BigBear.ai Holdings, Inc. (NYSE: BBAI) closed the first quarter of 2026 with a backlog of approximately $282 million, up roughly 14% from the fourth quarter of 2025.
The increase was primarily driven by new orders booked during the quarter, including a large classified sole-source contract with an intelligence community customer.
That award carries a ceiling value of approximately $53 million and is expected to be executed over the next two years, with BBAI serving as the prime contractor.
The contract activity was broad-based rather than concentrated in a single area, spanning national security, intelligence, trade, travel and shipbuilding markets.
In trade and travel, the company is deploying its veriScan and TrueFace capabilities at Chicago O’Hare and Dallas-Fort Worth under contracts with a combined value of $7 million.
In shipbuilding, BBAI secured new work with Chantier Davie and Bollinger Shipyards, reflecting demand for its ProModel and Shipyard AI offerings.
The company also expanded its GenAI footprint through new Ask Sage contracts with NASA, the Army’s Intelligence and Security Command and the Naval Research Lab.
BBAI has reaffirmed its 2026 revenue guidance of $135 million to $165 million, with the pace of backlog conversion into recognized revenues serving as the key execution metric.
Palantir Technologies Inc. (NASDAQ: PLTR) provides a contrast to BBAI, ending the first quarter of 2026 with $11.8 billion in total remaining deal value, up 98% year over year, alongside 85% year-over-year revenue growth.
C3.ai, Inc. (NYSE: AI) reported $46.9 million in quarterly bookings, with federal, defense and aerospace bookings increasing 134% year over year and accounting for 55% of total bookings, overlapping significantly with BBAI’s national security focus.
Against that backdrop, BBAI’s competitive position rests on its ability to move intelligence, airport, shipbuilding and Ask Sage wins into a steadier revenue trajectory over coming quarters.
Shares of BBAI have trended 12.1% upward over the past month, outperforming the Zacks Computers – IT Services industry during that period.
The stock is currently trading at a forward 12-month price-to-sales ratio of 13.16, representing a premium compared with industry peers.
The Zacks Consensus Estimate for BBAI’s 2026 earnings implies a year-over-year increase of 69.5%, with loss per share estimates having narrowed over the past 30 days.
BigBear.ai currently carries a Zacks Rank of 4, which corresponds to a Sell rating under that firm’s classification system.
