BigBear.ai (BBAI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 31.5% YoY to $43.6M, marking a third consecutive quarter of growth; FY 2026 revenue guidance increased to $150M–$165M.

• More than 25 contracts announced since Q2 exceeded $225M in contract value; backlog reached $330.1M, up 22% QoQ.

Financial highlights

• Revenue was $43.6M versus $33.1M in Q3 2025; gross margin was 31.2%, up 878 bps YoY, supported by higher-margin Ask Sage revenue.

• Net loss was $91.9M versus net income of $2.5M; a $76.7M non-cash goodwill impairment was the primary driver.

• Adjusted EBITDA loss was $9.1M versus $9.4M in Q3 2025; nine-month loss widened to $30.6M from $24.9M.

• Nine-month revenue increased 14.3% to $114.8M; net loss was $174.4M.

Outlook and guidance

• FY 2026 revenue guidance rose to $150M–$165M from $135M–$165M; the midpoint implies 23% growth over FY 2025 and is 5% above the prior midpoint.

• Q3 revenue grew 18.6% QoQ after 6.7% growth in Q2; management cited accelerating growth and momentum into year-end and 2027.

• Priorities include top-line growth and M&A that can accelerate capability deployment or expand market penetration and scale.