BigBear.ai Q4 revenue down 38% to $27.3M; 2026 revenue guidance $135-$165M

BigBear.ai Holdings, Inc.

Q4 2025 revenue $27.3M, down 38% YoY; gross margin 20.3% vs 37.4% in Q4 2024 due to non-recurring high-margin contracts.
Full-year 2025 revenue $128M; FY 2026 guidance $135-$165M (~17% growth at midpoint).
Ended 2025 with $462M cash/investments; settled remaining $125M of 2029 convertible notes in Jan 2026 via debt-to-equity.
Closed acquisitions of Ask Sage (Dec 2025) and CargoSeer (Jan 2026); expanded into Middle East.
Raised $693M from ATM facilities and warrants in 2025; reduced debt by over 90%.

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