BigBear.ai completed the acquisition of Ask Sage, a FedRAMP-authorized generative AI platform for defense and intelligence, on December 31, 2025, for $271.6 million, comprising $267.6 million in cash and a $4.0 million escrow. The company's market capitalization expanded from approximately $1.1 billion in January 2024 to $2.4 billion in December 2025, an increase of 112%. Cash and cash equivalents and investments in available-for-sale debt securities increased nearly tenfold from $50.1 million as of December 31, 2024, to $461.5 million as of December 31, 2025. Total debt was reduced from $142.3 million as of December 31, 2025, to $17.7 million subsequent to year-end, an 88% reduction, primarily due to voluntary conversion of 2029 Convertible Notes. Revenue decreased by $30.6 million (19.3%) to $127.7 million for the year ended December 31, 2025, compared to $158.2 million in 2024, mainly due to lower volume on Army programs and non-recurring contracts. Net loss for 2025 was $(293.9) million, slightly improved from $(295.5) million in 2024. Operating loss widened to $(213.9) million in 2025 from $(133.4) million in 2024. The company recognized a non-cash goodwill impairment charge of $70.6 million in 2025 and $85.0 million in 2024. An impairment of long-lived assets totaling $53.4 million was recognized in 2025 due to downward revisions of U.S. government revenue contract forecasts. Selling, general and administrative (SG&A) expenses increased to $95.1 million (75% of revenue) in 2025 from $80.0 million (51% of revenue) in 2024, driven by integration costs and sales/marketing investments. Research and development expenses increased by $5.9 million (54.2%) to $16.8 million in 2025, due to fewer projects qualifying for software capitalization. The company raised $637 million in gross proceeds through at-the-market (ATM) equity offerings in 2025, issuing 142 million shares. Backlog decreased from $418.3 million as of December 31, 2024, to $248.1 million as of December 31, 2025. BigBear.ai ceased to be an Emerging Growth Company (EGC) as of December 31, 2025, incurring additional compliance costs. Material weaknesses in internal control over financial reporting identified in prior periods have been remediated as of December 31, 2025.