---
schema_version: "secwatch.filing_event.v1"
accession: "0001836981-26-000016"
form_type: "8-K"
ticker: "BBAI"
cik: "0001836981"
company_name: "BigBear.ai Holdings, Inc."
filed_at: "2026-03-02T23:59:59+00:00"
generated_at: "2026-05-15T22:45:46.222633+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001836981-26-000016
- form_type: 8-K
- ticker: BBAI
- cik: 0001836981
- company_name: BigBear.ai Holdings, Inc.
- filed_at: 2026-03-02T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1836981/000183698126000016/0001836981-26-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1836981/000183698126000016/bbai-20260302.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001836981-26-000016
- JSON: https://secwatch.observer/filing/0001836981-26-000016.json
- Plain text: https://secwatch.observer/filing/0001836981-26-000016.txt

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