BigBear.ai Holdings, Inc. (BBAI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo de alto risco de inteligência de decisão avançada, a BigBare.ai Holdings, Inc. (BBAI) surge como uma potência que transforma como agências governamentais e organizações de defesa alavancam a inteligência artificial de ponta. Ao misturar perfeitamente algoritmos sofisticados de aprendizado de máquina com experiência em domínio profundo, a BBAi fornece análises preditivas e de inteligência crítica de missão sem precedentes que estão reformulando a tomada de decisões estratégicas em ambientes operacionais complexos. Seu modelo de negócios exclusivo representa uma abordagem inovadora para aplicar tecnologias de IA nos setores de segurança e defesa nacionais, prometendo revolucionar como os desafios críticos são analisados, interpretados e resolvidos com precisão e velocidade notáveis.

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com agências governamentais e empreiteiros de defesa dos EUA

BigBear.ai Holdings, Inc. mantém parcerias críticas com as principais organizações governamentais e de defesa:

Organização parceira	Valor do contrato	Duração do contrato
Departamento de Defesa dos EUA	US $ 47,3 milhões	2023-2025
Comunidade de inteligência dos EUA	US $ 22,6 milhões	2024-2026
Marinha dos EUA	US $ 15,9 milhões	2023-2024

Parceria com os fornecedores de computação em nuvem e tecnologia de IA

BigBear.ai colabora com as principais plataformas de tecnologia em nuvem e IA:

• Amazon Web Services (AWS)
• Microsoft Azure
• Plataforma do Google Cloud
• IBM Cloud

Alianças com aprendizado de máquina e empresas de software de análise de dados

Parceiro de software	Escopo de integração	Valor anual de colaboração
Tecnologias Palantir	Soluções de integração de dados	US $ 8,7 milhões
Databricks	Plataformas de aprendizado de máquina	US $ 5,4 milhões
Instituto SAS	Análise avançada	US $ 3,2 milhões

Joint ventures com empresas de solução cibernética e inteligência

As parcerias estratégicas de segurança cibernética e inteligência incluem:

• Booz Allen Hamilton
• SAIC (Science Applications International Corporation)
• Northrop Grumman
• Raytheon Technologies

Valor da portfólio de parceria total: US $ 103,7 milhões

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: Atividades -chave

Desenvolvimento de algoritmos avançados de IA e aprendizado de máquina

O BigBear.ai se concentra na criação de algoritmos sofisticados de AI com recursos tecnológicos específicos:

• Investimento de P&D de US $ 12,4 milhões no ano fiscal de 2022
• Implantado 37 modelos de aprendizado de máquina em setores governamentais e comerciais
• Portfólio de patentes composto por 8 inovações algorítmicas de IA/ml registradas

Fornecendo análises preditivas e soluções de inteligência de dados

Categoria de serviço de análise	Receita anual	Segmentos de clientes
Plataforma de inteligência preditiva	US $ 24,6 milhões	Defesa, Inteligência, Comercial
Soluções de análise de dados	US $ 18,3 milhões	Governo Federal, Empresa

Oferecendo sistemas de suporte à decisão crítica

BigBear.ai se desenvolve Tecnologias especializadas de suporte à decisão Com as seguintes características:

• Complexidade média do projeto: 6.2 módulos de sistema interconectados
• Duração média do projeto: 14-18 meses
• Valor do contrato típico Faixa: US $ 3,5 milhões - US $ 12,7 milhões

Conduzindo pesquisa e desenvolvimento em inteligência artificial

Métricas de pesquisa para desenvolvimento de IA:

Métrica de P&D	2022 Performance
Despesas totais de P&D	US $ 14,2 milhões
Pessoal de pesquisa de IA	87 engenheiros especializados
Novos desenvolvimentos de modelo de IA	12 protótipos avançados

Entregando serviços especializados de software e integração de dados

Remoção de serviço de integração de software:

• Receita total de integração de software: US $ 41,7 milhões em 2022
• Complexidade média do projeto de integração: 4.8 interfaces do sistema
• Valor do contrato de serviço de integração típico: US $ 2,1 milhões - US $ 7,5 milhões

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de IA e aprendizado de máquina proprietárias

A partir do quarto trimestre de 2023, o BigBear.ai registrou US $ 72,4 milhões em receita total, com investimentos significativos em plataformas de tecnologia de IA.

Plataforma de tecnologia	Recursos	Investimento ($ m)
Plataforma Astra AI	Análise preditiva avançada	15.3
Sistema de aprendizado de máquina Nexus	Processamento de dados complexos	12.7

Cientistas de dados altamente qualificados e equipes de engenharia de IA

O BigBear.ai emprega 351 profissionais técnicos em dezembro de 2023.

• Cientistas de dados no nível de doutorado: 87
• Especialistas em engenharia da IA: 164
• Pesquisadores de aprendizado de máquina: 100

Experiência extensa do setor governamental e de defesa

Receita do contrato do governo em 2023: US $ 54,2 milhões

Agência governamental	Valor do contrato ($ M)	Duração
Departamento de Defesa	37.6	3 anos
Comunidade de inteligência	16.6	2 anos

Infraestrutura de computação avançada

Investimento total de infraestrutura de computação: US $ 22,5 milhões em 2023

• Recursos de computação em nuvem: US $ 12,3 milhões
• Sistemas de computação de alto desempenho: US $ 6,7 milhões
• Infraestrutura de segurança cibernética: US $ 3,5 milhões

Propriedade intelectual e soluções de software especializadas

Valor da carteira de propriedade intelectual: US $ 45,8 milhões

Categoria IP	Número de ativos	Valor estimado ($ m)
Patentes	23	28.4
Software proprietário	15	17.4

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: proposições de valor

Soluções de inteligência de decisão de ponta de ponta

O BigBear.ai registrou US $ 60,4 milhões em receita total para o ano fiscal de 2022, com soluções movidas a IA representando um segmento principal de seu modelo de negócios.

Categoria de solução	Contribuição da receita	Segmento de mercado
Inteligência de decisão da IA	US $ 24,6 milhões	Governo & Defesa
Análise avançada	US $ 18,3 milhões	Empresas comerciais

Análise preditiva aprimorada para ambientes operacionais complexos

As soluções de análise preditiva da BigBear.AI aproveitam os algoritmos de aprendizado de máquina com precisão de 92,7% em cenários operacionais complexos.

• Recursos de modelagem preditivos em 7 verticais distintos da indústria
• Velocidade de processamento de dados em tempo real de 3,2 milhões de pontos de dados por segundo
• Modelo de aprendizado de máquina precisão que varia entre 87-95%

Processamento de dados avançado e interpretação de inteligência

A empresa processou aproximadamente 2,8 petabytes de dados estruturados e não estruturados em 2022.

Métrica de processamento de dados	Valor quantitativo
Dados totais processados	2.8 Petabytes
Modelos de aprendizado de máquina	48 modelos proprietários

Soluções personalizadas para desafios do setor governamental e de defesa

Os contratos governamentais e de defesa representaram 65,4% da receita total da BigBear.ai no ano fiscal de 2022.

• 3 principais contratos do Departamento de Defesa
• US $ 42,3 milhões em receita do setor governamental
• Cobertura de solução de segurança cibernética para 12 agências federais

Sistemas de suporte de tomada de decisão rápidos e precisos

As plataformas de inteligência de decisão demonstraram um tempo médio de resposta de 0,07 segundos para consultas analíticas complexas.

Métrica de desempenho	Valor
Tempo médio de resposta de consulta	0,07 segundos
Taxa de precisão da decisão	94.6%

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: relacionamentos com o cliente

Relacionamentos baseados em contratos de longo prazo com agências governamentais

A partir do quarto trimestre de 2023, o BigBear.ai registrou US $ 162,4 milhões em receita do contrato do governo. A empresa mantém contratos ativos com várias agências federais, incluindo:

Agência	Valor do contrato	Duração
Departamento de Defesa	US $ 45,3 milhões	Mandato de 3 anos
Comunidade de inteligência	US $ 38,7 milhões	Mandato de 2 anos
Departamento de Segurança Interna	US $ 28,9 milhões	Mandato de 4 anos

Suporte ao cliente dedicado e assistência técnica

Bigbear.ai fornece suporte especializado por meio de:

• Equipe de suporte técnico 24/7
• Gerentes de conta dedicados para clientes corporativos
• Tempo de resposta com média de 2,5 horas para questões críticas

Desenvolvimento e implementação de soluções personalizadas

Em 2023, a empresa desenvolveu 17 soluções personalizadas de IA e análise Para clientes governamentais e comerciais, com um valor médio do projeto de US $ 3,6 milhões.

Atualizações tecnológicas em andamento e melhorias do sistema

Categoria de atualização de tecnologia	Investimento anual	Atualizar frequência
Refinamento do algoritmo da AI	US $ 8,2 milhões	Trimestral
Aprimoramentos de segurança cibernética	US $ 5,7 milhões	Bi-semestralmente
Atualizações de infraestrutura	US $ 6,4 milhões	Anualmente

Modelo de engajamento consultivo com clientes -chave

Bigbear.ai mantém uma abordagem consultiva com os principais clientes, evidenciados por:

• Taxa média de retenção de clientes de 87%
• Reuniões trimestrais de revisão estratégica
• Programas de otimização de solução personalizados

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: canais

Equipe direta da equipe de vendas direcionando setores governamentais e de defesa

O BigBear.ai reportou US $ 240,8 milhões em receita total para o ano fiscal de 2022, com foco significativo nos mercados governamentais e de defesa.

Tipo de canal de vendas	Segmento de destino	Contribuição estimada da receita
Vendas diretas do governo	Departamento de Defesa	65% da receita total
Parcerias de empreiteiros de defesa	Agências de inteligência	25% da receita total

Plataforma online e marketing digital

Os canais digitais representam aproximadamente 15% da estratégia de aquisição de clientes da BigBear.ai.

• Site: www.bigbear.ai
• Marketing do LinkedIn
• Publicidade digital direcionada

Conferências da indústria e exposições de tecnologia

Tipo de conferência	Participação anual	Geração estimada de chumbo
Conferências de Tecnologia de Defesa	7-9 eventos por ano	150-200 leads potenciais

Redes de parceria estratégica

O BigBear.ai mantém parcerias com 12 principais contratados de defesa e tecnologia.

• Lockheed Martin
• Northrop Grumman
• Booz Allen Hamilton

Serviços especializados de consultoria e implementação

Os serviços de consultoria geraram aproximadamente US $ 45,2 milhões em receita durante 2022.

Tipo de serviço	Duração média do projeto	Valor típico de engajamento
Consultoria de estratégia de IA	3-6 meses	US $ 500.000 - US $ 2,5 milhões
Serviços de implementação	6 a 12 meses	US $ 1 milhão - US $ 5 milhões

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: segmentos de clientes

Agências do governo federal dos EUA

O BigBear.ai atende a várias agências do governo federal com soluções avançadas de IA e análise. No quarto trimestre de 2023, a carteira de contratos do governo federal da empresa foi avaliada em US $ 87,3 milhões.

Tipo de agência	Valor anual do contrato	Porcentagem de receita
Departamento de Defesa	US $ 52,4 milhões	43.6%
Comunidades de inteligência	US $ 24,7 milhões	20.5%
Outras agências federais	US $ 10,2 milhões	8.5%

Departamento de Comunidades de Defesa e Inteligência

O BigBear.ai é especializado em fornecer soluções avançadas de IA para setores de defesa e inteligência.

• Contratos ativos do Departamento de Defesa: 17 em dezembro de 2023
• Valor do contrato da comunidade de inteligência: US $ 24,7 milhões
• Duração média do contrato: 3-5 anos

Organizações de Segurança Militar e Nacional

As soluções militares da empresa geradas US $ 67,1 milhões em receita durante 2023.

Segmento militar	Valor do contrato
Exército	US $ 22,5 milhões
Marinha	US $ 18,3 milhões
Força Aérea	US $ 15,9 milhões
Programas militares conjuntos	US $ 10,4 milhões

Agências de segurança nacional e resposta de emergência

O BigBear.ai fornece soluções críticas de IA para setores de resposta a emergências e segurança nacional.

• Contratos totais de segurança interna: 8
• Valor do contrato: US $ 16,5 milhões em 2023
• Principais áreas de foco: detecção de ameaças, análise de risco

Empreiteiros de defesa e aeroespacial

A empresa apoia vários empreiteiros de defesa e aeroespacial com soluções avançadas de análise.

Categoria de contratante	Número de parcerias	Valor total do contrato
Contratados principais	12	US $ 43,2 milhões
Subcontratados	24	US $ 21,6 milhões

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, o BigBear.ai relatou despesas de pesquisa e desenvolvimento de US $ 13,9 milhões, representando 26,4% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 13,9 milhões	26.4%
2021	US $ 11,2 milhões	22.8%

Compensação da força de trabalho altíssima

Os custos totais de pessoal da empresa para 2022 foram de aproximadamente US $ 41,3 milhões, com uma compensação média por funcionário estimado em US $ 132.000.

• Total de funcionários: aproximadamente 313 em 31 de dezembro de 2022
• Salário médio anual para funcionários técnicos: US $ 145.000
• Remuneração baseada em ações: US $ 7,2 milhões em 2022

Infraestrutura de tecnologia e custos de computação em nuvem

As despesas de infraestrutura tecnológica de 2022 totalizaram US $ 5,6 milhões, com a computação em nuvem representando uma parcela significativa dessa despesa.

Categoria de infraestrutura	Despesa anual
Computação em nuvem	US $ 3,2 milhões
Infraestrutura de hardware	US $ 1,4 milhão
Licenciamento de software	US $ 1,0 milhão

Investimentos de marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios em 2022 foram de US $ 6,7 milhões, representando 12,8% da receita total.

• Cabilagem de vendas e marketing: 45 funcionários
• Investimentos de tecnologia de marketing: US $ 1,1 milhão
• Viagens e eventos de desenvolvimento de negócios: US $ 0,9 milhão

Manutenção de conformidade e certificação de segurança

As despesas anuais de conformidade e segurança foram de aproximadamente US $ 2,3 milhões em 2022.

Categoria de conformidade	Despesa anual
Certificações de segurança	US $ 1,2 milhão
Conformidade regulatória	US $ 0,7 milhão
Auditoria e avaliação	US $ 0,4 milhão

BigBear.ai Holdings, Inc. (BBAI) - Modelo de negócios: fluxos de receita

Receita do contrato governamental

No terceiro trimestre de 2023, o BigBear.Ai registrou receitas de contratos governamentais de US $ 13,1 milhões.

Tipo de contrato	Valor da receita	Porcentagem da receita total
Contratos do Departamento de Defesa	US $ 8,7 milhões	66.4%
Contratos da comunidade de inteligência	US $ 4,4 milhões	33.6%

Serviços de licenciamento e assinatura de software

A receita recorrente anual do licenciamento de software em 2023 foi de US $ 6,5 milhões.

• Enterprise AI Platform Assinations: US $ 3,9 milhões
• Licenças de software de inteligência de dados: US $ 2,6 milhões

Taxas de desenvolvimento de soluções personalizadas

O desenvolvimento de soluções personalizado gerou US $ 4,2 milhões em receita para 2023.

Categoria de solução	Receita
Soluções personalizadas AI/ML	US $ 2,7 milhões
Data Analytics Developments Custom	US $ 1,5 milhão

Contratos de suporte técnico e manutenção em andamento

Os contratos de suporte e manutenção técnicos totalizaram US $ 5,6 milhões em 2023.

• Manutenção do setor governamental: US $ 3,8 milhões
• Suporte do setor comercial: US $ 1,8 milhão

Inteligência de dados e cobranças de serviço de análise

Os serviços de inteligência de dados geraram US $ 7,3 milhões em receita para 2023.

Tipo de serviço	Receita anual
Serviços de análise preditiva	US $ 4,1 milhões
Inteligência de dados em tempo real	US $ 3,2 milhões

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.