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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.Q2 2025 earnings summary11 Aug, 2025
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Full-year 2025 revenue projected between $125M and $140M, with adjusted EBITDA guidance withdrawn due to Army program uncertainty and increased investment plans.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.
Offset Army contract revenue decline
M&A targets for new cash deployment
OB3 bill's impact on specific product lines
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Next BigBear.ai Holdings earnings date
Q3 202510 Nov, 2025
Next BigBear.ai Holdings earnings date
Q3 202510 Nov, 2025
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Frequently asked questions
BigBear.ai Holdings Inc. is a company that provides artificial intelligence and machine learning solutions to support decision-making processes across various industries. The company's technology focuses on data analytics, predictive analytics, and cyber engineering to deliver insights that improve operational efficiency and strategic planning. BigBear.ai serves sectors including defense, healthcare, manufacturing, and logistics, offering tools that help organizations manage complex data sets and optimize decision outcomes. The company is headquartered in Columbia, Maryland, and its shares are listed on the NYSE.
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