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BBAI

BigBear.ai Holdings, Inc.
7 filings tracked
technologycloud computingSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

BigBear.ai has reached a critical financial inflection point, characterized by a dramatic cleaning of its balance sheet and a strategic pivot toward higher-margin software revenue.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the narrative of a 'fortress balance sheet,' the underlying operational data reveals a company struggling with a widening deficit. While gross margins have improved, the gains are entirely offset by an explosion in SG&A expenses, which now consume 85% of total revenue.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a company in the midst of a high-stakes transition. On one hand, the removal of the 2029 convertible notes is a definitive victory for management, removing a primary source of financial risk and interest expense. On the other hand, the integration of new acquisitions has increased the burn rate and inflated the SG&A profile, leaving the company with a net loss of $56.8 million for the period. The core tension for investors now lies in whether the increased spending on sales and marketing will actually convert the massive unfunded backlog into realized, high-margin revenue. Ultimately, BigBear.ai has traded a capital structure crisis for an operational execution challenge. The company has bought itself significant time with its current liquidity and a cleaner debt profile, but the window to achieve Adjusted EBITDA positivity is narrowing. The next several quarters will determine if the 'AI-native' pivot can outpace the current rate of operating losses.

Selected Quarter

Core Takeaway

The company has solved its immediate solvency crisis by converting debt to equity, but it must now prove it can grow revenue faster than its escalating overhead.

Investor Lens

The trade-off between a significantly de-risked balance sheet and a deteriorating operating margin.

Watch Next

Conversion of unfunded backlog to funded contracts and the trend of SG&A as a percentage of revenue.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.20Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%
bullishMay 5

Successfully retired $124.6M in convertible debt through voluntary equity conversion.

debt restructure
90%
bullishMay 5

Gross margins increased to 34% following the Ask Sage acquisition.

margin expansion
60%
bearishMay 5

Net loss of $56.8M driven by a surge in SG&A expenses to 85% of revenue.

earnings miss
70%
neutralMay 5

Acquired Ask Sage and CargoSeer to expand AI decision intelligence capabilities.

acquisition
50%

Filing History

10-QMay 5, 2026
Expand Sequence

The Q1 2026 filing presents a company in the midst of a high-stakes transition. On one hand, the removal of the 2029 convertible notes is a definitive victory for management, removing a primary source of financial risk and interest expense. On the other hand, the integration of new acquisitions has increased the burn rate and inflated the SG&A profile, leaving the company with a net loss of $56.8 million for the period. The core tension for investors now lies in whether the increased spending on sales and marketing will actually convert the massive unfunded backlog into realized, high-margin revenue. Ultimately, BigBear.ai has traded a capital structure crisis for an operational execution challenge. The company has bought itself significant time with its current liquidity and a cleaner debt profile, but the window to achieve Adjusted EBITDA positivity is narrowing. The next several quarters will determine if the 'AI-native' pivot can outpace the current rate of operating losses.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.