McLean, Virginia — March 2, 2026 — Leads & Copy — BigBear.ai Holdings, Inc. (NYSE: BBAI) has released its financial results for the fourth quarter of 2025, accompanied by an investor presentation now available on the company’s Investor Relations section of its website.
According to CEO Kevin McAleenan, BigBear.ai has transformed its financial foundations to facilitate acceleration in 2026. He stated that BigBear.ai is in its strongest financial position in its history, after reducing debt by more than 90%, establishing a strong cash position for investment in catalytic technologies, expanding internationally, and acquiring Ask Sage and CargoSeer.
McAleenan noted that the U.S. Government’s AI Acceleration Strategy aligns with BigBear.ai’s capabilities, emphasizing the company’s understanding of operators’ needs for secure, rapid, and flexible application of emerging technologies.
CFO Sean Ricker noted significant milestones in 2025, including raising $693 million from ATM facilities and warrants, and the purchase of Ask Sage, the largest acquisition in BigBear’s history. He added that the company settled its 2029 Notes, which amounted to $182 million at the beginning of 2025, and closed on the acquisition of CargoSeer.
Revenue for the fourth quarter of 2025 decreased 38% to $27.3 million, compared to $43.8 million for the fourth quarter of 2024, due to lower volume on Army programs. Gross margin was 20.3% in the fourth quarter of 2025, compared to 37.4% in the fourth quarter of 2024, due to one-time high margin contracts in the fourth quarter of 2024. Net loss in the fourth quarter of 2025 was $5.8 million, compared to a net loss of $138.2 million for the fourth quarter of 2024.
The decrease in net loss was primarily driven by a non-cash gain of $50.2 million related to derivative liabilities associated with changes in the fair value of the convertible features of the 2029 and 2026 Notes and warrants for the fourth quarter of 2025 compared to a non-cash loss of $93.3 million for the fourth quarter of 2024. Further there was a non-cash loss on extinguishment of debt in fourth quarter of 2024 of $31.3 million. Additionally, the Company realized an income tax benefit of $21.7 million related to a change in tax valuation allowances resulting from the Ask Sage acquisition. This was partially offset by impairment of long-lived assets of $53.4 million during the fourth quarter of 2025.
Non-GAAP Adjusted EBITDA was $(10.3) million for the fourth quarter of 2025 compared to $2.0 million for the fourth quarter of 2024, primarily driven by a decrease in gross margin as well as an increase in research and development, and SG&A expenses.
BigBear.ai is a provider of AI-powered decision intelligence solutions and services for national security, defense, travel, trade, and enterprise. Headquartered in McLean, Virginia, BigBear.ai is a public company traded on the NYSE under the symbol BBAI.
Source: BigBear.ai
