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1 Investor Presentation Third Quarter 2025 Kevin McAleenan CHIEF EXECUTIVE OFFICER, BOARD MEMBER Sean Ricker CHIEF FINANCIAL OFFICER
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2 2 Forward Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding our industry, future events, and other statements that are not historical facts. These statements are based on current expectations and beliefs concerning future developments and their potential effects on us and should not be relied upon as representing BigBear’s assessment as of any date subsequent to the date of this presentation. There can be no assurance that future developments affecting us will be those that we have anticipated. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those relating to: changes in domestic and foreign business, market, financial, political, and legal conditions; the uncertainty of projected financial information; delays caused by factors outside of our control, including changes in fiscal or contracting policies or decreases in available government funding, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns or epidemics; changes in government programs or applicable requirements; budgetary constraints, including any potential constraints as a result of recent or future federal government layoffs, including automatic reductions as a result of “sequestration” or similar measures and constraints imposed by any lapses in appropriations for the federal government or certain of its departments and agencies, including government shutdowns or the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience; the failure of contracts comprising backlog to result in revenue due to changes in funding, terminations for convenience, or option periods going unexercised; the impact of tariffs or other restrictive trade measures; implementation of spending limits or changes in budgetary constraints; influence by, or competition from, third parties with respect to pending, new, or existing contracts with government customers; changes in our ability to successfully compete for and receive task orders and generate revenue under Indefinite Delivery/Indefinite Quantity contracts; our ability to realize the benefits of the strategic partnerships; risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings; failure to realize anticipated benefits of the combined operations; potential delays or changes in the government appropriations or procurement processes; our ability to remediate a material weakness in our internal control over financial reporting; risks regarding the market and our customers accepting and adopting our products, including future new product offerings; the high degree of uncertainty of the level of demand for, and market utilization of, our solutions and products; our ability to successfully execute and realize the benefits of joint ventures, channel sales relationships, partnerships, strategic alliances, subcontracting opportunities, customer contracts and other commercial agreements to which we are a party; and those factors discussed in the Company’s reports and other documents filed with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those projected by these forward-looking statements. There may be additional risks that we presently do not know or that we currently believe are immaterial which could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this presentation. We anticipate that subsequent events and developments will cause our assessments to change. However, we specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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3 3 Non-GAAP Financial Information This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, and Adjusted Gross Margin. We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time. Non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net loss before interest expense, interest income, income tax expense (benefit) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for equity-based compensation, employer payroll taxes related to equity-based compensation, net increase in fair value of derivatives, restructuring charges, non-recurring strategic initiatives, non-recurring integration costs, non-recurring litigation, transaction expenses, goodwill impairment, and loss on extinguishment of debt. Adjusted Gross Margin is defined as gross margin adjusted for equity-based compensation allocated to cost of revenues.
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4 BigBear.ai fuses artificial intelligence with deep mission expertise, empowering decision-makers and operators to act with speed, precision, and confidence. 4
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5 5 BigBear.ai Announces Acquisition of Ask Sage Advanced generative-AI platform tailored especially for government agencies and highly regulated industries Model-agnostic, built to integrate with both current and emerging AI technologies Fast-growth and well- penetrated, ARR grew 6X from ‘24-’25, currently serving 16,000 government teams 5
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66 AG E N DA M&A Framework Acquisition Rationale Market Progress & Opportunity 01 02 03 04Q3 2025 Balance Sheet Highlights Strategic Outlook 05 6
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7 7 Dual-Use Platform Level AI Strategic Focus Areas for M&A Growth Enabling Layer Smart & Secure Travel & Trade Build the most trusted platform for AI and digital identity, deploying best practices across government and commercial use cases Unlock the power of AI for critical nat’l sec. missions with disruptive software Disruptive AI Software for National Security Safeguard and strengthen national security with AI, computer vision, and decision advantage solutions
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8 8 Dual-Use Platform Level AI Strategic Fit & Rationale Smart & Secure Travel & Trade Build the most trusted platform for AI and digital identity, deploying best practices across government and commercial use cases Disruptive AI Software for National Security Safeguard and strengthen national security with AI, computer vision, and decision advantage solutions
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9 9 Secure platform for AI use in USG / DoD Reliable data and system connectivity Marketplace for AI powered tools Services and enablement for custom AI apps • Zero Trust architecture with granular Label-Based Access Control (LBAC) • Flexible deployment on secure servers, on-prem systems, or the cloud • Broad model compatibility with OpenAI, Anthropic, Google, AWS, and open- source systems • Reliable, fact-based AI outputs using verified information • Smart data retrieval through government databases, and records • Easy integration that connect to existing AI tools and cloud systems • Mission-ready AI assistants that automate government activities (e.g., ATO-in-a-box, Acquisition-in-a-box, Code canvas, Workbook) • Secure marketplace so tools are ready to deploy after quick approval • Hands-on onboarding, training, and expert services to make AI safe and useful • Full-service operations to deploy, maintain, and scale AI solutions in regulated environments Ask Sage Overview
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10 10 Ask Sage: Synergies with BigBear .ai Cross-Selling Customer Expansion Tech Integration Go-to-Market A S K S A G E
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11 11 Market Progress and Opportunity Disruptive Capabilities in National Security Market Leadership in Travel & Trade Global Reach Market Activation One Big Beautiful Bill
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12 12 Q3 2025 Balance Sheet Highlights •Record ending cash and investments balance of $715M •Net positive cash and investments position; almost $575M as of end of 3Q •Increased cash and investments will support strong offensive posture to grow our existing portfolio, pursue OB3 opportunities, expand internationally, and execute on inorganic growth in the future. $202 $201 $201 $200 $201 $201 $200 $200 $201 $143 $143 $142 $13 $22 $30 $32 $33 $81 $72 $66 $50 $108 $391 $457 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Cash, Investments and Total Debt ($ millions) Investments Total Cash Total Debt $259 $715
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13 BigBear.ai fuses artificial intelligence with deep mission expertise, empowering decision-makers and operators to act with speed, precision, and confidence. 13
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14 Contact: Investors@BigBear.ai 14
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Appendix
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16 16 Supplemental Non-GAAP Information
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17 17 Supplemental Non-GAAP Information (continued) *Adjusted gross margin and Adjusted EBITDA are non-GAAP financial measures. See the “Supplemental Non-GAAP Information” section for additional information and a reconciliation.