0001836981-25-000028
SEC filingBigBear.ai holds $456.6M cash, $258.9M HTM investments, $142.3M debt, and $94.4M remaining performance obligations.
Cash and cash equivalents totaled $456.6 million at September 30, 2025, a dramatic increase from $50.1 million at December 31, 2024. The company also held $258.9 million in held-to-maturity investments (amortized cost, fair value $269.0 million), consisting of U.S. Treasury securities ($140.0 million) and corporate bonds ($128.9 million). These HTM investments were initiated during 2025 and carry a weighted-average yield of 3.94%. Total assets rose to $919.8 million from $343.8 million, driven by the cash and investment buildup. Total debt (principal) was $142.3 million, down from $200.8 million at year-end 2024, primarily due to $57.7 million of 2029 Convertible Notes voluntarily converted during Q1 2025. Net debt (after unamortized discount/costs) was $104.9 million. Stockholders' equity swung from a deficit of $3.7 million to positive $610.0 million, reflecting the large equity issuances under ATM programs.
The Notes disclose remaining performance obligations (RPO) of $94.4 million as of September 30, 2025, with approximately 98% expected to be recognized as revenue within the next 12 months. Operating lease obligations total $13.3 million in future minimum payments, with a present value of $8.0 million. The company also has $1.4 million in unpaid restructuring costs (employee separation) expected to be paid by Q2 2026. No other material purchase commitments or contractual obligations are detailed in the Notes.
No share repurchases or dividends were reported. Capital expenditures were minimal at $0.3 million (0.3% of sales). The company raised $628.8 million in net proceeds from at-the-market (ATM) equity offerings during the nine months ended September 30, 2025, under three separate sales agreements (May 2024, June 2025, and August 2025). Debt was reduced by $31.4 million net (principal), primarily through voluntary conversions of 2029 Convertible Notes. The company also entered into a definitive agreement to acquire Ask Sage for up to $250 million (cash and/or stock) subsequent to quarter end.
The company operates in a single operating and reportable segment. Substantially all revenues were generated within the United States. Revenue by contract type: time and materials ($61.7M), firm fixed price ($24.2M), and cost-reimbursable ($14.4M) for the nine months ended September 30, 2025. Revenue recognized over time was $98.0M (97.6% of total).
Operating cash flow (CFO) of -$20.1M for the nine months ended September 30, 2025 represents a modest improvement from -$23.3M in the prior year, despite a significantly larger net loss of $288.1M (vs $157.4M). The large non-cash items, including goodwill impairment ($70.6M) and fair value change in derivatives ($143.0M), largely explain the divergence. Capex (property and equipment plus capitalized software) totaled $4.1M, down from $7.7M, indicating lower capital intensity. Investing activities were heavily negative due to $258.7M in purchases of HTM investments, a new item this year. Financing activities generated $690.1M, primarily from at-the-market equity offerings ($637.1M net of costs). Working capital changes provided a net positive of $14.3M (driven by accounts receivable decrease of $14.2M and accrued expenses increase of $6.5M), partially offset by accounts payable decrease. Overall, cash generation remains negative from operations, but external financing has bolstered liquidity.