BigBear.ai Holdings, Inc. (BBAI)

BigBear.ai Holdings, Inc. is an AI-driven technology solutions company headquartered in McLean, Virginia, with additional offices in Ann Arbor, Michigan, Chantilly, Virginia, and Charlottesville, Virginia, serving critical national security, defense, and related markets by helping organizations operationalize artificial intelligence to analyze complex data and generate actionable insights. The company delivers both software and services, with core capabilities spanning Edge AI, Vision AI, and Digital Twin solutions supporting operational readiness, autonomy at the edge, contested logistics, and supply chain management, alongside digital identity and biometrics offerings increasingly used beyond national security in commercial applications like personal finance. On February 29, 2024, BigBear.ai completed its acquisition of Pangiam Intermediate Holdings, LLC, a leader in vision AI for global trade, travel, and digital identity, enhancing its combined portfolio with facial recognition, anomaly detection, and advanced biometrics capabilities.

The majority of the company's revenue derives from U.S. federal government contracts, particularly with the Department of Defense, Department of Homeland Security, and the Intelligence Community, making its performance sensitive to federal budget cycles, continuing resolutions, and geopolitical conditions affecting defense spending priorities. As of December 31, 2024, the company had approximately 630 employees, the majority holding active security clearances, with about 53% in technical roles such as software engineering, data science, and cybersecurity; the workforce is non-unionized. Competitively, BigBear.ai faces pressure from systems integrators, internal government/corporate IT development efforts, commercial software providers, and public cloud vendors, and it seeks to differentiate through decades of domain expertise, trusted government relationships, and a mission-driven culture.

The company relies on patents, trademarks, copyrights, trade secrets, and contractual protections to safeguard its intellectual property. Financially, in 2024 BigBear.ai reported revenues of $158.2 million (up from $155.2 million in 2023 and $155.0 million in 2022, both restated), with a gross margin of $45.2 million; however, it posted a substantial operating loss of $133.4 million, driven partly by an $85.0 million goodwill impairment, and a net loss of $295.5 million, compared to net losses of $70.7 million in 2023 and $111.4 million in 2022. During 2024, the company also engaged in several capital markets transactions, including exchanging $182.3 million of its 2026 Convertible Notes for new 2029 Convertible Notes bearing 6.0% cash interest (or 7.0% if paid in kind), and completed multiple warrant exercise agreements with existing investors generating tens of millions of dollars in proceeds, some of which were fully exercised in early 2025, alongside issuance of new warrants with exercise prices ranging from $3.78 to $9.00 per share.

As of March 21, 2025, the company had 289,006,948 shares of common stock outstanding, and its stock traded on the New York Stock Exchange, with a non-affiliate market value of approximately $149.9 million as of June 28, 2024. The filing also discloses that the company's financial statements reflect corrections of previously issued errors, including restatements that triggered a required clawback/recovery analysis of incentive-based executive compensation under applicable SEC rules.