positioned to help our customers win in this context. The majority of our employees are security-cleared and many operate…View ↗
Similarly, businesses across broad industries are reviewing and reimagining how technology can help them win – from the products and…View ↗
The Company’s revenues from contracts with customers are from offerings including artificial intelligence (“AI”) and machine learning…View ↗
10-K for FY2025, filed Mar 2, 2026
Do Revenues Turn Into Profits?
No. It lost $293.9M in FY2025.
10-K for FY2025, filed Mar 2, 2026
−$213.9MView ↗
10-K for FY2025, filed Mar 2, 2026
−$293.9MView ↗
10-K for FY2025, filed Mar 2, 2026
−$42.5MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$25.7MView ↗
- ▼ −89% (Loss)
- vs −$228.6M in Q2 FY2025
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Jul 30, 2026
Affirms full-year revenue guidance of $135 million to $165 million
Second-quarter revenue rose 13% year over year.
Sources
8-K, filed Jul 30, 2026
Delivers Q2 2026 revenue of $36.7 million, increasing 13% year-over-year Expanded Q2 gross margins by 781 basis points from 25.0% to 32.8%…View ↗
Shrinking. Revenue fell 12% in 4 years, from $145.6M in FY2021 to $127.7M in FY2025, about 3% a year.
Secure generative AI
The earlier portfolio described supply-chain and logistics, autonomous-systems, and cybersecurity solutions; the latest report also includes Ask Sage, a secure generative AI platform for government and enterprise use.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 2, 2026Company OverviewView ↗
Digital identity and travel The earlier report focused its primary markets on supply chains and logistics, autonomous systems, and cybersecurity; the latest portfolio also includes digital identity software used in travel, trade, and other settings.
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