The backlog growth and margin expansion are positive, but the company remains unprofitable with negative operating cash flow. Monitor whether the $281.9M backlog converts to revenue in coming quarters to validate the full-year guidance. The strong cash position and debt reduction reduce near-term risk.
Price Chart
Executive Summary
BigBear.ai Q1 2026 revenue declined 1% YoY to $34.4M, but gross margin expanded to 34.0% from 21.3% and net loss narrowed. Backlog rose 14% QoQ to $281.9M, and the company affirmed its full-year 2026 revenue guidance of $135M-$165M. The debt restructuring and improved margins offset the slight revenue decline, resulting in a neutral outlook.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $34.4M, down 1% YoY from $34.8M
- Gross margin: 34.0% vs 21.3% YoY (expansion of 12.7pp)
- Net loss: $56.8M vs $62.0M YoY (improvement)
- EPS: -$0.12 vs -$0.25 YoY
- Backlog: $281.9M, up 14% from Q4 2025
- Cash and investments: $431.5M as of March 31, 2026
- Full-year 2026 revenue guidance affirmed at $135M-$165M
- Remaining $124.6M of 2029 convertible notes settled in January 2026
Financial Impact
Revenue declined 1% to $34.4M, but gross margin expanded by 12.7pp to 34.0%. Net loss improved by $4.2M YoY.
Risk Factors
- Continued net losses and negative operating cash flow
- Dependence on U.S. government contracts which could face budget cuts
- Potential dilution from outstanding warrants and future equity issuances
- Revenue concentration in Army programs showing decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001836981-26-000047 |
| Document: bbai-20260505.htm | 0001836981-26-000047 |
| Document: 0001836981-26-000047-index-headers.html | 0001836981-26-000047 |
| Document: 0001836981-26-000047-index.html | 0001836981-26-000047 |
| Document: 0001836981-26-000047.txt | 0001836981-26-000047 |
| 8-K Data (Synthetic) | 0001836981-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | Institutional Cluster | $3.26 $2.82 | ▼ −13.50% | ▼ −11.60% | $2.36 (−27.76%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.14 $3.32 | ▼ −19.81% | ▼ −21.70% | $2.36 (−43.12%) |
May 8, 2026 24w ago | 144 | — | awaiting T+20 | — | — |
May 5, 2026 24w ago | 8-K | — | awaiting T+20 | — | — |
Apr 10, 2026 28w ago | DEFA14A | — | awaiting T+20 | — | — |
Mar 20, 2026 31w ago | DEFA14A | $3.68 $3.79 | ▲ +2.99% | ▼ −4.43% | $2.36 (−36.01%) |
Mar 19, 2026 31w ago | DEFA14A | $3.58 $3.84 | ▲ +7.26% | ▼ −2.06% | $2.36 (−34.22%) |
US Market Status
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