BigBear.ai Q1 revenue $34.4M; gross margin expands to 34%; backlog $281.9M; affirms FY26 guidance

BigBear.ai Holdings, Inc.

2026-Q1 EPS reported -$0.12 revenue$34,435,000

Revenue $34.4M; gross margin 34.0% vs 21.3% YoY (1,278 bps expansion).
Backlog rose 14% QoQ to $281.9M, driven by $53M sole-source classified award.
Settled remaining $124.6M of 2029 convertible notes; interest expense down $4.8M vs Q1 25.
Cash and investments $431.5M; FY2026 revenue guidance reaffirmed at $135M-$165M.
Launched retail shareholder voting program; CEO cites internal realignment for growth.

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