BBAIHIGH SIGNALFINANCIAL10-K

BBAI shows severe operational deterioration with substantially higher operating losses alongside a meaningful decline in revenue, though cash position improved significantly.

The company faces a concerning operational trajectory with revenue declining nearly 20% while operating losses expanded substantially, indicating fundamental business challenges. However, the 74% increase in cash reserves and 21% debt reduction suggest the company has strengthened its balance sheet positioning, potentially providing runway to address operational issues.

Comparing 2026-03-02 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

BBAI experienced significant operational headwinds with revenue falling 19% to $127.7M while operating losses expanded meaningfully from -$133.4M to -$213.9M, driven by gross profit declining 37% and R&D expenses growing notably. Despite operational challenges, the balance sheet shows improvement with cash reserves growing substantially to $87.1M, total debt reduced 21% to $107.0M, and overall liabilities declining 19%, suggesting recent capital raising or asset optimization efforts.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+86%
$7.8M→$14.4M

Interest expense surged 86% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+73.8%
$50.1M→$87.1M

Cash position surged 73.8% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
-60.3%
-$133.4M→-$213.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

R&D Expense
P&L
+54.2%
$10.9M→$16.8M

R&D investment increased 54.2% — signals commitment to future product development, though near-term margin impact.

Accounts Receivable
Balance Sheet
-41.7%
$39.0M→$22.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Gross Profit
P&L
-37%
$45.2M→$28.5M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Debt
Balance Sheet
-21.4%
$136.2M→$107.0M

Debt reduced 21.4% — deleveraging strengthens balance sheet and reduces financial risk.

Revenue
P&L
-19.3%
$158.2M→$127.7M

Revenue softened 19.3% — monitor whether this is cyclical or structural.

SG&A Expense
P&L
+18.9%
$80.0M→$95.1M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Liabilities
Balance Sheet
-18.7%
$347.5M→$282.7M

Liabilities reduced 18.7% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-25
ADDED
o The aggregate market value of voting stock held by non-affiliates of the Registrant on June 30, 2025, based on the closing price of $6.79 per share for shares of the Registrant s common stock as reported by the New York Stock Exchange, was approximately $ 2.5 billion .
There were 476,056,577 shares of our common stock, $0.0001 par value per share, outstanding as of February 27, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.
s ( BigBear.ai or the Company ) is a specialized provider of mission-ready artificial intelligence ( AI ) technology, founded originally to serve defense and national security mission customers.
Our objective is to deliver enduring strategic advantage for the U.S., its allies, and select commercial partners.
We unite cutting-edge technology capabilities - from artificial intelligence to computer vision, predictive analytics and biometrics.
Each area is highly specialized and requires deep domain expertise.
Strengthening national security enables commerce and provides the baseline of trust necessary for nations to build prosperity.
In turn, enhanced national security depends on the ability to move people and goods through the global economy and across borders with speed, precision and efficiency, which facilitates tens of trillions of dollars of annual trade.
We advance each of these systems by developing and deploying advanced technology and human expertise.
REMOVED
x The aggregate market value of voting stock held by non-affiliates of the Registrant on June 28, 2024, based on the closing price of $1.51 per share for shares of the Registrant s common stock as reported by the New York Stock Exchange, was approximately $ 149.9 million.
There were 289,006,948 shares of our common stock, $0.0001 par value per share, outstanding as of March 21, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 69 Item 7A.
Form 10-K Summary 155 Signatures 156 3 Table of Cont e n t s PART I EXPLANATORY NOTE This Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ( Annual Report on Form 10-K ) of BigBear.ai Holdings, Inc.
(the Company, us, our ) includes a restatement of the following financial statements (collectively, the Restated Financial Statements ) as appearing in the Company s Annual Reports on Form 10-K for the fiscal years ended December 31, 2023 and 2022 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, June 30 and September 30 in each of 2024 and 2023 (collectively, the Prior Periodic Reports ): 1.
Our consolidated balance sheets as of December 31, 2023 and as of December 31, 2022, our consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2023 and December 31, 2022 and the accumulated deficit in our consolidated statements of stockholders equity as of December 31, 2023 and January 1, 2023 (see Note 2, Restatement of Previously Issued Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K); 2.
Management s Discussion and Analysis of Financial Condition and Results of Operations as of and for the fiscal years ended December 31, 2023 and 2022 (see Part II, Item 7.
See, Note 2, Restatement of Previously Issued Financial Statements and Note 25, Restatement of Quarterly Financial Information (Unaudited) in the notes to the consolidated financial statements included in this Annual Report on Form 10-K .
The Items of this Annual Report on Form 10-K that restate information in the Prior Periodic Reports as a result of the Restated Financial Statements include: 1.
We have not filed and do not intend to file amendments to our Prior Periodic Reports.
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