1. A Palantir focused on AI-powered predictive analytics for government and defense.

2. C3.ai for predictive decision intelligence, with a strong government clientele.

• Decision Intelligence Platform: Provides AI-powered analytics and insights to support complex decision-making for government and commercial clients.
• Predictive Analytics & Forecasting: Offers AI/ML-driven tools to anticipate future trends, risks, and outcomes across various domains.
• Logistics & Supply Chain Optimization: Delivers AI solutions to enhance efficiency, resilience, and visibility in complex supply chain and logistics operations.
• Situational Awareness & Command and Control Solutions: Provides real-time AI-powered insights and tools to improve understanding and management of operational environments, particularly for defense and intelligence.

BigBear.ai (BBAI) primarily sells its artificial intelligence (AI), machine learning (ML), and data analytics solutions to other companies and, most significantly, to various agencies within the U.S. government.

Based on their latest SEC filings and company information, their major customers can be categorized as follows:

• U.S. Government Agencies: A significant portion of BigBear.ai's revenue comes from contracts with the U.S. government. These customers include:
  • Agencies within the Department of Defense, such as the Air Force, Army, Navy, and Marine Corps.
  • The Intelligence Community.
  • Various other civilian agencies.

  Note: As these are government entities, they do not have public company symbols. BigBear.ai's SEC filings indicate that no single government customer entity, individually, accounted for more than 10% of their total revenue in recent fiscal years, though the U.S. Government as a whole is their largest customer segment.

• Commercial Enterprises: BigBear.ai serves commercial clients, primarily focusing on industries that require advanced data analytics for operational efficiency and decision-making. These customers are typically in sectors such as:
  • Supply Chain Management and Logistics
  • Manufacturing
  • Shipping and Transportation
  • Retail

  Note: BigBear.ai's SEC filings state that no single commercial customer accounted for more than 10% of their total revenue in recent fiscal years. Therefore, specific commercial customer company names are not publicly disclosed as "major" in their filings.

• Amazon (AMZN)
• Microsoft (MSFT)

Kevin McAleenan, Chief Executive Officer and Director

Kevin McAleenan previously served as President of BigBear.ai. He co-founded and led Pangiam as CEO and Chair of the Board until its acquisition by BigBear.ai in 2024, developing biometric and AI products for security applications. Prior to his time in the private sector, he held leadership roles in the U.S. Government for nearly two decades, including serving as Acting Secretary of the U.S. Department of Homeland Security and Commissioner of U.S. Customs and Border Protection.

Sean Ricker, Chief Financial Officer

Sean Ricker leads BigBear.ai's accounting, finance, and systems functions. He has extensive experience partnering with executive management to develop and deploy financial strategies. Before joining BigBear.ai, he held accounting and reporting roles at Lockheed Martin Corporation and is a certified public accountant.

Carolyn Blankenship, General Counsel

Carolyn Blankenship provides strategic input for BigBear.ai's growth and long-term success. With over 30 years of experience advising companies on business objectives in emerging technology environments, she joined BigBear.ai from Thomson Reuters, where she was General Counsel, Product & Innovation. Her practice has focused on various legal aspects of artificial intelligence.

Carl Napoletano, Chief Operating Officer

Carl Napoletano previously served as Vice President of Special Projects at BigBear.ai, where he led the integration of major acquisitions, including Pangiam. He also led BigBear.ai's critical decision support solutions portfolio. Before BigBear.ai, he was Principal and Senior Vice President at ProModel Corporation, leading the development of mission-critical decision support solutions for the Department of Defense, and in 2020, he led the acquisition of ProModel Government Solutions by BigBear.ai. He also held leadership positions at General Dynamics Electric Boat.

1. Heavy Dependence on Government Contracts and Associated Disruptions: BigBear.ai is significantly reliant on government spending, particularly from the U.S. Army and the Intelligence Community, with close to half of its revenue coming from these sources at the time of its SPAC. This dependence exposes the company to substantial risks, including disruptions in federal contracts due to efficiency efforts, such as the U.S. Army's consolidation and modernization of its data infrastructure. Such disruptions have led to significant revenue misses and a lowered revenue outlook, with forecasts showing a decline in revenue for 2025. Furthermore, the company's backlog, while substantial, largely consists of optional contract components that are vulnerable to reductions in defense budgets and uncertainties around federal spending.
2. Financial Challenges, Unprofitability, and Stock Volatility: BigBear.ai has consistently struggled with financial stability, reporting substantial net losses and negative profitability metrics, including an alarming EBIT margin. The company has not achieved consistent revenue growth and is not forecast to become profitable in the next three years. Its stock has experienced extreme volatility, influenced by factors such as contract announcements and revenue forecasts. Adding to these financial concerns, the company has faced legal challenges and investor uncertainty due to the necessity of restating its financial statements for past fiscal years, stemming from a reevaluation of the accounting treatment for its convertible notes.
3. Intense Competition and Lack of Differentiation: BigBear.ai operates within a highly competitive artificial intelligence (AI) landscape, where it faces off against both established technology behemoths and specialized AI firms, particularly in the government and defense sectors. Direct competitors include companies like Palantir Technologies, which generally demonstrate a larger scale and stronger financial performance. There are concerns that BigBear.ai's business, which is reliant on low-margin services for government customers, struggles with differentiation, and even recent acquisitions in competitive markets may lack unique distinction.

One clear emerging threat to BigBear.ai is the aggressive expansion of major hyperscalers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud) directly into the AI/ML solutions market for government and enterprise clients. These companies possess vast financial resources, extensive existing infrastructure, and deep customer relationships, allowing them to bundle sophisticated AI services or offer comprehensive, highly competitive, end-to-end solutions that could commoditize or marginalize BigBear.ai's specialized offerings.

Another emerging threat is the rapid advancement and adoption of generative AI and large language models (LLMs). While BigBear.ai utilizes AI, the increasing capability and accessibility of powerful, often open-source or platform-based, generative AI models could lower the barrier to entry for new competitors, enable existing government contractors to quickly integrate advanced AI capabilities into their own solutions, or allow government agencies to develop more sophisticated in-house AI tools at a faster pace, potentially disrupting the demand for specialized, bespoke AI analytics services.

BigBear.ai (BBAI) addresses a significant market in artificial intelligence (AI) defense applications.

• AI Defense Applications: The addressable market for AI defense applications is forecasted to be $70 billion by 2030. The region for this market size is global, though BigBear.ai's primary customer base in this area is the U.S. Intelligence Community, Department of Defense, and the U.S. Federal Government.
• Commercial Products/Services (e.g., Global Supply Chains & Logistics, Autonomous Systems, Cybersecurity, Ports, Airports): null

BigBear.ai (BBAI) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Government Contracts: BigBear.ai is well-positioned in the defense and government sectors, offering AI-powered decision intelligence solutions, computer vision, biometrics, and predictive analytics. These areas are seeing increased spending from defense departments, homeland security, and intelligence agencies. New contract wins and renewals, such as the 5-year production contract valued at $165 million for the U.S. Army's Global Force Information Management - Objective Environment (GFIM-OE starting in Q4 2024, are expected to contribute significantly.
2. Expansion into Commercial Markets: To diversify revenue streams and reduce dependency on government contracts, BigBear.ai is strategically expanding into commercial sectors. This includes targeting industries such as healthcare, finance, and energy.
3. New Product Launches and Technology Enhancements: The company's portfolio of AI-powered platforms, including ConductorOS, Shipyard.ai, and Pangiam (biometrics), is expected to drive growth through further commercialization. Continuous investment in research and development and the ability to innovate will be crucial in maintaining a competitive edge and generating new revenue streams.
4. Strategic International Partnerships and Global Expansion: BigBear.ai is pursuing strategic international partnerships and global expansion initiatives to boost revenue and enhance its global presence. Efforts include expanding into regions like the UAE through successful pilots and enduring programs.
5. Leveraging Strong Cash Position for Investments: With a reported strong cash balance, such as $391 million as of June 30, 2025, BigBear.ai has the flexibility to make significant investments. This capital can be deployed for both organic growth initiatives and potential inorganic growth opportunities through acquisitions, thereby accelerating future revenue expansion.

Share Repurchases

• BigBear.ai has not undertaken significant share repurchase programs in the last 3-5 years.
• A small repurchase of shares amounting to approximately $100,896 was noted as a result of forward share purchase agreements in one period.

Share Issuance

• BigBear.ai became a public company in December 2021 through a SPAC merger with GigCapital4 Inc.
• The number of outstanding shares increased from approximately 0.10 billion in 2020 to 0.32 billion in 2025.
• In 2023, the company received $50 million from the issuance of Private Placement shares and Registered Direct Offering shares. Additionally, in the first quarter of 2024, the exercise of approximately 8.9 million warrants generated about $20.6 million in gross proceeds.
• In Q1 2023, BigBear.ai filed a universal shelf registration statement to offer up to $500 million of securities to support organic and inorganic growth.

Inbound Investments

• BigBear.ai's public listing in December 2021 via a SPAC merger with GigCapital4 Inc. valued the company at a $1.378 billion pro forma enterprise value.
• As of April 2025, institutional investors collectively held approximately 110.4 million shares of BBAI. Significant institutional holders include Vanguard Group Inc, BlackRock, Inc., and Geode Capital Management LLC.
• The company reported a record cash balance of $390.8 million as of June 30, 2025, following capital raising activities, positioning it for accelerated growth and transformational investments.

Outbound Investments

• On November 6, 2023, BigBear.ai announced a definitive agreement to acquire Pangiam, a Vision AI company, for approximately $70 million in an all-stock transaction, with the acquisition closing in Q1 2024.
• In 2022, BigBear.ai incurred transaction costs primarily related to its acquisition of ProModel Corporation and the evaluation of other acquisition opportunities.

Capital Expenditures

• In the last 12 months leading up to November 2025, BigBear.ai reported capital expenditures of approximately $402,000.
• Capitalized software development costs were approximately $2.744 million in 2023.
• BigBear.ai anticipates new growth investment spending in the second half of 2025.