---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-010934"
form_type: "8-K"
ticker: "BBAI"
cik: "0001836981"
company_name: "BigBear.ai Holdings, Inc."
filed_at: "2025-03-06T23:59:59+00:00"
generated_at: "2026-05-25T07:28:37.244914+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# BigBear.ai Q4 revenue $43.8M (+8% YoY); 2025 outlook $160-180M; net debt cut to $27M

## Summary
- Q4 2024 revenue $43.8M, up 8% YoY from $40.6M; gross margin 37.4% vs 32.1%.
- GAAP net loss $108.0M, driven by $93.3M non-cash derivative liability change.
- Exchanged $182.3M of 6% 2026 notes for 6% 2029 secured notes; $58M converted to equity post-Q4.
- Cash $50.1M at Dec 31; received $64.7M from warrant exercises in Q1 2025; net debt now $27M.
- FY 2025 guidance: revenue $160-180M; negative single-digit Adjusted EBITDA.

## SEC filing metadata
- accession: 0001628280-25-010934
- form_type: 8-K
- ticker: BBAI
- cik: 0001836981
- company_name: BigBear.ai Holdings, Inc.
- filed_at: 2025-03-06T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1836981/000162828025010934/0001628280-25-010934-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1836981/000162828025010934/bbai-20250306.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-010934
- JSON: https://secwatch.observer/filing/0001628280-25-010934.json
- Plain text: https://secwatch.observer/filing/0001628280-25-010934.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.