BigBear.ai Q3: Revenue Up 31% to $43.6M, But $76.7M Goodwill Write-Down Drives $91.9M Loss
BBAI sits 16% above its 52-week low of $2.07.
Summary
BigBear.ai grew Q3 revenue 31% to $43.6M and lifted backlog to $330.1M, but a $76.7M non-cash goodwill impairment pushed the quarter to a $91.9M net loss, and nine-month operating cash burn widened to $49.8M.
Key Events · Earnings and Guidance · BBAI
-
Q3 Revenue Jumps 31% to $43.6M
Revenue rose to $43,581 thousand from $33,143 thousand a year ago, with gross margin at 31.2% ($13,594 thousand) versus 22.4% a year earlier, helped by the Ask Sage acquisition.
-
$76.7M Goodwill Impairment Hits Quarter
A non-cash write-down cut goodwill carrying value from $238.4 million to $161.7 million after downward revisions to long-term forecasts, driving a $91,854 thousand net loss and $0.19 basic loss per share.
-
Cash Burn Widens, Liquidity Shrinks
Nine-month operating cash use was $49,758 thousand versus $20,117 thousand a year ago; cash and equivalents fell to $77,112 thousand from $87,126 thousand at December 31, 2025, with total available liquidity of $398,975 thousand.
-
Backlog Climbs to $330.1M
Total backlog rose to $330,125 thousand from $248,060 thousand at year-end, led by unfunded backlog of $163,661 thousand versus $57,509 thousand.
Analysis · BBAI · Technology
Revenue growth is real and accelerating: $43.6M in Q3 versus $33.1M a year ago, with gross margin holding at 31.2% and backlog up to $330.1M from $248.1M at year-end. What sits underneath is the problem. Management cut its long-term forecasts hard enough to wipe $76.7M off goodwill — the second such write-down in five quarters, an admission that the acquired businesses are worth less than the price paid. Cash is draining faster too: $49.8M burned in nine months versus $20.1M a year ago, leaving $77.1M of cash and $399.0M of total liquidity against a $17.7M convertible note maturing December 15, 2026. With 100 million shares still available under the Jefferies ATM, further dilution is the likely funding path.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BBAI was trading at $2.41 on NYSE in the Technology sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $2.07 to $7.40. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.