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Arphra AIPlain-English read on BigBear.ai Holdings, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E |
|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||
| Revenue | $145.58M | $155.01M | $155.16M | $158.24M | $127.67M | $142.98M | $159.18M |
| Cost of revenue | $111.51M | $112.02M | $114.56M | $113.02M | $99.19M | $104.81M | $118.46M |
| Gross profit | $34.07M | $42.99M | $40.6M | $45.22M | $28.48M | $36.02M | $41.81M |
| Gross margin | +23.40% | +27.74% | +26.17% | +28.58% | +22.31% | +25.19% | +26.26% |
| Operating | |||||||
| Research & development | $6.03M | $8.39M | $5.04M | $10.86M | $16.75M | $11.33M | $11.99M |
| Selling, general & administrative | $106.51M | $90.52M | $65.78M | $80.04M | $95.13M | $80.36M | $87.12M |
| Total operating expenses | $112.54M | $153.52M | $79.64M | $178.64M | $111.88M | $117.57M | $131.32M |
| Operating income | -$78.47M | -$110.53M | -$39.03M | -$133.42M | -$83.41M | -$83.77M | -$92.92M |
| Operating margin | -53.90% | -71.30% | -25.16% | -84.32% | -65.33% | -58.59% | -58.37% |
| EBITDA | -$107.44M | -$48.17M | -$22.32M | -$258.28M | -$260.52M | -$81.19M | -$93.83M |
| EBIT | -$114.71M | -$55.92M | -$30.22M | -$270.16M | -$275.8M | -$191.71M | -$211.23M |
| Below the line | |||||||
| Interest expense | $7.76M | $14.44M | $14.2M | $25.65M | $18.12M | $19.03M | $20.64M |
| Interest income | $0 | $0 | $0 | $0 | $13.25M | $5.02M | $5.62M |
| Other income / expense | -$44M | $1.04M | -$31.4M | -$162.38M | -$232.23M | — | — |
| Pre-tax income | -$122.47M | -$109.48M | -$70.44M | -$295.8M | -$315.64M | -$228.28M | -$248.24M |
| Income tax expense | $1.08M | $1.88M | $222K | -$256K | -$21.72M | — | — |
| Earnings | |||||||
| Net income | -$123.55M | -$111.37M | -$70.66M | -$295.55M | -$293.91M | -$219.45M | -$239.14M |
| Net income · continuing ops | -$123.55M | -$111.37M | -$70.66M | -$295.55M | -$293.91M | -$214.89M | -$252.37M |
| Net margin | -84.87% | -71.84% | -45.54% | -186.78% | -230.21% | -153.49% | -150.24% |
| EPS · basic | $-1.15 | $-0.95 | $-0.40 | $-1.27 | $-0.82 | $-0.24 | $-0.17 |
| EPS · diluted | $-1.15 | $-0.95 | $-0.40 | $-1.27 | $-0.82 | $-0.24 | $-0.17 |
| EPS · low estimate | — | — | — | — | — | $-0.25 | $-0.17 |
| EPS · high estimate | — | — | — | — | — | $-0.23 | $-0.16 |
| Shares · basic | 107.01M | 127.7M | 149.23M | 233.6M | 358.8M | 358.94M | 357.82M |
| Shares · diluted | 107.01M | 127.7M | 149.23M | 233.6M | 3.59B | 3.56B | 3.6B |
| Coverage | |||||||
| Analysts (revenue) | — | — | — | — | — | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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