BigBear.ai (BBAI) served up a mixed bag of second-quarter results after Thursday's closing bell. The numbers tell a story of a company making progress on some fronts while still finding its footing on others.
The AI firm reported a quarterly loss of five cents per share, which came in a penny worse than the four-cent loss analysts were expecting. On the revenue side, though, BigBear.ai delivered $36.75 million, edging past the $36.37 million consensus estimate.
Beyond the headline numbers, there were some encouraging operational metrics. Gross margins expanded by a whopping 781 basis points year-over-year, jumping from 25% to 32.8%. Backlog grew 9% to $269.6 million between the end of 2025 and June 30, 2026. And the company ended the quarter with $409.8 million in cash and investments, giving it plenty of dry powder.
“It has been another strong quarter. Double-digit growth, significant margin expansion and more than 20 new contracts show that the BigBear.ai leadership team is following through on our commitments,” said Kevin McAleenan, CEO of BigBear.ai.
McAleenan also looked ahead: “The second half of 2026 is all about execution discipline and positioning ourselves for accretive, catalytic M&A and building momentum for even stronger topline growth in 2027.”
Investors seemed to focus on the earnings miss rather than the revenue beat. BigBear.ai stock was down 2.48% to $2.75 in Thursday's extended trading session.
