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).…
Earnings analysis · 10-Q
BBAI earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
- Gross margin
- 34.0%
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management affirmed full-year revenue guidance of $135 million to $165 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.