FY2021 – FY2025 · BBAI · CIK 1836981
BigBear.ai Financials
Annual revenue, U.S.-government-vs-other customer mix, multi-component contract backlog, year-end headcount, R&D spending, and top-customer concentration — every chart point sourced to a 10-K filing on SEC EDGAR. Plus a factual side-by-side vs. Palantir, the closest peer at the financial-statement level.
U.S. gov / other (FY2025)
90% / 10%
From the FY2025 10-K Revenue note customer-type table.
Total backlog (FY2025 year-end)
$248.1M
Funded + unfunded + priced & unpriced options, per the FY2025 10-K MD&A.
Cash & equivalents (FY2025 year-end)
$87.1M
EDGAR XBRL CashAndCashEquivalentsAtCarryingValue, end-of-period.
Stock price (BBAI)
Live current price plus a five-year history. Updates during US market hours (9:30 a.m. – 4:00 p.m. Eastern, Monday – Friday) via TradingView's embed widget. The bars on this chart are end-of-day; intraday prices live in TradingView's iframe and are not pulled into this site's data.
Most recent BigBear.ai SEC filings
The freshness frontier — the latest filing of each material form type, fetched live from EDGAR. The 10-K marked “Anchors this page” is the source of every value below; the others are surfaced for transparency.
2 material filings have been filed since the anchor 10-K above (1 8-K, 1 DEF 14A). The financial metrics on this page (revenue, customer-type split, backlog, headcount, R&D) are still anchored to the 10-K because subsequent filings either don't include those metrics (DEF 14A is governance / exec comp; 8-Ks are individual material events; ARS is a reformatted version of the 10-K) or haven't been filed yet (the next 10-Q with a fresh quarterly cut).
Annual revenue
As reported on the consolidated statement of operations in each year's 10-K. Sourced live from SEC EDGAR XBRL; the underlying tag is RevenueFromContractWithCustomerExcludingAssessedTax. The series begins in FY2021 — the first full year of operations as today's NYSE-listed BigBear.ai (the May 2020 AE Industrial Partners roll-up created the company in its current form, and the December 2021 SPAC merger with GigCapital4 produced the listed entity). FY2019 and FY2020 are omitted: FY2019 is the Predecessor entity's prior-ownership financials, and FY2020 was split between Predecessor and Successor periods that are not directly comparable.
Show table
| Fiscal year | Revenue | Source |
|---|---|---|
| FY2021 | $145.6M | 10-K filed 2024-03-15 |
| FY2022 | $155.0M | 10-K filed 2025-03-25 |
| FY2023 | $155.2M | 10-K filed 2026-03-02 |
| FY2024 | $158.2M | 10-K filed 2026-03-02 |
| FY2025 | $127.7M | 10-K filed 2026-03-02 |
U.S. government vs. non-U.S.-government & commercial revenue
BigBear.ai operates as a single reportable segment (its CODM reviews consolidated financials), but the Revenue note discloses revenue by “major customer type” in two lines — U.S. government and Non-U.S. government and commercial. The chart starts at FY2023 because the two-line presentation was introduced in the FY2024 10-K, which restates FY2023 in its comparison column; earlier 10-Ks used a Cyber-and-Engineering / Analytics segmentation that maps differently and is not directly comparable.
Show table
| FY | U.S. government | Non-U.S. gov & commercial | U.S. gov % | Source |
|---|---|---|---|---|
| FY2023 | $145.2M | $10.0M | 94% | 10-K filed 2025-03-25 |
| FY2024 | $143.1M | $15.1M | 90% | 10-K filed 2026-03-02 |
| FY2025 | $114.7M | $13.0M | 90% | 10-K filed 2026-03-02 |
Contract backlog
Year-end contract backlog and its four components, as disclosed in the MD&A “Key Performance Indicators — Backlog” table of each 10-K. Funded backlog is the value of work under contracts whose funding has been appropriated. Unfunded is contracted-but-unfunded value. Priced unexercised options are contract option periods at a fixed price that the customer has not yet exercised. Unpriced unexercised options are option periods whose scope or price the company has estimated rather than received in the contract. For government-contract-heavy companies like BigBear.ai, total backlog is one of the most informative leading indicators — the FY2024 jump to $418M reflected a wave of priced options on new contracts; the FY2025 fall to $248M reflects expirations and burn-down.
Show table
| FY end | Funded | Unfunded | Priced opt. | Unpriced opt. | Total | Source |
|---|---|---|---|---|---|---|
| FY2021 | $78.3M | $68.2M | $144.0M | $31.7M | $322.1M | 10-K filed 2022-03-31 |
| FY2022 | $57.2M | $18.2M | $112.1M | $30.9M | $218.5M | 10-K filed 2023-03-31 |
| FY2023 | $30.1M | $49.4M | $63.9M | $24.4M | $167.8M | 10-K filed 2024-03-15 |
| FY2024 | $46.6M | $72.5M | $283.3M | $16.0M | $418.3M | 10-K filed 2025-03-25 |
| FY2025 | $54.9M | $57.5M | $130.6M | $5.1M | $248.1M | 10-K filed 2026-03-02 |
Year-end headcount
As disclosed in the “Company Footprint and Management” / “Human Capital” subsection of each year's 10-K. The FY2023 drop reflects the company's 2023 restructuring; the FY2024 increase is largely Pangiam's headcount being absorbed mid-year (Pangiam closed February 29, 2024). EDGAR companyfacts XBRL does not structure this field; values are parsed from the 10-K narrative.
Show table
| FY end | Employees | Source |
|---|---|---|
| FY2021 | 665 | 10-K filed 2022-03-31 |
| FY2022 | 649 | 10-K filed 2023-03-31 |
| FY2023 | 480 | 10-K filed 2024-03-15 |
| FY2024 | 630 | 10-K filed 2025-03-25 |
| FY2025 | 579 | 10-K filed 2026-03-02 |
R&D spending
Annual research-and-development expense as reported on the consolidated income statement. Bar height is absolute dollars; the percentage in each label is R&D as a share of revenue that fiscal year. Live from SEC EDGAR XBRL (ResearchAndDevelopmentExpense).
Show table
| FY | R&D | Revenue | % of revenue |
|---|---|---|---|
| FY2021 | $6.0M | $145.6M | 4.1% |
| FY2022 | $8.4M | $155.0M | 5.4% |
| FY2023 | $5.0M | $155.2M | 3.2% |
| FY2024 | $10.9M | $158.2M | 6.9% |
| FY2025 | $16.8M | $127.7M | 13.1% |
Other metrics
Operating income, net income, stock-based compensation, and operating cash flow — the standard 10-K-derived secondary metrics. All values pulled live from SEC EDGAR XBRL. The table starts at FY2021 because earlier years mix Predecessor and Successor periods around the May 2020 AE Industrial roll-up and are not directly comparable.
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating Income (Loss) | -$78.5M | -$110.5M | -$39.0M | -$133.4M | -$213.9M |
| Net Income (Loss) | -$123.6M | -$111.4M | -$70.7M | -$295.5M | -$293.9M |
| Stock-Based Compensation | $60.6M | $10.9M | $18.7M | $21.1M | $23.3M |
| Operating Cash Flow | -$19.8M | -$48.9M | -$18.3M | -$38.1M | -$42.0M |
Customer concentration
From the “Concentration of Risk” section inside the Revenue note of the most recent 10-K. The customer-concentration profile is structurally important for BigBear.ai — the company is heavily exposed to a small number of U.S. government program offices, and the FY2025 disclosure shows four customers each contributing more than 10% of revenue.
For FY2025, BigBear.ai disclosed four customers each contributing more than 10% of total revenues — Customer E at 16%, Customer C at 13%, Customer D at 11%, and Customer F at 11% — together accounting for 51% of revenue. A fifth customer (B) contributed 8%. The disclosure is anonymized in the 10-K (Customer A through F), but the company is heavily concentrated in U.S. government work: 89.8% of FY2025 revenue ($114.7M of $127.7M) came from U.S. government customers. The 'Air Force EPASS program which wound down in the second quarter of 2023' is named in the MD&A as a contributor to the multi-year revenue plateau.
Source: 10-K covering FY ending 2025-12-31, filed 2026-03-02. Paraphrased from the 'Concentration of Risk' note inside the Revenue footnote of the FY2025 10-K filed 2026-03-02. BigBear.ai anonymizes customer names in this disclosure (Customer A–F). The disclosure structure is consistent across years; for prior-year comparisons, see the same note in the FY2024 and FY2023 10-Ks.
Key events
Material corporate events — the entity formation under AE Industrial Partners, the SPAC merger that produced today's NYSE listing, and the two acquisitions that reshaped the customer mix.
- May 22, 2020 milestone Successor entity formed (AE Industrial Partners combines NuWave Solutions, PCI Strategic Management, AEGIS Systems Holding)
- Dec 8, 2021 milestone NYSE listing via SPAC merger (BBAI begins trading)
- Feb 29, 2024 acquisition Pangiam acquisition closed (biometrics / digital identity)
- Jan 1, 2025 acquisition Ask Sage acquisition closed (generative-AI platform for federal customers)
Side-by-side: BigBear.ai vs. Palantir (FY2025)
A factual side-by-side, drawn from each company's most recent 10-K. The two companies serve a similar market — defense and intelligence AI/ML analytics — with very different scale and margin profiles. No editorial framing about which is “winning”; the numbers are the numbers. For Palantir's deeper financial history, see /orgs/palantir/financials/.
| Metric | BigBear.ai (BBAI) | Palantir (PLTR) | Source |
|---|---|---|---|
| Latest annual revenue | $127.7M | $4.48B | Source: each company's FY2025 10-K, live from EDGAR XBRL. |
| Government revenue share | ~90% (US government) | ~54% (Government segment) | BigBear.ai's customer-type table (U.S. government line) vs. Palantir's two-segment Government / Commercial split. |
| Year-end headcount | 579 | 4,429 | From each company's 'Human Capital' section. |
| R&D as % of revenue | ~13% | ~13% | BigBear.ai R&D $16.8M / revenue $127.7M; Palantir R&D ~$582M / revenue ~$4.48B (FY2025, EDGAR XBRL). |
Methodology & data sources
Live data. Annual revenue, R&D, operating income, net income, stock-based compensation, operating cash flow, and year-end cash & equivalents are sourced live from BigBear.ai's SEC EDGAR XBRL company-facts endpoint. If EDGAR is unreachable when the page is being prepared, the page is not updated, so visitors never see stale fallback numbers.
Hand-curated, source-tagged. The U.S.-government-vs-other revenue split, the four-component contract backlog, year-end headcount, and the customer-concentration paragraph are not exposed in EDGAR companyfacts JSON. Each value is hand-curated from the underlying 10-K filing's Revenue note (customer-type table, backlog table, customer concentration), “Human Capital” section, or MD&A discussion, and tagged with the filing's accession number. When a newer 10-K is filed than the one a value was last verified against, a “Verification due” banner appears next to the affected section.
Refresh cadence. Hand-curated values are re-verified quarterly, aligned with BigBear.ai's 10-Q filing cadence, and re-extracted from the latest 10-K with their source-accession tags updated. Net new contract awards disclosed via 8-K between 10-Ks are surfaced in the freshness-frontier panel above so visitors can see what's been filed since the page's anchor 10-K.
What's intentionally not here. Live market cap (different licensing for market-data fields beyond price; the page refreshes quarterly, so a real-time market-cap calc against fresh share counts would be misleading). Forward guidance, analyst estimates, and price targets (out of scope — the page is reported actuals). Speculation about specific classified contracts (a meaningful slice of defense / IC spending is not publicly disclosed by program; the customer-type table aggregates U.S. government revenue rather than naming individual program offices). Editorial framing about whether the stock is over- or under-valued, or whether BigBear.ai is “the next Palantir.”
Cross-references. /orgs/palantir/financials/ for the Palantir financial deep-dive that the comparison section above draws from. Federal Tech Spending for the US-government side cross-check — BigBear.ai shows up there under both BIGBEAR.AI HOLDINGS INC. and component subsidiary names. Tech Filings for every BigBear.ai SEC filing in chronological order.
Last updated: 2026-04-30 16:56 UTC. Latest 10-K on EDGAR: 0001836981-26-000018 filed 2026-03-02. Hand-curated source-tag anchor: 0001836981-26-000018.