BigBear.ai Holdings, Inc.

BigBear.ai reported Q2 2026 revenue of $36.7 million, up 13% year over year, and gross margin of 32.8%, up 781 basis points versus Q2 2025. Net loss was $25.7 million versus a net loss of $228.6 million in the prior-year period, and adjusted EBITDA was negative $11.6 million versus negative $8.5 million. The company ended the quarter with $410 million in total cash and investments and $270 million in backlog, about $22 million above the start of the year. Management said it remains on track to meet full-year revenue guidance of $135 million to $165 million.

Kevin McAleenan framed the quarter as evidence that BigBear’s strategy is working, pointing to revenue growth, margin expansion, and new customer wins. He emphasized three product areas he believes are gaining traction: CargoSeer for customs and trade security, Ask Sage for generative AI in connected and disconnected environments, and ConductorOS for multi-vendor drone and autonomous systems coordination. His tone was confident and expansionary, with a clear focus on growth, aggressive M&A, and positioning BigBear as a mission-ready AI partner in defense, security, and trade.

Sean Ricker highlighted the quarter’s financial improvement with specific figures: revenue of $36.7 million, gross margin of 32.8%, net loss of $25.7 million, and adjusted EBITDA of negative $11.6 million. He said gross margin expansion came from a higher mix of Gen AI platform and product revenue, while the EBITDA decline reflected increased sales, go-to-market, and R&D investment. He also said the balance sheet remains strong with $410 million in cash and investments, and noted that backlog reached $270 million. Ricker added that BigBear achieved CMMC Level 2 in July, ahead of schedule, as a validation of its security posture.

There was no analyst Q&A segment in the transcript. The management discussion instead focused on explanation of recent contract wins, product enhancements, and how the company’s AI offerings are being deployed across government and commercial customers. The only forward-looking emphasis was that BigBear expects to keep investing its cash in capabilities and accretive M&A while pursuing growth in national security and trade/travel markets.