BBAI Stock Tumbles on Q2 Loss, Revenues Decline Y/Y, '25 View Down

BigBear.ai Holdings, Inc. BBAI reported mixed second-quarter 2025 results, with the bottom line beating the Zacks Consensus Estimate while the revenues missed the same. On a year-over-year basis, the bottom and top lines tumbled.

The quarterly performance was hurt by notable declines in demand volume on certain Army programs. Moreover, increases in research and development and restructuring expenses marred the bottom line of the company.

The company reported a net loss during the quarter, which expanded year over year, mainly because of $135.8 million of non-cash changes in derivative liabilities and a non-cash goodwill impairment charge of $70.6 million.

BBAI stock tumbled significantly by 31.2% during yesterday’s after-market trading session, following the earnings release. The investors’ sentiments are likely to have been hurt by the downward revision of the 2025 revenue guidance by BBAI.

Earnings & Revenue Discussion of BBAI

The company reported an adjusted loss per share of six cents, which came above the Zacks Consensus Estimate of a loss per share of seven cents by 14.3%. In the year-ago quarter, it reported an adjusted loss per share of four cents.

BigBear.ai Holdings, Inc. Price, Consensus and EPS Surprise

BigBear.ai Holdings, Inc. price-consensus-eps-surprise-chart | BigBear.ai Holdings, Inc. Quote

Revenues of $32.5 million missed the consensus mark of $41 million by 20.8% and tumbled 18.3% year over year.

BigBear.ai’s Operating Details

Adjusted gross profit during the second quarter declined year over year to $9.5 million from $12.5 million, with the adjusted gross margin contracting 220 basis points (bps) to 29.2%.

Adjusted EBITDA was $(8.5) million compared with $(3.7) million reported a year ago. The adjusted EBITDA loss expanded year over year due to a decrease in the gross margin alongside increases in research and development expenses.

BBAI’s Balance Sheet & Cash Flow

As of the second quarter, BigBear.ai had cash and cash equivalents of $390.8 million, significantly up from $50.1 million at 2024-end. Net long-term debt declined to $102.7 million as of June 30, 2025, from $135.4 million at the end of 2024.

Net cash used in operating activities reduced to $10.5 million in the first six months of 2025 from $21.4 million in the comparable year-ago period.

BigBear.ai Pushes Down 2025 View

The company has toned down its full-year revenue guidance to be between $125 million and $140 million from the previously expected range of $160-$180 million. The current expected range compares with $158.2 million reported in 2024.

Due to uncertainties surrounding certain Army programs, alongside an expected growth investment in the second half of 2025, BBAI has yet to provide the revised adjusted EBITDA guidance, which was previously expected to be in negative single-digit millions.

BBAI’s Zacks Rank & Recent Releases

BigBear.ai currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SoundHound AI, Inc. SOUN posted record second-quarter 2025 results, outperforming Wall Street expectations on both the top and bottom lines. In its strongest quarter on record, SoundHound AI’s prior strategic investments — particularly its 2024 acquisitions — translated into tangible, high-impact results.

The voice Artificial Intelligence specialist benefited from accelerating adoption across enterprise, automotive and restaurant verticals, as well as strong early traction for its agentic AI and Voice Commerce initiatives. Robust revenue growth, expanding deployments and improved cost synergies underscored management’s confidence, prompting an upward revision to full-year guidance. 

IonQ, Inc. IONQ reported a net loss of 70 cents per share in the second quarter of 2025, significantly wider than the Zacks Consensus Estimate, but above the year-ago period’s loss of 18 cents. Revenues topped the consensus mark and grew year over year by 81.8%.

During the quarter, IonQ significantly expanded its global footprint with important government and commercial partnerships and launched a world-first partnership with AstraZeneca, AWS and NVIDIA, delivering a 20x acceleration in drug development. For full-year 2025, IonQ now expects revenues in the $82-$100 million range, with third-quarter revenues expected to be within the $25-$29 million range.

Unisys Corporation UIS delivered second-quarter 2025 results that outperformed Wall Street expectations and were marked by sequential revenue growth, stronger profitability metrics and strategic financial restructuring. Despite macro uncertainties and mixed segmental results, the company exceeded expectations and made key moves to reduce pension volatility.

The top line grew sequentially primarily because of higher License and Support (L&S) revenues, buoyed by the timing of software renewals and stronger support subscriptions. On a non-GAAP basis, the operating margin improved 150 bps to 7.6%, reflecting cost optimization initiatives, lower professional services spend and improved delivery efficiency. Unisys narrowed its 2025 constant-currency revenue guidance to a range of -1% to +1%, citing timing effects and caution around macro demand.

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