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BigBear.ai: What Is Happening With BBAI Stock?

BigBear.ai’s Q2 2026 results showed year-over-year revenue and margin growth but continued losses and cash use. Here is the dated stock and company context.
From TheFinanceBase Team5 min to read
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BigBear.ai (NYSE: BBAI) closed at $2.65 on October 2, 2026, down 3.285% from the previous close. Its latest reported quarter showed higher revenue and gross margin than a year earlier, but the company remained unprofitable and used cash. It also reported substantial liquidity, reaffirmed its 2026 revenue outlook, and reduced convertible-note debt through conversions that issued new shares. Those facts give useful context; they do not establish what caused the latest share-price move or predict what BBAI will do next.

What happened to BBAI stock most recently?

ChartExchange’s historical data lists a $2.65 closing price on Friday, October 2, 2026, down 3.285% for the day, with trading volume of 24,899,583 shares. The stock had closed at $2.82 on September 15. These figures document the trading record, but they do not explain the reason for either price move. The available information does not establish that the October 2 decline was caused by company news. ChartExchange historical data

What does BigBear.ai do?

BigBear.ai describes its business as Edge AI-powered decision intelligence for national security, supply chain management, and digital identity. Its offerings include software and services for data processing, artificial intelligence and machine learning, predictive analytics, and visualization. BigBear.ai company description

What did BigBear.ai report for the second quarter of 2026?

Revenue, margin, and backlog improved year over year

In results released July 30, 2026, BigBear.ai reported second-quarter revenue of $36.7 million, up from $32.5 million in the same quarter of 2025. Gross margin increased to 32.8% from 25.0%. The company attributed part of the revenue increase and margin improvement to the contribution of Ask Sage’s generative-AI platforms and products. It also reported more than 20 new contract wins and a June 30 backlog of $269.6 million, 9% above the December 31, 2025 figure. Backlog is not the same as booked revenue: conversion depends on contract execution and timing. BigBear.ai’s Q2 2026 results

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The company was still loss-making

BigBear.ai reported a second-quarter GAAP net loss of $25.7 million and adjusted EBITDA of negative $11.6 million. Adjusted EBITDA is a company-reported non-GAAP measure, so it should not be treated as interchangeable with GAAP earnings or cash flow. Selling, general and administrative expense rose to $31.8 million from $21.5 million a year earlier; the company cited Ask Sage amortization, legal and proxy costs, and higher sales and marketing expense as significant contributors. BigBear.ai’s Q2 2026 results

For the first half of 2026, revenue was $71.2 million, up 5.9% year over year. The company’s quarterly filing attributed the modest increase primarily to Ask Sage being included in results, partly offset by lower Army-program volume and prior-year one-time contracts that did not recur. BigBear.ai’s Q2 2026 Form 10-Q

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How much cash and debt did BigBear.ai report?

As of June 30, 2026, the company reported total available liquidity of $409.8 million: $36.3 million in cash and cash equivalents and $373.5 million in available-for-sale investments. This is a balance-sheet snapshot, not profit or free cash flow. It also reported $17.7 million principal amount of 2026 convertible notes outstanding. BigBear.ai’s Q2 2026 Form 10-Q

Cash use is another important part of the picture. For the six months ended June 30, 2026, net cash used in operating activities was $40.2 million. The company’s defined free cash flow was negative $40.8 million, compared with negative $13.3 million in the first half of 2025. Liquidity can provide a buffer, but these cash-flow figures show why investors may also track the pace of cash use.

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What did convertible-note conversions mean for BBAI shareholders?

BigBear.ai said that all $124.6 million principal amount of its 2029 convertible notes had been voluntarily converted before a planned January 2026 redemption. The conversions retired that debt but resulted in approximately 38.1 million new common shares. The company reported 479,494,493 common shares outstanding as of June 30, 2026. BigBear.ai’s Q2 2026 Form 10-Q

The trade-off is straightforward: retiring convertible debt reduces the amount owed, while issuing shares increases the share count. New shares can reduce existing shareholders’ ownership percentage and affect per-share comparisons. The share count is dated; it is not a figure that should be assumed to remain unchanged.

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What is BigBear.ai’s 2026 outlook?

Management reaffirmed full-year 2026 revenue guidance of $135 million to $165 million in its July 30 results release. That range is management’s outlook, not revenue already earned or a guarantee. The company said it planned to focus the second half of the year on execution discipline and potential accretive acquisitions; the statement describes a plan, not a confirmed acquisition or assured future growth. BigBear.ai’s Q2 2026 results

When assessing progress against guidance, compare actual reported revenue with the range and consider the company’s ability to deliver contracts on schedule. The reported backlog may help frame that discussion, but it does not guarantee that all of it will become revenue.

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Has there been a significant company update since the results?

The latest current report identified on BigBear.ai’s investor-relations filing index was an 8-K dated September 15, 2026. It disclosed that director Kirk Konert resigned effective that day and stated that his resignation was not due to a disagreement with the company about its operations, policies, or practices. The filing was a board update, not new quarterly financial results. BigBear.ai investor-relations filings · September 15, 2026 Form 8-K

What should investors watch when interpreting BBAI?

  • Profitability and cash generation: Revenue and gross margin grew year over year in Q2, while the company also reported a GAAP loss, negative adjusted EBITDA, and negative operating cash flow for the first half.
  • Share count: Note conversions reduced debt and issued approximately 38.1 million shares; the reported 479,494,493 shares outstanding is dated June 30, 2026.
  • Government-contract exposure: BigBear.ai says a majority of its revenue historically came from federal government contracts. Its filing identifies government funding, procurement priorities, congressional authorization, and appropriations as factors that can affect its business. BigBear.ai’s Q2 2026 Form 10-Q
  • Execution: Backlog and management guidance are indicators, not realized sales or guaranteed outcomes.
  • Price explanations: A historical quote shows what the stock did, not why. A causal explanation for the October 2 decline is not established by the trading data cited here.

How to read the latest picture

The main tension in BigBear.ai’s latest reported results is that operating indicators improved in some areas—quarterly revenue, gross margin, and backlog—while losses and cash use remained material. The company also had significant reported liquidity and retired a substantial amount of convertible debt through share-issuing conversions. For a balanced view, track actual revenue and margins alongside losses, cash flow, liquidity, debt, and share count rather than relying on a single price move or headline metric.

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