Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
22.3%Gross margin4
-167.5%Operating margin4
-230.2%Net margin4
-19.3%Revenue growth, 20254
-48.0%Return on equity4
0.15×Debt to equity4
-$42.5MFree cash flow4
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue43¢$99.2M
- Research and development7¢$16.8M
- Selling, general and admin41¢$95.1M
- Income tax9¢$21.7M
Out of $127.7M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $127.7M | $158.2M | $155.2M |
| Cost of revenues | $99.2M | $113.0M | $114.6M |
| Gross margin | $28.5M | $45.2M | $40.6M |
| Selling, general and administrative | $95.1M | $80.0M | $71.1M |
| Research and development | $16.8M | $10.9M | $5.0M |
| Restructuring charges | $4.4M | $1.3M | $822.0K |
| Transaction expenses | $2.1M | $1.4M | $2.7M |
| Impairment of long-lived assets | $53.4M | $0 | $0 |
| Goodwill impairment | $70.6M | $85.0M | $0 |
| Operating loss | -$213.9M | -$133.4M | -$39.0M |
| Interest expense | $18.1M | $25.6M | $24.9M |
| Interest income | -$13.3M | -$2.3M | -$392.0K |
| Net increase in fair value of derivatives | $92.8M | $107.7M | $7.4M |
| Loss on extinguishment of debt | $2.6M | $31.3M | $0 |
| Other expense (income), net | $1.5M | $99.0K | -$1.0K |
| Loss before taxes | -$315.6M | -$295.8M | -$70.9M |
| Income tax benefit | -$21.7M | -$256.0K | -$222.0K |
| Net loss | -$293.9M | -$295.5M | -$70.7M |
| Basic net loss per share (in usd per share) | -$0.82 | -$1.27 | -$0.47 |
| Diluted net loss per share (in usd per share) | -$0.82 | -$1.27 | -$0.47 |
| Weighted-average shares outstanding, Basic (in shares) | 358.8M shares | 233.6M shares | 149.2M shares |
| Weighted-average shares outstanding, Diluted (in shares) | 358.8M shares | 233.6M shares | 149.2M shares |
| Unrealized gains on AFS investments, net of tax (expense) benefit | $153.0K | $0 | $0 |
| Foreign currency translation | -$337.0K | $121.0K | $0 |
| Total other comprehensive (loss) income | -$184.0K | $121.0K | $0 |
| Total comprehensive loss | -$294.1M | -$295.4M | -$70.7M |
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $87.1M | $50.1M | $32.6M |
| Restricted cash | $5.5M | $0 | $0 |
| Available for sale investments, at fair value (amortized cost of $200,468 at December 31, 2025 and $ at December 31, 2024) | $200.5M | $0 | |
| Accounts receivable, less allowance for credit losses of $438 as of December 31, 2025 and $127 as of December 31, 2024 | $22.7M | $39.0M | $21.9M |
| Contract assets | $218.0K | $895.0K | $4.8M |
| Prepaid expenses and other current assets | $14.5M | $3.8M | |
| Total current assets | $330.5M | $93.8M | |
| Property and equipment, net | $1.6M | $1.6M | |
| Goodwill | $241.1M | $119.1M | $48.7M |
| Intangible assets, net | $139.5M | $119.1M | |
| Available for sale investments, at fair value (amortized cost of $173,789 at December 31, 2025 and $ at December 31, 2024) | $173.9M | $0 | |
| Right-of-use assets | $7.1M | $9.3M | |
| Other non-current assets | $860.0K | $990.0K | |
| Total assets | $894.5M | $343.8M | |
| Accounts payable | $6.1M | $8.5M | |
| Short-term debt, including current portion of long-term debt | $16.6M | $818.0K | |
| Accrued liabilities | $19.6M | $19.5M | |
| Contract liabilities | $14.8M | $2.5M | $879.0K |
| Current portion of long-term lease liability | $1.1M | $1.1M | |
| Derivative liabilities | $116.9M | $170.5M | |
| Other current liabilities | $10.5M | $73.0K | |
| Total current liabilities | $185.5M | $203.0M | |
| Long-term debt, net | $90.5M | $135.4M | |
| Long-term lease liability | $6.7M | $9.1M | |
| Total liabilities | $282.7M | $347.5M | |
| Common stock, par value $0.0001; 500,000,000 shares authorized and 436,955,655 shares issued and outstanding at December 31, 2025 and 251,554,378 shares issued and outstanding at December 31, 2024 | $46.0K | $26.0K | |
| Additional paid-in capital | $1.5B | $625.1M | |
| Treasury stock, at cost 9,952,803 shares at December 31, 2025 and December 31, 2024 | -$57.4M | -$57.4M | |
| Accumulated deficit | -$865.6M | -$571.6M | |
| Accumulated other comprehensive (loss) income | -$63.0K | $121.0K | |
| Total stockholders equity (deficit) | $611.9M | -$3.7M | -$30.0M |
| Total liabilities and stockholders equity (deficit) | $894.5M | $343.8M | |
| Debt securities, available-for-sale, amortized cost, current | $200.5M | $0 | |
| Accounts receivable allowance | $438.0K | $127.0K | |
| Debt securities, available-for-sale, amortized cost, noncurrent | $173.8M | $0 | |
| Common stock, par value (in usd per share) | $0.00 | $0.00 | |
| Common stock, authorized (in shares) | 500.0M shares | 500.0M shares | |
| Common stock, issued (in shares) | 437.0M shares | 251.6M shares | |
| Common stock, outstanding (in shares) | 437.0M shares | 251.6M shares | |
| Treasury stock, shares (in shares) | 10.0M shares | 10.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$293.9M | -$295.5M | -$70.7M |
| Depreciation and amortization expense | $15.3M | $11.9M | $7.9M |
| Amortization of debt discount and issuance costs | $9.1M | $13.4M | $12.7M |
| Accretion of discount on investments in debt securities | -$966.0K | $0 | $0 |
| Equity-based compensation expense | $23.3M | $21.1M | $18.7M |
| Goodwill impairment | $70.6M | $85.0M | $0 |
| Impairment of long-lived assets | $53.4M | $0 | $0 |
| Non-cash lease expense | $2.2M | $720.0K | $597.0K |
| Provision for doubtful accounts | $351.0K | $228.0K | $1.7M |
| Deferred income tax benefit | -$21.7M | -$328.0K | -$235.0K |
| Loss on extinguishment of debt | $2.6M | $31.3M | $0 |
| Increase in fair value of derivatives | $92.8M | $107.7M | $7.4M |
| Loss on sale of property and equipment | $0 | $0 | $10.0K |
| Decrease (increase) in accounts receivable | $17.2M | -$11.8M | $6.4M |
| Decrease (increase) in contract assets | $677.0K | $3.9M | -$3.5M |
| Decrease (increase) in prepaid expenses and other assets | -$10.4M | $2.1M | $5.9M |
| Decrease in accounts payable | -$5.7M | -$4.0M | -$4.4M |
| (Decrease) increase in accrued expenses | -$254.0K | -$2.9M | $2.6M |
| Increase (decrease) in contract liabilities | $593.0K | $514.0K | -$1.1M |
| Increase (decrease) in other liabilities | $2.8M | -$1.4M | -$2.3M |
| Net cash used in operating activities | -$42.0M | -$38.1M | -$18.3M |
| Purchases of investments in debt securities | -$564.4M | $0 | $0 |
| Sales of AFS investments | $191.2M | $0 | $0 |
| Acquisition of business, net of cash acquired | -$229.0M | $13.9M | $0 |
| Purchases of property and equipment | -$525.0K | -$484.0K | -$2.0K |
| Capitalized software development costs | -$3.8M | -$10.6M | -$3.8M |
| Net cash (used in) provided by investing activities | -$606.7M | $2.8M | -$3.8M |
| Proceeds from warrant exercises | $64.7M | $53.8M | $0 |
| Proceeds from issuance of Private Placement and Registered Direct Offering shares | $0 | $0 | $50.0M |
| Payment of Private Placement and Registered Direct Offering transaction costs | -$551.0K | $0 | -$5.7M |
| Proceeds from short-term borrowings | $0 | $817.0K | $1.2M |
| Repayment of short-term borrowings | -$818.0K | -$1.2M | -$2.1M |
| Proceeds from at-the-market offering | $637.1M | $0 | $0 |
| Payment of transaction costs for at-the-market offering | -$8.3M | $0 | $0 |
| Payment of debt issuance costs to third parties | -$4.7M | -$349.0K | $0 |
| Issuance of common stock upon ESPP purchase | $2.4M | $1.4M | $1.2M |
| Proceeds from exercise of options | $3.7M | $421.0K | $0 |
| Payments of tax withholding from the issuance of common stock | -$2.1M | -$2.4M | -$2.6M |
| Net cash provided by financing activities | $691.3M | $52.5M | $42.1M |
| Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash | -$174.0K | $424.0K | $0 |
| Net increase in cash, cash equivalents, and restricted cash | $42.5M | $17.6M | $19.9M |
| Interest | $8.9M | $12.6M | $12.2M |
| U.S. federal | $0 | $0 | $0 |
| U.S. state and local | -$28.0K | $0 | $0 |
| Foreign | $0 | $0 | $0 |
| As previously disclosed, prior to the adoption of ASU 2023-09 | $0 | -$1.5M | -$30.0K |
| Issuance of common stock upon conversion of 2029 Notes | $135.6M | $0 | $0 |
| Issuance of common stock for paid-in-kind interest on 2029 Convertible Notes | $4.1M | $0 | $0 |
| Transfers of debt securities from held-to-maturity to available for sale | $510.5M | $0 | $0 |
| Issuance of common stock for exercise of RDO and PIPE warrants, net of cash received | $49.8M | $0 | $0 |
| Deferred purchase consideration for the acquisition of Ask Sage included in other current liabilities | $5.2M | $0 | $0 |
| Issuance of common stock as consideration for Pangiam acquisition | $0 | $210.8M | $0 |
Former names
- GigCapital4, Inc.Dec 31, 2020 to Dec 7, 20213
Recent filings
- Oct 14, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 30, 20264
- Sep 15, 20268-K
- Aug 17, 20268-K
- Aug 17, 20263
- Aug 17, 20264
- Jul 31, 2026SCHEDULE 13G
- Jul 31, 2026424B5
- Jul 31, 20268-K
- Jul 30, 20268-K
- Jul 30, 202610-Q
- Jul 27, 2026SCHEDULE 13G/A
- Jul 2, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitebigbear.ai1
- X (Twitter)x.com/bigbearai1
- Facebookwww.facebook.com/bigbearai1
- LinkedInwww.linkedin.com/company/bigbearai1
- WikidataQ124545138
- SEC EDGARCIK 1836981
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataBigBear.ai on Wikidata
- 2SEC EDGARBigBear.ai filings on SEC EDGAR
- 3SEC EDGARBigBear.ai filings on SEC EDGAR
- 4SEC EDGARBigBear.ai 10-K for fiscal 2025
- 5SEC EDGARBigBear.ai 10-K for fiscal 2019
- 6SEC EDGARBigBear.ai 10-K for fiscal 2021
- 7SEC EDGARBigBear.ai 10-K for fiscal 2022
- 8SEC EDGARBigBear.ai 10-Q for fiscal 2025
- 9SEC EDGARBigBear.ai 10-Q for fiscal 2026
- 10SEC EDGARBigBear.ai 10-Q for fiscal 2026
- 11SEC EDGARBigBear.ai 10-K for fiscal 2021