BigBear.AI Inc (BBAI) posted financial results for the third quarter after the market close on Tuesday. Here's a rundown of the report.

BigBear.AI Q3 Earnings

BigBear.AI reported third-quarter revenue of $43.58 million, beating analyst estimates of $38.94 million, according to market data. The company reported a quarterly loss of three cents per share, beating expectations for a loss of six cents per share.

Total revenue was up 31% year-over-year due to improved performance across the business. The company noted that the increased revenue was substantially driven by its BigBear Generative AI Platform. Gross margin came in at 31.2%, up from 22.4% in the comparable quarter last year.

"We won more than 25 new contracts with customers including the FBI, the U.S. Coast Guard, the Department of Energy, and classified awards," said Kevin McAleenan, CEO of BigBear.AI.

"Just as important, we achieved the wins while growing margins and keeping our strong cash position. Our strategy remains centered on applied AI built by operators, for operators who face the toughest missions."

BigBear.AI had approximately $77.11 million of total cash, cash equivalents and restricted cash at quarter's end.

BigBear.AI raised the low end of its full-year 2026 revenue guidance, moving from a range of $135 million to $165 million to a new range of $150 million to $165 million versus estimates of $145.34 million.

BigBear.AI management will further discuss the quarter on an earnings call scheduled for 4:30 p.m. ET.

BBAI Shares Move Lower After Earnings

BBAI Price Action: BigBear.AI shares were down 4.26% in after-hours, trading at $2.25 at the time of publication on Tuesday, according to market data.