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BigBear.ai Holdings (BBAI) investor relations material
BigBear.ai Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Record cash balance of $391M as of June 30, 2025, enabling accelerated growth and international expansion, including a transformative UAE partnership.
Q2 2025 revenue was $32.5M, down 18% year-over-year, mainly due to Army contract disruptions and shifting federal priorities.
Net loss for Q2 2025 was $228.6M, driven by $135.8M in non-cash derivative losses and a $70.6M goodwill impairment.
Strategic focus on broadening the contract pipeline, expanding internationally, and pursuing M&A to reduce reliance on large contracts.
Leadership transition with new CEO and interim CFO, emphasizing disciplined forecasting and long-term growth.
Financial highlights
Ended Q2 2025 with $391M in cash and a net positive cash position of nearly $250M, the first time cash exceeded total debt.
Raised $293M via ATM facilities and $64.7M from warrant exercises, selling 75M–77M shares at an average price of $3.90.
Q2 2025 gross margin was 25%, down from 27.8% year-over-year; SG&A expenses decreased to $21.5M.
Adjusted EBITDA for Q2 2025 was negative $8.5M, down from negative $3.7M year-over-year.
Net cash used in operating activities for H1 2025 was $10.5M, improved from $21.4M in H1 2024.
Outlook and guidance
Full-year 2025 revenue projected between $125M and $140M, with adjusted EBITDA guidance withdrawn due to Army program uncertainty and increased investment plans.
98% of $86.1M in remaining performance obligations expected to be recognized as revenue within 12 months.
Focused on aggressive investment in organic growth, marketing, talent, innovation, and targeted M&A.
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