BigBear.ai Holdings, Inc. reported a net loss of $56.8 million for the first quarter of 2026, a slight improvement from a net loss of $62.0 million in the same period last year. The company's revenues for the quarter totaled $34.4 million, down 0.9% from $34.8 million in the prior year. The decrease in revenue was attributed to lower volumes on Army programs and the absence of significant one-time contracts that had occurred in the previous year, although this was partially offset by the inclusion of revenues from the recently acquired Ask Sage.
The company's cost of revenues decreased significantly by 17% to $22.7 million, resulting in a gross margin of $11.7 million, compared to $7.4 million in the prior year. This improvement in gross margin was primarily driven by the higher-margin revenues from Ask Sage. However, selling, general, and administrative expenses rose by 28.6% to $29.2 million, reflecting increased headcount and operational costs associated with the acquisition. Research and development expenses also increased by 32.8% to $5.5 million, driven by fewer projects qualifying for software capitalization.
In terms of strategic developments, BigBear.ai completed the acquisition of Ask Sage, Inc. for $272.1 million in December 2025, which has been integrated into its operations. Additionally, the company acquired CargoSeer Ltd. for $5 million in January 2026, further expanding its capabilities in AI decision support technology. As of March 31, 2026, BigBear.ai had 478.9 million shares of common stock outstanding, reflecting a significant increase from the previous year due to the conversion of convertible notes and other equity transactions.
Operationally, BigBear.ai reported a total backlog of $281.9 million as of March 31, 2026, up from $248.1 million at the end of 2025. This increase was driven by both funded and unfunded backlog, indicating a positive outlook for future revenue generation. The company’s cash and cash equivalents stood at $100.7 million, with total available liquidity of $431.5 million, providing a solid foundation for ongoing operations and strategic investments.
Looking ahead, BigBear.ai anticipates that the global economic and geopolitical environment will continue to drive demand for its AI-powered solutions. The company remains focused on leveraging its capabilities in predictive analytics to support national security and supply chain management, while also navigating potential challenges related to government funding and procurement processes.
About BigBear.ai Holdings, Inc.
BigBear.ai Holdings, Inc. provides AI-driven technology solutions that enable organizations to operationalize artificial intelligence for faster, data-driven decision-making. Its core offerings include software and services in Edge AI, Vision AI, digital identity, predictive analytics, and digital twin modeling. Serving primarily U.S. defense, intelligence, and critical infrastructure sectors, BigBear.ai leverages deep domain expertise and secure, mission-focused technology to support complex operational environments and national security objectives.
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