BigBear.ai Holdings Inc (NYSE:BBAI)
$ 3.52 -0.25 (-6.63%) Market Cap: 1.69 Bil Enterprise Value: 1.36 Bil PE Ratio: 0 PB Ratio: 2.12 GF Score: 36/100

Q3 2025 BigBear.ai Holdings Inc Earnings Call Transcript

Nov 10, 2025 / 09:30 PM GMT
Release Date Price: $5.71 (+0.53%)

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.


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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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