Slide 1: Investor Presentation First Quarter 2026
Investor Presentation First Quarter 2026 Kevin McAleenan Sean Ricker Chief Executive Officer, Chief Financial Officer Board Member © 2026 BigBear.ai, All rights reserved | BigBear.ai Proprietary. 1
Slide 2: Forward Looking Statements
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 Priva
Slide 3: Non-GAAP Financial Information
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
Slide 4: CEO opening remarks
“We recognize the men and women in uniform, our partners, and our allies executing missions both on the homeland and overseas since our last call. We send our well wishes to our allies and partners who have been in harm’s way. Our teams have been stepping forward for them”. KEVIN MCALEENAN CEO
Slide 5: Rapid Maturation, Two Core Markets, Three Distinct Capabilities
STRONG FOUNDATIONS GROWTH FOCUS DIFFERENTIATION Rapid Maturation Two Core Markets Three Distinct Capabilities Building on strengths as a specialized Focused on two growing markets: National 1. Deep mission understanding defense & security technology company Security, and Trade & Travel – operating 2
Slide 6: Two Markets + Four Priorities for 2026
S TR A TE G IC PO S IT I ON I NG Two Markets + Four Priorities for 2026 CORE GROWTH MARKETS FOUR PRIORITIES National Security 01 Topline Growth Decision advantage serving DoW, IC, DHS, and allied partners. 02 Focus on the Operator Trade & Travel 03 Execution Rigor Technology to move people and goods
Slide 7: Major Wins & Contract Progress
PROGRESS AGAINST STRATEGY Major Wins & Contract Progress 01 TOPLINE GROWTH Federal Solutions veriScan®, TrueFaceTM Chicago O’Hare Airport Sole source classified contract for an $53M Intelligence Community customer $7M Dallas Fort Worth Airport Shipyard AI Ask Sage ▪ Chantier Davie ▪ NASA ▪ Bollinger
Slide 8: Key Change at DHS
P RO G RE S S A GA I NS T S T RA T EG Y / T O PL I NE GR O WT H KEY CHANGE AT DHS 01 Topline Growth Senator Mullin Confirmed as New DHS Secretary, March 23, 2026 ■ $100K Secretary approval threshold eliminated ■ $25M Secretary approval threshold now in place ■ Logjam now removed; multiple bids in pr
Slide 9: New Initiatives
P RO G RE S S A GA I NS T S T RA T EG Y / F OC U S O N T HE OP E RA T OR N EW IN I TI A TI V ES 02 ORGANIZATIONAL FOCUS Realigned Technology & Go-to-Market in Q1 Focus on the Operator ▪ Realigned teams and go-to-market to growth bets ▪ Increases proximity of technologists to changing operators’ need
Slide 10: The nature of threats is morphing at a pace that outstrips traditional planning
P RO G RE S S A GA I NS T S T RA T EG Y / F OC U S O N T HE OP E RA T OR 02 “The nature of threats — from the homeland to the edge — is morphing at a pace that outstrips traditional planning, procurement, and problem-solving structures. This threat system asymmetry – the mismatch between the pace an
Slide 11: Executive Leadership
P RO G RE S S A GA I NS T S T RA T EG Y / E XE C UT I ON RI G OR E XE C UT I VE LE A DE R SH I P 03 STRATEGIC HIRES Jo Ann Bjornson — Chief Human Resources Officer Execution Rigor ▪ Joined March 16, reporting to CEO ▪ Seasoned executive with experience spanning V2X, SAIC, Leidos ▪ Recognized as one
Slide 12: Integrations
P RO G RE S S A GA I NS T S T RA T EG Y / C AT A LY T IC M& A I NT E GR A TI O NS 04 OPERATIONAL PROGRESS ■ Acquisition integrations on-track; expanding capabilities Catalytic M&A ■ Both launched new capabilities in Q1 “We are fully integrating the businesses, TECHNOLOGY ADVANCEMENTS identifying opp
Slide 13: Catalytic M&A
P RO G RE S S A GA I NS T S T RA T EG Y / C AT A LY T IC M& A 04 Catalytic M&A ASK SAGE UI EVOLUTION
Slide 14: Financial Performance
F IN A NC I AL S Financial Performance Revenue Gross Margin % ($ millions) Higher mix of Generative AI revenue drove ~1,270 bps margin 34.0% $34.8 $34.4 expansion 21.3% 1Q 25 1Q 26 1Q 25 1Q 26 Backlog Cash, Investments, and Net Debt ($ millions) 14% increase ($ millions) $461.5 $281.9 $431.5 $414.9
Slide 15: Delivering Enduring Advantage
DEL IVERI NG ENDURING ADVANT AGE “Our strategy, realigned structure, and tech development and acquisitions are all targeted to stay ahead of operators needs, to deliver enduring strategic advantage for the United States, our allies, and critical industries.” KEVIN MCALEENAN CEO
Slide 16: BigBear.ai
BigBear.ai