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Overview of BigBear.ai Holdings Inc
BigBear.ai Holdings Inc (BBAI) is a pioneering technology company specializing in artificial intelligence (AI) and machine learning (ML) solutions tailored to the unique needs of the national defense, intelligence, and federal government sectors. Headquartered in Columbia, Maryland, with additional locations in Virginia, Massachusetts, and California, the company delivers cutting-edge capabilities that empower its clients to achieve 'decision dominance'—the ability to make informed, superior decisions in complex and high-pressure scenarios.
Core Business Areas
BigBear.ai operates across two primary segments:
- Cyber & Engineering: Focuses on cybersecurity, digital engineering, and systems integration to protect critical assets and ensure seamless technology adoption.
- Analytics: Provides advanced data analytics, AI-powered decision intelligence, and data management solutions to uncover actionable insights and optimize operations.
These segments enable BigBear.ai to offer a comprehensive suite of services, including data science, advanced analytics, offensive and defensive cyber capabilities, cloud solutions, and digital engineering. The company’s AI-powered platforms are designed to solve complex problems, manage risks, and enhance decision-making processes for its clients.
Market Position and Differentiators
BigBear.ai is strategically positioned in the defense and intelligence markets, serving critical government entities such as the U.S. Department of Defense and the intelligence community. Its solutions address key challenges in national security, supply chain logistics, autonomous systems, and cybersecurity. By integrating advanced AI and ML technologies with domain-specific expertise, BigBear.ai differentiates itself from competitors in the crowded technology landscape. The company’s emphasis on 'decision dominance' highlights its commitment to delivering actionable intelligence that drives superior outcomes.
Revenue Model and Operations
BigBear.ai generates revenue through a mix of project-based government contracts, recurring software subscriptions, and consulting services. Its strong relationships with federal agencies provide a stable foundation, while its focus on emerging technologies positions it for growth in commercial markets. The company’s operations are underpinned by a commitment to innovation, regulatory compliance, and security, ensuring its solutions meet the stringent requirements of its high-stakes clientele.
Challenges and Opportunities
Operating in a highly competitive and regulated industry, BigBear.ai faces challenges such as evolving government budgets, technological advancements, and the complexity of integrating AI into legacy systems. However, its focus on mission-critical applications, combined with its expertise in AI and data analytics, positions it to capitalize on growing demand for intelligent decision-support solutions. As organizations increasingly recognize the value of data-driven insights, BigBear.ai is well-equipped to expand its footprint in both government and commercial markets.
Conclusion
BigBear.ai Holdings Inc stands at the intersection of technology and national security, delivering innovative solutions that empower its clients to navigate complexity and make superior decisions. With a robust portfolio of AI-powered capabilities and a strong presence in the defense and intelligence sectors, the company is a key player in the rapidly evolving landscape of decision intelligence and advanced analytics.
BigBear.ai (NYSE: BBAI) reported Q4 2024 financial results with revenue of $43.8 million, up 8% year-over-year from $40.6 million in Q4 2023. The company's gross margin improved to 37.4% from 32.1% in Q4 2023.
Key financial highlights include:
- Net loss of $108.0 million in Q4 2024 (vs $21.3 million in Q4 2023)
- Cash balance of $50.1 million as of December 31, 2024
- Ending backlog of $418 million, a 2.5x increase from 2023
- Exchanged $182.3 million in convertible notes, with $58 million already converted to equity
For 2025, BigBear.ai projects revenue between $160 million - $180 million with negative single-digit Adjusted EBITDA. The company received $64.7 million in gross proceeds during Q1 2025 from warrant exercises, reducing net debt from $150 million to $27 million and improving the debt-to-cash ratio from 4.0 to 1.2.
BigBear.ai (NYSE: BBAI) announced its participation in Exercise Talisman Sabre 2025 (TS25), deploying its AI platform ConductorOS to enhance capabilities for AUKUS forces. The exercise, taking place this summer in Australia, will be the 11th and largest iteration with 19 nations participating.
ConductorOS will integrate with advanced technologies to strengthen interoperability among AUKUS (Australia, UK, and US) forces. The platform will help military forces by:
- Updating AI models in real-time
- Improving coordination between sensors and shooters
- Enhancing decision-making during operations
The platform will integrate with US Department of Defense Programs of Record and Australian unmanned vehicles for ground and air operations. U.S. participation in the Resilient Autonomy and AI Technologies (RAAIT) trials is supported by the Office of the Under Secretary of Defense for Research and Engineering.
BigBear.ai (NYSE: BBAI), a technology company specializing in AI solutions for defense, national security, travel, trade, and enterprise sectors, has announced its upcoming fourth quarter and full year 2024 financial results release. The company will publish its earnings report on Thursday, March 6, 2025, at approximately 4:15 pm ET. Investors and interested parties can access the earnings release through the company's investor relations website at https://ir.bigbear.ai.
BigBear.ai (NYSE: BBAI) has announced a partnership with SoftPoint to integrate its Trueface facial biometric solutions into SoftPointPay's payment transaction network. The collaboration aims to enhance security and streamline operations across SoftPoint's retail partners.
The integration will implement facial recognition technology for payment authentication, designed to reduce fraudulent transactions by utilizing unique facial identities that are difficult to replicate. SoftPointPay's network spans multiple sectors including banks, dining, retail, convenience stores, and event venues.
Ha McNeill, VP of Digital Identity at BigBear.ai, emphasized the partnership's goal of setting new standards in security and convenience through biometric payment processing. SoftPoint's CEO Christian Rivadalla highlighted the selection of BigBear.ai's technology as one of the most advanced facial recognition matching solutions available.
BigBear.ai (NYSE: BBAI) has secured a Department of Defense (DoD) contract to advance its Virtual Anticipation Network (VANE) prototype. The project will support the Chief Digital and Artificial Intelligence Office (CDAO) and Office of the Secretary of Defense by using custom AI models to analyze news media from potential foreign adversaries.
The VANE system, initially developed with the Irregular Warfare Technical Support Directorate, aggregates and analyzes data to predict adversarial activity in complex situations. The prototype received 'awardable' status on the CDAO Tradewinds Solutions Marketplace in April 2024.
The contract includes a transition plan for future deployment on CDAO's Advana environment, which will enable broader access across DoD's Combatant Commands to this AI capability.
BigBear.ai (NYSE: BBAI) has secured a prime Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the U.S. Department of Navy's SeaPort Next Generation (SeaPort NxG) program. This multiple-award contract positions BigBear.ai to provide technical, engineering, and professional services to the U.S. Navy and other federal agencies.
The company will deliver systems engineering, process engineering, and specialized technology solutions through this contract. BigBear.ai's involvement includes developing AI for advanced autonomous surface vessels (ASV), computer vision for maritime situational awareness, and AI-powered digital twins and asset management for shipbuilding.
BigBear.ai (NYSE: BBAI) has announced the appointment of Kevin McAleenan as Chief Executive Officer and Board member, effective January 15, 2025. McAleenan, currently serving as BigBear.ai's President, will succeed Mandy Long, who will transition to a Company advisor role.
McAleenan brings extensive government experience, having served as Acting Secretary of the U.S. Department of Homeland Security during the Trump administration and as Commissioner of U.S. Customs and Border Protection. He founded Pangiam, which was acquired by BigBear.ai in 2024.
Board Chair Peter Cannito highlighted the strong demand for AI solutions in government and business, emphasizing McAleenan's understanding of national security priorities and ability to leverage AI effectively. The company acknowledged Long's contributions in bringing innovative AI technologies to market and enhancing BigBear.ai's product portfolio and financial position.
BigBear.ai (NYSE: BBAI) has secured a position on the GSA OASIS+ Unrestricted Multiple Agency Contract, a significant government-wide procurement vehicle. The IDIQ contract features no maximum dollar ceiling and a 10-year ordering period with unlimited task orders at any value. The award encompasses 75 Contract Line Item Numbers across five key domains: Management and Advisory, Technical and Engineering, Research and Development, Intelligence Services, and Logistics. This contract enables federal agencies to streamline their procurement of complex professional services and provides BigBear.ai with expanded access to federal customers.
BigBear.ai (NYSE: BBAI) has announced exchange agreements to swap approximately $182.3 million of its existing 6.00% convertible senior notes due 2026 for new 6.00% convertible senior secured notes due 2029. The new notes will be secured by company assets and include a cash interest rate of 6.00% or a 7.00% rate if paid in stock. The initial conversion price will be 115% of the stock's daily volume-weighted average price on the agreement date. After the exchange, about $17.7 million of the existing notes will remain outstanding. The transaction is expected to settle around December 27, 2024.
BigBear.ai (NYSE: BBAI) has announced a collaboration with Proof Labs to develop the Cyber Resilient On-Orbit (CROO) solution for the Department of the Air Force. The project, awarded through an AFWERX SBIR Phase II contract, will incorporate BigBear.ai's SpaceCREST technology, a digital twin system for monitoring satellite network cybersecurity.
The solution aims to enhance U.S. Air Force and Space Force on-orbit assets security through AI/ML cyber intrusion detection. BigBear.ai will train CROO's AI/ML against simulated cyberattacks and integrate advanced machine learning algorithms for continuous monitoring and real-time threat detection of USSF satellite systems.
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