BigBear.AI missed revenue expectations in Q4 2025 due to reduced Army activity, reporting $27.3M and a steep year-over-year decline.

BigBear.AI reported fourth-quarter 2025 revenue of $27.3 million, below the $33.31 million expected by analysts, marking a 38% year-over-year decline, largely due to reduced Army program activity. Despite a narrower loss of one cent per share versus the expected six-cent loss, the company’s gross margin fell to 20.3% from 37.4% a year earlier. Cash holdings stood at $92.65 million. Shares dipped after the report but rose 2.27% in after-hours trading, remaining down 15% over the past year. Wall Street forecasts a revenue rebound to $164 million in 2026, but the company faces challenges in proving sustained growth.