BigBear
BigBear.ai, headquartered in McLean, Virginia, is a specialized defense and security technology company that provides mission-ready AI solutions.
Profile
Provides AI-driven decision intelligence solutions for national security and critical infrastructure.
BigBear.ai, headquartered in McLean, Virginia, is a specialized defense and security technology company that provides mission-ready AI solutions. Founded with a focus on national security, the company has expanded its offerings to include AI-driven platforms for defense, intelligence, and critical infrastructure. BigBear.ai went public in 2021 and trades on the NYSE under the ticker BBAI.
As of March 31, 2026, the company reported $431.5 million in cash and investments, a significant increase from previous years, driven by strategic acquisitions and operational improvements. In Q1 2026, BigBear.ai generated $34.4 million in revenue, with gross margins expanding to 34.0%, up from 21.3% in the same period the previous year. The company’s backlog grew to $281.9 million, bolstered by a $53 million classified national security contract.
BigBear.ai has also made notable acquisitions, including Ask Sage, a generative AI platform, for $250 million in late 2025. This acquisition has contributed to higher-margin revenue streams and aligns with the company’s focus on national security and critical infrastructure. Despite these gains, BigBear.ai reported a net loss of $56.8 million in Q1 2026, though this was an improvement from the $62.0 million loss in Q1 2025.
The company has been actively deleveraging its balance sheet, settling $124.6 million in convertible notes in early 2026. BigBear.ai’s leadership, including CEO Kevin McAleenan and CFO Sean Ricker, emphasizes operational execution and margin expansion as key priorities for 2026. The company’s recent launch of a retail shareholder voting program aims to broaden investor participation in its governance.
Who buys this
- Federal defense agencies
- Intelligence community
- Homeland and border security organizations
- Critical infrastructure operators
- Commercial enterprises in regulated sectors
Strengths and what to watch
Strengths
- Strong focus on national security and defense, with a $281.9 million backlog as of Q1 2026.
- Strategic acquisition of Ask Sage, contributing to higher-margin generative AI revenue.
- Significant liquidity with $431.5 million in cash and investments as of March 31, 2026.
Watch for
- Net loss of $56.8 million in Q1 2026, despite improved margins.
- Revenue decreased 1% year-over-year in Q1 2026, driven by lower volume on Army programs.
- High reliance on government contracts, which can be subject to delays and budget uncertainties.
Recent moves
Key Information
- Founded
- 1988
- Headquarters
- McLean, Virginia
Frequently Asked Questions
What does BigBear.ai do?
BigBear.ai provides AI-driven decision intelligence solutions for national security and critical infrastructure. Based in McLean, Virginia, the company specializes in defense and security technology, offering mission-ready AI platforms for federal agencies, intelligence communities, and critical infrastructure operators. It went public in 2021 and trades on the NYSE as BBAI.
How is BigBear.ai performing financially in 2026?
As of Q1 2026, BigBear.ai reported $34.4 million in revenue with gross margins expanding to 34.0%. The company holds $431.5 million in cash and investments, but posted a net loss of $56.8 million. Its backlog grew to $281.9 million, including a $53 million classified national security contract.
What was the impact of BigBear.ai's Ask Sage acquisition?
BigBear.ai acquired Ask Sage, a generative AI platform, for $250 million in late 2025. This strategic move has contributed to higher-margin revenue streams and aligns with the company’s focus on national security and critical infrastructure, strengthening its AI capabilities in defense and intelligence sectors.
Who are BigBear.ai's main customers?
BigBear.ai primarily serves federal defense agencies, the intelligence community, and homeland security organizations. It also provides AI solutions for critical infrastructure operators and commercial enterprises in regulated sectors. The company’s $281.9 million backlog reflects strong demand from national security and defense clients.
What are the risks of investing in BigBear.ai?
Investors should note BigBear.ai’s Q1 2026 net loss of $56.8 million and a 1% year-over-year revenue decline. The company relies heavily on government contracts, which can face delays and budget uncertainties. However, its $431.5 million liquidity and strategic acquisitions like Ask Sage mitigate some risks.
What is BigBear.ai's stock symbol?
BigBear.ai trades on the New York Stock Exchange under the ticker symbol BBAI. The company went public in 2021 and has since expanded its AI solutions for national security, though its stock performance reflects both growth potential and financial challenges like recent net losses.
Sources
- www.sec.gov — Q1 2026 financial results and backlog details
- www.sec.gov — Acquisition of Ask Sage and Q3 2025 financial results
- bigbear.io — Company overview and product offerings
- www.forbes.com — Market analysis and stock performance