📈 Price History

Ratio Health

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📊 Sector Averages

About

BigBear.ai Holdings, Inc. provides artificial intelligence-powered decision intelligence solutions for national security, supply chain management, and digital identity markets.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding BBAI

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	830.3K	$2.9M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

Management expresses strong confidence in long-term tailwinds and balance sheet strength ('going on offense', 'unprecedented opportunity') while acknowledging near-term contract disruptions and lowering revenue guidance ('This quarter is not about taking a step back', but also 'we have adjusted our full-year guidance to reflect such disruptions'). The tone balances optimism for the future with realism about current challenges.

Q3 2025

Mixed

The CEO opened with an offensive posture and confidently announced the Ask Sage acquisition, but the CFO reported a year-over-year revenue decline of $8.4 million and adjusted EBITDA turned negative $9.4 million from positive $900,000. Management acknowledged the government shutdown disruption while emphasizing strong liquidity and strategic M&A.

Q4 2025

Confident Vague

Management repeatedly highlighted the strongest financial position in company history and strategic alignment with government priorities, but offered broad aspirational language rather than specific near-term milestones. Phrasings like 'we are well on our way' and 'significant near-term revenue opportunities' indicate optimism without concrete commitments.

Q1 2026 latest

Confident Specific

Management repeatedly states 'the strategy is working,' provides specific contract values ($53M classified, $7M airport contracts) and metrics (backlog $281.9M, +14% QoQ), and uses phrases like 'strongest financial position in company's history' and 'clear progress on key metrics.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The company demonstrated clear progress on its four strategic priorities, notably top-line growth with several new contracts (including a $53M sole-source classified deal and airport deployments), a strong cash position ($431M), and a 14% backlog increase. Gross margin expansion of 1,300 basis points signals a shift to higher-margin technology revenue. However, the company remains unprofitable with a net loss of $56.8M and negative EBITDA of -$9.9M, and the lack of a clear timeline to cash flow positivity is a concern. Next quarter, watch for revenue growth toward the $135-$165M range, further margin expansion, and evidence that the go-to-market realignment is driving faster contract awards. The confirmation of DHS fiscal year funding and new leadership hires (e.g., Troy Miller) could be positive catalysts.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED BigBear.ai Q1 2026: Revenue $34.4M, backlog up 14% to $282M, gross margin expands 1300 bps

Revenue & Profitability

Revenue for Q1 2026 was $34.4 million, comparable to Q1 2025. Gross margin improved to 34% from about 21% a year ago. Net loss was $56.8 million versus $62 million in Q1 2025, with a decrease in net loss driven by lower interest expense and higher gross margin. Adjusted EBITDA was -$9.9 million, compared to -$7 million in the prior year. Non-cash charges totaled $36 million related to derivative fair value changes and debt extinguishment.

Outlook

Management sees strong tailwinds in national security and trade & travel. The threat landscape is evolving rapidly, and the US must be peerless in AI development and deployment to counter adversaries using advanced AI. The recent confirmation of Secretary Mullin at DHS and the signing of DHS's FY2026 budget are positive developments that should unlock new technology procurements. The global shipbuilding market is robust, underscored by $65.8 billion in new funding requested for naval shipbuilding in the administration's 2027 budget.

Growth Drivers

Key growth levers include expanding generative AI platform (Ask Sage) to commercial customers beyond government, cross-selling Ask Sage and CargoSeer into the existing customer base, and leveraging new contract wins such as a $53 million sole-source intelligence community contract, two $7 million airport contracts (Chicago O'Hare, Dallas Fort Worth), and shipbuilder contracts with Chantier Davie and Bollinger Shipyards. The realignment of go-to-market teams to focus on national security and trade & travel is expected to accelerate growth.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross margin expanded by almost 1,300 basis points to 34% in Q1 2026, driven by a higher mix of revenue from GenAI platforms and products from the Ask Sage acquisition. SG&A expenses increased to $29.2 million from $22.7 million, primarily due to intangible amortization, legal/proxy costs, and sales and marketing investment. R&D spending rose to $5.5 million from $4.2 million. The shift from services to technology contracts is expected to continue driving margin improvement.

Key Risks

Management noted that the partial government shutdown did not affect most DHS work due to critical mission nature, but full funding is needed for new starts. The threat landscape is described as 'evolving rapidly,' and the company's strategy depends on solving 'threat system asymmetry'—the mismatch between threat pace and traditional procurement systems. While not flagged as a specific risk, the company emphasized the need for pace in AI development and deployment to counter adversaries.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 saw 13% revenue growth and a significant margin increase, driven by GenAI products and new contract wins. Backlog and cash reserves are strong, with ongoing investment in R&D and M&A. Achieving CMMC Level 2 and integrating recent acquisitions position the company for continued growth.

Q1 2026 Q1 2026 2026-05-05

Q1 2026 saw stable revenue, a 14% backlog increase, and improved gross margin, driven by new contracts in national security, trade, and shipbuilding, plus successful integration of recent acquisitions. Net loss narrowed, and full-year guidance was affirmed.

Q4 2025 Q4 2025 2026-03-02

Achieved record financial strength in 2025, completed key acquisitions, and expanded internationally. Q4 revenue declined year-over-year, but net loss improved significantly due to non-cash gains. 2026 revenue is projected to grow 17% with continued focus on AI and defense markets.

Q3 2025 Q3 2025 2025-11-10

Announced acquisition of Ask Sage to accelerate growth in secure AI for government and regulated sectors, with strong liquidity and a robust M&A strategy. Q3 revenue declined year-over-year, but the company remains well-positioned for growth as government AI investments increase.

Q2 2025 Q2 2025 2025-08-11

Second quarter revenue declined year over year due to Army contract disruptions, with a net loss driven by non-cash items. Record cash raised enables aggressive growth, while guidance was revised to $125–$140 million in revenue for 2025 amid strong market tailwinds.

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