BigBear.ai raises 2026 revenue outlook as growth accelerates but cash burn persists
BigBear.ai grew third-quarter revenue 31% year over year and raised its 2026 revenue range, while losses, impairment charges and negative operating cash flow keep execution risk high.
BigBear.ai reported third-quarter 2026 revenue of $43.6 million, up 31% year over year, and raised its full-year revenue guidance after another quarter of organic growth.
Growth and margin improved
Revenue rose from $33.1 million in the third quarter of 2025. Gross margin expanded to 31.2% from 22.4%, helped particularly by the Generative AI Platform acquired through Ask Sage. Adjusted EBITDA improved modestly to a loss of $9.1 million from $9.4 million.
The company reported a $91.9 million net loss, compared with $2.5 million of net income a year earlier. The main driver was a $76.7 million non-cash goodwill impairment, alongside higher operating expenses; the impairment should be separated from the underlying margin improvement when assessing the quarter.
Raised outlook, but cash use remains material
BigBear.ai raised its 2026 revenue guidance to $150 million–$165 million, a 5% increase in the midpoint from its prior range. It also said backlog reached approximately $330 million, including more than 25 new contract wins worth over $225 million in contract value, although only about 23% of backlog was funded.
Nine-month operating cash flow was negative $49.8 million, versus negative $20.1 million in the comparable 2025 period. At September 30, the company held $77.1 million in cash, plus $321.9 million in available-for-sale investments, while total liabilities were $76.3 million. The liquidity cushion is significant, but the cash-flow deficit and continuing net losses remain central risks.
Q3 revenue
$43.6M
↑ +31% YoY reported
Gross margin
31.2%
↑ +878 bps vs Q3 2025
FY26 guidance
$150–165M
↑ +5% midpoint revenue
9M operating cash flow
-$49.8M
↓ vs -$20.1M 2025 period
Sources
Quarterly revenue, BigBear.ai Holdings, Inc.
Margins by quarter
Twelve quarters of figures
| Quarter | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.6M | $33.1M | $39.8M | $41.5M | $43.8M | $34.8M | $32.5M | $33.1M | $27.3M | $34.4M | $36.7M | $43.6M |
| Revenue growth | — | — | — | — | 8.0% | 4.9% | −18.4% | −20.1% | −37.7% | −0.9% | 13.2% | 31.5% |
| Gross margin | 32.1% | 21.1% | 27.8% | 25.9% | 37.4% | 21.3% | 25.0% | 22.4% | 20.3% | 34.0% | 32.8% | 31.2% |
| Operating margin | −21.1% | −296.1% | −41.9% | −25.4% | −18.6% | −61.0% | −278.1% | −66.0% | −295.0% | −70.4% | −77.7% | −229.4% |
| Net income | −$23.5M | −$128M | −$14.4M | −$15.1M | −$138M | −$62.0M | −$229M | $2.5M | −$5.8M | −$56.8M | −$25.7M | −$91.9M |
| Diluted EPS | −$0.15 | −$0.68 | −$0.06 | −$0.06 | −$0.47 | −$0.25 | −$0.71 | −$0.03 | $0.17 | −$0.12 | −$0.05 | −$0.19 |
| Cash from operations | −$0.1M | −$14.4M | −$7.1M | −$1.9M | −$14.8M | −$6.7M | −$3.9M | −$9.6M | −$21.8M | −$18.0M | −$22.2M | −$9.6M |
| Capital expenditure | $0.0M | $0.0M | $0.1M | $0.1M | $0.2M | $0.1M | $0.0M | $0.2M | $0.3M | $0.3M | $0.3M | $0.2M |
| Free cash flow | −$0.1M | −$14.4M | −$7.2M | −$2.0M | −$15.0M | −$6.7M | −$3.9M | −$9.8M | −$22.1M | −$18.3M | −$22.5M | −$9.8M |
| Dividends and buybacks | $0.0M | — | — | — | — | — | — | — | — | — | — | — |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or BigBear.ai Holdings, Inc..
