BigBear.ai's Q2: Stronger Sales, Wider Losses, and a Push Into Global Trade
Revenue growth and margin jump BigBear.ai's second-quarter revenue rose 13% to $36.7 million, and gross margin jumped to 32.8% from 24.9% a year earlier. That means the company keeps more profit from each sale, a sign its AI products are becoming more valuable. This supports the stock because it shows the core business is improving.
This is the main positive force behind the stock: faster sales and much better gross margin.
New contracts and record backlog BigBear.ai won more than 20 new contracts in the quarter, each worth up to $5 million, and its backlog — work already booked but not yet paid — rose to about $270 million. A growing backlog gives more visibility into future revenue, which investors like because it reduces uncertainty.
Contract wins and backlog growth are the clearest evidence of future demand, a key reason the stock can move up.
Global trade push with CargoSeer CargoSeer, BigBear.ai's cargo-scanning AI, signed a five-year commercial deal in El Salvador after a successful pilot. It is the company's first deployment in Central America, and other customs agencies are showing interest. This opens a new commercial market beyond defense, which could add revenue and reduce reliance on government contracts.
This is a new growth avenue that expands the company's addressable market and is a fresh positive catalyst.
Losses widen as spending rises Even with better gross margin, BigBear.ai's adjusted EBITDA loss widened to $11.6 million from $8.5 million a year earlier, because it is spending more on sales, marketing, and research. The company is not yet profitable, and analysts expect a wider loss for 2026. That is a real counterweight that can hold the stock back.
It is the main negative force: the company still loses money and is spending heavily to grow.