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Sep 30, 2025
Bigbear.Ai Q3 2025 Earnings Report
BigBear.ai reported a net income turnaround and announced a major acquisition during Q3 2025.
Key Takeaways
BigBear.ai posted a positive net income of $2.5M in Q3 2025, reversing a $15.1M loss from the same quarter last year. Revenue declined due to lower volumes in Army programs, but the company ended the quarter with a record cash position and announced the acquisition of Ask Sage.
Reported $2.5M in net income, compared to a $15.1M loss in Q3 2024
Revenue declined to $33.1M from $41.5M YoY due to lower Army program volume
Announced $250M acquisition of Ask Sage to expand in secure GenAI for defense
Ended quarter with record $456.6M in cash, strengthening balance sheet
Forward Guidance
The company reaffirmed its 2025 full-year revenue guidance of $125M to $140M. The acquisition of Ask Sage is expected to close in late Q4 2025 or early Q1 2026 and is not included in current year projections.
Positive Outlook
- Projected 2025 revenue remains between $125M and $140M
- Ask Sage expected to add $25M ARR in 2025
- Record cash position enables strategic investments
- Positive net income achieved despite revenue decline
- Increased scale through Ask Sage expands federal AI footprint
Challenges Ahead
- Revenue dropped 20% YoY due to reduced Army program volume
- Adjusted EBITDA turned negative at -$9.4M
- Gross margin decreased to 22.4%
- SG&A costs rose due to strategic initiatives and labor
Historical Earnings Impact
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Avg. Return Before/After Earnings
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