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1 Second Quarter 2026 Kevin McAleenan Chief Executive Officer, Board Member © 2026 BigBear.ai, All rights reserved | BigBear.ai Proprietary. Investor Presentation Sean Ricker Chief Financial Officer
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Forward-Looking Statements This presentation contains forward -looking statements regarding future events and our future results that are subject to the saf e 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. For ward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “pr oject,” “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 expect ations and beliefs concerning future developments and their potential effects on us and should not be relied upon as representing BigBear.ai’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 forwa rd-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 f unding, 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; budget ary 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 measure s 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 gove rnment 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 terminatin g 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; th e 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 Quantit y 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; risks regarding t he market and our customers accepting and adopting our products, including future new product offerings resulting from acquisitions; 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 allianc es, 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 th at 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. DISCLOSURES
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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 financia l 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. 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 incre ase in fair value of derivatives, restructuring charges, non -recurring strategic initiatives, non -recurring integration costs, non -recurring litigation, transacti on expenses, goodwill impairment, and loss on extinguishment of debt. Non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should b e 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 expe nse 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. We urge investors to review the reconciliation of these non -GAAP financial measures to the comparable GAAP financial measures set forth in the Q2 2026 Earnings Release. DISCLOSURES
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Strong Quarter “We are fully focused on following through on hitting our targets and continuing to earn investor trust… We continue to win new contracts in the U.S. and abroad.” 01 Q2 Revenue Growth +13% YoY Affirming Top Line Guidance ◆ Expanded gross margins +781 bps YoY ◆ On track for target 17% growth YoY ($135–165M) by end 2026 02 20+ New Contracts Pipeline Continues To Be Healthy ◆ Values range up to $5M each ◆ Backlog +9% vs. ‘25 year-end 03 Product Enhancements ◆ Cargo inspection ◆ GenAI ◆ Drone swarm orchestration Driving Mission Performance SECOND QUARTER 2026 / CEO OVERVIEW
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Assumptions Are Playing Out 01 Great Power Competition, Rolling Regional Conflicts 02 Domestic Threat Landscape Far More Dynamic 03 Global Trade & Mobility Reset 1 Deliver topline revenue growth committed 2 Accelerate hunt for accretive M&A and move fast CEO & LEADERSHIP FOCUS FOR H2 “BigBear.ai builds and deploys technology to address each of these macro themes, which often converge” STRATEGIC CONTEXT | MACRO TRENDS
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“Most companies today are searching to find their place in a world being redesigned by AI. BigBear.ai does not face that problem. Applied AI is at the very center of our value proposition and growth strategy. The operators we serve know this.”
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Win: New CargoSeer Contract in El Salvador First deployment in Central America brings cargo x-ray, imagery, documents and trade data into single workflow. COMMERCIAL DEPLOYMENT El Salvador In partnership with regional customs expert IMPACT Helps detect contraband, collect correct duties, keep legitimate trade moving 01 12-MONTH PILOT COMPLETE Proof of concept, in-country 02 NOW OPERATIONAL Tested & validated 03 5-YEAR DEPLOYMENT Garnering interest from agencies around world PRODUCT MOMENTUM | TRADE & TRAVEL 01
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01 Reading a Scan Like a Doctor Reads an X-Ray Alongside Patient History AI + computer vision compares vs. trade data; flags anomalies with speed and explainability ~$26T Annual global merchandise trade Configurable Per country – models update as risks change W H Y I T S C A L E S CargoSeer AI + computer vision analyzes alongside entire data package PRODUCT MOMENTUM | GENERAL USE -CASE FOR CARGOSEER *Images for illustration purposes only*
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Win: Naval Air Systems Command (NAVAIR) Proud to provide mission-ready generative AI for the U.S. Navy & Marine Corps CUSTOMER DEPLOYMENT NAVAIR Systems Command providing full life-cycle support for all aircraft, weapons, and airborne systems used by the U.S. Navy and Marine Corps 01 TECHNOLOGY APPLICATION CONFIDENTIAL Includes rapid software development, agentic coding 02 FOLLOWS NASA WIN Q1 Ask Sage: Generative AI platform PRODUCT MOMENTUM | GENERATIVE AI PRODUCTS & PLATFORMS 02
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Expanded offering for DoW and other departments in July One platform across connected and air-gapped environments — deployable up to Top Secret Up to Top Secret Highest classification supported 1 Device Cloud-grade AI, fully disconnected Model-agnostic New Delivery Option · Bring Your Own Model W H Y I T S C A L E S New air-gapped hardware brings secure, model- agnostic, multimodal AI beyond the cloud and into operational environments B O T H C L O U D - C O N N E C T E D … … A N D A I R - G A P P E D / D I S C O N N E C T E D Access broad catalog of cloud-hosted models Portable, local device highly portable for environments isolated from unsecured networks *Images for illustration purposes only*PRODUCT MOMENTUM | GENERAL GENERATIVE AI USE CASE 02
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One Operator, Many Drones: ConductorOS in the Field Customer problem: massive data volume = serious cognitive burden >$70B FY27 U.S. drone & counter-drone request $54.6B Autonomous warfare unit 400+ Drone makers: United States W H Y I T S C A L E S ConductorOS Transforms one operator into the command center for multi-vendor fleet. *Images for illustration purposes only* Drone fleets shown here are one use case — ConductorOS is domain-agnostic across mixed systems PRODUCT MOMENTUM | DRONE ORCHESTRATION 03
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Financial Performance 13% revenue growth, gross-margin expansion, strong balance sheet REVENUE $36.7M ▲ 13% YoY GROSS MARGIN 32.8% ▲ 781 bps YoY NET LOSS $(25.7)M ▲ improved vs $(228.6 M) ADJ. EBITDA $(11.6)M ▼ vs $(8.5)M CASH & INVESTMENTS $410M for growth & M&A FY2026 REVENUE GUIDANCE Reaffirmed - on track to guidance $135M – $165M KEY DRIVERS ◆ Revenue growth driven by GenAI platforms and products ◆ Gross-margin expansion from higher mix of GenAI revenue ◆ Backlog increased by 9% vs. year-end 2025 ◆ Balance sheet funds new capabilities and accretive M&A ◆ Lower net loss – 2Q25 included non-cash goodwill & derivative items ◆ Adj. EBITDA reflects investment in sales, GTM, and R&D FINANCIALS | SECOND QUARTER 2026
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EXECUTION RIGOR CMMC Level 2 - Achieved Ahead of Schedule Gold-standard cybersecurity milestone reached in July 2026, well ahead of plan CERTIFICATION CMMC Level 2 Cybersecurity Maturity Model Certification - a rigorous U.S. federal standard for protecting Controlled Unclassified Information (CUI) WHY IT MATTERS ◆ Verifies advanced controls against sophisticated cyber threats – achieved well ahead of schedule. ◆ Valuable to all customers even as the Department of War reviews the standard, because the underlying threats remain. ◆ Example of maturing BigBear .ai – through execution rigor – for future growth and expansion.
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Investing In Strengths As Specialized Defense & Security Technology Company Delivering mission-ready AI to two growing markets with three differentiators TWO CORE MARKETS National Security Decision and operational advantage for the DoW, IC, DHS, and allied partners Trade & Travel Technology to securely move people and goods, strengthening global ports, borders, and supply chains THREE DIFFERENTIATORS 1 Deep mission understanding 2 Expert command of advanced applied AI 3 Unique combination of scale and agility STRATEGY | POSITIONING
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CLOSING “I believe that as attention moves away from legacy technology and legacy defense to the parts of the AI economy where implementation is vital – not a promise for the future – BigBear.ai will win. We operate equally well as a new defense & security technology prime, because we have deep customer trust and the size to deliver complex solutions, or as a partner to the traditional primes, providing our targeted products and expertise within a larger contract. That flexibility puts us in a highly advantageous position.” - Kevin McAleenan CEO
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Thank You