Overview

• Shares rose 7.1% to $6.98 on Wednesday and are up roughly 400% over the past year, underscoring sharp volatility.
• In September the company worked with SMX to support U.S. Naval Forces Southern Command/4th Fleet at UNITAS 2025, a disclosure that lifted the stock about 12.8%.
• Quarterly results remain weak, with Q2 revenue at $32.5 million, down 18% year over year, and a $228.6 million net loss largely tied to non-cash adjustments.
• BigBear.ai reports approximately $391 million in cash and modest debt, and its CFO says the balance enables both organic and inorganic investments.
• Management guides 2025 revenue to $125 million–$140 million and points to international deals including a UAE partnership, while a Forbes/Trefis analysis flags a high price-to-sales multiple near 13 and poor profitability.