BigBear.ai Raises Revenue Outlook as Sales Grow 31% but Quarterly Loss Widens

BigBear.ai raised its annual revenue outlook on October 27, 2026, after reporting higher third-quarter sales, but a large noncash impairment contributed to a substantially wider accounting loss.

The US-based software company reported $43.6 million in revenue for the quarter ended September 30, up 31% from $33.1 million a year earlier. It said the growth was supported by its generative-AI software platform, acquired as Ask Sage in December 2025. Gross margin increased to 31.2% from 22.4%, reflecting a larger contribution from higher-margin products.

Management raised the bottom of its 2026 revenue forecast from $135 million to $150 million while retaining the upper end at $165 million. The new range of $150 million to $165 million is a forecast, not a completed full-year result. At the midpoint, the revision represents a 5% increase compared with the company's previous guidance.

The company also reported a net loss of $91.9 million, compared with net income of $2.5 million in the year-earlier quarter. The loss was largely driven by a $76.7 million goodwill impairment, a noncash accounting charge that reduces the recorded value of an asset. It should not be confused with an equivalent cash outflow during the quarter.

Adjusted earnings before interest, taxes, depreciation and amortization remained negative at $9.1 million, a slight improvement from a $9.4 million adjusted loss a year earlier. This non-GAAP measure excludes selected accounting costs and does not mean the company was profitable.

BigBear.ai reported a contract backlog of $330 million, an increase of 22% from the end of the second quarter. It said it had secured more than 25 contract wins since the previous quarter. Backlog represents contracted work expected to generate future revenue, but it is not equivalent to cash already collected or sales already recognized.

The company serves government and commercial customers in security, travel and other operations. Its management said growing demand for its software contributed to the sales improvement, although the scale and timing of future contract deliveries remain uncertain.

The results show improving sales and margins alongside continuing financial losses. Investors assessing the company will need to distinguish operating trends from accounting charges and consider whether the expanded backlog turns into recurring revenue.