BigBear.ai has increased its revenue forecast for 2026, setting a new target range between $150 million and $165 million. This adjustment marks the first time the company has raised its guidance, with the midpoint suggesting a 23% growth compared to the previous year.
Financial results for the third quarter show revenue reached $43.6 million, representing a 31% increase year-over-year. This period marks the third consecutive quarter of growth for the firm. Additionally, the company's backlog grew by 22% from the previous quarter, reaching a total of $330 million.
The company expanded its client base during the quarter, securing contracts with the FBI, NASA, the US Coast Guard, the Department of Energy, and the Department of Veterans Affairs. These additions reflect a growing demand for artificial intelligence solutions within government agencies.
Regarding the company's financial obligations, Chief Financial Officer Sean Ricker noted that $17 million in convertible debt is scheduled to mature in December. The management expects the organization to enter 2027 without any outstanding debt.
