Why BigBear.ai Stock Could Eventually Go to $0

Core Viewpoint - BigBear.ai has seen a significant stock price increase of approximately 107% over the past year, but its declining revenue raises concerns about its long-term viability [1]. Revenue Performance - Despite record levels of spending on AI, BigBear.ai's revenue has not grown; in fact, its trailing-12-month (TTM) revenue has decreased by 7% over the last three years [2][3]. - In Q3, BigBear.ai's revenue fell by 20% year over year to $33.1 million, indicating an accelerating downtrend [4]. Acquisition Strategy - BigBear.ai is pursuing an acquisition of Ask Sage, a generative AI platform focused on security, which is expected to help turn the company's fortunes around [5][6]. - Ask Sage is reportedly used by 100,000 individuals across 16,000 government teams and is forecasted to generate $25 million in annual revenue for a purchase price of $250 million [8].