Updated
The most significant concentration BigBear.ai discloses is customers contributing in excess of 10% of revenues, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: BigBear.ai’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'revenue earned from customers contributing in excess of 10% of consolidated revenues was $65 million or 51% of revenue for the twelve months ended December 31, 2025'”
“10-K Item 1A: 'a significant portion of our business being dependent on sales to the public/government sector'”
The company carries a high-share customer concentration: revenue earned from customers contributing in excess of 10% of consolidated revenues totaled $65 million, or 51% of revenue for the twelve months ended December 31, 2025. That figure signals that more than half of the top line runs through a small cluster of large buyers, each individually material — a dependency exposure where any single program wind-down, contract non-renewal, or budget reallocation could materially reduce reported revenue in a given year. Compounding that is a medium-share structural exposure to the public and government sector. The business is significantly dependent on sales to public and government customers, which introduces a mixed character: government contracts typically provide multi-year revenue visibility, but they are also subject to appropriations cycles, procurement delays, and changes in agency priorities that are outside the company's control. The two exposures are closely related — a meaningful portion of the concentrated customer base likely resides in the government sector — so they are not independent risks but rather reinforce each other. On balance, the dominant variable to monitor is the customer renewal and re-award cadence among the top-tier buyers. Diversification away from the largest customers and toward a broader commercial base would be the clearest way to reduce this profile over time.
For the engine’s reasoning on BBAI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CACI | CACI International, Inc. | 3 | 1 | 0 | 4 |
| BBAI● | BigBear.ai, Inc. | 1 | 1 | 0 | 2 |
| ACN | Accenture plc | 0 | 0 | 0 | 0 |
| APLD | Applied Digital Corporation | 0 | 0 | 0 | 0 |
| BR | Broadridge Financial Solutions, | 0 | 0 | 0 | 0 |
| CDW | CDW Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.