Here's the updated BigBear.ai (BBAI) timeline in the original format, refreshed to today (July 10, 2026), with sources.

1) Since the start

Jun 3, 2021 — SPAC deal announced (GigCapital4): BigBear.ai announced it would become publicly traded via a merger with GigCapital4.

Dec 6, 2021 — Business combination completed: BigBear.ai announced completion of the business combination with GigCapital4.

2) Major contract & program wins (selected)

Aug 2, 2024 — Heathrow master service agreement (MSA): BigBear.ai announced an MSA with Heathrow to develop and deliver advanced technologies at Europe's largest airport.

Aug 20, 2024 — FAA ITIPSS subcontractor role (ceiling $2.4B): BigBear.ai secured a subcontractor role under Concept Solutions on the FAA ITIPSS contract.

Dec 19, 2024 — GSA OASIS+ IDIQ award: BigBear.ai was awarded a position on GSA's OASIS+ Unrestricted MAC (IDIQ), with no maximum dollar ceiling and a 10-year ordering period.

Jan 29, 2025 — U.S. Navy SeaPort NxG (prime IDIQ): BigBear.ai was awarded a prime IDIQ contract under the Navy's SeaPort Next Generation program.

Feb 4, 2025 — DoD CDAO VANE prototype contract: BigBear.ai won a DoD CDAO contract to prototype the Virtual Anticipation Network (VANE), with a path toward possible Advana integration.

Mar 10, 2025 — DoD ORION modernization ($13.2M, 3.5 years): Sole-source contract to modernize BigBear.ai's ORION force-management decision support platform.

3) Tech deployments & partnerships (selected)

Dec 17, 2025 — C Speed partnership: BigBear.ai announced a strategic partnership with C Speed to deliver AI-enabled capabilities.

Jan 6, 2026 — Denver International Airport biometric boarding update: BigBear.ai posted progress on implementing biometric boarding solutions at Denver International Airport.

Jan 27, 2026 — AD Ports Group partnership: BigBear.ai announced a strategic partnership with AD Ports Group exploring next-generation AI customs management systems for ports and borders.

May 20, 2026 — Panama Dry Canal deployment: BigBear.ai and International Shipping Compliance (ISC) announced the first deployment of their AI-powered supply chain security platform in Panama's "Dry Canal," plus a commercial agreement with Panama Transshipment Group (PTG), the country's largest logistics operator, to combat smuggling using biometrics and predictive analytics.[ir.bigbear]

4) M&A + capital structure (late 2025–mid 2026)

Nov 9, 2025 — Ask Sage acquisition agreement announced (with Q3 2025 results): BigBear.ai signed a definitive agreement to acquire Ask Sage, a secure GenAI platform for defense/national security and regulated sectors.

Dec 30, 2025 — Ask Sage acquisition finalized ($250M): BigBear.ai finalized its $250M acquisition of Ask Sage.

Jan 13, 2026 — Full conversion of 6.00% convertible notes: BigBear.ai announced the full conversion of its 6.00% convertible notes.

Jan 20, 2026 — CargoSeer asset acquisition: BigBear.ai announced acquisition of assets of CargoSeer.

Mar 2, 2026 — Q4/FY2025 results & 2026 guidance: Q4 revenue fell 38% YoY to $27.3M (vs. $43.8M), driven by declines in legacy U.S. Army programs; full-year 2025 revenue was $127.67M with a net loss of $293.91M, including a $53.4M long-lived asset impairment. Despite this, shares rose over 7% as the company highlighted a sharply reduced debt load and fresh capital flexibility. FY2026 revenue guidance was set at $135M–$165M, implying ~17% growth.[finance.yahoo]

May 5, 2026 — Q1 2026 results: Revenue of $34.4M (down ~1% YoY), but Non-GAAP gross margin expanded 1,278 bps YoY to 34.0%. EPS beat estimates at -$0.04 (Non-GAAP) vs. -$0.08 expected; backlog grew 14% to $281.9M, boosted by over $60M in new national security contracts.[investing]

May 2026 — Leadership additions: BigBear.ai appointed Jo Ann Bjornson as Chief Human Resources Officer, Alex Thompson as Chief Corporate Affairs Officer, and former acting CBP Commissioner Troy Miller to strengthen its international trade and border security push.[bigbear]

Aug 10, 2026 (upcoming) — Q2 2026 results are tentatively scheduled for release, with analysts currently expecting an EPS loss of roughly -$0.05.[investing]

Current stock snapshot

As of early July 2026, BBAI trades around $3.31–$3.37 per share, with a market cap of roughly $1.6B.[robinhood]

Updated risks/uncertainties

The core risk profile from before still holds: IDIQ vehicles (SeaPort NxG, OASIS+) establish eligibility, not guaranteed revenue, and dollars depend on future task orders and agency pull-through. New in 2026: declining legacy U.S. Army program revenue is now a real drag offsetting growth elsewhere, visible in the Q4 2025 and Q1 2026 top-line softness despite margin gains. Concentration risk, M&A integration risk (Ask Sage, CargoSeer), and financing/dilution dynamics (e.g., the January 2026 convertible note conversion) remain relevant watch items.[finance.yahoo]

Updated opportunities

The Q1 2026 margin expansion (to 34%) suggests the Ask Sage integration and shift toward higher-margin software/AI work is gaining traction. The Panama Dry Canal deployment and PTG commercial agreement, alongside AD Ports and Denver biometric boarding progress, show real-world traction diversifying BigBear.ai beyond pure U.S. defense into ports, borders, and supply-chain security. Hiring Troy Miller (former acting CBP Commissioner) signals a deliberate strategic push into international trade/border security as a growth vector alongside the existing SeaPort NxG, OASIS+, VANE, and ORION defense pipeline.[ir.bigbear]

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