BBAI earnings analysis
What we found in BBAI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
BigBear.ai reported Q1 2026 revenue of $34.4 million, slightly exceeding estimates of $33.6 million, but achieved an EPS of -$0.12, missing the expected -$0.08. The company observed a year-over-year revenue decline of 0.9% driven by decreased Army program volumes, offset by higher-margin contributions from recent acquisitions. The management remains confident, affirming full-year revenue guidance of $135 million to $165 million, bolstered by a significant backlog increase.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue of $34.4 million was up 2.5% compared to consensus estimates of $33.6 million.
- Gross Margin Improvement
- Gross margin increased to 34.0% from 21.3% year-over-year due to better cost management and higher-margin products.
- Backlog Growth
- Total backlog increased to $281.9 million from $248.1 million, indicating strong future revenue potential.
- Reduction in Cost of Revenues
- Cost of revenues decreased by 17.0% to $22.7 million, improving efficiency.
- Reduction in Interest Expenses
- Interest expense dropped 93.8% to $317, reflecting a lower debt level after conversion of notes.
- Improvement in Interest Income
- Interest income rose 580.8% to $(3,785), boosted by higher cash and investment balances.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Net Loss
- Net loss increased to $56.8 million from $62.0 million year-over-year, indicating ongoing financial strain.
- Increased SG&A Expenses
- SG&A expenses surged by 28.6% to $29.2 million, impacting overall profitability.
- Litigation and Compliance Costs
- Legal challenges remain a risk to operational stability and financial outcomes.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.12
- Gross margin
- 34.0%
What they said about what is next.
Management affirmed full-year revenue guidance of $135 million to $165 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 2, 2026
- BigBear.ai positions itself as a mission-focused AI vendor serving national security, travel and trade markets and completed strategic bolt‑on deals (Ask Sage on December 31, 2025 and CargoSeer assets in January 2026).…
- 10-Q · November 10, 2025
- BigBear.ai reported Q3 2025 revenue of $33.143M and a GAAP net income of $2.521M (basic EPS $0.01; diluted EPS $(0.03)), driven by non‑operating items and financing activity. The quarter shows a materially stronger…
- 10-Q · August 11, 2025
- BigBear.ai reported Q2 (three months ended June 30, 2025) revenue of $32,472,000, down from $39,783,000 a year earlier, with gross margin falling to 25.0% and GAAP diluted loss per share of $(0.71). The quarter included…
- 10-Q · November 9, 2023
- BigBear.ai reported Q3 revenue of $33,988,000, down $6,663,000 (16.4%) versus Q3 2022 ($40,651,000). The company recorded GAAP net income of $3,999,000 ($0.03 per diluted share) for the quarter versus a net loss of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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