BigBear.ai stock plunges as company to restate financial reports

Shares of BigBear.ai, a small-cap provider of artificial intelligence-powered decision intelligence solutions, tumbled to their lowest level since mid-December yesterday, March 18. The trigger was the company’s announcement there would be a delay for its 10-K filing for 2024, along with a restatement of results for the last two years.

BigBear.ai stock sank nearly 15% on the New York Stock Exchange yesterday to close at $2.97 per share, the lowest mark since mid-December. In premarket trading today, March 19, shares inched up about 0.3%.

The selloff followed news that the company would not be able to file its 2024 financial report with the U.S. SEC on time. It also informed the SEC that it would need to restate financial results for the last two years.

The company and its auditor “reevaluated the accounting presentation” of convertible bonds due in 2026, “specifically the accounting for the embedded conversion option.” The company now seeks time to correct this and recalculate its financial metrics.

Nevertheless, BigBear.ai stated that the restatements would not impact its revenue, gross profit, or adjusted EBITDA for prior periods. Preliminary 2024 results show revenue rising about 2% to $158.2 million, while pretax losses ballooned more than fourfold to $296.1 million.

BigBear.ai provides decision intelligence solutions for national security, digital identity, supply chains and logistics, enterprise operations, and manned-unmanned teaming in autonomous systems. Its clients come from segments like government & defense, travel & transportation, manufacturing & warehouse operations, and healthcare & life sciences.

In March, the company secured a $13.2 million contract with the U.S. Department of Defense for data analytics services. In February, BigBear.ai announced that payment technology provider SoftPoint would integrate Trueface facial biometric solutions into SoftPointPay.

BigBear.ai has been highly volatile for the last year, notes the Motley Fool. Since the start of 2025, the stock is off by nearly a third, yet over the last 12 months it remains up by a similar margin.

The company has five analyst ratings on Wall Street, according to MarketWatch: three “holds” and two “buys.” The average target price is $7 per share, implying upside of nearly 136% versus the last closing price.