BBAI
BigBear.ai Holdings, Inc.5.86
-0.11-1.84%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
No Q&A; remarks unchallenged
No Q&A session followed prepared remarks, delivering zero incremental insights or challenges to management's thesis. This leaves FY26 revenue guidance of $135M-$165M, balance sheet strength, and Asage/CargoSphere integrations fully unprobed. Remarks reaffirm focus on national security and travel/trade growth amid AI acceleration and UAE expansion. No analyst concerns surfaced. Q&A absence signals quiet confidence. Watch acquisition execution and pipeline conversion.
Key Stats
Market Cap
2.56BP/E (TTM)
-Basic EPS (TTM)
-1.45Dividend Yield
0%Recent Filings
8-K
Q4 revenue down, cash soars
BigBear.ai reported Q4 2025 revenue of $27.3 million, down 38% from $43.8 million in Q4 2024 due to lower Army program volume, yet ended the year with a record $462 million in cash and investments after settling $125 million of 2029 notes via debt-to-equity conversions. Acquisitions of Ask Sage in December 2025 and CargoSeer in January 2026, plus Middle East expansion, bolster growth prospects. Projects 2026 revenue of $135-165 million, up 17% at midpoint from 2025's $128 million.
10-K
FY2025 results
BigBear.ai's FY2025 revenues fell 19% y/y to $128M, pressured by lower Army program volume and non-recurring 2024 contracts that didn't repeat, yet cash ballooned nearly 10x to $462M via ATM equity raises and warrant exercises. Q4 momentum faltered with U.S. government contract shortfalls triggering $71M goodwill and $53M intangibles impairments, wiping out prior-year gains; margins compressed as cost/revenue hit 78% from a higher mix of lower-margin work. Debt slashed 88% post-year-end to $18M after full 2029 notes conversion to equity, bolstering liquidity amid $248M backlog (down from $418M). No annual guidance disclosed in the 10-K. Government funding delays risk quarterly momentum.
8-K
Redeems 2029 notes, cuts debt
BigBear.ai called for redemption of all its 6.00% Convertible Senior Secured Notes due 2029 on January 2, 2026, with redemption set for January 16. Expecting voluntary conversions, it anticipates slashing debt from $142 million to $17 million via ~38 million reserved shares, dodging major cash outlay. Debt drops sharply. This bolsters the balance sheet while hiking public float.
8-K
Bylaws amended, shares authorized doubled
BigBear.ai amended its Bylaws effective December 1, 2025, tightening stockholder voting to majority of votes cast, bolstering proxy rules, and sharpening nomination procedures. Stockholders at a special meeting that day approved boosting authorized common shares from 500M to 1B (191.6M for, 44.5M against), with 54.9% quorum. Meeting adjourned to December 5. Bylaws fortify board control.
10-Q
Q3 FY2025 results
BigBear.ai's Q3 revenues fell 20.1% y/y to $33.1M from $41.5M, with gross margin shrinking to 22.4% from 25.9% amid lower Army program volume, while operating loss widened to $21.9M from $10.5M on higher SG&A. Q/q, revenues dropped (derived). Net income flipped to $2.5M profit from $15.1M loss, thanks to $26.1M derivative gains offsetting $4.6M interest; YTD net loss hit $288.1M versus $157.4M last year, driven by $70.6M goodwill impairment and $143.0M derivative losses—net exceeds operating by >20% due to fair-value changes and debt conversions. Cash swelled to $456.6M on $690M ATM/warrant raises, funding $259M HTM buys; long-term debt net $104.9M after conversions. Free cash flow used $24.2M YTD (derived). Government shutdowns risk contract delays.
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