Overview
- BigBear.ai guides 2025 revenue down 11%–21% to $125 million–$140 million, signaling pressure in its core government programs.
- Its backlog slipped to $376 million in Q3 2025 from $385 million in Q1, and gross margin fell 240 basis points to 22.8% over the first nine months of 2025.
- The company agreed to acquire generative AI platform provider Ask Sage for $250 million, with closing targeted by late 2025 or early 2026.
- BigBear.ai previously bought Pangiam for $70 million in early 2024, and former Pangiam chief Kevin McAleenan took over as CEO in January.
- Consensus forecasts call for revenue to rise about 23% to $164 million in 2026 with Ask Sage integration, then ease slightly in 2027, with profitability still out of reach.