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BigBear.ai Holdings, Inc. provides artificial intelligence-powered decision intelligence solutions for national security, supply chain management, and digital identity markets. It offers supply chain and logistics solutions, such as Data Conflation at Scale, which offers a view of operations enabling real-time tracking of inventory and facilitating predictive analytics to optimize functions, including routes and delivery times; Discrete Event Simulation, a course of action analysis and digital twin solution; and Next-Gen Decision Support solution for macroeconomic and geopolitical forecasting. The company also provides cybersecurity solutions, such as artificial intelligence (AI)-powered/machine-accelerated binary analysis, cyber-physical systems vulnerability testing and evaluation, vulnerability assessment as a service, and specialized services for the department of defense and intelligence community; and autonomous systems solutions, AI/machine learning (ML) decision intelligence solutions, and AI orchestration as a service, as well as specialized consulting services. In addition, it offers digital identity services comprising security solutions specializing in customized digital identity, biometrics, AI/ML, and advanced analytics software and solutions for global trade, travel, and digital identity industries; and Ask Sage Platform, a generative AI platform for secure AI deployment, orchestration, and agentic capabilities across defense, intelligence, and other highly regulated environments. The company was founded in 1988 and is headquartered in McLean, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $128M | $-282M | $-294M | $-46M | -48.0% | -19.3% | -0.6% |
| 2024 | $158M | $-258M | $-296M | $-49M | 7957.6% | 2.0% | 318.3% |
| 2023 | $155M | $-38M | $-71M | $-22M | 235.5% | 0.1% | -36.6% |
| 2022 | $155M | $-81M | $-111M | $-50M | 294.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 155.01 | 155.16 | 158.24 | 127.67 |
| Operating Revenue | - | 155.01 | 155.16 | 158.24 | 127.67 |
| Cost Of Revenue | - | 112.02 | 114.56 | 113.02 | 99.19 |
| Gross Profit | - | 42.99 | 40.60 | 45.22 | 28.48 |
| Operating Expense | - | 93.17 | 76.09 | 90.90 | 111.88 |
| Research And Development | - | 8.39 | 5.04 | 10.86 | 16.75 |
| Selling General And Administration | - | 84.78 | 71.06 | 80.04 | 95.13 |
| Total Expenses | - | 205.19 | 190.66 | 203.92 | 211.08 |
| Operating Income | - | -50.18 | -35.49 | -45.68 | -83.41 |
| Total Operating Income As Reported | - | -110.53 | -39.03 | -133.42 | -213.90 |
| EBITDA | - | -81.40 | -38.10 | -258.28 | -282.24 |
| Normalized EBITDA | - | -42.44 | -27.20 | -31.62 | -56.38 |
| EBIT | - | -89.16 | -46 | -270.16 | -297.52 |
| Interest Income | - | - | 0.39 | 2.29 | 13.25 |
| Interest Expense | - | 24.09 | 24.88 | 25.65 | 18.12 |
| Net Interest Income | - | -24.09 | -24.48 | -23.35 | -4.86 |
| Other Non Operating Income Expenses | - | -0.02 | 0 | -0.10 | -1.50 |
| Other Income Expense | - | -38.98 | -10.90 | -226.77 | -227.37 |
| Interest Income Non Operating | - | - | 0.39 | 2.29 | 13.25 |
| Interest Expense Non Operating | - | 24.09 | 24.88 | 25.65 | 18.12 |
| Net Non Operating Interest Income Expense | - | -24.09 | -24.48 | -23.35 | -4.86 |
| Pretax Income | - | -113.25 | -70.88 | -295.80 | -315.64 |
| Tax Provision | - | -1.88 | -0.22 | -0.26 | -21.72 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.66 | -0.03 | -0.23 | -15.58 |
| Net Income Continuous Operations | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income From Continuing And Discontinued Operation | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income From Continuing Operation Net Minority Interest | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income Common Stockholders | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income Including Noncontrolling Interests | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Normalized Income | - | -73.06 | -59.79 | -69.11 | -83.64 |
| Diluted NI Availto Com Stockholders | - | -111.37 | -70.66 | -295.55 | -293.91 |
| Basic Average Shares | - | 128.08 | 149.23 | 233.60 | 358.80 |
| Diluted Average Shares | - | 128.08 | 149.23 | 233.60 | 358.80 |
| Reconciled Depreciation | - | 7.76 | 7.90 | 11.87 | 15.28 |
| Reconciled Cost Of Revenue | - | 112.02 | 114.56 | 113.02 | 99.19 |
| Total Unusual Items | - | -38.97 | -10.90 | -226.67 | -225.86 |
| Total Unusual Items Excluding Goodwill | - | -38.97 | -10.90 | -226.67 | -225.86 |
| Special Income Charges | - | -60.35 | -3.54 | -119.01 | -133.07 |
| Other Special Charges | 2.88 | - | - | 31.27 | 2.58 |
| Impairment Of Capital Assets | - | 53.54 | 0 | 85 | 124.04 |
| Restructuring And Mergern Acquisition | - | 6.81 | 3.54 | 2.74 | 6.45 |
| Gain On Sale Of Security | - | 21.39 | -7.36 | -107.66 | -92.79 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| BigBear.ai Holdings, Inc.this co. | BBAI | $2.3B | -7.77 | 3.73 | -48.0% | -8.19 |
| PagSeguro Digital Ltd. | PAGS | $2.5B | 1.16 | 0.17 | 14.5% | 5.00 |
| PDF Solutions, Inc. | PDFS | $2.4B | -3688.94 | 8.71 | -0.2% | 129.30 |
| Bandwidth Inc. | BAND | $2.3B | -181.49 | 5.86 | -3.2% | 69.40 |
| AvePoint, Inc. | AVPT | $2.3B | 66.35 |
| - |
| - |
| - |
| - |
| - |
| - |
| 4.82 |
| 7.3% |
| 46.83 |
| A10 Networks, Inc. | ATEN | $2.3B | 54.16 | 10.79 | 19.9% | 33.13 |
| LiveRamp Holdings, Inc. | RAMP | $2.2B | 15.39 | 2.31 | 15.0% | 17.01 |
| Shoals Technologies Group, Inc. | SHLS | $2.1B | 63.81 | 3.57 | 5.6% | 31.94 |
| Vertex, Inc. | VERX | $2.1B | 295.31 | 8.22 | 2.8% | 25.19 |
| Peer Median | - | 34.78 | 5.34 | 6.4% | 32.53 | |