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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% | - |
| 2024 | $158M | $-258M | $-296M | $-49M | 7957.6% | 2.0% | - |
| 2023 | $155M | $-38M | $-71M | $-22M | 235.5% | 0.1% | - |
| 2022 | $155M | $-81M | $-111M | $-50M | 294.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -50.17 | -35.49 | -45.68 | -83.41 |
| EBITDA | -81.40 | -38.10 | -258.28 | -282.24 |
| EBIT | -89.16 | -46 | -270.16 | -297.52 |
| Pretax Income | -113.25 | -70.88 | -295.80 | -315.64 |
| Tax Provision | -1.88 | -0.22 | -0.26 | -21.72 |
| Net Income | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income Common Stockholders | -111.37 | -70.66 | -295.55 | -293.91 |
| Total Expenses | 205.19 | 190.66 | 203.92 | 211.08 |
| Interest Expense | 24.09 | 24.88 | 25.65 | 18.12 |
| Interest Income | 0 | 0.39 | 2.29 | 13.25 |
| Research And Development | 8.39 | 5.04 | 10.86 | 16.75 |
| Selling General And Administration | 84.78 | 71.06 | 80.04 | 95.13 |
| Normalized EBITDA | -42.44 | -27.20 | -31.62 | -56.38 |
| Normalized Income | -73.06 | -59.79 | -69.11 | -83.64 |
| Basic EPS | -0.95 | -0.40 | -1.10 | -0.82 |
| Diluted EPS | -0.95 | -0.40 | -1.10 | -0.82 |
| Tax Effect Of Unusual Items | -0.66 | -0.03 | -0.23 | -15.58 |
| Tax Rate For Calcs | 0.02 | 0 | 0 | 0.07 |
| Total Unusual Items | -38.97 | -10.90 | -226.67 | -225.86 |
| Total Unusual Items Excluding Goodwill | -38.97 | -10.90 | -226.67 | -225.86 |
| Net Income From Continuing Operation Net Minority Interest | -111.37 | -70.66 | -295.55 | -293.91 |
| Reconciled Depreciation | 7.76 | 7.90 | 11.87 | 15.28 |
| Reconciled Cost Of Revenue | 112.02 | 114.56 | 113.02 | 99.19 |
| Net Interest Income | -24.09 | -24.48 | -23.35 | -4.86 |
| Net Income From Continuing And Discontinued Operation | -111.37 | -70.66 | -295.55 | -293.91 |
| Total Operating Income As Reported | -110.53 | -39.03 | -133.42 | -213.90 |
| Diluted Average Shares | 128.08 | 149.23 | 233.60 | 358.80 |
| Basic Average Shares | 128.08 | 149.23 | 233.60 | 358.80 |
| Diluted NI Availto Com Stockholders | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income Including Noncontrolling Interests | -111.37 | -70.66 | -295.55 | -293.91 |
| Net Income Continuous Operations | -111.37 | -70.66 | -295.55 | -293.91 |
| Other Income Expense | -38.98 | -10.90 | -226.77 | -227.37 |
| Other Non Operating Income Expenses | -0.02 | 0 | -0.10 | -1.50 |
| Special Income Charges | -60.35 | -3.54 | -119.01 | -133.07 |
| Other Special Charges | 0 | 0 | 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 |
| Net Non Operating Interest Income Expense | -24.09 | -24.48 | -23.35 | -4.86 |
| Interest Expense Non Operating | 24.09 | 24.88 | 25.65 | 18.12 |
| Interest Income Non Operating | 0 | 0.39 | 2.29 | 13.25 |
| Operating Revenue | 155.01 | 155.16 | 158.24 | 127.67 |
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 | $1.8B | - | 2.73 | -48.0% | -26.00 |
| BlackLine, Inc. | BL | $1.9B | 74.43 | 5.49 | 7.4% | 22.45 |
| EVERTEC, Inc. | EVTC | $1.9B | 12.84 | 2.93 | 22.8% | 7.67 |
| Marqeta, Inc. | MQ | $1.9B | - | 2.51 | -1.8% | -55.78 |
| Intapp, Inc. | INTA | $1.9B | - | 4.54 |
| -3.5% |
| -100.91 |
| Agilysys, Inc. | AGYS | $1.8B | 80.80 | 7.06 | 8.7% | 52.62 |
| Semrush Holdings, Inc. | SEMR | $1.8B | - | 6.27 | -6.5% | -117.61 |
| Blackbaud, Inc. | BLKB | $1.8B | 13.28 | 21.13 | 135.2% | 10.69 |
| Alkami Technology, Inc. | ALKT | $1.8B | - | 4.81 | -13.2% | -52.67 |
| Peer Median | - | 43.86 | 5.15 | 2.8% | -22.50 | |