Quarterly ResultMay 5, 2026, 04:24 PM
BigBear.ai Q1 Revenue $34.4M; Backlog Jumps 14% to $281.9M
AI Summary
BigBear.ai Holdings, Inc. announced its first quarter 2026 financial results, reporting $34.4 million in revenue, a slight decrease of 1% year-over-year, but a significant expansion in gross margin to 34.0%. The company's backlog increased by 14% to $281.9 million, driven by new national security contracts, and it successfully settled the remaining $124.6 million of its 2029 Convertible Notes. Despite an increased Adjusted EBITDA loss, BigBear.ai affirmed its full-year 2026 revenue guidance of $135 million to $165 million and reported $431.5 million in total available cash and investments.
Key Highlights
- Backlog increased 14% from Q4 to $281.9 million, including $60M+ in national security contracts.
- Q1 2026 revenue was $34.4 million, a 1% decrease year-over-year.
- Gross margin expanded to 34.0% in Q1 2026 from 21.3% in Q1 2025.
- Settled the remaining $124.6 million of 2029 Convertible Notes.
- Total available cash and investments reached $431.5 million as of March 31, 2026.
- Net loss for Q1 2026 was $56.8 million, an improvement from $62.0 million in Q1 2025.
- Affirmed full-year 2026 revenue guidance of $135 million to $165 million.
- Adjusted EBITDA was $(9.9) million for Q1 2026, compared to $(7.0) million in Q1 2025.