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Dec 31, 2025
Bigbear.Ai Q4 2025 Earnings Report
Bigbear.Ai Q4 2025 Earnings Report
Key Takeaways
BigBear.ai reported a significant revenue decline in Q4 2025 due to lower Army program volumes, but substantially narrowed its net loss compared to the prior year. The company ended the year in its strongest cash position ever following significant capital raises and strategic acquisitions of Ask Sage and CargoSeer.
Revenue decreased 38% year-over-year to $27.3 million, primarily driven by lower volume on Army programs.
Net loss improved significantly to $5.8 million from $138.2 million in Q4 2024, aided by a $50.2 million non-cash gain on derivative liabilities.
The company ended 2025 with $462 million in total cash and investments, the strongest financial position in its history.
Completed the acquisition of Ask Sage in December 2025 and CargoSeer in January 2026 to expand AI capabilities in national security and trade.
Forward Guidance
BigBear.ai projects full-year 2026 revenue to grow approximately 17% at the midpoint compared to 2025.
Positive Outlook
- Projected 2026 revenue between $135 million and $165 million.
- Strongest financial position in company history with $462 million in liquidity.
- Debt reduced by more than 90% following settlement of 2029 Notes.
- Integration of Ask Sage and CargoSeer acquisitions to drive growth.
- Expansion into the Middle East market.
Challenges Ahead
- Potential impact of the U.S. DOGE Service Temporary Organization on government spending.
- Risk of government contracts being terminated for convenience.
- Uncertainty regarding the timing of government appropriations and procurement.
- Potential for further downward revisions of short and long-term forecasts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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