Q4 2025 revenue was $27.3M, a decrease of $16.5M year-over-year, driven by lower volume on Army programs (CFO).
Full-year 2025 gross margin was 20.4% vs. 37.4% in 2024, due to one-time items in 2024 not repeated (CFO).
SG&A in Q4 2025 was $25.7M vs. $22.2M in Q4 2024, driven by growth and marketing investments (CFO).
R&D expenses increased to $4.8M in Q4 2025 from $2.3M in Q4 2024 (CFO).
Q4 2025 net loss was $5.8M vs. a net loss of $138.2M in Q4 2024, primarily due to a noncash gain on derivatives of $143.4M and an income tax benefit of $21.8M related to the Assage acquisition, partially offset by a noncash impairment of $53.4M (CFO).
Q4 2025 adjusted EBITDA was negative $10.3M vs. positive $2.0M in Q4 2024 (CFO).
In 2025, the company raised $693M in proceeds from ATM facilities and warrant exercises (CFO).
In Q1 2026, the company fully settled the 2029 notes via forced conversion, saving ~$9M annualized interest expense through 2029 (CFO).
As of year-end 2025, the company has significantly reduced debt and has record liquidity (CEO).
The company closed the acquisition of Asage on December 31, 2025, and acquired the CargoSphere technology platform shortly after (CEO).
A material weakness disclosed in last year’s 10-K has been fully remediated as of 12/31/2025 (CFO).
Official guidance: Full-year 2026 revenue of $135M to $165M, representing ~17% growth from full-year 2025 revenue (CFO). No adjusted EBITDA guidance provided (CFO).
Mgmt Quotes
"BigBear.ai Holdings, Inc. is in the strongest financial position in the company's history." (CEO)
"We are now established in the UAE, and our relationships will only get stronger." (CEO)
"Astage is architected to seamlessly and rapidly integrate new frontier model releases into secure enclaves, without customers needing to rearchitect or reaccredit their environments." (CEO)
"Mission-ready technology by operators for operators. That is distinct from companies who primarily integrate others' capabilities and from startups who do not understand the operational context." (CEO)
"We intend to enhance our freedom to move quickly in the future." (CFO)