BigBear.ai (BBAI) Stock News Today (Nov. 19, 2025): Director Share Sale as Market Digests Q3 Earnings and Ask Sage Deal

BigBear.ai (BBAI) is back in focus on November 19, 2025, after director Dorothy D. Hayes sells 22,000 shares. Investors are weighing the insider sale against fresh Q3 2025 earnings, the $250 million Ask Sage acquisition, a growing defense AI backlog, and ongoing shareholder litigation.

Today’s headline: BigBear.ai director Dorothy Hayes sells 22,000 shares

The only new company-specific development dated November 19, 2025 is an SEC filing showing an insider sale by BigBear.ai director and 10% owner Dorothy D. Hayes.

A Form 4 filed with the U.S. Securities and Exchange Commission (SEC) discloses that Hayes sold 22,000 shares of BigBear.ai common stock on November 18, 2025 at an average price of about $6.085–$6.09 per share, for a total value of roughly $133,870. After the transaction, she still directly owns 236,150 shares of BBAI. ^[1]

The sale represents a little over 8% of her directly held stake, meaning Hayes remains a significant individual shareholder even after trimming her position.

In a separate Form 144 filing dated November 18, Hayes also notified the SEC of her intent to sell up to 22,000 restricted shares within the next 90 days, consistent with the transaction reported on Form 4. ^[2]

There is no new BigBear.ai corporate press release filed today; the company’s own investor relations page still lists the November 10, 2025 Q3 earnings and Ask Sage acquisition announcement as its latest news item. ^[3]

Importantly, insider sales can be driven by many factors (taxes, diversification, personal liquidity) and do not automatically indicate a negative view of the business. The key for investors is to view this sale in the context of BigBear.ai’s fundamentals and recent catalysts.

Q3 2025 recap: Revenue down, profitability and cash position up

Today’s insider activity comes just over a week after BigBear.ai released third-quarter 2025 results and unveiled a major acquisition.

In its November 10, 2025 earnings release, the company reported: ^[4]

Revenue:
- $33.1 million for Q3 2025, down about 20% from $41.5 million in Q3 2024, largely due to lower volume on certain U.S. Army programs.
Profitability:
- Net income of $2.5 million, versus a net loss of $15.1 million in the prior-year quarter.
- Non-GAAP Adjusted EBITDA of –$9.4 million, compared with +$0.9 million a year ago, reflecting lower gross margin and higher operating costs.
Margins:
- Gross margin 22.4%, down from 25.9% in Q3 2024.
Backlog & guidance:
- Backlog of $376 million as of September 30, 2025.
- Full-year 2025 revenue guidance reaffirmed at $125–$140 million.
Balance sheet:
- A record cash balance of about $456.6 million at quarter-end, improving the company’s funding capacity for growth initiatives. ^[5]

Market data compiled by TradingView also show that the company delivered an earnings surprise: Q3 EPS of $0.01 versus consensus estimates near –$0.07, and revenue slightly ahead of expectations (about $33.1–$33.14 million vs roughly $31.8 million forecast). ^[6]

Taken together, the numbers paint a mixed picture: top-line pressure from legacy defense programs, but improved bottom-line performance and a fortified cash position that gives BigBear.ai more runway to execute its AI growth strategy.

Ask Sage: A $250 million bet on defense-grade generative AI

The standout strategic move from the Q3 release was BigBear.ai’s definitive agreement to acquire Ask Sage, a rapidly growing generative AI platform built for highly regulated customers such as defense and national security agencies. ^[7]

Key details disclosed:

Deal value:
- BigBear.ai will pay $250 million for Ask Sage, subject to customary balance sheet adjustments. ^[8]
Revenue profile:
- Ask Sage is expected to generate about $25 million in annual recurring revenue (ARR) in 2025, roughly 6× its 2024 ARR, according to the company. ^[9]
User base:
- The platform already supports over 100,000 users, across 16,000 government teams and hundreds of commercial organizations. ^[10]
Strategic fit:
- Ask Sage is designed for secure distribution of AI models and agentic AI capabilities in environments where data sensitivity and governance are non‑negotiable — a natural extension of BigBear.ai’s focus on defense, intelligence, border security and critical infrastructure. ^[11]

Management’s thesis is that combining Ask Sage with BigBear.ai’s existing analytics, modeling, and mission services will create an integrated, defense‑grade AI platform covering software, data and professional services in one stack. ^[12]

The acquisition is still subject to regulatory and closing conditions. Investors will be watching how the company structures the final deal, how much cash it ultimately deploys, and how quickly Ask Sage contributes to growth and margins.

How the market is reacting: BBAI stock today and recent volatility

As of intraday trading on Wednesday, November 19, 2025, BigBear.ai stock is trading around $6.00 per share, only marginally higher on the day, with an intraday high near $6.10, a low around $5.85, and volume of roughly 14.3 million shares. The current quote implies a market capitalization of about $2.6 billion. ^[13]

That relatively muted intraday move contrasts with the sharp volatility the stock experienced around the Q3 release and Ask Sage announcement earlier this month:

Reports from multiple outlets indicate BBAI surged roughly 7.9% shortly after Q3 numbers and the Ask Sage deal hit the tape. ^[14]
Other coverage highlighted a 15–19% jump in early pre‑market and post‑earnings trading as investors reacted to the surprise profit and aggressive AI expansion plans. ^[15]

In short: BigBear.ai has quickly become one of the more volatile AI stocks on the NYSE, with relatively small shifts in sentiment capable of producing outsized price moves.

Options data underline this point: as of November 19, implied volatility on BBAI options sits well above 100%, signaling elevated expectations for future price swings, though not necessarily in any specific direction. ^[16]

Note: Market prices, volatility measures and volumes are intraday figures and may change by the close of trading.

Beyond earnings: Contracts, pilots and presence at key industry events

While most of Wall Street’s attention is on the Ask Sage deal and backlog, BigBear.ai has also been expanding its footprint through partnerships and deployments across defense and civil markets:

Airport biometrics & travel:
- In October 2025, BigBear.ai announced that its biometric system is helping secure and speed up international travel at Chicago O’Hare International Airport, part of a broader push into travel and trade security solutions. ^[17]
Battlefield edge infrastructure:
- The company partnered with Tsecond to deliver AI-enabled edge infrastructure for battlefield environments, aimed at processing large volumes of sensor data closer to the point of collection. ^[18]
Maritime domain awareness:
- In collaboration with SMX, BigBear.ai is showcasing AI-driven capabilities to enhance maritime domain awareness for the U.S. Navy’s 4th Fleet at UNITAS 2025, focusing on counter-narcotics, human trafficking and smuggling threats across wide operational theaters. ^[19]
Today’s industry exposure – Biometrics Summit:
- On November 19–20, 2025, BigBear.ai is participating in the Biometrics for Government & Law Enforcement Summit in Reston, Virginia, alongside leaders from U.S. Border Patrol, TSA and the Department of Defense, underscoring the company’s push into digital identity and biometric security. ^[20]

The company’s public newsroom also highlights brand and commercial partnerships, including a “landmark” partnership with the Washington Commanders NFL franchise and a strategic partnership in the UAE with Easy Lease and Vigilix, though detailed financial terms for these deals have not been prominently disclosed. ^[21]

These initiatives help explain BigBear.ai’s $376 million backlog and its positioning as a “mission-ready AI” provider to defense, government and critical infrastructure clients, rather than a purely consumer‑facing AI name. ^[22]

Legal and governance backdrop: Securities lawsuit still in play

Another part of the story that long‑term investors are tracking is ongoing shareholder litigation.

In May 2025, securities law firm Bleichmar Fonti & Auld LLP (BFA Law) announced that a lawsuit had been filed against BigBear.ai and certain senior executives, alleging violations of federal securities laws tied to how the company accounted for 2026 convertible notes and subsequent restatements of financial statements dating back to 2021. ^[23]

According to the firm’s release:

BigBear.ai delayed its 2024 Form 10‑K in March 2025 and warned that several prior financial statements should no longer be relied upon and would be restated.
After the delay announcement and later restatement disclosures, the stock fell sharply on multiple trading days in March 2025. ^[24]

Investors had until June 10, 2025 to seek appointment as lead plaintiff in the case. The litigation is ongoing, and all allegations remain to be resolved in court.

For current and prospective shareholders, this legal overhang is separate from today’s insider sale but relevant for understanding BigBear.ai’s risk profile and governance track record.

What today’s news may mean for investors

Putting everything together, here’s how today’s insider filing fits into the broader BigBear.ai narrative:

Insider activity:
- Director Dorothy Hayes has sold a modest portion of her holdings (about 8.5%) but remains a sizeable shareholder. On its own, this isn’t a definitive bullish or bearish signal, but investors often monitor patterns of repeated insider buying or selling over time. ^[25]
Fundamental backdrop:
- BigBear.ai is navigating shrinking near‑term revenue and negative adjusted EBITDA, while simultaneously delivering its first Q3 profit and reinforcing the balance sheet with record cash and a large backlog. ^[26]
Strategic upside:
- If completed and successfully integrated, the Ask Sage acquisition could accelerate BigBear.ai’s transition into a scaled, recurring‑revenue AI platform deeply embedded in defense and national‑security use cases. ^[27]
Risk factors:
- The company still faces operational execution risk, ongoing securities litigation, and high share‑price volatility, plus the challenge of turning a large backlog and strong cash balance into sustainable, profitable growth. ^[28]

Key things to watch next

For readers following BigBear.ai in the coming weeks and months, several milestones stand out:

Closing of the Ask Sage acquisition, including final terms, integration roadmap and updated financial targets.
The special meeting of stockholders scheduled for December 1, 2025, which may be tied to approving aspects of the acquisition or related corporate actions (investors should review official proxy materials for details). ^[29]
Future earnings calls and guidance updates that clarify revenue mix between traditional contracts and newer AI platform offerings.
Any additional insider transactions (both buys and sells) that help establish a clearer pattern of insider sentiment. ^[30]
Progress on key defense, border security, maritime and airport programs, as well as international partnerships, which will determine whether the current backlog converts into durable revenue streams. ^[31]

Important disclaimer

This article is for informational and journalistic purposes only. It is not financial advice, an investment recommendation, or a solicitation to buy or sell any security. Always do your own research and consider speaking with a licensed financial advisor before making investment decisions.

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