BigBear.ai, Inc.

Сильный индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Strong index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Средний индекс, значительно вырос. Рынок на стороне быков.

Medium index, significantly up. The market is on the bulls' side.

Слабый индекс, значительно вырос

Key Points
BigBear.ai secures long-term federal and defense contracts for its decision intelligence software.
Cerebras Systems delivers rapid revenue growth through its proprietary wafer-scale AI infrastructure.
Which AI-focused company is the better addition to your portfolio today?
Investors looking for exposure to the expanding artificial intelligence market often weigh hardware against software. Choosing between BigBear.ai (NYSE:BBAI) and Cerebras Systems (NASDAQ:CBRS) requires balancing defense-sector systems against high-speed semiconductor growth.
BigBear.ai focuses on decision intelligence for government agencies, while Cerebras Systems builds massive wafer-scale processors to power generative AI. Comparing them allows you to decide whether a niche software provider or a hardware challenger fits better in your portfolio as AI adoption reaches a mature phase in 2026.
The case for BigBear.ai
In its latest annual report, filed in early 2026, BigBear.ai details how it provides software that helps federal agencies and defense intelligence groups make better decisions. The company focuses on global supply chains and national security, using a specialized workforce that often holds high-level security clearances. Because the U.S. government is a major customer accounting for a large portion of revenue, customer concentration like this adds a layer of risk to the business.
In its 2025 fiscal year (FY), revenue reached $127.7 million, which was a decrease of 19.3% from the prior year. The company reported a net loss of $293.9 million for the same period. This decline highlights the challenges of navigating fluctuations in government budgets, even as the company targets defense AI demand among its tech stocks peers.
As of its December 2025 balance sheet, the debt-to-equity ratio was zero, indicating the company has no debt compared to its equity. The current ratio, which measures the ability to pay short-term obligations with liquid assets, was 1.8x. Free cash flow was negative at $46.3 million, representing the cash remaining after paying for operations and equipment.
The case for Cerebras Systems
In its latest annual report, filed in early 2026, Cerebras Systems explains how it builds unique AI infrastructure designed to handle the massive computing demands of developers. Its primary product is a wafer-scale system that integrates many processors on a single silicon chip to increase processing speed. The company serves various industries, including medical research and energy, providing both systems and cloud-based services.
In FY 2025, revenue reached $510.0 million, marking a significant increase of 75.7% over the previous year. Unlike many high-growth peers, the company achieved a net income of $237.8 million during this period. The net margin, which is the percentage of revenue remaining after all expenses are paid, was 46.6%.
As of its December 2025 balance sheet, the debt-to-equity ratio was -0.5x, meaning total liabilities exceed shareholder equity. The current ratio was 2.1x, showing the company has about twice as many short-term assets as short-term liabilities. Free cash flow was negative at $392.8 million, showing the company still utilizes significant capital to scale its manufacturing.
Risk profile comparison
BigBear.ai faces several operational hurdles, including a material class action lawsuit and the need to restate multiple years of financial statements. These governance concerns are coupled with widening net losses and competitive pressure in the defense sector. The company also recorded significant non-cash charges for the impairment of assets, and recent insider stock sales have added to investor concerns.
Cerebras Systems must outpace larger rivals to maintain its momentum in the competitive semiconductor market. The company faces stiff competition from major players such as Amazon (NASDAQ:AMZN), which develops its own internal AI chips, although the e-commerce giant also formed a partnership with Cerebras in 2026. Rapid technological changes mean that today's hardware can quickly become obsolete, and its negative shareholder equity indicates a balance sheet where total liabilities outweigh book value.
Valuation comparison
Cerebras Systems commands a significantly higher valuation than BigBear.ai, reflecting its much faster revenue growth and recent transition to positive net income.
The P/S ratio measures a company's market value against its sales over the past twelve months. The Forward P/E compares the stock price to its future earnings estimates for the next year.
Metric
BigBear.ai
Cerebras Systems
Forward P/E
n/a
217.4x
P/S ratio
8.0x
47.7x
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
BigBear.ai and Cerebras Systems are players in the artificial intelligence sector, but that doesn't mean they are both good investments. Of the two, I would buy Cerebras Systems stock.
BigBear.ai's a year-over-year revenue decline in 2025 is not an encouraging sign amid the rapid rise of AI. Its sales are bouncing back in 2026, as second-quarter revenue grew 13% year over year to $36.7 million. However, that growth was due to its acquisition of Ask Sage, an AI platform built for government agencies. BigBear.ai has to prove it can continue to expand revenue to instill confidence that its offerings are gaining traction with customers.
Cerebras shares are far more expensive than BigBear.ai from a valuation perspective, but that's warranted because of the rapid revenue growth Cerebras is experiencing. The company reported sales of $180.1 million in the second quarter, up an impressive 74% from 2025. This demonstrates strong customer demand for its unique wafer-scale architecture.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,408,822!*
Now, it’s worth noting Stock Advisor’s total average return is 950% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 13, 2026.
Robert Izquierdo has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.

Better Artificial Intelligence Stock for 2026: BigBear.ai vs. Cerebras Systems

Key Points
BigBear.ai provides critical decision intelligence for the U.S. federal government but faces significant customer concentration.
Cerebras Systems delivers massive scale AI infrastructure and recently reached net income profitability in 2025.
Which artificial intelligence stock is the better choice for your portfolio today?
The artificial intelligence boom has moved beyond simple chatbots and into the core of global infrastructure. Investors must now decide whether to bet on specialized software providers like BigBear.ai (NYSE:BBAI) or hardware pioneers like Cerebras Systems (NASDAQ:CBRS).
BigBear.ai focuses on decision intelligence, helping government and defense agencies make sense of complex data environments. Cerebras Systems takes a different path by building massive, wafer-scale chips designed to handle the most demanding AI workloads in the world.
The case for BigBear.ai
BigBear.ai provides decision intelligence solutions primarily for federal and defense agencies. The company uses AI to help customers navigate global supply chains, manage autonomous systems, and bolster cybersecurity efforts. In its latest annual report filed for the period ending December 31, 2025, the company noted it had 579 employees, many of whom hold high-level security clearances.
A significant portion of revenue comes from the U.S. federal government. In 2025, customers contributing more than 10% of revenue accounted for approximately 51% of total sales, or nearly $65 million. Customer concentration like this adds a layer of risk to the business, as these contracts can be terminated at the government's convenience. BigBear.ai is attempting to mitigate this by expanding into commercial markets like manufacturing and digital identity.
In FY 2025, revenue reached roughly $127.7 million, representing a decline of close to 19.3% compared to the prior year. The company reported a net loss of approximately $293.9 million for the period, resulting in a net margin of negative 230.2%. This performance follows a trend of operating losses and non-cash impairment charges in previous years.
As of its December 2025 balance sheet, the company reported a debt-to-equity ratio of 0.0x. This metric compares total debt to shareholder equity, suggesting the company has very little debt relative to its equity base. The current ratio stands at approximately 1.8x, which measures the ability to pay short-term obligations with current assets. Free cash flow was negative $46.3 million, which calculates cash from operations minus capital expenditures.
The case for Cerebras Systems
Cerebras Systems builds specialized AI infrastructure that challenges traditional chip designs. Its core product is a wafer-scale engine, a massive chip that offers significantly more processing power than standard components found among semiconductor stocks. The company serves diverse sectors including medical research, energy, and agentic AI through both hardware sales and cloud offerings.
In FY 2025, revenue reached nearly $510.0 million, which is a significant increase of roughly 75.7% year over year. The company achieved a net income of approximately $237.8 million for the year. This resulted in an operating net margin of close to 46.6%, a sharp turnaround from the net loss reported in fiscal year 2024.
As of its December 2025 balance sheet, the current ratio was approximately 2.1x. This indicates a healthy ability to cover short-term liabilities with current assets. The debt-to-equity ratio was reported at -0.5x, meaning total liabilities exceed shareholder equity. Free cash flow was negative $392.8 million for the year, as the company continues to invest heavily in its hardware production and infrastructure expansion.
Risk profile comparison
BigBear.ai faces a material class action lawsuit related to previously disclosed accounting errors and the need to restate multiple years of financial statements. It is also subject to significant revenue concentration within the public sector, making it susceptible to government funding fluctuations. Furthermore, the company has a history of operating losses and has recently recognized substantial non-cash goodwill and asset impairment charges.
Cerebras Systems faces intense competition from established giants like Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) who are developing their own internal AI hardware. While Cerebras has unique technology, it must maintain high research and development spending to keep pace with industry leaders. The company also deals with the capital-intensive nature of semiconductor manufacturing, which can lead to significant cash burn even when revenue is growing rapidly.
Valuation comparison
Cerebras Systems carries a much higher valuation premium than BigBear.ai, reflecting its faster revenue growth and recent turn toward net income profitability.
Metric
BigBear.ai
Cerebras Systems
P/S ratio
10.0x
70.7x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
A Forward P/E ratio compares a stock price to future earnings estimates, while the P/S ratio measures market value against sales over the past twelve months.
Which stock would I buy in 2026?
I'd go with Cerebras, though neither of these companies is a comfortable pick right now. Both are unprofitable and asking investors to bet on technologies still proving themselves commercially.
Cerebras has built something technically difficult to replicate. Its wafer-scale chips are among the fastest AI training architectures available, and a multi-billion dollar compute partnership with G42, one of the most well-funded AI companies in the world, signals serious institutional confidence in what it is building. Revenue nearly doubled year over year after going public. The stock has fallen since its IPO, partly because scaling a hardware business is expensive, and the costs of building out cloud capacity are now showing up in the financials. That's a painful but arguably necessary phase for a hardware company at this stage.
BigBear.ai has government contracts that are hard to displace, but the business has serious vulnerabilities. Revenue declined last year, losses are widening, and a single customer accounts for roughly half of total revenue. Losing or significantly shrinking that one relationship could be devastating for the business.
Between these two speculative bets, Cerebras has the stronger technology and the faster growth trajectory right now, which is why it's my pick.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $383,680!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,382,954!*
Now, it’s worth noting Stock Advisor’s total average return is 937% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 28, 2026.
Sara Appino has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Microsoft. The Motley Fool has a disclosure policy.

BigBear.ai vs. Cerebras Systems: Which Technology Stock Is a Better Buy in 2026?

Key Points
SoundHound AI currently demonstrates a stronger position on revenue, having surpassed BigBear.ai and maintaining that advantage consistently through the most recent quarters.
While BigBear.ai experienced noticeable quarter-over-quarter declines before settling into a slightly more stable pattern recently, SoundHound AI recorded a reliable trajectory of sequential quarter-over-quarter growth over the identical timespan.
Investors should watch whether the revenue gap between the two companies continues to widen in upcoming quarters, or if the trend reverses.
BigBear.ai: Attempting to Stabilize an Uneven Revenue Trend
BigBear.ai (NYSE:BBAI) provides technology consulting and advanced data analytics solutions to help clients make informed decisions around national security and defense.
It secured national approval in the Netherlands for airport security software and expanded its customized generative artificial intelligence capabilities for defense missions, while also appointing a retired military general to its Board of Directors.
SoundHound AI: Consistent Upward Trend in Quarterly Revenue
SoundHound AI (NASDAQ:SOUN) develops custom voice-assistant technology that enables companies to create conversational experiences for consumers.
It finalized a stock-based acquisition of LivePerson, an omnichannel conversational provider, and launched a fully embedded voice system for vehicles, while concurrently expanding automated voice ordering integrations for restaurant management software.
Why Revenue Matters for Investors
Revenue serves as a primary baseline for investors to evaluate fundamental business growth. It reveals whether a company is successfully attracting customers and growing its overall business volume over time.
Quarterly Revenue for BigBear.ai and SoundHound AI
Calendar quarter
BigBear.ai Revenue
SoundHound AI Revenue
Q3 2024
$41.5 million (quarter ended Sept. 30, 2024)
$25.1 million (quarter ended Sept. 30, 2024)
Q4 2024
$43.8 million (quarter ended Dec. 31, 2024)
$34.5 million (quarter ended Dec. 31, 2024)
Q1 2025
$34.8 million (quarter ended March 31, 2025)
$29.1 million (quarter ended March 31, 2025)
Q2 2025
$32.5 million (quarter ended June 30, 2025)
$42.7 million (quarter ended June 30, 2025)
Q3 2025
$33.1 million (quarter ended Sept. 30, 2025)
$42.0 million (quarter ended Sept. 30, 2025)
Q4 2025
$27.3 million (quarter ended Dec. 31, 2025)
$55.1 million (quarter ended Dec. 31, 2025)
Q1 2026
$34.4 million (quarter ended March 31, 2026)
$44.2 million (quarter ended March 31, 2026)
Q2 2026
$36.7 million (quarter ended June 30, 2026)
$61.9 million (quarter ended June 30, 2026)
Data source: Financial Modeling Prep. Data as of Sept. 25, 2026.
Foolish Take
An examination of the revenue trends between artificial intelligence companies SoundHound AI and BigBear.ai reveal important insights that investors should know about. Back in 2024, BigBear.ai's sales were far greater than SoundHound AI's, yet since then, the situation has reversed.
This turn of events indicates SoundHound's business is expanding, while a contraction occurred to BigBear.ai, which is a concern considering the AI sector is growing rapidly right now. This suggests BigBear.ai's solutions may not be compelling enough to produce the outsized growth expected of young software companies.
That said, both SoundHound and BigBear.ai experienced year-over-year sales growth in the second quarter thanks to acquisitions. The former purchased a number of businesses in recent years, with LivePerson being the latest, and this helped SoundHound surpass BigBear.ai in sales. The latter's Q2 revenue of $36.7 million represented a 13% year-over-year increase due to its acquisition of Ask Sage, an AI platform built for government agencies.
Even so, SoundHound raised its 2026 full-year revenue outlook to a range between $230 million and $260 million, and that's not counting the addition of LivePerson. In comparison, BigBear.ai projects full-year sales between $135 million and $165 million, notably lower than its AI rival, in a sign that SoundHound's business continues to grow faster.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $383,680!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,382,954!*
Now, it’s worth noting Stock Advisor’s total average return is 937% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 27, 2026.
Robert Izquierdo has positions in SoundHound AI. The Motley Fool has positions in and recommends SoundHound AI. The Motley Fool has a disclosure policy.

SoundHound AI vs. BigBear.ai: Revenue Trends Reveal Key Insights About These Artificial Intelligence Companies

Key Points
BigBear.ai provides AI-driven decision intelligence with a heavy focus on the defense and public sectors.
Rigetti Computing is a pioneer in full-stack quantum computing, building superconducting processors and hardware.
Which of these high-growth technology stocks belongs in your 2026 portfolio?
The artificial intelligence gold rush has shifted toward niche hardware and decision intelligence software. Investors now face a choice between BigBear.ai (NYSE:BBAI) and Rigetti Computing (NASDAQ:RGTI) for high-risk, high-reward exposure.
BigBear.ai focuses on decision intelligence, helping government and commercial clients navigate complex logistics via AI. Rigetti Computing operates at the bleeding edge of quantum hardware, developing processors intended to solve problems traditional computers cannot. Both companies are early-stage players in the technology sector, attracting investors looking for disruptive growth.
The case for BigBear.ai
BigBear.ai is a mission-ready AI company that provides decision intelligence and AI-powered solutions, positioning it among speculative tech stocks. The firm focuses on global supply chains and cybersecurity for both commercial and government customers. Customer concentration adds a layer of risk to the business, as 51% of revenue in 2025 came from customers contributing over 10% each. The company is using a $100 million equity offering to pursue acquisitions and expand its technology portfolio.
In FY 2025, revenue reached nearly $127.7 million, falling roughly 19.3% year over year. The company reported a net loss of approximately $293.9 million for the period, compared to a $295.5 million net loss in 2024. This trend shows that while losses are narrowing slightly, the company faces a significant negative net margin as it tries to scale its software solutions. The top-line decline suggests that securing and expanding government contracts remains a hurdle for consistent growth.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, meaning total debt does not exceed shareholder equity. The current ratio stands at roughly 1.8x, suggesting the ability to pay short-term obligations with current assets. Free cash flow, which is cash from operations minus capital expenditures, was negative $46.3 million. This negative figure highlights that the company is currently consuming cash to fund its growth and acquisition initiatives.
The case for Rigetti Computing
Rigetti Computing builds full-stack quantum computers, including superconducting processors and cloud services. Its applications span drug discovery and logistics for government, academic, and commercial clients. In its latest annual report, filed for FY 2025, the company noted that U.S. government entities accounted for nearly 90.2% of its total revenue. It maintains distribution partnerships with cloud giants Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). A major collaboration with Quanta also focuses on developing quantum computing components.
In FY 2025, revenue reached nearly $7.1 million, which is a decline of roughly 34.3% from the prior year. The company reported a net loss of approximately $216.2 million, which widened from a $201.0 million net loss in 2024. These figures reflect the early-stage nature of the quantum computing industry, where research and development costs far exceed current sales. The net margin of approximately negative 3,050.4% highlights the significant gap between the company's early revenue and its operational spending.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, indicating that the firm has no total debt relative to its equity. The current ratio was approximately 37.4x, which suggests a very high level of liquidity to meet short-term liabilities. Free cash flow, calculating cash from operations minus capital expenditures, was negative $77.2 million. This negative cash flow indicates the high capital intensity required to build and maintain sophisticated quantum hardware and fabrication facilities.
Risk profile comparison
BigBear.ai faces significant risks, particularly its heavy reliance on government and public sector customers whose contracts can be terminated for convenience. The company is also managing a material class action lawsuit related to previous accounting errors and mandatory financial statement restatements. Integration of its artificial intelligence technologies also poses operational hurdles. Furthermore, the company depends on third-party cloud infrastructure and must compete with massive, well-capitalized defense firms that possess larger research budgets.
Rigetti Computing faces substantial technical risks as it attempts to achieve quantum advantage, a goal with no guarantee of success. The company is dealing with a class action lawsuit and a history of significant net losses and accumulated deficits. It is highly dependent on a small number of government customers and public cloud providers such as Amazon and Microsoft. Additionally, the business requires heavy research and development spending for its fabrication facility upgrades and intellectual property protection.
Valuation comparison
BigBear.ai appears cheaper based on its P/S ratio, which compares market capitalization to sales over the past twelve months.
Metric
BigBear.ai
Rigetti Computing
P/S ratio
10.2x
418.1x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with BigBear.ai. Both companies are early-stage, unprofitable, and asking investors to bet on technologies that are still proving themselves, so this is not a comfortable pick either way.
That said, BigBear.ai has something Rigetti is still working toward: revenue from customers that are difficult to displace. Its AI-powered decision intelligence platform is embedded in national security workflows, and the backlog keeps growing. The path to profitability is long, but the direction is encouraging.
Rigetti is one of the few companies that has actually built and deployed quantum computing hardware at a scale that serious researchers are paying to access. A CHIPS Act funding letter of intent adds a layer of government validation. But revenue remains tiny, and the gap between bookings momentum and actual recognized revenue is something investors need to understand before buying in. Quantum computing's commercial moment is getting closer, but it has not fully arrived yet.
If I'm choosing between two speculative early-stage companies, I want to own the one already generating revenue from customers that are hard to walk away from. That's the more grounded starting point for a patient investor.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $386,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,379,943!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 25, 2026.
Sara Appino has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Microsoft. The Motley Fool has a disclosure policy.

BigBear.ai vs. Rigetti Computing: Which Technology Stock Is a Better Buy in 2026?

Key Points
Innodata exhibits a noticeably stronger and more reliable revenue position over recent periods than BigBear.ai does.
Over the last eight quarters, Innodata consistently generated positive quarter-over-quarter revenue growth, whereas BigBear.ai experienced more variable results containing earlier declines followed by a recent modest stabilization.
Moving forward, investors should watch whether the consistently widening revenue gap between the two companies persists or if it eventually begins to narrow over upcoming financial periods.
BigBear.ai: Experiencing Revenue Volatility Followed by Stabilization
BigBear.ai (NYSE:BBAI) earns most of its revenue by supplying data analytics services, predictive modeling systems, and general technology consulting to enterprise clients seeking structured decision support.
While the company received formal Dutch national regulatory approval for its specialized threat detection software, it also recently appointed a retired military general to its board of directors.
Innodata: Maintaining Steady Quarter-Over-Quarter Revenue Growth Patterns
Innodata (NASDAQ:INOD) earns most of its revenue by providing data engineering systems, functional software programs, and outsourced digital transformation services designed to help organizations interpret complex information.
It announced a planned chief executive officer transition for later in the year, and it simultaneously introduced the initial stage of a specialized cyber training software suite.
Why Revenue Matters for Investors
Revenue serves as a fundamental financial baseline helping investors track total incoming business capital. This top-line financial figure serves as a measure of overall consumer demand and business growth.
Quarterly Revenue Summaries for BigBear.ai and Innodata
Calendar quarter
BigBear.ai Revenue
Innodata Revenue
Q3 2024
$41.5 million (quarter ended Sept. 30, 2024)
$52.2 million (quarter ended Sept. 30, 2024)
Q4 2024
$43.8 million (quarter ended Dec. 31, 2024)
$59.2 million (quarter ended Dec. 31, 2024)
Q1 2025
$34.8 million (quarter ended March 31, 2025)
$58.3 million (quarter ended March 31, 2025)
Q2 2025
$32.5 million (quarter ended June 30, 2025)
$58.4 million (quarter ended June 30, 2025)
Q3 2025
$33.1 million (quarter ended Sept. 30, 2025)
$62.5 million (quarter ended Sept. 30, 2025)
Q4 2025
$27.3 million (quarter ended Dec. 31, 2025)
$72.4 million (quarter ended Dec. 31, 2025)
Q1 2026
$34.4 million (quarter ended March 31, 2026)
$90.1 million (quarter ended March 31, 2026)
Q2 2026
$36.7 million (quarter ended June 30, 2026)
$92.1 million (quarter ended June 30, 2026)
Foolish Take
Investors considering a purchase in BigBear.ai or Innodata shares can gain key insights by examining their revenue trends. Back in 2024, their sales were not far apart. By 2026, however, Innodata's revenue now towers over BigBear.ai.
That's because Innodata's quarter-over-quarter sales growth has steadily accelerated, while BigBear.ai has struggled even to achieve year-over-year revenue growth, even though both operate in the artificial intelligence sector. BigBear.ai's $36.7 million in the second quarter represented a 13% increase over 2025, but that was due to its acquisition of Ask Sage, an AI platform tailored to the needs of governments. This raises questions about the effectiveness of its overall AI offerings.
Meanwhile, Innodata's quarterly sales growth illustrates the strong customer demand for the company's expertise in building AI systems that can be trusted to correctly perform tasks at scale. Its record Q2 revenue of $92.1 million was an impressive 58% year-over-year increase. This kind of sales growth instills confidence that the company's solutions are working for customers.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $384,839!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,657!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 25, 2026.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Innodata. The Motley Fool has a disclosure policy.

BigBear.ai vs. Innodata: What Quarterly Revenue Trends Tell Investors About These Artificial Intelligence Companies

Key Points
BigBear.ai focuses on decision-intelligence software with deep ties to U.S. government defense and intelligence sectors.
Nebius Group provides full-stack AI cloud infrastructure with high revenue growth and positive net income.
Which specialized artificial intelligence stock deserves a spot in your portfolio?
Artificial intelligence is transforming every corner of the market, but not all players follow the same playbook. Choosing between BigBear.ai (NYSE:BBAI) and Nebius Group (NASDAQ:NBIS) requires balancing government-focused software against global cloud infrastructure.
BigBear.ai specializes in decision intelligence for national security and supply chain sectors, while Nebius Group provides the full-stack infrastructure needed for AI training and deployment. These companies offer distinct ways to gain exposure to the artificial intelligence boom. Comparing them helps clarify whether you prefer a software-focused government contractor or an infrastructure-heavy cloud provider.
The case for BigBear.ai
BigBear.ai sells decision-intelligence and autonomy software primarily to the U.S. federal government. In its latest annual report, filed for fiscal year 2025, the company noted that customer concentration like this adds a layer of risk. It utilizes a land-and-expand model by deploying pilot projects before seeking larger, long-term contracts.
In FY 2025, revenue reached nearly $127.7 million, representing a decrease of approximately 19.3% from the prior year. The company reported a net loss of roughly $293.9 million for the period. This follows a similar net loss of about $295.5 million in fiscal 2024.
As of its December 2025 balance sheet, the debt-to-equity ratio is 0.0x, indicating that total debt is negligible relative to shareholder equity. The current ratio, which measures the ability to cover short-term debts with short-term assets, is roughly 1.8x. Free cash flow, which is cash from operations minus capital expenditures, was negative $46.3 million.
The case for Nebius Group
Nebius Group is a specialized player among tech stocks that builds full-stack AI infrastructure. It operates data centers across Europe and the United States to support AI training and deployment. The company serves diverse industries like healthcare, robotics, and financial services.
In FY 2025, revenue reached nearly $529.8 million, showing massive growth of roughly 350.9%. The company reported net income of approximately $101.7 million. This resulted in a net margin of close to 19.2%, which is the percentage of revenue remaining after all expenses are paid.
As of the December 2025 balance sheet, the debt-to-equity ratio is roughly 1.1x. The current ratio is approximately 3.1x, and free cash flow was negative $3.7 billion. Note that stock-based compensation represented roughly 21.6% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in.
Risk profile comparison
BigBear.ai faces risks from its heavy reliance on U.S. government contracts, which are subject to funding volatility. The company is also managing a material class action lawsuit involving accounting errors that led to a restatement of financial results. Financial risks include potential future goodwill impairments and the challenges of integrating acquisitions while managing recurring net losses.
Nebius Group operates in a capital-intensive industry that requires massive investment in data centers. It competes against large hyperscalers like Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN). Managing a global footprint also introduces complex regulatory risks and the need to constantly attract specialized AI talent to maintain its edge.
Valuation comparison
Nebius Group carries a significantly higher valuation than BigBear.ai, reflecting its much faster revenue growth and positive net income. The Forward P/E, which measures market price against future earnings estimates, is 38.1x for Nebius Group, while BigBear.ai lacks positive future earnings estimates. The P/S ratio, which compares market value to total revenue, shows a massive premium for Nebius Group.
Metric
BigBear.ai
Nebius Group
Forward P/E
N/A
38.1x
P/S ratio
10.5x
45.8x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with Nebius. Its AI cloud infrastructure business is one of the more extraordinary growth stories in the market right now. Customers are lining up faster than the company can provision GPU clusters, and Nvidia has taken a significant stake in the company. Revenue keeps climbing at a pace that catches even optimistic analysts off guard.
BigBear.ai has carved out a genuinely defensible position. Its national security software contracts are sticky and the backlog keeps growing. The government AI market it operates in is not going anywhere. But there is a ceiling on what a focused government software company can become, and that ceiling is considerably lower than the global AI cloud market Nebius is racing to build.
So while BigBear.ai is winning contracts, Nebius is building infrastructure that entire industries depend on. That difference in the scale of opportunity is the most important factor here, and it points clearly in one direction for a patient investor with a long time horizon.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $384,839!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,657!*
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*Stock Advisor returns as of September 24, 2026.
Sara Appino has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Microsoft. The Motley Fool has a disclosure policy.

BigBear.ai vs. Nebius Group: Which Specialized AI Stock Is a Better Buy in 2026?

Key Points
Over the observed period, IONQ established a stronger overarching revenue trajectory than BigBear.ai, moving from a lower starting position to surpass its counterpart in the second half of the timeline.
While BigBear.ai registered a series of initial downward movements followed by a mild quarter-over-quarter recovery toward the end of the tracking window, IONQ demonstrated a consistent pattern of sequential expansion.
Investors evaluating the two companies should watch whether the revenue gap between them continues to widen in upcoming reporting periods or if the comparative trends begin to align more closely.
BigBear.ai: Seeking Stability After Earlier Quarterly Revenue Declines
BigBear.ai (NYSE:BBAI) generates most of its revenue by delivering complex artificial intelligence and machine learning decision support tools, focusing heavily on cyber engineering, cloud infrastructure management, and large-scale data processing solutions for a highly specialized client base, particularly the U.S. government.
It recently secured Dutch national regulatory approval for its Pangiam airport security screening software, and it simultaneously launched an expanded generative artificial intelligence platform designed specifically for use by government defense teams operating in classified network environments.
IONQ: Recording Consistent Upward Revenue Trajectories
IONQ (NYSE:IONQ) primarily earns its revenue by constructing general-purpose quantum computing systems and selling commercial access to those computers, facilitating this access both directly and through prominent third-party cloud computing platforms.
It formally finalized its acquisition of the domestic semiconductor foundry SkyWater Technology, while simultaneously launching its sixth-generation commercial quantum computing platform and securing a contract extension for a specialized defense research program focused on developing scalable atomic clocks.
Why Revenue Matters for Investors
Revenue helps market participants understand the baseline commercial demand for a particular business's core technological products and consulting services over consecutive operating periods. It reveals whether a company is successfully attracting customers and growing its overall business volume over time.
Quarterly Revenue Performance for BigBear.ai and IONQ
Q3 2024
$41.5 million (quarter ended Sept. 30, 2024)
$12.4 million (quarter ended Sept. 30, 2024)
Q4 2024
$43.8 million (quarter ended Dec. 31, 2024)
$11.7 million (quarter ended Dec. 31, 2024)
Q1 2025
$34.8 million (quarter ended March 31, 2025)
$7.6 million (quarter ended March 31, 2025)
Q2 2025
$32.5 million (quarter ended June 30, 2025)
$20.7 million (quarter ended June 30, 2025)
Q3 2025
$33.1 million (quarter ended Sept. 30, 2025)
$39.9 million (quarter ended Sept. 30, 2025)
Q4 2025
$27.3 million (quarter ended Dec. 31, 2025)
$61.9 million (quarter ended Dec. 31, 2025)
Q1 2026
$34.4 million (quarter ended March 31, 2026)
$64.7 million (quarter ended March 31, 2026)
Q2 2026
$36.7 million (quarter ended June 30, 2026)
$80.0 million (quarter ended June 30, 2026)
Foolish Take
Comparing the revenue trends for BigBear.ai and IONQ provide revealing insights. Back in 2024, BigBear.ai's quarterly sales towered over IONQ. This makes sense given the former operates in the hot artificial intelligence sector while the latter focuses on nascent quantum computing technology.
Since then, a dramatic transformation has taken place. IONQ's revenue has taken off. In the second quarter, its sales were more than double BigBear.ai's, and the achievement occurred while quantum computers remain an emerging tech. This illustrates the potential for IONQ's business to soar once quantum machines achieve widespread adoption.
The company is making strides here. On Sept. 23, it announced a partnership with AI semiconductor leader Nvidia, where IONQ's latest quantum computer will connect with Nvidia's AI infrastructure to enable "large-scale quantum supercomputers capable of solving the world's hardest problems," according to IONQ.
Meanwhile, BigBear.ai experienced a year-over-year sales decline in 2025 as the federal government cut budgets. In Q2 of this year, the company reported 13% revenue growth over 2025 due to its acquisition of Ask Sage, an AI platform tailored to the needs of governments.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $389,154!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,406,303!*
Now, it’s worth noting Stock Advisor’s total average return is 949% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 23, 2026.
Robert Izquierdo has positions in IonQ. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.

BigBear.ai vs. IONQ: Comparing Revenue Trends Between an Artificial Intelligence Upstart and a Quantum Computer Company

Key Points
Cerebras Systems currently looks stronger on revenue, as its reported financial totals remained consistently higher across all eight observed quarters when compared to results from BigBear.ai.
Over the evaluated reporting periods, Cerebras Systems displayed a fluctuating but overall upward quarter-over-quarter revenue trend, whereas BigBear.ai experienced a much more stable but consistently flat quarter-over-quarter revenue trajectory during the same timeframe.
Investors analyzing the two companies should watch to see whether the broad revenue gap continues to widen or if the underlying trajectory shifts and begins to narrow in upcoming quarters.
BigBear.ai: A Flat Revenue Trajectory Over Recent Quarters
BigBear.ai (NYSE:BBAI) generates revenue by providing artificial intelligence-powered predictive modeling and security consulting services to enterprise and government clients.
During the summer, it established a new equity offering program to support future business operations, gained international regulatory approval for airport security screening software, and appointed a new board member, while concurrently reporting an operating margin of -74% for the quarter ended June 30, 2026.
Cerebras Systems: An Upward Revenue Trend Over Recent Quarters
Cerebras Systems (NASDAQ:CBRS) earns revenue by selling specialized computing hardware and software to data centers and large enterprises.
During the summer months, it announced a new multi-year data center capacity agreement in Finland, expanded an existing manufacturing relationship, and faced multiple legal investigations regarding potential securities law violations, while posting an operating margin of -265% for the quarter ended June 30, 2026.
Why Revenue Matters for Investors Tracking These Stocks
Revenue serves as a crucial foundational metric that shows investors the total amount of money a business successfully brings in from core day-to-day business operations before any normal operating expenses, corporate taxes, legal costs, or routine overhead charges are deducted. Tracking this top-line financial figure helps investors understand the total scale and top-line growth trajectory of a business.
Quarterly Revenue Comparison for BigBear.ai and Cerebras Systems
Q3 2024
$41.5 million (quarter ended Sept. 30, 2024)
$72.3 million (quarter ended Sept. 30, 2024)
Q4 2024
$43.8 million (quarter ended Dec. 31, 2024)
$81.5 million (quarter ended Dec. 31, 2024)
Q1 2025
$34.8 million (quarter ended March 31, 2025)
$99.5 million (quarter ended March 31, 2025)
Q2 2025
$32.5 million (quarter ended June 30, 2025)
$103.3 million (quarter ended June 30, 2025)
Q3 2025
$33.1 million (quarter ended Sept. 30, 2025)
$135.7 million (quarter ended Sept. 30, 2025)
Q4 2025
$27.3 million (quarter ended Dec. 31, 2025)
$171.4 million (quarter ended Dec. 31, 2025)
Q1 2026
$34.4 million (quarter ended March 31, 2026)
$193.4 million (quarter ended March 31, 2026)
Q2 2026
$36.7 million (quarter ended June 30, 2026)
$180.1 million (quarter ended June 30, 2026)
Data source: Company filings. Data as of Sept. 11, 2026.
Foolish Take
BigBear.ai and Cerebras Systems are capitalizing on the artificial intelligence boom in different ways. The former is providing AI software primarily to governments, while the latter focuses on specialized semiconductor hardware to deliver superior speed to AI systems. Examining their revenue trends spell out which is garnering stronger customer adoption.
BigBear.ai experienced several recent quarters of year-over-year sales declines, finally breaking the trend in the second quarter with 13% growth over the prior year. The increase was thanks to its acquisition of Ask Sage, an AI platform tailored to the needs of governments.
Cerebras Systems saw the opposite, with revenue rising every quarter until dipping to $180.1 million in Q2. The recent decline was due to a drop in its hardware sales. Even so, on a year-over-year basis, Q2 revenue was still higher than in 2025, demonstrating that the company continues to see customer demand for its specialized AI offerings.
BigBear.ai's uneven year-over-year sales growth compared to Cerebras' consistency suggests the latter's focus on AI hardware is a winning formula while the former's software business targeting governments is more susceptible to revenue downturns.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $417,413!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,294!*
Now, it’s worth noting Stock Advisor’s total average return is 950% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 13, 2026.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

BigBear.ai vs. Cerebras Systems: What Quarterly Revenue Trends for These Artificial Intelligence Companies Tell Investors

Key Points
BigBear.ai focuses on decision intelligence software for government and defense agencies but faces declining revenue.
IonQ is scaling its trapped-ion quantum computing hardware with significant triple-digit revenue growth.
Which speculative technology stock is the better choice for your growth portfolio in 2026?
Choosing between a software-driven artificial intelligence company and a quantum computing pioneer requires weighing utility against technical potential. Investors have this choice in BigBear.ai (NYSE:BBAI) and IonQ (NYSE:IONQ) when searching for high-growth tech opportunities.
BigBear.ai provides specialized artificial intelligence solutions for supply chains and defense, while IonQ builds the hardware necessary for a quantum computing future. Both companies are in early stages of development, offering investors exposure to different corners of the emerging technology landscape through distinct business models.
The case for BigBear.ai
BigBear.ai offers decision intelligence solutions tailored for complex environments like supply chains, autonomous systems, and security at airports through its biometrics solutions. The company generates more than 50% of its revenue from a few key customers, including major contracts with the U.S. Department of Defense and federal intelligence agencies. Note that customer concentration like this adds a layer of risk to the business, as revenue depends heavily on government budget cycles.
In its 2025 fiscal year (FY), revenue reached $127.7 million, indicating a decline of 19.3% compared to the previous year. The company reported a net loss of $293.9 million during this period, which was a slight narrowing from the $295.5 million net loss seen in FY 2024. While the software model allows for potential scalability, the recent downward trend in revenue suggests the business is facing challenges in expanding its commercial and government footprint.
As of its December 2025 balance sheet, BigBear.ai has a debt-to-equity ratio of zero, signifying it carries no significant debt relative to its shareholder equity. The current ratio is 1.8x, which measures a company's ability to cover its short-term debts with short-term assets. Free cash flow for FY 2025 was negative $46.3 million, calculated as cash from operations minus capital expenditures, reflecting the actual cash consumed by the business to maintain operations.
The case for IonQ
IonQ develops trapped-ion quantum computing systems, positioning itself as a full-stack company that offers both hardware and quantum-computing-as-a-service. It reaches customers through direct sales and major cloud platforms, including those operated by Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). To strengthen its manufacturing capabilities, IonQ recently completed the $1.8 billion acquisition of SkyWater Technology, which provides access to a secure quantum foundry.
In FY 2025, revenue reached $130.0 million, representing massive growth of 201.9% over the prior year. Despite this rapid top-line expansion, the company reported a net loss of $510.4 million, which widened from a net loss of $331.6 million in FY 2024. This reflects the high research and development costs required to advance quantum hardware, the capital-intensive nature of building a new computing infrastructure, and the expenses tied to its many acquisitions.
As of its December 2025 balance sheet, the debt-to-equity ratio is zero, indicating the company relies on equity rather than debt for its funding. The current ratio is a very high 15.5x, suggesting a massive liquidity buffer to fund ongoing operations and research efforts. Free cash flow for FY 2025 was negative $299.6 million, as the company continues to invest heavily in its technology and the integration of SkyWater Technology.
Risk profile comparison
BigBear.ai faces significant risks related to its revenue concentration and government dependence, as changes in fiscal policy or contract terminations could harm its financial results. The company is also navigating a class action lawsuit following disclosed accounting errors that required the restatement of multiple years of financial statements. Furthermore, the market for AI and biometrics software is highly competitive, and failure to differentiate its software from larger competitors could impact future revenue growth.
IonQ is an early stage company with an accumulated deficit of $1.19 billion and has not yet produced a scalable, fault-tolerant quantum computer. Significant technological barriers remain regarding error correction and achieving "quantum advantage" over traditional computers. The company also relies heavily on third-party cloud providers that are also its direct competitors in the quantum space, including Amazon and Microsoft, which may prioritize their own internal quantum projects.
Valuation comparison
IonQ carries a much higher price tag relative to its revenue, while BigBear.ai trades at a lower multiple amid declining sales and ongoing financial restatements.
Metric
BigBear.ai
IonQ
Forward P/E
n/a
n/a
P/S ratio
9.8x
51.0x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
The P/S ratio compares a company's market value to its total revenue, which is a useful metric for evaluating high-growth tech firms that are not yet profitable. Neither company has a Forward P/E because future earnings estimates from analysts do not currently project net income for either business in the near term.
Which stock would I buy in 2026?
Both BigBear.ai and IonQ are tech stocks building new technological solutions. That's why neither operate a profitable business as they work to acquire customers and scale operations. Given the massive tailwind of artificial intelligence, BigBear.ai would seem the obvious investment choice, but between these two, I have chosen to buy IonQ stock.
While BigBear.ai experienced a year-over-year revenue decline in 2025, its sales are bouncing back in 2026. Its second-quarter revenue grew 13% year over year to $36.7 million. That's because it acquired Ask Sage, an AI platform built for government agencies. Given how hot the AI sector is right now, BigBear.ai's tepid revenue does not instill confidence that its offerings are gaining traction with customers.
IonQ's revenue is rising fast, indicating the success its business is already having with nascent quantum computing tech. The company recently released its Superion product, a further improvement over its existing solutions. It also raised its 2026 full-year outlook on Sept. 8, forecasting revenue to be between $450 million and $460 million. That's a massive increase from the $130 million made in 2025, thanks to its acquisition of SkyWater Technology. Given IonQ’s rapid business expansion, it’s the better stock to buy.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $417,413!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,294!*
Now, it’s worth noting Stock Advisor’s total average return is 950% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 13, 2026.
Robert Izquierdo has positions in Amazon, IonQ, and Microsoft. The Motley Fool has positions in and recommends Amazon, IonQ, and Microsoft. The Motley Fool has a disclosure policy.

BigBear.ai vs. IonQ: Weighing Whether to Invest in the Artificial Intelligence Company or the Quantum Computing Giant

Key Points
BigBear.ai provides critical decision intelligence and AI solutions primarily for the United States defense and intelligence communities.
D-Wave Quantum is a first-mover in the commercial quantum computing space, offering hardware and cloud access to global enterprise clients.
Which high-growth technology stock offers the most compelling risk-reward profile for your portfolio in 2026?
Investors searching for high-growth potential often look toward the frontiers of computation. Comparing BigBear.ai (NYSE:BBAI) and D-Wave Quantum (NASDAQ:QBTS) requires weighing established government contracts against the nascent potential of quantum computing.
BigBear.ai focuses on decision intelligence software for federal agencies, while D-Wave Quantum builds the hardware and cloud platforms for next-generation quantum processing. Both companies represent speculative plays in the tech sector, though they operate at different ends of the computational spectrum. This comparison explores which firm offers a more sustainable path forward.
The case for BigBear.ai
BigBear.ai provides artificial intelligence solutions to the defense and intelligence sectors, specializing in decision intelligence for government agencies. In its latest annual report, filed for FY 2025, the company noted that the U.S. government accounted for nearly 51% of total revenue. This high level of customer concentration adds significant risk to the business model since it relies on specific federal funding cycles.
In FY 2025, revenue reached nearly $127.7 million, representing a decline of approximately 19.3% compared to the previous year. The company reported a net loss of roughly $293.9 million for the same fiscal period. This resulted in a net margin of nearly -230.2%, indicating that operating expenses far exceeded total sales during the year as the company adjusted its contract mix.
As of its December 2025 balance sheet, the debt-to-equity ratio was nearly 0.0x, indicating the firm carries negligible debt relative to shareholder equity. The current ratio, which measures the ability to pay short-term obligations using current assets, was roughly 1.8x. Free cash flow, or cash from operations minus capital spending, was nearly negative $46.3 million, and the firm maintains its position among cheap tech stocks while adhering to cybersecurity standards.
The case for D-Wave Quantum
D-Wave Quantum is a pioneer in quantum computing, offering systems and cloud services to commercial and government clients. Its Leap platform allows businesses to access quantum processing power for logistics, drug discovery, and financial modeling through a cloud-based interface. The company works with high-profile organizations such as Mastercard (NYSE:MA), Pfizer (NYSE:PFE), and Siemens Healthineers (OTC:SEMHF) to build its ecosystem.
In FY 2025, revenue reached approximately $24.6 million, which is a significant increase of nearly 178.5% year over year. Despite this rapid growth, the company reported a net loss of roughly $355.1 million. This led to a net margin of approximately -1,444.1%, highlighting the high costs associated with scaling a commercial quantum provider and developing proprietary hardware.
As of its December 2025 balance sheet, the current ratio was nearly 42.4x, suggesting a very high level of short-term liquidity. The debt-to-equity ratio was approximately 0.1x, meaning total debt is low compared to shareholder equity. Free cash flow for the period was nearly negative $75.8 million, and maintaining listing standards remains a priority as the firm navigates its early stage growth phase.
Risk profile comparison
BigBear.ai faces intense competition from large enterprise software firms and major defense contractors. Revenue concentration is a major risk, as business depends on a few government customers, and the firm must also navigate technology acceptance in the biometrics market. The company is also dealing with accounting errors and a class action lawsuit that requires restating multiple years of financial statements.
D-Wave Quantum operates in a highly volatile industry where the market for quantum computing may not develop as expected. The company has a history of net losses and must continue raising capital to fund research while integrating its acquired Quantum Circuits business. It also faces competition from tech giants like Microsoft (NASDAQ:MSFT), while advancements in classical computing could disrupt its growth trajectory.
Valuation comparison
BigBear.ai offers a significantly lower P/S ratio, comparing price to revenue, though neither firm has a positive Forward P/E based on earnings estimates.
Metric
BigBear.ai
D-Wave Quantum
Forward P/E
n/a
n/a
P/S ratio
10.5x
503.6x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with BigBear.ai. Both companies are early stage and unprofitable, but BigBear has something D-Wave is still working toward: a credible and growing commercial revenue stream backed by government contracts that competitors find difficult to displace.
D-Wave is doing fascinating work in quantum computing, and its bookings surged dramatically in the most recent quarter. But revenue fell sharply at the same time, and the gap between bookings momentum and actual recognized revenue is a risk that investors need to understand before buying in. Quantum computing's commercial moment is approaching, but it has not fully arrived yet.
BigBear.ai, by contrast, is winning classified national security contracts, growing its backlog, and improving gross margins at a pace that suggests the business model is starting to scale. The path to profitability is still long, but the direction is encouraging.
For a long-term investor comfortable with early stage risk, BigBear offers a clearer line of sight to sustainable revenue than D-Wave does right now.
Should you buy stock in BigBear.ai right now?
Before you buy stock in BigBear.ai, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BigBear.ai wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $417,413!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,294!*
Now, it’s worth noting Stock Advisor’s total average return is 950% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 12, 2026.
Sara Appino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard, Microsoft, and Pfizer. The Motley Fool has a disclosure policy.