BigBear.ai Holdings
BBAIQ1 2025(BBAI Q4 FY2024)Reported60% AI
AI Revenue %
60%
AI Fair Value
$1.2B
AI Revenue (Q)
$26.3M
Total Revenue (Q)
$43.8M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Derived Q4 revenue: FY2024 $158.2M minus nine-month $114.4M = $43.8M. This is the highest quarterly revenue, likely reflecting full Pangiam integration and contract ramp. The 10-K describes the company's single segment with adjusted cost of revenues of $105.8M on $158.2M total revenue. Pangiam contributed roughly $35-40M for the full year (estimated from 7-month $25.1M figure annualized). With Pangiam's Vision AI making up a growing share and the company actively pivoting toward AI-first solutions, increasing estimate to 60%. R&D spend reached $8.1M for the year, up from $3.2M in FY2023, confirming AI product investment.
Analyzed by claude-opus-4-6
Quoted Figures
Year Ended December 31, 2024 Revenues $ 158,236
10-K December 31, 2024 - Note 22: Segments
Adjusted research and development 8,096
10-K December 31, 2024 - Note 22: Segments
BigBear.ai is a leading provider of Edge AI-powered decision intelligence solutions for national security, supply chain management and digital identity
10-K December 31, 2024 - Item 1: Business
AI Products Identified (Ring 1)
Observe (computer vision)Orient (decision intelligence)Dominate (autonomous systems)Pangiam Vision AIFacial recognitionBiometricsEdge AI
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Cybersecurity consultingSystems engineeringIT servicesManagement consulting
Confidence Tier
ReportedAI revenue explicitly disclosed in SEC filings