Filing Flows › BigBear.ai Holdings (BBAI) › Q2 2025
BigBear.ai Holdings (BBAI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
BigBear.ai Holdings (BBAI) reported revenue of $32.5M for the second quarter 2025 (Q2 2025), -18% from a year earlier and -7% from the quarter before. Operating margin was -278.1%, net loss $229M (704.0% of revenue).
BigBear.ai Holdings, Q2 2025: revenue $32.5M (-18% year over year), operating margin -278.1%, net loss $229M, operating cash flow −$3.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.5M | -7% | -18% |
| Operating profit | −$90.3M | — | — |
| Net earnings | −$229M | — | — |
| Operating cash flow | −$3.9M | — | — |
What changed
Revenue was $32.5M in Q2 2025, down 18% year over year and down 7% from the previous quarter.
Gross margin was 25.0%, down 2.8 points from a year earlier. Operating costs exceeded revenue by $90.3M, an operating margin of -278.1%. Operating expenses grew 255% against a revenue fall of 18%. The fastest-growing cost line was Other operating costs (+8922%). The quarter ended with a net loss of $228.6M, wider than the previous quarter's $62.0M loss. Net interest and other expense of $138.3M was the main reason.
Operating cash flow was −$3.9M. Non-cash charges added back $3.5M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items added $217.0M. Capital expenditures of $5K exceeded it, leaving free cash flow of −$3.9M.
Questions
What was BigBear.ai Holdings' revenue in the second quarter 2025?
BigBear.ai Holdings (BBAI) reported revenue of $32.5M for the second quarter 2025 (Q2 2025), -18% from a year earlier and -7% from the quarter before.
Was BigBear.ai Holdings profitable in the second quarter 2025?
Operating loss was $90.3M (-278.1% of revenue) and net loss $229M.