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As of Q4'25, BBAI's EV/EBITDA ratio stands at -75.21, marking a significant decline from previous quarters. This sharp drop follows a relatively stable period, with the ratio fluctuating between -3.36 and -5.77 from Q2'24 to Q3'25. Analyzing the trend from Q1'23 to Q4'25, the EV/EBITDA ratio initially worsened from -4.98 in Q1'23 to a low of -20.23 in Q4'23, then improved and stabilized in the range of -3.36 to -5.77 throughout 2024 and most of 2025. However, the dramatic plunge to -75.21 in Q4'25 represents a major negative inflection point, indicating a substantial deterioration in operating performance or a significant change in enterprise value during the latest quarter.