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Jun 30, 2025
Bigbear.Ai Q2 2025 Earnings Report
BigBear.ai reported Q2 2025 results with lower revenue, a widened net loss from non-cash charges, and record cash balance.
Key Takeaways
In Q2 2025, BigBear.ai posted revenue of 32,472,000, an operating loss, and a net loss impacted by non-cash derivative changes and goodwill impairment; the company ended the quarter with 390,845,000 in cash and a backlog of 380,000,000.
Quarterly revenue of 32,472,000 with a gross margin of 25.0%.
Net loss of -228,619,000 driven by non-cash derivative changes and goodwill impairment.
Adjusted EBITDA of -8,498,000.
Cash and equivalents at 390,845,000 and backlog of 380,000,000 at quarter-end.
Forward Guidance
The company projected full-year 2025 revenue between 125,000,000 and 140,000,000 and withdrew its Adjusted EBITDA guidance due to uncertainty in certain Army programs and planned growth investments.
Positive Outlook
- Published annual revenue projection
- Strong cash position for organic and inorganic investments
- Ongoing partnerships and international expansion
- Backlog supports future visibility
- Focus on national security and defense solutions
Challenges Ahead
- Withdrawal of Adjusted EBITDA guidance
- Uncertainty in federal Army programs
- Margin pressures from lower volume
- Potential impact from government budget changes
- Execution risks associated with growth investments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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