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.
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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.
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