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BigBear.AI's second quarter reflected a sharp near-term setback, with revenue falling $7.3 million year over year to $32.5 million as disruptions to U.S. Army programs cut into contract volume. Management cut full-year 2025 revenue guidance to $125 million to $140 million and withdrew its adjusted EBITDA guidance, while the GAAP net loss widened to $228.6 million on a roughly $136 million non-cash derivative remeasurement and an approximately $71 million goodwill impairment. Adjusted EBITDA loss deepened to negative $8.5 million from negative $3.7 million a year earlier as lower revenue compressed gross margin to 25%. Against those results, the balance sheet reached a record $391 million of cash and a first-ever net cash position after a large equity raise, and management pointed to the One Big Beautiful Bill's $170 billion in DHS funding and $150 billion in defense funding as a multi-year tailwind. New CEO Kevin McAleenan framed the quarter as setting up an aggressive strategy of increased investment and transformational M&A rather than a retreat.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $44M | +8.0% | $-0.59 | -195.0% | — | -18.6% | -334.2% | $-18M |
| FY2025 Q1 | $35M | +4.9% | $-0.25 | +62.7% | — | -56.1% | -178.3% | $-8M |
| FY2025 Q2Selected | $32M | -18.4% | $-0.71 | -1320.0% | — | -54.7% | -704.0% | $-5M |
| FY2025 Q3 | $33M | -20.1% | $-0.03 | +38.4% | — | -64.0% | 7.6% | $-11M |
| FY2025 Q4 | $27M | -37.7% | $-0.01 | +98.3% | — | -88.9% | -21.4% | $-22M |
| FY2026 Q1 | $34M | -0.9% | $-0.12 | +52.0% | — | -66.9% | -164.8% | $-18M |
| FY2026 Q2 | $37M | +13.2% | $-0.05 | +93.0% | — | -74.4% | -70.1% | $-23M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q2 2025Earnings call Aug 11, 2025
FY2025 Q2 in brief
BigBear.AI's second quarter reflected a sharp near-term setback, with revenue falling $7.3 million year over year to $32.5 million as disruptions to U.S. Army programs cut into contract volume.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY -18.4% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for BigBear.ai Holdings, Inc. (BBAI), FY2025 Q2: 1/10. Scores: BigBear.ai Holdings, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: BBAI daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What BBAI and other companies said about each other on FY2025 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Additionally, we launched a cargo security management solution in partnership with Narval Holdings in Panama, opening the door to broader regional expansion and partnerships with global shipping lines.”
BigBear.ai launched a cargo-security solution with Panama's Narval Holdings, a potential entry point to regional shipping-line customers.
“We signed a transformative partnership with leading companies in the UAE under the IHC umbrella this quarter, focused on accelerating the development and adoption of AI across several domains and applications.”
BigBear.ai signed a broad AI partnership with companies under Abu Dhabi's International Holding Company (IHC).
“We also recently secured a contract in partnership with Hardy Dynamics under the DoD Joint Program Executive Office for armaments and ammunition to work on drone swarm lethality, another proof point of our strong positioning to play a critical role in the next generation of distributed autonomy.”
BigBear.ai and Hardy Dynamics jointly won a DoD JPEO armaments contract for drone-swarm lethality work.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BBAI BigBear.ai Holdings, Inc. | 1 | -18.4% | |
| ACN Accenture | 7 | +7.7% | |
| APLD Applied Digital Corp. | 8 | +157.8% | |
| BR Broadridge Financial Solutions | 8 | +6.2% | |
| CDW CDW | 6 | +10.2% | |
| CTSH Cognizant | 9 | +8.1% | |
| EPAM EPAM Systems | 7 | +18.0% | |
| FIS Fidelity National Information Services | 9 | +5.1% | |
| FISV Fiserv, Inc. | 7 | +8.0% | |
| IBM International Business Machines Corporation | 8 | +7.7% | |
| IREN IREN Limited | 8 | +229.8% | |
| IT Gartner | 5 | +5.7% | |
| JKHY Jack Henry & Associates | 9 | +9.9% | |
| LDOS Leidos | 8 | +2.9% |