BigBear.ai Holdings Inc (NYSE:BBAI)

Q3 2025 BigBear.ai Holdings Inc Earnings Call Transcript

Nov 10, 2025 / 09:30 PM GMT

Release Date Price: $5.71 (+0.53%)

Transcript 10-Q8-K

Key Points

Positve

BigBear.ai Holdings Inc (BBAI) has signed a definitive agreement to acquire Ask Sage, a generative AI platform, which is expected to accelerate growth and strengthen its position in the national security market.
Ask Sage supports over 16,000 government teams and hundreds of commercial companies, with annual recurring revenue on track to grow sixfold from 2024 to 2025.
The acquisition of Ask Sage aligns with BigBear.ai Holdings Inc (BBAI)'s M&A framework, focusing on disruptive AI mission solutions, smart secure travel and trade, and platform-level AI technologies.
BigBear.ai Holdings Inc (BBAI) has a strong financial position with total cash and investments of $715 million, allowing for strategic investments and growth initiatives.
The company has expanded its biometric platform to major airports, enhancing security and processing times, and has demonstrated progress in national security and international markets.

Negative

Third quarter revenue decreased by $8.4 million year over year, primarily due to lower volume on Army programs.
Gross margins decreased from 25.9% to 22.4% year over year, impacted by the absence of certain higher margin programs.
SG&A expenses increased significantly from $17.5 million to $25.3 million year over year, driven by labor costs and strategic initiatives.
Adjusted EBITDA for the third quarter was negative $9.4 million, compared to $900,000 in the comparable period, due to increased SG&A spending and lower gross profit.
Parts of several contracts, mostly for the intelligence community, have been temporarily paused due to the government shutdown, causing revenue and personnel disruptions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BBAI.N - BigBear.ai Holdings Inc
Q3 2025 BigBear.ai Holdings Inc Earnings Call
Nov 10, 2025 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to Big Bear AI Holdings Inc. 3rd quarter 2025 earnings call and webcast.

At this time all participants are in a listen-only mode.

If anyone should require operator assistance during the webcast, please press 0 on your telephone keypad.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Chief Financial Officer Sean Ricker.

Thank you, sir. Please go ahead.

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Unidentified_2 [2]
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