How Does BigBear.ai Make its Money?
BigBear.ai is an artificial intelligence and analytics company primarily serving the US defense and intelligence community. The company provides AI-powered decision intelligence solutions that help government and commercial customers make complex operational decisions — from military logistics and force protection to supply chain optimization and identity verification. BigBear.ai has become one of the most actively traded AI-themed stocks among retail investors, partly due to its sub-$10 price and association with the defense AI narrative popularized by Palantir. The company’s products include Observe (data fusion), Orient (situational awareness), and Dominate (AI-driven decision making), aligned with the military OODA loop framework.
BigBear.ai (BBAI) Business Model
BigBear.ai operates in the technology sector. Below is a summary of BigBear.ai’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from BigBear.ai’s 2024 fiscal year filings with the SEC.
BigBear.ai Competitors
BigBear.ai’s key competitors and comparable public companies in the technology sector include Palantir, C3.ai, Northrop Grumman, and Lockheed Martin. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how BigBear.ai stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Analytics (Government AI & Decision Intelligence) | $120 | $130 | -7.7% |
| Cyber & Engineering | $40 | $25 | +60.0% |
| Digital Identity (Pangiam border security) | $30 | $10 | +200.0% |
| Total Revenue | $160 | $155 | +3.2% |
Analytics (Government AI & Decision Intelligence) — 75% of Revenue
Cyber & Engineering — 25% of Revenue
Digital Identity (Pangiam border security) — 19% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $160 | $155 |
| Cost of Revenue | $120 | $115 |
| Gross Profit | $40 | $40 |
| Operating Expenses | $100 | $90 |
| Operating Income | $-60 | $-50 |
| Net Income | $-120 | $-80 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 25.0%
- Operating Margin: -37.5%
- Revenue Growth: 3.2%
Is BigBear.ai Profitable?
BigBear.ai (BBAI) profitability depends on the reporting period and business cycle. Review the income statement above for the latest figures.
What to Watch
- Government contract wins and backlog growth in defense AI and decision intelligence
- Pangiam digital identity and border security integration after acquisition
- Revenue growth acceleration — growth has lagged the AI hype around the stock
- Path to profitability amid continued operating losses and convertible debt
BigBear.ai (BBAI) Financial Summary
BigBear.ai (BBAI) is a technology company that generated $160 in total revenue in fiscal year 2024. Revenue grew 3.2% year-over-year. For a deeper look at BigBear.ai’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.