BigBear.ai Holdings, Inc.
- Open
- 3.69
- Day high
- 3.78
- Day low
- 3.61
- Prev close
- 3.67
- Volume
- 16.8M
- Mkt cap
- $1.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.3
- P/S
- 14.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$105K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
BigBear.ai Holdings, Inc. (BBAI) is a Technology company listed on NYSE. The stock is down 45% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
BigBear.ai Holdings, Inc. (BBAI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BBAI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.08 | $-0.08 | +0.0% | $34M | +2.5% |
| May 1, 2025 | $-0.06 | $-0.10 | -66.7% | $35M | -4.2% |
| Mar 6, 2025 | $-0.05 | $-0.04 | +20.0% | $44M | -19.8% |
| Aug 1, 2024 | $-0.07 | $-0.04 | +42.9% | $40M | -13.6% |
| May 2, 2024 | $-0.07 | $-0.22 | -214.3% | $33M | -29.9% |
| Mar 7, 2024 | $-0.07 | $-0.14 | -100.0% | $41M | -5.1% |
| Mar 13, 2023 | $-0.10 | $-0.23 | -130.0% | $40M | +8.0% |
| Nov 9, 2022 | $-0.11 | $-0.13 | -18.2% | $41M | +1.9% |
| Mar 17, 2022 | $-0.01 | $-0.70 | -4998.3% | $33M | -20.7% |
| Nov 15, 2021 | — | $-0.03 | — | $40M | — |
| Aug 16, 2021 | — | $-0.03 | — | $36M | — |
| May 17, 2021 | — | $-0.02 | — | $36M | — |
BBAI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Braden Pamela Joycedirector | Grant | 36,070 | — |
| Jun 15, 2026 | FULCHINO PAUL Edirector | Grant | 36,070 | — |
| Jun 15, 2026 | Cannito Peter Anthony Jrdirector | Grant | 36,070 | — |
| Jun 15, 2026 | BATTLE SEAN BERNARDdirector | Grant | 36,070 | — |
| Jun 15, 2026 | PANGIAM ULTIMATE HOLDINGS, LLCdirector | Grant | 36,070 | — |
| Jun 15, 2026 | HAYES DOROTHY Ddirector | Grant | 36,070 | — |
| Jun 15, 2026 | Evangelista Anthonydirector | Grant | 36,070 | — |
| Jun 9, 2026 | Ricker Sean Raymondofficer: Chief Financial Officer | Tax | 9,759 | $4.20 |
| May 26, 2026 | Ricker Sean Raymondofficer: Chief Financial Officer | Sell | 10,000 | $4.33 |
| May 8, 2026 | HAYES DOROTHY Ddirector | Sell | 15,000 | $4.11 |
| Mar 27, 2026 | McAleenan Kevindirector, officer: Chief Executive Officer | Grant | 290,730 | — |
| Mar 27, 2026 | Ricker Sean Raymondofficer: Chief Financial Officer | Grant | 122,107 | — |
| Mar 27, 2026 | Blankenship Carolynofficer: General Counsel and Secretary | Grant | 125,923 | — |
| Mar 16, 2026 | Braden Pamela Joycedirector | Sell | 80,000 | $4.00 |
| Mar 6, 2026 | HAYES DOROTHY Ddirector | Sell | 17,000 | $3.98 |
Source: BBAI SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full BBAI insider & 13F page →BigBear.ai Holdings, Inc. company profile
Overview
BigBear.ai Holdings, Inc. (NASDAQ:BBAI) is an artificial intelligence and machine learning company that provides decision support solutions primarily to government and defense clients. Founded through a series of acquisitions and mergers, the company went public in April 2021 via a SPAC transaction. Headquartered in Columbia, Maryland, BigBear.ai has positioned itself as a specialized provider of AI-powered analytics and cybersecurity solutions for national security and critical infrastructure applications. The company has faced significant financial challenges since going public, with substantial losses and declining cash reserves, while working to establish itself in the competitive government contracting and AI services market.
Business
BigBear.ai operates in the artificial intelligence and machine learning services industry, specifically focusing on decision support systems for government and enterprise clients. The company provides sophisticated data analytics, cybersecurity, and AI-powered solutions that help organizations make real-time decisions based on complex data sets. The company operates through two primary business segments: 1. Analytics Segment - This division provides high-end technology and consulting services focused on big data computing and analytical solutions. The segment develops predictive and prescriptive analytics solutions that help customers aggregate, interpret, and synthesize large volumes of data to enable real-time decision-making capabilities. Key products include the Orion Decision Support Platform, which has been deployed at major airports including Dallas/Fort Worth, Denver, and Los Angeles for security and operational optimization. 2. Cyber & Engineering Segment - This segment offers technology and management consulting services in areas including cloud engineering and enterprise IT, cybersecurity, computer network operations and wireless communications, systems engineering, and strategic program planning. This segment primarily serves government clients, particularly the Department of Defense and other federal agencies. The company's solutions are designed to handle complex, mission-critical applications where traditional data processing methods are insufficient. Their AI and machine learning capabilities are particularly focused on national security applications, autonomous systems, and complex global supply chain management. Revenue distribution between the segments fluctuates, but both segments contribute significantly to the company's overall revenue base.
Revenue model
BigBear.ai generates revenue primarily through government contracts and professional services in the AI and cybersecurity space. The company operates on a project-based contracting model, securing multi-year contracts with government agencies, particularly the Department of Defense, and deploying specialized AI solutions for specific mission requirements. The company's revenue streams include: 1. Government Contracting - The majority of revenue comes from federal contracts, including a significant $900 million 10-year Air Force IDIQ (Indefinite Delivery/Indefinite Quantity) contract and various Department of Defense engagements. These contracts typically involve developing and maintaining specialized AI and cybersecurity solutions. 2. Commercial Services - A smaller but growing portion of revenue comes from commercial clients, including airport security systems and private sector analytics solutions. Commercial revenue represents approximately 8-10% of total revenue. 3. International Partnerships - The company is expanding internationally through strategic partnerships, such as collaborations with Smith Detection for global security applications. Several factors significantly impact the company's margins and profitability. Positive margin drivers include the shift toward higher-margin technology solutions rather than pure consulting services, successful deployment of proprietary platforms like Orion, and the scalability of AI solutions once developed. Negative margin pressures come from intense competition in government contracting, the need for continuous R&D investment to stay competitive in rapidly evolving AI technologies, project-based revenue volatility, and the high costs associated with maintaining security clearances and specialized technical talent. The company's gross margins have remained relatively stable around 21-29%, but substantial operating expenses related to R&D and business development have resulted in consistent operating losses.
Competitive moat
BigBear.ai's competitive moat is relatively narrow and primarily based on specialized government relationships and security clearances rather than proprietary technology or network effects. The company's main defensive advantages include established relationships with key government agencies, particularly the Department of Defense, and the specialized expertise required to navigate complex federal procurement processes and security requirements. The company benefits from the high switching costs associated with mission-critical government systems, where agencies are reluctant to change vendors once a system is operational. Additionally, the security clearance requirements for personnel working on classified projects create some barriers to entry for competitors lacking the necessary credentialed workforce. However, BigBear.ai faces significant competitive threats from several directions. Large defense contractors like Lockheed Martin, Raytheon, and Booz Allen Hamilton have substantially more resources and deeper government relationships. Technology giants such as Amazon Web Services, Microsoft, and Google are aggressively pursuing government cloud and AI contracts with superior technical capabilities and financial resources. The AI and machine learning space is also crowded with specialized competitors, many of whom have stronger proprietary algorithms or more established commercial track records. The company's moat is further weakened by the commoditization of many AI and analytics capabilities, making it increasingly difficult to differentiate based on technology alone. Without significant proprietary intellectual property or dominant market positions, BigBear.ai must compete primarily on execution and relationships, which provides limited long-term protection against well-funded competitors.
Risks & safety
BigBear.ai presents significant financial risk with a narrow margin of safety for investors. • Cash Position: $107.6 million in cash as of Q1 2025, but burning approximately $6-7 million per quarter in free cash flow, providing roughly 3-4 years of runway at current burn rates • Debt Level: Convertible notes debt of $142 million (reduced from $200 million), representing a manageable but significant obligation given the company's financial position • Solvency Risk: Current ratio improved to 1.66 in Q1 2025 from 0.46 in Q4 2024, indicating better short-term liquidity, though the company remains unprofitable with negative operating cash flows • Valuation Metrics: Trading at negative P/E ratios due to losses, EV/EBITDA of -7.9x, and price-to-book ratio of 3.6x, suggesting the market expects significant future growth to justify current valuations • Other Considerations: Substantial net losses ($62 million in Q1 2025), negative return on equity (-31%), and dependence on government contracts create additional risk factors. The company's $385 million backlog provides some revenue visibility but doesn't guarantee profitability.
Recent development
Over the past few years, BigBear.ai has undergone significant strategic transformation focused on operational efficiency and market positioning. The company implemented major cost reduction initiatives, identifying $20 million in annualized savings while simultaneously increasing R&D investments to strengthen its competitive position in AI and machine learning. Key strategic developments include the deployment of the Orion Decision Support Platform at major airports including Dallas/Fort Worth, Denver, and Los Angeles, representing a successful expansion into commercial applications beyond traditional government contracting. The company has also secured significant new contracts, including Department of Defense engagements for the Orion platform and extensions of existing programs like the Global Force Information Management (GFIM) system. International expansion has emerged as a priority, with strategic partnerships such as the collaboration with Smith Detection to extend BigBear.ai's capabilities globally. The company has also strengthened its leadership team, including the hiring of Ted Tanner as Chief Technology and Strategy Officer, and has actively participated in AI policy discussions, submitting comments to the National Telecommunications and Information Administration on AI accountability measures. The company has focused on three core markets: complex global supply chains, autonomous systems, and cybersecurity. This strategic focus represents a shift from broader consulting services toward more specialized, higher-margin technology solutions. Recent efforts have also included exploring generative AI opportunities across both defense and commercial markets, leveraging large language models for enhanced efficiency and scaled implementation of AI solutions.
BBAI company profile · for informational purposes only — not investment advice.
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