BigBear.ai Holdings, Inc. BBAI
BigBear.ai Holdings, Inc.'s ("BigBear.ai" or the "Company") is a specialized provider of mission-ready artificial intelligence ("AI") technology, founded originally to serve defense and national security mission customers. Our objective is to deliver enduring strategic advantage for the U.S., its allies, and select commercial partners. We unite cutting-edge technology capabilities - from artificial intelligence to computer vision, predictive analytics and biometrics.
National security, travel and trade are our core industries. Each area is highly specialized and requires deep domain expertise. They are also interdependent. Strengthening national security enables commerce and provides the baseline of trust necessary for nations to build prosperity. In turn, enhanced national security depends on the ability to move people and goods through the global economy and across borders with speed, precision and efficiency, which facilitates tens of trillions of dollars of annual trade.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $127.7M | $158.2M | $155.2M | $155.0M | $145.6M | — | $73.6M | — |
| Cost of revenue | $99.2M | $113.0M | $114.6M | $112.0M | $111.5M | — | $56.1M | — |
| Gross profit | $28.5M | $45.2M | $40.6M | $43.0M | $34.1M | — | $17.5M | — |
| R&D | $16.8M | $10.9M | $5.0M | $8.4M | $6.0M | — | $110.0K | — |
| SG&A | $95.1M | $80.0M | $71.1M | $84.8M | $106.5M | — | $11.0M | — |
| Operating income | -$213.9M | -$133.4M | -$39.0M | -$110.5M | -$78.5M | — | $6.4M | — |
| Interest expense | — | — | — | $14.4M | $7.8M | — | — | — |
| Pre-tax income | -$315.6M | -$295.8M | -$70.9M | -$113.3M | -$122.5M | — | $6.3M | — |
| Income tax | $21.7M | $256.0K | $222.0K | $1.9M | $1.1M | — | $9.0K | — |
| Net income | -$294.0M | -$296.0M | -$71.0M | -$111.4M | -$123.6M | — | $6.2M | — |
| EPS, basic | -0.82 | -1.27 | -0.47 | -0.87 | -1.15 | — | — | — |
| EPS, diluted | -0.82 | -1.27 | -0.47 | -0.87 | -1.15 | — | — | — |
| Shares, diluted (wtd. avg.) | $358.8M | $233.6M | $149.2M | $127.7M | $107.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $87.1M | $50.1M | $32.6M | $12.6M | $169.9M | $9.7M | $1.6M | $380.0K |
| Receivables | $22.7M | $39.0M | $21.9M | $32.7M | $28.6M | $21.4M | — | — |
| Total current assets | $330.5M | $93.8M | $71.6M | $65.7M | $206.2M | $34.3M | — | — |
| Property, plant and equipment | $1.6M | $1.6M | $1.2M | $1.3M | $1.1M | $863.0K | — | — |
| Goodwill | $241.1M | $119.1M | $48.7M | $48.7M | $91.6M | $91.3M | $0 | — |
| Other intangibles | $139.5M | $119.1M | $81.9M | $83.8M | $83.6M | $90.5M | — | — |
| Total assets | $894.5M | $343.8M | $208.2M | $204.6M | $383.3M | $218.4M | — | — |
| Accounts payable | $6.1M | $8.5M | $7.3M | $10.5M | $5.5M | $2.7M | — | — |
| Short-term debt | $16.6M | $818.0K | $1.2M | $1.3M | $4.2M | $1.1M | — | — |
| Total current liabilities | $185.5M | $203.0M | $74.1M | $63.8M | $70.0M | $12.1M | — | — |
| Long-term debt | $90.5M | $135.4M | $149.7M | $146.5M | $190.4M | $105.9M | — | — |
| Total liabilities | $282.7M | $347.5M | $229.1M | $215.9M | $261.0M | $118.0M | — | — |
| Retained earnings | -$865.6M | -$571.6M | -$255.5M | -$236.6M | -$131.4M | -$7.8M | — | — |
| Total equity | $611.9M | -$3.7M | -$30.0M | $9.8M | $159.7M | $100.4M | $11.7M | $6.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$42.0M | -$38.1M | -$18.3M | -$48.9M | -$19.8M | — | $4.1M | — |
| Depreciation and amortisation | $534.0K | $540.0K | $428.0K | $497.0K | $410.0K | — | $50.0K | — |
| Stock-based compensation | $23.3M | $21.1M | $18.7M | $10.9M | $60.6M | — | $104.0K | — |
| Capital expenditure | $525.0K | $484.0K | $2.0K | $769.0K | $645.0K | — | $18.0K | — |
| Investing cash flow | -$606.7M | $2.8M | -$3.8M | -$5.2M | -$863.0K | — | -$18.0K | — |
| Financing cash flow | $691.3M | $52.5M | $42.1M | -$103.1M | $180.9M | — | -$2.8M | — |
| Buybacks | — | $0 | $0 | $100.9M | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001836981-26-000028.
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