Bigbear AI SPAC Presentation Deck

Summary Financials Cyber & Engineering Analytics Revenue Growth (4) (4) Cyber & Engineering Gross Profit (4) (4) Analytics Gross Profit Adjusted Gross Profit Cyber & Engineering Adjusted Gross Margin Analytics Adjusted Gross Margin Adjusted Gross Margin (5) (-) Adjustment to C&E Gross Profit (-) Adjustment to Analytics Gross Profit (5) Gross Profit (GAAP) Cyber & Engineering Gross Margin (GAAP) Analytics Gross Margin (GAAP) Gross Margin (GAAP) (-) General & Administrative and Fringe (-) Sales and Marketing (-) R&D BIGBEAR. AI Unadjusted EBITDA Unadjusted EBITDA Margin (7) Adjusted EBITDA Adjusted EBITDA Margin Free Cash Flow (8) (6) 2018 $49 39 $88 26% 2019 $74 48 $122 38% Fiscal Year Ended December 31, 2020 2022 2021 $95 87 $182 31% $76 65 $140 16% $19 36 $55 25% 56% 39% ($2) (10) $43 22% 40% 30% ($25) (1) (2) $14 (8) 10% $25 18% $27 51 $78 (5) (6) 29% 58% 43% ($1) (4) $73 27% 54% 40% ($26) (3) (22) $21 12% $23 12% $18 $133 145 $277 52% $38 90 $128 28% 62% 46% ($2) (5) $121 27% 59% 43% ($39) (10) (35) $36 13% $36 13% $23 (1)(2)(3) 2023 $153 235 $388 40% $46 155 $201 30% 66% 52% (2) ($2) (6) $192 29% 63% 50% ($52) (28) (50) $62 16% $62 16% $43 2024 $170 379 $550 42% $52 260 $312 31% 69% 57% ($2) (7) $303 29% 67% 55% ($67) (53) (77) $105 19% $105 19% $77 2025 $192 572 $764 39% $59 412 $471 31% 72% 62% ($3) (7) $461 30% 71% 60% ($91) (92) (118) $159 21% $159 21% (1) Historical Financials are unaudited, All historical financial numbers are pro forma for closed acquisitions, (3) Refer to Safe Harbor on cover regarding financial information. (4) Refer to Safe Harbor regarding Segment Reporting. Adjustments to Segment Gross Profit includes certain General & Administrative, Fringe and R&D costs. Includes unallowable, overhead and other income (expenses). Excludes depreciation and amortization. Adjusted to exclude transaction fees and other non-recurring costs. Calculated by subtracting Capital Expenditures and Increases in New Working Capital from Adjusted EBITDA. $120 41

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