Greetings. Welcome to BigBear.ai Holdings, Inc. Second Quarter 2025 Earnings Call and Webcast. It is now my pleasure to introduce Sean Ricker, CFO. Thank you. You may begin.

Good afternoon, and thank you all for joining us today for our second quarter 2025 earnings call. I'm Sean Ricker, CFO of BigBear.ai, and I'm joined today by our CEO, Kevin McAleenan. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements. We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.bigbear.ai and click on the Investor Relations link to view and follow the charts. With that, I'd like to turn the call over to Kevin.

Good afternoon, and thank you for joining us. I'm excited to speak with all of you during such a dynamic and pivotal time in our market and for BigBear.ai. This afternoon, I will share some key developments over the last quarter in our market outlook, operations and strategy, and Sean will recap our financial results for the quarter. We're operating in a world that's rapidly increasing investment in our core capabilities, national and border security, AI, autonomy, tech-enabled travel and trade, transportation and logistics. These are not just policy priorities, they are global imperatives. In the 3 months since our last earnings call, we have seen landmark developments resulting in powerful market tailwinds in each of these areas. Most significantly, the passage of the One Big Beautiful Bill will bring a generational investment in areas where BigBear.ai has core capabilities, innovative products and market-leading performance. The One Big Beautiful Bill or OB3, as we're calling it, provides $170 billion in supplemental funding to the Department of Homeland Security and $150 billion to the Department of Defense for disruptive defense technology as well as billions more across shipbuilding and other critical national security missions that we support. This is not incremental funding for innovation. This is a transformative level of investment, and as a mission-ready AI company with national and border security focus, it's directly in our lane. We anticipated these developments, if not their scale and have made key bets in recent years that we are now positioned to capitalize on. BigBear.ai has been proving we are a leading provider of capabilities called for in this legislation, both in the U.S. and across the globe. For example, BigBear.ai has deployed world-class biometric solutions for traveler processing on more than 2,000 devices at over 500 gates and 25 airports. These deployments…

Thank you, Kevin. It's a privilege to be joining today's call in my new capacity as CFO. As Kevin mentioned, I've been with BigBear since the beginning. This is such an exciting time to see the speed and scale of AI development in the world and how that reverberates through the technology we deploy and the customers we serve each and every day. What I can also say is that across the 4-plus years that I've been with the company, we have never been in a better liquidity position than where we stand today. Kevin, myself and our Board are all aligned on going on offense and doing so in a significant way. The proceeds we raised this quarter, which I'll discuss in more detail shortly, open up a world of new possibilities that were previously out of reach. On that note, let's start with our balance sheet. This quarter, we have continued to make sequential improvements to our balance sheet in terms of our liquidity and net debt position. We're proud to announce that as of the end of the second quarter, we have $391 million of cash, an all-time record. And as you'll see in our earnings presentation, we ended the quarter with a net positive cash position of almost $250 million, another record and the first time in BigBear's history where our total cash exceeds our total debt. Our second quarter cash balance, an increase of $341 million from where we ended 2024, provides us with the capital we need to execute on the vast array of opportunities we have ahead of us, both organically and inorganically. During the second quarter, through our at-the-market facilities, we raised gross proceeds of approximately $293 million in exchange for the sale of roughly 75 million shares of our common stock.…

Thanks, Sean. As mentioned, our balance sheet strength and cash position specifically puts us in a position to dramatically increase our rate of market capture and capitalize on these unprecedented tailwinds with conviction and agility. Our strategy is clear, go on offense, both by investing in our capability to pursue organic growth with our AI technology products and government solutions and through targeted acquisitions. On organic growth, we're investing to supercharge our growth engine, specifically around capture campaigns pertaining to OB3 [ in the ] private sector security technology market. We will also be expanding our investment in marketing. Given the extent of the value that we could provide potential customers at this moment, we believe that broad awareness is critical, and we have the resources to support a much greater presence. Talent, we're attracting and retaining top-tier talent on both the tech and national security communities. As we expand into this new chapter, we will be bringing on senior advisers and operators that can further support our business and scaling to the next level. Innovation. Our AI innovation agenda is advancing quickly, and we are focusing on both our core existing capabilities and on additional frontier innovation, including physical AI and Internet of Things integration, and agenetic systems that will operate in the real world to drive security and efficiency at scale. Partnerships. We are deepening ties with strategic partners domestically and internationally to ensure our capabilities integrate seamlessly into the ecosystems that matter most and that we have distribution access that extends globally. M&A. Most critically, we are actively pursuing strategic transformational acquisitions. We are looking at targets that will accelerate scale, unlock new markets and add step function and AI capability. Let me close by bringing it all together. While we have experienced some contract disruption that has negatively impacted our financial results, this quarter should not be defined by it. Instead, the opportunities we have in this moment are defined by powerful market tailwinds, significant progress in the business and our technology and a strong financial posture going forward to take rapid advantage of the climate that we're operating in. We are in the right markets with the right platforms, and we are proving that in the field. We intend to gain market share, win new customers, establish new partnerships and secure our place at the center of AI transformation in national and border security, transportation and mobility and critical infrastructure. We have the cash to invest, the conviction to advance and we're building the team to execute. Thank you to our BigBear.ai team and our shareholders for your continued support. I look forward to speaking with all of you next quarter to update you on our progress.

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.