# 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.

Source page: https://stoqly.net/news/bbai-q3-2026-guidance-cashflow

- **Published:** 2026-11-01T03:09:00+00:00
- **Section:** Quarterly results
- **Company:** BigBear.ai Holdings, Inc. (BBAI), https://stoqly.net/companies/bbai.md

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.

**Investor read-through** The quarter combined strong top-line growth, wider gross margin and higher guidance with a large impairment charge and continued negative operating cash flow. The evidence supports improved operating momentum, but not yet self-funded growth.

- 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

- [BigBear.ai Q3 2026 results and FY2026 guidance, released 2026-10-27](https://ir.bigbear.ai/news-events/press-releases/detail/150/bigbear-ai-announces-third-quarter-2026-results-and-raises)
- [BigBear.ai Form 10-Q for quarter ended 2026-09-30, filed 2026-10-27](https://ir.bigbear.ai/sec-filings/all-sec-filings/content/0001836981-26-000092/bbai-20260930.htm)
- [Market consensus comparison for Q3 2026 revenue, reported 2026-10-27](https://www.marketbeat.com/stocks/NYSE/BBAI/earnings/)

---

Written by Stoqly from SEC filings and market data. For information only — not investment advice or a recommendation to buy, sell or hold any security.