BigBear.ai Forecasts 2025 Revenue Drop up to 21%, EBITDA Margin Dives to –24.8%

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BigBear.ai expects 2025 revenue to fall 11-21% to $125–$140 million as contract disruptions shrink backlog; gross margin slipped 240 basis points to 22.8%. The firm is unprofitable with adjusted EBITDA margin at –24.8% and will fund growth with a $250 million Ask Sage deal, valuing it at 14x projected 2026 sales.

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