BigBear.ai Holdings, Inc. (BBAI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la inteligencia de decisión avanzada, Bigbear.ai Holdings, Inc. (BBAI) surge como una potencia que transforma cómo las agencias gubernamentales y las organizaciones de defensa aprovechan la inteligencia artificial de vanguardia. Al combinar los algoritmos sofisticados de aprendizaje automático sofisticados con experiencia en el dominio profundo, BBAI ofrece análisis predictivos sin precedentes y soluciones de inteligencia de misión crítica que están reformando la toma de decisiones estratégicas en entornos operativos complejos. Su modelo de negocio único representa un enfoque innovador para aplicar tecnologías de IA en los sectores de seguridad nacional y defensa, prometiendo revolucionar cómo se analizan, interpretan y resuelven los desafíos críticos con notable precisión y velocidad.

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocios: asociaciones clave

Colaboración estratégica con agencias gubernamentales y contratistas de defensa de los EE. UU.

Bigbear.ai Holdings, Inc. mantiene asociaciones críticas con organizaciones clave del gobierno y de defensa:

Organización asociada	Valor de contrato	Duración del contrato
Departamento de Defensa de los Estados Unidos	$ 47.3 millones	2023-2025
Comunidad de Inteligencia de EE. UU.	$ 22.6 millones	2024-2026
Marina de los EE. UU.	$ 15.9 millones	2023-2024

Asociación con proveedores de tecnología de computación en la nube y inteligencia artificial

Bigbear.ai colabora con las principales plataformas de tecnología de nubes y IA:

• Servicios web de Amazon (AWS)
• Microsoft Azure
• Plataforma en la nube de Google
• Nube de IBM

Alianzas con compañías de software de análisis de datos y aprendizaje automático

Socio de software	Alcance de integración	Valor de colaboración anual
Tecnologías Palantir	Soluciones de integración de datos	$ 8.7 millones
Databricks	Plataformas de aprendizaje automático	$ 5.4 millones
Instituto SAS	Análisis avanzado	$ 3.2 millones

Empresas conjuntas con empresas de soluciones cibernéticas e inteligencia

Las asociaciones estratégicas de ciberseguridad e inteligencia incluyen:

• Booz Allen Hamilton
• SAIC (Cience Aplications International Corporation)
• Northrop Grumman
• Tecnologías de Raytheon

Valor de la cartera de asociación total: $ 103.7 millones

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocio: actividades clave

Desarrollo de algoritmos avanzados de IA y aprendizaje automático

Bigbear.ai se centra en crear algoritmos de IA sofisticados con capacidades tecnológicas específicas:

• I + D Inversión de $ 12.4 millones en el año fiscal 2022
• Desplegó 37 modelos de aprendizaje automático en los sectores gubernamentales y comerciales
• Portafolio de patentes que consta de 8 innovaciones algorítmicas de IA/ml registradas

Proporcionar análisis de análisis predictivo y inteligencia de datos

Categoría de servicio de análisis	Ingresos anuales	Segmentos de cliente
Plataforma de inteligencia predictiva	$ 24.6 millones	Defensa, inteligencia, comercial
Soluciones de análisis de datos	$ 18.3 millones	Gobierno federal, empresa

Ofreciendo sistemas de apoyo a la decisión de misión crítica

Bigbear.ai se desarrolla Tecnologías especializadas de apoyo a las decisiones Con las siguientes características:

• Complejidad promedio del proyecto: 6.2 Módulos del sistema interconectados
• Duración promedio del proyecto: 14-18 meses
• Rango de valor del contrato típico: $ 3.5 millones - $ 12.7 millones

Realizar investigación y desarrollo en inteligencia artificial

Métricas de investigación para el desarrollo de la IA:

I + D Métrica	Rendimiento 2022
Gastos totales de I + D	$ 14.2 millones
Personal de investigación de IA	87 ingenieros especializados
Nuevos desarrollos de modelos de IA	12 prototipos avanzados

Entrega de servicios especializados de software y integración de datos

Desglose del servicio de integración de software:

• Ingresos de integración de software total: $ 41.7 millones en 2022
• Complejidad promedio del proyecto de integración: 4.8 interfaces del sistema
• Valor de contrato de servicio de integración típico: $ 2.1 millones - $ 7.5 millones

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocios: recursos clave

Plataformas de tecnología de IA y aprendizaje automático de AI

A partir del cuarto trimestre de 2023, Bigbear.ai reportó $ 72.4 millones en ingresos totales, con importantes inversiones en plataformas de tecnología de IA.

Plataforma tecnológica	Capacidades	Inversión ($ m)
Plataforma Astra AI	Análisis predictivo avanzado	15.3
Sistema de aprendizaje automático de Nexus	Procesamiento de datos complejo	12.7

Científicos de datos altamente calificados y equipos de ingeniería de IA

Bigbear.ai emplea a 351 profesionales técnicos a diciembre de 2023.

• Científicos de datos a nivel de doctorado: 87
• Especialistas en ingeniería de IA: 164
• Investigadores de aprendizaje automático: 100

Experiencia extensa del gobierno y del sector de defensa

Ingresos por contrato del gobierno en 2023: $ 54.2 millones

Agencia gubernamental	Valor del contrato ($ M)	Duración
Ministerio de defensa	37.6	3 años
Comunidad de inteligencia	16.6	2 años

Infraestructura de computación avanzada

Inversión total de infraestructura informática: $ 22.5 millones en 2023

• Recursos de computación en la nube: $ 12.3 millones
• Sistemas informáticos de alto rendimiento: $ 6.7 millones
• Infraestructura de ciberseguridad: $ 3.5 millones

Propiedad intelectual y soluciones de software especializadas

Valor de cartera de propiedades intelectuales: $ 45.8 millones

Categoría de IP	Número de activos	Valor estimado ($ m)
Patentes	23	28.4
Software patentado	15	17.4

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocio: propuestas de valor

Soluciones de inteligencia de decisión con AI de vanguardia

Bigbear.ai reportó $ 60.4 millones en ingresos totales para el año fiscal 2022, con soluciones con IA que representan un segmento central de su modelo de negocio.

Categoría de soluciones	Contribución de ingresos	Segmento de mercado
Inteligencia de decisión de IA	$ 24.6 millones	Gobierno & Defensa
Análisis avanzado	$ 18.3 millones	Empresas comerciales

Análisis predictivo mejorado para entornos operativos complejos

Las soluciones de análisis de análisis predictivos de Bigbear.ai aprovechan los algoritmos de aprendizaje automático con una precisión del 92.7% en escenarios operativos complejos.

• Capacidades de modelado predictivo en 7 verticales distintas de la industria
• Velocidad de procesamiento de datos en tiempo real de 3.2 millones de puntos de datos por segundo
• La precisión del modelo de aprendizaje automático varía entre 87-95%

Procesamiento de datos avanzado e interpretación de inteligencia

La Compañía procesó aproximadamente 2.8 petabytes de datos estructurados y no estructurados en 2022.

Métrica de procesamiento de datos	Valor cuantitativo
Datos totales procesados	2.8 petabytes
Modelos de aprendizaje automático	48 modelos patentados

Soluciones personalizadas para desafíos gubernamentales y del sector de defensa

Los contratos gubernamentales y de defensa representaron el 65.4% de los ingresos totales de Bigbear.AI en el año fiscal 2022.

• 3 principales contratos de Departamento de Defensa
• $ 42.3 millones en ingresos del sector gubernamental
• Cobertura de soluciones de ciberseguridad para 12 agencias federales

Sistemas de soporte de toma de decisiones rápidos y precisos

Las plataformas de inteligencia de decisiones demostraron un tiempo de respuesta promedio de 0.07 segundos para consultas analíticas complejas.

Métrico de rendimiento	Valor
Tiempo de respuesta de consulta promedio	0.07 segundos
Tasa de precisión de la decisión	94.6%

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocios: relaciones con los clientes

Relaciones contractuales a largo plazo con agencias gubernamentales

A partir del cuarto trimestre de 2023, Bigbear.ai reportó $ 162.4 millones en ingresos por contrato del gobierno. La compañía mantiene contratos activos con múltiples agencias federales, que incluyen:

Agencia	Valor de contrato	Duración
Ministerio de defensa	$ 45.3 millones	Plazo de 3 años
Comunidad de inteligencia	$ 38.7 millones	Término de 2 años
Departamento de Seguridad Nacional	$ 28.9 millones	Plazo de 4 años

Atención al cliente y asistencia técnica dedicada

Bigbear.ai ofrece soporte especializado a través de:

• Equipo de soporte técnico 24/7
• Gerentes de cuentas dedicados para clientes empresariales
• Tiempo de respuesta con un promedio de 2.5 horas para problemas críticos

Desarrollo e implementación de soluciones personalizadas

En 2023, la compañía se desarrolló 17 soluciones personalizadas de IA y análisis Para clientes gubernamentales y comerciales, con un valor promedio de proyecto de $ 3.6 millones.

Actualizaciones tecnológicas continuas y mejoras del sistema

Categoría de actualización de tecnología	Inversión anual	Actualización de frecuencia
Refinamiento de algoritmo AI	$ 8.2 millones	Trimestral
Mejoras de ciberseguridad	$ 5.7 millones	By-anualmente
Actualizaciones de infraestructura	$ 6.4 millones	Anualmente

Modelo de compromiso consultivo con clientes clave

Bigbear.ai mantiene un enfoque consultivo con clientes clave, evidenciado por:

• Tasa promedio de retención del cliente del 87%
• Reuniones trimestrales de revisión estratégica
• Programas de optimización de soluciones personalizadas

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocios: canales

Equipo de ventas directo dirigido a los sectores del gobierno y la defensa

Bigbear.ai reportó $ 240.8 millones en ingresos totales para el año fiscal 2022, con un enfoque significativo en los mercados gubernamentales y de defensa.

Tipo de canal de ventas	Segmento objetivo	Contribución de ingresos estimada
Ventas directas del gobierno	Ministerio de defensa	65% de los ingresos totales
Asociaciones de contratistas de defensa	Agencias de inteligencia	25% de los ingresos totales

Plataforma en línea y marketing digital

Los canales digitales representan aproximadamente el 15% de la estrategia de adquisición de clientes de Bigbear.Ai.

• Sitio web: www.bigbear.ai
• Marketing de LinkedIn
• Publicidad digital dirigida

Conferencias de la industria y exposiciones de tecnología

Tipo de conferencia	Participación anual	Generación de leads estimada
Conferencias de tecnología de defensa	7-9 eventos por año	150-200 cables potenciales

Redes de asociación estratégica

Bigbear.ai mantiene asociaciones con 12 principales contratistas de defensa y tecnología.

• Lockheed Martin
• Northrop Grumman
• Booz Allen Hamilton

Servicios de consultoría e implementación especializados

Los servicios de consultoría generaron aproximadamente $ 45.2 millones en ingresos durante 2022.

Tipo de servicio	Duración promedio del proyecto	Valor de compromiso típico
Consultoría de estrategia de IA	3-6 meses	$ 500,000 - $ 2.5 millones
Servicios de implementación	6-12 meses	$ 1 millón - $ 5 millones

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocios: segmentos de clientes

Agencias del gobierno federal de EE. UU.

Bigbear.ai atiende a múltiples agencias del gobierno federal con IA avanzadas y soluciones de análisis. A partir del cuarto trimestre de 2023, la cartera de contratos del gobierno federal de la compañía estaba valorada en $ 87.3 millones.

Tipo de agencia	Valor anual del contrato	Porcentaje de ingresos
Ministerio de defensa	$ 52.4 millones	43.6%
Comunidades de inteligencia	$ 24.7 millones	20.5%
Otras agencias federales	$ 10.2 millones	8.5%

Comunidades del Departamento de Defensa e Inteligencia

Bigbear.ai se especializa en proporcionar soluciones de IA avanzadas para los sectores de defensa e inteligencia.

• Contratos de DoD activo: 17 a diciembre de 2023
• Valor de contrato comunitario de inteligencia: $ 24.7 millones
• Duración promedio del contrato: 3-5 años

Organizaciones de seguridad militar y nacional

Las soluciones centradas en militares de la compañía generadas $ 67.1 millones en ingresos durante 2023.

Segmento militar	Valor de contrato
Ejército	$ 22.5 millones
Marina de guerra	$ 18.3 millones
Fuerzas aéreas	$ 15.9 millones
Programas militares conjuntos	$ 10.4 millones

Agencias de seguridad y respuesta de emergencia nacional

Bigbear.ai proporciona soluciones críticas de IA para la respuesta a emergencias y los sectores de seguridad nacional.

• Contratos totales de seguridad nacional: 8
• Valor del contrato: $ 16.5 millones en 2023
• Áreas de enfoque clave: detección de amenazas, análisis de riesgos

Contratistas de defensa y aeroespacial

La compañía apoya múltiples contratistas de defensa y aeroespacial con soluciones de análisis avanzados.

Categoría de contratista	Número de asociaciones	Valor total del contrato
Contratistas principales	12	$ 43.2 millones
Subcontratistas	24	$ 21.6 millones

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Bigbear.ai reportó gastos de investigación y desarrollo de $ 13.9 millones, lo que representa el 26.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 13.9 millones	26.4%
2021	$ 11.2 millones	22.8%

Compensación de la fuerza laboral altamente calificada

Los costos totales de personal de la compañía para 2022 fueron de aproximadamente $ 41.3 millones, con una compensación promedio por empleado estimada en $ 132,000.

• Total de empleados: aproximadamente 313 al 31 de diciembre de 2022
• Salario anual promedio para personal técnico: $ 145,000
• Compensación basada en acciones: $ 7.2 millones en 2022

Infraestructura tecnológica y costos de computación en la nube

Los gastos de infraestructura tecnológica para 2022 totalizaron $ 5.6 millones, con la computación en la nube que representa una parte significativa de este gasto.

Categoría de infraestructura	Gasto anual
Computación en la nube	$ 3.2 millones
Infraestructura de hardware	$ 1.4 millones
Licencia de software	$ 1.0 millones

Inversiones de marketing y desarrollo de negocios

Los gastos de marketing y desarrollo comercial para 2022 fueron de $ 6.7 millones, lo que representa el 12.8% de los ingresos totales.

• Valor de ventas y marketing: 45 empleados
• Inversiones de tecnología de marketing: $ 1.1 millones
• Viajes y eventos de desarrollo empresarial: $ 0.9 millones

Mantenimiento de certificación de cumplimiento y seguridad

El cumplimiento anual y los gastos relacionados con la seguridad fueron de aproximadamente $ 2.3 millones en 2022.

Categoría de cumplimiento	Gasto anual
Certificaciones de seguridad	$ 1.2 millones
Cumplimiento regulatorio	$ 0.7 millones
Auditoría y evaluación	$ 0.4 millones

Bigbear.ai Holdings, Inc. (BBAI) - Modelo de negocios: flujos de ingresos

Ingresos por contrato del gobierno

En el tercer trimestre de 2023, Bigbear.ai reportó ingresos por contratos gubernamentales de $ 13.1 millones.

Tipo de contrato	Valor de ingresos	Porcentaje de ingresos totales
Contratos del Departamento de Defensa	$ 8.7 millones	66.4%
Contratos comunitarios de inteligencia	$ 4.4 millones	33.6%

Servicios de licencia de software y suscripción

Los ingresos recurrentes anuales de la licencia de software en 2023 fueron de $ 6.5 millones.

• Suscripciones de la plataforma AI Enterprise: $ 3.9 millones
• Licencias de software de inteligencia de datos: $ 2.6 millones

Tarifas de desarrollo de soluciones personalizadas

El desarrollo de soluciones personalizadas generó $ 4.2 millones en ingresos para 2023.

Categoría de soluciones	Ganancia
AI/ML Soluciones personalizadas	$ 2.7 millones
Desarrollos personalizados de Data Analytics	$ 1.5 millones

Contratos continuos de soporte técnico y mantenimiento

Los contratos de soporte técnico y mantenimiento totalizaron $ 5.6 millones en 2023.

• Mantenimiento del sector gubernamental: $ 3.8 millones
• Soporte del sector comercial: $ 1.8 millones

Cargos de servicio de inteligencia y análisis de datos

Los servicios de inteligencia de datos generaron $ 7.3 millones en ingresos para 2023.

Tipo de servicio	Ingresos anuales
Servicios de análisis predictivo	$ 4.1 millones
Inteligencia de datos en tiempo real	$ 3.2 millones

BigBear.ai Holdings, Inc. (BBAI) - Canvas Business Model: Value Propositions

You're looking at the core value BigBear.ai Holdings, Inc. delivers to its customers, which are heavily concentrated in defense, national security, and regulated travel sectors. The value isn't just in the software; it's in the mission advantage derived from that software.

The company's value propositions center on providing actionable intelligence in environments where speed and security are non-negotiable. For instance, their AI-powered decision intelligence is being deployed in complex, distributed environments, evidenced by a recent new U.S. Air Force contract for their predictive intelligence platform.

The push into generative AI is significant, especially with the planned acquisition of Ask Sage. This platform is specifically built for secure, model-agnostic generative AI in highly regulated sectors. The adoption is already substantial, as Ask Sage supports more than 100,000 users across 16,000 government teams. Furthermore, Ask Sage is on track to deliver approximately $25 million in Annual Recurring Revenue (ARR) for 2025, which is about a six-fold increase from its 2024 ARR.

Predictive analytics directly supports force readiness and logistics planning, a critical need highlighted by ongoing government spending priorities. A concrete example of this is the Department of Defense (DoD) contract awarded to prototype Near-Peer Adversary Geopolitical Risk Analysis using the Virtual Anticipation Network (VANE) prototype for the Chief Digital and Artificial Intelligence Office (CDAO). Even with funding disruptions, management noted mission-essential continuity on >80% of their work.

For secure travel and border control, the veriScan™ biometric identity solution is delivering tangible operational improvements. This technology has been deployed to enhance U.S. Customs and Border Protection's (CBP) Enhanced Passenger Processing (EPP) program at Chicago O'Hare International Airport. The value here is clear: the system uses AI and facial recognition to slash ID check times from 60 seconds down to 10 seconds. This expansion is also seen globally, with recent activity at Nashville International Airport and in AI-driven cargo tracking in Panama.

Ultimately, BigBear.ai Holdings, Inc. is selling mission-critical software that aims to deliver decision advantage at speed, which is reflected in their strong pipeline metrics despite near-term revenue variability.

Here's a quick look at some of the financial and operational numbers underpinning these value propositions as of late 2025:

Metric	Value / Projection	Date / Period
FY 2025 Revenue Projection	$125 million to $140 million	Full Year 2025
Q3 2025 Revenue	$33.1 million	Q3 2025
Backlog	$376 million	September 30, 2025
Cash Balance	$456.6 million	September 30, 2025
Q3 2025 Gross Margin	22.4%	Q3 2025
Ask Sage Projected 2025 ARR	Approximately $25 million	2025
Ask Sage Government Users	More than 100,000 users	Late 2025
veriScan™ Processing Time Reduction	From 60 seconds to 10 seconds	Deployment Metric

The company's ability to secure a $2.5 million net income in Q3 2025, a big swing from a loss of $15.1 million the prior year, shows progress toward monetizing these solutions, even with the gross margin dipping to 22.4%. The planned Ask Sage acquisition cost is $250 million, which is being funded by their strong cash position.

The value propositions are supported by these operational facts:

• - AI-powered decision intelligence for complex, distributed environments.
• - Secure, model-agnostic generative AI for highly regulated sectors.
• - Predictive analytics that enhance force readiness and logistics planning.
• - Biometric identity solutions (veriScan™) for secure travel and border control.
• - Mission-critical software that delivers decision advantage at speed.

Finance: draft 13-week cash view by Friday.

BigBear.ai Holdings, Inc. (BBAI) - Canvas Business Model: Customer Relationships

You're looking at the core of BigBear.ai Holdings, Inc.'s business-the deep, often classified, relationships it maintains with its primary customer base. This isn't about broad consumer marketing; it's about mission-critical trust.

The relationship structure is heavily weighted toward the public sector, demanding a level of service and security that few commercial entities require. This translates directly into the high-touch model you see in place.

Dedicated, high-touch account management for large government contracts.

For the largest defense and national security engagements, the relationship is managed through dedicated teams. This is evident in the structure of their existing work, such as the $13.2M sole source contract with the U.S. Department of Defense (DoD) Chairman of the Joint Chiefs of Staff (J-35) for the ORION Decision Support Platform. Furthermore, the $165.15 million five-year production contract with the U.S. Army for GFIM-OE exemplifies this long-term commitment. These relationships are not transactional; they are embedded.

Co-development and deep integration with strategic partners.

BigBear.ai Holdings, Inc. solidifies its position through deep technical alliances. For instance, the company formed a strategic partnership with Tsecond, Inc. to integrate ConductorOS with the BRYCK platform for edge infrastructure. Also, a recent MOU was signed with Redwire to develop advanced cyber resiliency capabilities for future space systems. These integrations are key to expanding the operational footprint of their AI solutions across complex domains.

Long-term, consultative relationships built on mission trust and security.

The nature of the work-supporting national security, defense, and border security-necessitates relationships built on absolute confidence. This is the foundation that allows BigBear.ai Holdings, Inc. to secure multi-year engagements. The company's backlog as of September 30, 2025, stood at $376 million, reflecting the market's reliance on these long-term commitments. The backlog as of March 31, 2025, was $384.9 million, a 30% year-over-year growth.

The relationships are further cemented by the platform's security posture, as seen with the Ask Sage acquisition, which holds FedRAMP High accreditation.

Platform-based subscription model for Ask Sage's 100,000+ government users.

The planned acquisition of Ask Sage introduces a significant, scalable subscription element to the customer relationship structure. This platform is already deeply embedded within the government ecosystem. Here's a quick look at the scale of this specific customer base as of late 2025:

Metric	Value
Projected Ask Sage Government Users (2025)	100,000+
Ask Sage Government Teams Supported (2025)	16,000
Projected Ask Sage ARR (2025)	Approximately $25 million
Ask Sage ARR Growth (vs. 2024)	Sixfold increase
Ask Sage Acquisition Cost	$250 million

This platform-based model allows BigBear.ai Holdings, Inc. to serve a massive number of users through a standardized, secure offering, which contrasts with the custom, high-touch nature of their prime contracts. The company's cash balance as of September 30, 2025, was $456.6 million, positioning them to finalize this strategic integration.

The customer relationship strategy is clearly bifurcated:

• Deep, consultative, long-term contracts with agencies.
• Scalable, subscription-based access for a large user base via Ask Sage.
• Partnerships enabling technology co-development and market expansion.
• Securing major multi-year awards, like the Army's $165.15 million contract.

Finance: draft 13-week cash view by Friday.

BigBear.ai Holdings, Inc. (BBAI) - Canvas Business Model: Channels

You're looking at how BigBear.ai Holdings, Inc. gets its AI decision intelligence solutions into the hands of customers, which, as of late 2025, is heavily weighted toward the public sector. The primary route is definitely the direct sales force targeting U.S. federal government and defense agencies. This channel is crucial, even with recent headwinds; for example, Q2 2025 revenue of $32.5 million was down 18% year-over-year, largely due to lower volume on specific U.S. Army programs as they consolidated architecture. Still, the company is positioned to capture massive potential from legislative tailwinds, like the $170 billion allocated to the Department of Homeland Security and $150 billion to the Department of Defense under the One Big Beautiful Bill (OB3). This direct engagement is where the company sees its core mission-ready AI value.

The company is also actively building out its international footprint, which serves as a key channel for market diversification. You saw this commitment when BigBear.ai Holdings, Inc. signed a transformative partnership with leading companies in the UAE under the IHC umbrella this quarter, focused on accelerating AI adoption globally. This international push is happening while the company maintains a strong domestic pipeline, evidenced by a backlog of $380 million as of June 30, 2025. Honestly, this international move is smart risk mitigation given the recent disruptions in federal contract timing.

Direct platform deployment and integration into customer IT infrastructure is the physical manifestation of these sales efforts. We have concrete examples of this in action, particularly in the security and border control space. For instance, BigBear.ai Holdings, Inc. has deployed its veriScan biometric identity platform on more than 2,000 devices across over 500 gates and at 25 airports to support U.S. Customs and Border Protection's Enhanced Passenger Processing program. This shows the channel isn't just about signing a contract; it's about deep, on-the-ground integration.

Finally, the role as a prime and sub-contractor on major government procurement vehicles remains a foundational channel for revenue capture. While the Army program disruptions hurt Q2 2025 revenue, the company is competing to win that work back and is also seeing success elsewhere. Over the last year, award payments seen totaled $3,093,003, with a significant single payout of $2,400,114 related to the COMMERICAL SOLUTIONS OPENING (CSO) FROM TRADEWINDS SOLUTIONS MARKETPLACE FOR THE ORION DECISION SUPPORT PLA... contract vehicle. Here's a quick look at how the financials stack up against the government focus as of mid-2025:

Metric	Value (as of June 30, 2025 or Guidance)
Projected Full Year 2025 Revenue	$125 million to $140 million
Q2 2025 Revenue	$32.5 million
Record Cash Balance	$390.8 million
Total Backlog	$380 million
Recent Award Payments (Last Year Total)	$3,093,003

The company's ability to convert that massive cash position of $390.8 million into new, stable contracts through these channels will define the second half of 2025. You should definitely watch the next quarterly report for signs of Army program recovery or acceleration in the international pipeline.

• Direct sales force focuses on DoD and DHS mission requirements.
• International expansion formalized via UAE/IHC partnership.
• Biometric platform deployed across 25 airports.
• Subcontractor role secured recent award payments exceeding $3 million.

BigBear.ai Holdings, Inc. (BBAI) - Canvas Business Model: Customer Segments

You're looking at the core user base for BigBear.ai Holdings, Inc. as of late 2025, which is heavily weighted toward government work but is actively expanding commercially.

The primary segment remains the U.S. Federal Government, with a strong focus on defense and national security applications.

• - U.S. Defense and National Security agencies (Army, Space Force, DHS).
• - Critical Infrastructure operators (e.g., airports for secure travel/biometrics).
• - International government and defense entities (e.g., Middle East expansion).
• - Commercial clients in manufacturing, logistics, and healthcare.

The defense segment is characterized by large, multi-year contracts. BigBear.ai Holdings, Inc. secured a $165.15 million five-year sole source prime contract with the U.S. Army for Global Force Information Management - Objective Environment (GFIM-OE) (Source 7). Separately, a $13.2 million contract was awarded by the U.S. Department of Defense for the ORION Decision Support Platform (DSP) (Source 2, 3). Revenue for the third quarter of 2025 was $33.1 million, with a year-over-year decrease primarily due to lower volume on Army programs (Source 5, 12, 15). The company projects full-year 2025 revenue to be between $125 million and $140 million (Source 12, 14). The total backlog stood at $376 million as of September 30, 2025 (Source 12, 15).

The company is positioning itself to capitalize on significant legislative funding directed toward its core customers, noting opportunities from over $170 billion in supplemental funding for the Department of Homeland Security and $150 billion for the Department of Defense (Source 14). Revenue in the first quarter of 2025 of $34.8 million included additional revenue related to Department of Homeland Security and Digital Identity awards (Source 10).

The customer base is segmented by mission focus, which helps BigBear.ai Holdings, Inc. tailor its offerings:

Customer Segment Focus Area	Specific Metric/Activity	Value/Count
U.S. Defense (DoD/Army)	ORION DSP Contract Value	$13.2 million
U.S. Defense (Army)	GFIM-OE Contract Value	$165.15 million
U.S. Federal (DHS)	Q1 2025 Revenue Driver	Included in $34.8 million Q1 Revenue
All Segments	Backlog as of September 30, 2025	$376 million
Commercial/Govt (Ask Sage)	Ask Sage Platform Users (Pre-Acquisition)	More than 100,000 users

International expansion is a clear focus, evidenced by a partnership signed with entities in the UAE under the IHC umbrella to accelerate AI adoption (Source 8, 14). Furthermore, an MOU was signed to advance Pahang Aerospace City Development in Southeast Asia (Source 16). For critical infrastructure, recent deployments at major U.S. airports are noted (Source 6).

The commercial segment, while smaller, is targeted for growth, particularly through the acquisition of Ask Sage, which already supports hundreds of commercial companies (Source 12). BigBear.ai Holdings, Inc. also targets manufacturing and supply-chain modernization, alongside healthcare & life sciences (Source 6, 16). The Ask Sage platform, acquired for $250 million, is expected to deliver annual recurring revenues (ARR) of approximately $25 million in 2025 (Source 12, 15).

Finance: review the Q4 2025 revenue projection against the $160 million to $180 million full-year guidance (Source 2, 11).

BigBear.ai Holdings, Inc. (BBAI) - Canvas Business Model: Cost Structure

You're looking at the expense side of BigBear.ai Holdings, Inc.'s (BBAI) operations as of late 2025. It's clear that scaling the AI platform and pursuing strategic growth means significant outlays across the board, which you can see reflected in the recent quarterly reports. The cost structure is heavily influenced by personnel, growth initiatives, and the pursuit of new technology.

Here's a look at some of the key cost components we're tracking:

• - High Selling, General, and Administrative (SG&A) costs, at $25.3 million in Q3 2025.
• - Significant investment in Research and Development (R&D) for AI innovation.
• - Costs of revenues, which were $24.3 million in Q2 2025.
• - Acquisition and integration costs for strategic purchases like Ask Sage.
• - Labor and fringe costs for a team of over 600 professionals.

To give you a clearer picture of the recent operating expense profile, here's how some of those key line items looked in the second and third quarters of 2025:

Cost Component	Q2 2025 Amount (in millions)	Q3 2025 Amount (in millions)
Revenue	$32.5	$33.1
Cost of Revenues	$24.3	Not explicitly stated, but Gross Margin was 22.4%
SG&A Expenses	$21.5	$25.3
Research & Development (R&D)	$4.393	Not explicitly stated, but increased SG&A suggests continued investment

The jump in SG&A from $17.5 million in Q3 2024 to $25.3 million in Q3 2025 is notable. Honestly, that increase is where you see the near-term pressure on profitability, as Adjusted EBITDA swung to a loss of $9.4 million in Q3 2025 from a positive $0.9 million the prior year. The primary drivers for that $7.8 million year-over-year increase in SG&A were:

• - SG&A labor and fringe costs rising by $4.3 million.
• - Non-recurring strategic initiatives costing $2.0 million.
• - Marketing and other growth investments of $1.4 million.

That labor component ties directly into the headcount. While the last confirmed official count was 630 employees as of December 31, 2024, the $4.3 million year-over-year increase in labor and fringe costs for Q3 2025 suggests continued hiring or increased compensation to support growth initiatives, including the planned integration of the Ask Sage team.

The R&D investment is crucial for maintaining the AI edge. For instance, R&D expenses were reported at $4.393 million in Q2 2025, which contributed to the widening Adjusted EBITDA loss for that quarter. This spending is the fuel for innovation, especially as the company positions itself to capitalize on federal funding opportunities like the One Big Beautiful Bill.

Finally, you can't look at costs without factoring in inorganic growth. BigBear.ai Holdings, Inc. announced a definitive agreement to acquire Ask Sage for a total of $250 million, subject to working capital adjustments. That acquisition price represents a major capital deployment intended to accelerate revenue growth, as Ask Sage is projected to deliver approximately $25 million in Annual Recurring Revenue (ARR) for 2025 alone. Finance: draft 13-week cash view incorporating the Ask Sage deal structure by Friday.

BigBear.ai Holdings, Inc. (BBAI) - Canvas Business Model: Revenue Streams

You're looking at how BigBear.ai Holdings, Inc. brings in the money as we head into the end of 2025. The revenue picture is clearly in transition, moving from a heavier reliance on project work to a more stable, software-centric model, though the government sector remains the absolute core.

The top-line expectation for the full fiscal year 2025 is set between $125 million and $140 million. This revised guidance reflects the headwinds from disruptions in certain legacy Army programs experienced earlier in the year, but it still represents a substantial revenue base built on mission-critical AI deployments.

Here's a quick look at the key financial metrics driving the revenue story right now:

Metric	Value (as of late 2025)
Projected Full-Year 2025 Revenue Range	$125 million to $140 million
Projected Ask Sage Annual Recurring Revenue (ARR) for 2025	Approximately $25 million
Ask Sage ARR Growth (Year-over-Year)	6x increase from 2024
Record Cash Balance (as of Q3 2025)	$456.6 million

A significant portion of BigBear.ai Holdings, Inc.'s income still comes from its established base of government work. This revenue is structured around long-term, fixed-price contracts and time-and-materials arrangements supporting national security and defense agencies. While these contracts offer scale, they are known for lumpy revenue cycles, which you saw reflected in the Q2 2025 results when Army program volumes dipped.

The strategic pivot is centered on recurring revenue. The acquisition of Ask Sage is designed to accelerate this shift, bringing in predictable subscription income. The Annual Recurring Revenue, or ARR, from this platform is on track to hit about $25 million in 2025. This is a sixfold increase from 2024, and it's defintely the key to smoothing out the revenue profile going forward.

You can't ignore the revenue from professional services and integration fees, either. This component supports the custom AI deployments for federal clients. While the company is pushing for more ARR, the lower gross margins seen in Q3 2025, at 22.4%, compared to Q3 2024's 25.9%, suggest that project-based work and associated services still make up a material part of the recognized revenue, even as the company aims to cross-sell the new subscription platform.

The revenue streams can be broken down by type:

• Revenue from long-term, fixed-price government contracts.
• Revenue from time-and-materials government contracts.
• Annual Recurring Revenue (ARR) from software subscriptions, notably $25 million from Ask Sage.
• Professional services and integration fees for custom AI deployments.

Finance: draft 13-week cash view by Friday.