BigBear.ai Holdings, Inc. Q4 FY2025 earnings call

• Strengthened financial position with reduced debt and record liquidity. - Expanded international footprint, including establishing a subsidiary in UAE and partnerships. - Completed acquisition of Assage and CargoSeer. - Highlighted operating context changes like U.S. national security strategy and AI acceleration strategy. - Prioritized top-line growth, focusing on operators, execution rigor, and catalytic M&A

Fourth quarter revenue was $27.3 million, a decrease of $16.5 million year-over-year. Gross margin for the fourth quarter of 2025 was 20.4% versus 37.4% for the comparable period. SG&A expenses in the fourth quarter of 2025 were $25.7 million versus $22.2 million in the comparable period. R&D expenses increased from $2.3 million in the fourth quarter of 2024 to $4.8 million in the fourth quarter of 2025. Net loss for the fourth quarter was $5.8 million versus a net loss of $138.2 million in the comparable period. Adjusted EBITDA for the fourth quarter was negative $10.3 million versus positive $2 million in the comparable period. Full-year 2026 revenue projection is between $135 million and $165 million

Projecting full-year 2026 revenue between $135 million and $165 million, no adjusted EBITDA guidance at this time