BigBear.ai Holdings, Inc. (BBAI) 2026 Q1 法說會逐字稿

Greetings, and welcome to the BigBear.ai Holdings first quarter 2026 earnings call. At this time, all participants are in a listen-only mode.

各位好，歡迎參加 BigBear.ai Holdings 2026 年第一季財報電話會議。此時所有與會者將以僅收聽模式參與。

(Operator Instructions)

(接線員指示)

Please note this conference is being recorded. I will now turn the conference over to your host, Sean Ricker. Please go ahead, sir.

請注意，本次會議將被錄音。現在我將把會議交給主持人 Sean Ricker。先生，請開始。

Good afternoon and thank you all for joining us today for our first-quarter 2026 earnings call. I'm Sean Ricker, CFO of BigBear.ai, and I'm joined today by our CEO, Kevin McAleenan.

各位下午好，感謝大家今天參加我們 2026 年第一季財報電話會議。我是 BigBear.ai 的財務長 Sean Ricker，今天與我一同出席的還有我們的執行長 Kevin McAleenan。

Statements made in today's call that are not historical fact are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements.

本次電話會議中所作、非屬歷史事實的陳述，均屬前瞻性陳述，並依據聯邦證券法的「安全港」條款作出。實際結果可能與前瞻性陳述中所預測者存在重大差異。

Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

請參閱今日新聞稿及我們向美國證券交易委員會（SEC）提交的文件，其中說明了可能導致實際結果與前瞻性陳述存在重大差異的部分因素。

We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call.

我們今天已在網站上發布圖表，並計畫在會議中加以說明，以補充我們的評論。這些圖表亦包含與本次電話會議可能使用之非 GAAP 指標相關的資訊。

Please access our website at www.bigbear.ai and click on the Investor Relations link to view and follow the charts.

請造訪我們的網站 www.bigbear.ai，並點選「投資人關係」連結以查看並跟隨圖表內容。

And with that, I'll hand it over to Kevin.

接下來我把時間交給 Kevin。

Thanks, Sean. I would like to start by expressing appreciation again for our servicemen and women who have been executing missions both overseas and here at home since our last call. We are proud to provide technology that supports their efforts, and we continue to develop solutions that will strengthen our national security posture and capabilities.

謝謝你，Sean。我想先再次向自上次電話會議以來，在海外及國內執行任務的我國軍人表達感謝。我們很自豪能提供技術支援他們的努力，並持續開發解決方案，以強化我們的國家安全態勢與能力。

We also send our well wishes to our allies and partners who have been in harm's way in the Middle East. In critical moments like these, BigBear.ai Holdings, Inc. teams excel. It is a privilege to work alongside colleagues who have the operational experience and mission insight customers value and expect.

我們也向在中東身處險境的盟友與夥伴致上誠摯祝福。在這樣的關鍵時刻，BigBear.ai Holdings, Inc. 的團隊總能表現出色。能與具備客戶所重視並期待之作戰經驗與任務洞察的同仁並肩工作，是一種榮幸。

Our teams have stepped forward for government and commercial customers involved in the Iran conflict, augmenting the capabilities of warfighters, helping businesses adjust to supply chain disruptions, and supporting the homeland security community as it prepares for a rapidly changing threat landscape here in the United States.

我們的團隊已挺身而出，為涉入伊朗衝突的政府與商業客戶提供支援，強化作戰人員的能力，協助企業因應供應鏈中斷，並支援國土安全社群，為美國境內快速變化的威脅態勢做好準備。

On our last earnings call, I underscored that the BigBear.ai Holdings, Inc. growth strategy builds upon our strengths as a specialized defense and security technology company delivering mission-ready AI. We are focused on two core markets that are growing: national security and trade and travel.

在上次財報電話會議中，我強調 BigBear.ai Holdings, Inc. 的成長策略，建立在我們作為專精國防與安全科技公司、提供可立即投入任務之 AI 的優勢之上。我們聚焦於兩個正在成長的核心市場：國家安全，以及貿易與旅行。

And we are bringing together three capabilities that make us different: deep mission understanding, expert command of applied AI, and a unique combination of scale and agility that is vital for adapting and delivering as mission needs evolve rapidly.

同時，我們整合三項使我們與眾不同的能力：深厚的任務理解、對應用型 AI 的專業掌握，以及兼具規模與敏捷性的獨特組合——這對於在任務需求快速演進時進行調整與交付至關重要。

The strategy is working. We are on a path to grow and transform as a business. On our last call, I shared that we finished 2025 in the strongest financial position in the company's history. We closed 2026 with $431 million of cash and investments. We entered the second quarter showing clear progress on key metrics in Q1, and we are armed with a strong balance sheet and clear strategic focus, growth priorities, and target customers.

這項策略正在奏效。我們正走在推動成長並轉型為更強健企業的道路上。在上次電話會議中，我分享我們以公司史上最強的財務狀況結束 2025 年。我們以 4.31 億美元的現金與投資結束 2026 年。我們進入第二季時，第一季在關鍵指標上已展現明確進展；我們擁有強健的資產負債表，以及清晰的策略聚焦、成長優先事項與目標客戶。

We are currently implementing an enhanced go-to-market approach that aligns talent, technology development, and customer delivery teams directly against emerging customer needs where we see the greatest growth potential.

我們目前正在推動強化的市場進入（go-to-market）策略，使人才、技術研發與客戶交付團隊能直接對準新興客戶需求——也就是我們看到最大成長潛力的領域。

Let me turn now to provide updates against each of the four company priorities before Sean covers the details of our Q1 2026 earnings, summarized in the press release issued today. As a reminder, the four priorities we outlined for the fiscal year on our last call were: number one, top-line growth; two, focusing on the operator; three, enhancing executional rigor; and four, capitalizing on catalytic M&A. Our first priority is top-line growth with high-quality revenue in our target markets.

在 Sean 介紹今日新聞稿所摘要的 2026 年第一季財報細節之前，我先就公司四項優先事項逐一提供最新進展。提醒各位，我們在上次電話會議中為本會計年度提出的四項優先事項為：第一，營收成長；第二，聚焦操作人員；第三，強化執行紀律；第四，把握具催化效應的併購（M&A）。我們的第一項優先事項，是在目標市場中以高品質營收推動營收成長。

We entered 2026 in a much-improved position to take advantage of tailwinds. We're therefore please to share four significant examples of customer wins in Q1. In Q1, we signed a large classified, sole-source contract with an intelligence community customer that we are executing now and will continue over the next two years.

我們以顯著改善的態勢進入 2026 年，得以把握有利趨勢帶來的順風。因此，我們很高興分享第一季四個重要的客戶得標案例。在第一季，我們與一位情報界客戶簽署了一份大型機密、單一來源（sole-source）合約；我們目前正在執行，並將在未來兩年持續進行。

The ceiling value is approximately $53 million. This contract is with an existing customer that values our unique skills and underscores our national security credentials. In this instance, we are the prime contractor, which is testament to the trust our teams have established over years and our reputation for execution. I am very proud of the team that has worked hard to serve those customers' needs at a time when operational insight and understanding matters more than ever.

該合約的上限金額約為 5,300 萬美元。此合約來自既有客戶，該客戶重視我們獨特的專業能力，也凸顯我們在國家安全領域的資歷與可信度。在此案中，我們擔任主承包商（prime contractor），這證明我們團隊多年來建立的信任，以及我們在執行交付上的聲譽。我為這支團隊感到非常自豪；在當下作戰洞察與理解比以往任何時候都更重要之際，他們努力滿足客戶需求。

In our trade and travel market, we are well underway deploying capabilities under two recent contract wins at Chicago O'Hare and Dallas Fort Worth. The combined value of these contracts is $7 million and leverages our Veriskan and TruPaste products. These wins further demonstrate the demand for faster, more efficient, and more secure travel.

在貿易與旅行市場方面，我們正積極推進在芝加哥歐海爾機場（Chicago O'Hare）與達拉斯—沃斯堡機場（Dallas Fort Worth）兩項近期得標合約下的能力部署。這兩份合約合計價值 700 萬美元，並運用我們的 Veriskan 與 TruPaste 產品。這些得標進一步證明市場對更快速、更高效率且更安全旅行體驗的需求。

Our technology outperforms the competition, reducing friction without compromising on security. This need becomes even more pronounced when airport staffing is under pressure, as it was when millions of travelers in the United States felt the pain of disruptions in recent months due to a confluence of factors.

我們的技術表現優於競爭對手，在不犧牲安全性的前提下降低摩擦。當機場人力配置承受壓力時，這項需求會更加明顯；正如近幾個月在多重因素交織下，美國數以百萬計旅客因中斷而深受其苦。

The global market for increased shipbuilding remains robust and is underscored by the historic $65.8 billion in new funding requested for naval shipbuilding in the administration's 2027 budget. BigBear.ai is leveraging our manufacturing modeling and simulation platform, Shipyard AI, to support US and allied shipyards.

全球擴大造船的市場仍然強勁；政府在 2027 年預算中為海軍造船申請新增資金達歷史性的 658 億美元，更凸顯此一趨勢。BigBear.ai 正運用我們的製造建模與模擬平台 Shipyard AI，支援美國及盟國的造船廠。

In Q1, we won two new notable contracts in this space. The first is with Chantier Davie, Canada's premier shipbuilder and a global leader in delivery of mission-critical vessels to government and commercial customers. The other is with Bollinger Shipyards, a leading designer and builder of high-performance vessels and a critical part of the US defense industrial base. We are seeing continued demand for ProModel and our predictive analytics platforms, including Shipyard AI.

在第一季，我們在此領域贏得兩份值得關注的新合約。第一份是與 Chantier Davie 合作；該公司是加拿大首屈一指的造船商，也是向政府與商業客戶交付關鍵任務船舶的全球領導者。另一份是與 Bollinger Shipyards 合作；該公司是高性能船舶的領先設計與建造商，也是美國國防工業基礎的重要一環。我們持續看到對 ProModel 以及我們的預測分析平台（包括 Shipyard AI）的需求。

ProModel simulation platforms are the foundation of a powerful digital twin, empowering industries for manufacturing, warehousing, logistics, health care, and defense to predict and enhance operational outcomes.

ProModel 模擬平台是強大數位分身（digital twin）的基礎，賦能製造、倉儲、物流、醫療保健與國防等產業，以預測並提升營運成果。

We have also won new generative AI platform contracts with NASA, the Army's Intelligence and Security Command in Virginia, and the Naval Research Lab, who are now using SH. The significance of the work these customers are doing to advance our collective national security is a real point of pride. Providing them with secure access to the latest generative AI models and agentic tools will support their critical missions. From a business perspective, new Ask Sage customers also contribute to a continued shift in revenue mix from services to technology contracts.

我們也與 NASA、位於維吉尼亞州的美國陸軍情報與安全司令部（Intelligence and Security Command），以及海軍研究實驗室（Naval Research Lab）贏得新的生成式 AI 平台合約；他們目前正在使用 SH。這些客戶為推進我們共同的國家安全所進行的工作，其重要性令我們深感自豪。為他們提供安全存取最新生成式 AI 模型與代理式（agentic）工具，將支援其關鍵任務。從商業角度來看，新的 Ask Sage 客戶也促使營收組合持續由服務合約轉向技術合約。

These examples of new contracts illustrate following through against our strategy. Overall, we have increased our backlog from Q4 by 14% to $281.9 million while substantially improving our gross margin.

這些新合約案例展現我們落實策略的成果。整體而言，我們的在手訂單（backlog）較第四季增加 14%，達到 2.819 億美元，同時毛利率亦大幅改善。

Looking forward, I should also take a moment to mention developments in our ongoing work with DHS. Senator Markwayne Mullin was confirmed by the U.S. Senate as the ninth Secretary of Homeland Security on March 23. Secretary Mullin has strongly signaled his intent to enhance the pace of applying funds to projects where BigBear.ai is well positioned to win, and we are actively bidding live RFPs right now.

展望未來，我也想花點時間提及我們與國土安全部（DHS）持續合作中的最新進展。參議員 Markwayne Mullin 於 3 月 23 日獲美國參議院確認，出任第九任國土安全部部長。Mullin 部長已明確釋出強烈訊號，將加快把資金投入到 BigBear.ai 具備優勢、很有機會得標的專案上，而我們目前也正積極投標正在進行中的 RFP。

Secretary Mullin's confirmation and initial actions were further bolstered with welcome news that the majority of DHS's fiscal year 2026 budget was signed last Thursday, along with a plan to fully fund remaining agencies through a congressional budget reconciliation process by June 1.

Mullin 部長的任命確認與初步作為，亦因一項令人振奮的消息而更添助力：上週四，DHS 2026 會計年度預算的大部分已完成簽署，並且規劃在 6 月 1 日前透過國會預算協調（reconciliation）程序，為其餘機構提供全額資金。

These are very positive developments. While the partial shutdown had not affected the majority of our work at DHS, due to the critical nature of the security missions our programs support, receiving full fiscal year funding will unlock the potential for new starts and allow DHS agencies to move forward with additional technology procurements.

這些都是非常正面的發展。雖然部分停擺並未影響我們在 DHS 的大部分工作（因為我們的計畫所支援的安全任務具關鍵性），但取得全會計年度的完整資金將釋放新案啟動的潛力，並讓 DHS 各機構得以推進更多技術採購。

I am also excited to share that Troy Miller, former Acting Customs and Border Protection Commissioner and longtime Director of the National Targeting Center, joined BigBear.ai in a full-time capacity in April after three decades of federal service.

我也很高興分享，Troy Miller——前代理海關與邊境保護局（CBP）局長、以及長期擔任國家目標中心（National Targeting Center）主任——在三十年的聯邦服務生涯後，於 4 月以全職身分加入 BigBear.ai。

Troy is an expert in counterterrorism, internationally recognized for being the driving force behind the world's most advanced program to screen and vet travel applications and cargo in and out of the United States.

Troy 是反恐領域的專家，並以推動全球最先進的計畫而享譽國際，該計畫用於篩查與審核進出美國的旅遊申請與貨物。

He will lead our efforts to serve DHS and the federal civilian security and law enforcement agencies, and no one has more credibility or a more substantive track record of applying emerging technologies to homeland and national security analytical missions. His operational expertise, mission focus, demonstrated leadership skills, and deep and established trust with the communities we serve will further provide momentum and lift to our growth efforts.

他將領導我們服務 DHS 以及聯邦文職安全與執法機構的工作；在將新興技術應用於國土與國家安全分析任務方面，沒有人比他更具公信力或更有實績。他的作業專業、任務導向、經證實的領導能力，以及與我們所服務社群之間深厚且既有的信任，將進一步為我們的成長動能加速並帶來提升。

Our second priority for 2026 is to focus on the operator. We are centering our business on serving specific groups of operators who will need BigBear.ai technology and solutions in the months and years ahead. In April, we announced internally that we are launching a significant growth initiative that realigns teams to execute against specific mission needs with rigor and pace. We are well into the implementation phase of this important change, which is generating focus and energy within BigBear.ai.

我們 2026 年的第二項優先事項是聚焦於第一線操作人員（operator）。我們正以服務特定操作人員族群為核心來布局業務，這些族群在未來數月與數年將需要 BigBear.ai 的技術與解決方案。4 月，我們在內部宣布啟動一項重要的成長計畫，重新調整團隊配置，以更嚴謹、更快速地對準特定任務需求執行。我們已深入進入這項重要變革的落地階段，並在 BigBear.ai 內部帶來更聚焦的方向與更高的能量。

Historically, growth, technology, delivery, and customer success teams have been centralized. As of the second quarter, we are taking a new approach, realigning our go-to-market. Dedicated sales, technology, delivery, and customer success teams are now integrated and aligned to our growth priorities in national security and travel and trade.

過去，成長、技術、交付與客戶成功團隊多採集中式管理。自第二季起，我們採取新作法，重新調整我們的市場進入（go-to-market）模式。專屬的銷售、技術、交付與客戶成功團隊，現已整合並與我們在國家安全以及旅運與貿易領域的成長優先事項對齊。

This moves decision-making and action across the key organizational growth drivers closer to our customers and will allow us to innovate more rapidly with capabilities tailored to operators' needs. In April, we launched an integrated marketing campaign in Washington, DC, and nationally to drive the importance of mission understanding in the development of advanced technology.

這將使關鍵組織成長驅動因素的決策與行動更貼近客戶，並讓我們能更快速地以符合操作人員需求的能力進行創新。4 月，我們在華盛頓特區以及全美啟動整合式行銷活動，強調在先進技術開發中「理解任務」的重要性。

The center of our message is that technology built and deployed by BigBear.ai is by operators, for operators. The campaign is focused on connecting with our customers and underscores that when you choose BigBear.ai, you are getting solutions designed for real operating conditions.

我們訊息的核心是：BigBear.ai 所打造並部署的技術，是由操作人員打造、為操作人員而生。此活動聚焦於與客戶建立連結，並強調當您選擇 BigBear.ai，您獲得的是為真實作業環境所設計的解決方案。

By operators, we mean warfighters, intelligence analysts behind the scenes, officers protecting ports of entry, and those in the private sector protecting our supply chain and critical infrastructure. Each day, they make consequential decisions with imperfect information under immense pressure.

所謂操作人員，指的是作戰人員、幕後的情報分析師、守護入境口岸的執法人員，以及在民間部門保護供應鏈與關鍵基礎設施的人員。他們每天都在巨大壓力下、在資訊不完美的情況中，做出影響深遠的決策。

The campaign was supported with an opinion piece placed in The Wall Street Journal. In it, I highlighted that the threat landscape is evolving rapidly and that operator insight is critical for our national security. I believe strongly that the nature of threats from homeland to the edge is morphing at a pace that outstrips traditional planning, procurement, and problem-solving structures.

這項活動也透過在《華爾街日報》刊登的一篇評論文章加以支持。我在文中強調，威脅態勢正快速演變，而操作人員的洞見對我們的國家安全至關重要。我堅信，從本土到前沿的威脅型態正在以超越傳統規劃、採購與問題解決架構所能跟上的速度發生變化。

This threat-system asymmetry, the mismatch between the pace and complexity of modern threats and the rigidity of the systems designed to counter them-is critically important. Nations that solve this asymmetry will maintain and extend their strategic advantage. Those that don't will lose it. This is a message that I have taken to Congress.

這種「威脅—系統不對稱」——亦即現代威脅的速度與複雜度，與用來對抗它們的系統僵化性之間的不匹配——極其重要。能解決此不對稱的國家，將能維持並擴大其戰略優勢。無法解決者，將會失去優勢。這也是我向國會傳達的訊息。

Last month, I offered BigBear.ai's insights to the House Homeland Security Committee roundtable on the need to invest in critical technology to protect our citizens from emerging threats. Advanced AI capabilities are already being used by our adversaries in combat zones and by criminal networks at home and abroad. I believe that the United States must be peerless in developing, deploying, and countering advanced AI threats. Pace is everything, and close collaboration between lawmakers and the executive branch will be essential.

上個月，我在眾議院國土安全委員會的圓桌會議上分享 BigBear.ai 的觀點，說明為保護公民免受新興威脅而投資關鍵技術的必要性。先進 AI 能力已被我們的對手在戰區使用，也被國內外的犯罪網路所利用。我認為，美國必須在先進 AI 威脅的研發、部署與反制方面保持無可匹敵的領先地位。速度就是一切，而立法者與行政部門之間的緊密協作將至關重要。

Moving to our third priority, execution rigor, in addition to the internal realignment initiatives that will strengthen our operational rigor and execution, we have strengthened our leadership team with the announcement of two experienced executives.

談到我們的第三項優先事項——嚴謹執行（execution rigor）——除了內部的重新調整計畫將強化我們的營運嚴謹度與執行力之外，我們也宣布兩位資深主管加入，以強化領導團隊。

Jo Ann Bjornson joined BigBear.ai as Chief Human Resources Officer on March 16, bringing more than 25 years of experience in human resources leadership within federal contracting and commercial markets. Recognized as one of WashingtonExec HR executives to watch, Jo Ann has held senior HR roles at B2X, SAIC, and Leidos, and has served as the chair of the Washington HR Exec Council. Joanne has a deep understanding of the talent landscape in our sector and will play a big role centered on our culture at BigBear.ai, our efforts to scale, and our efforts to acquire and integrate companies in the future.

Jo Ann Bjornson 於 3 月 16 日加入 BigBear.ai，擔任人力資源長（CHRO），在聯邦承包與商業市場的人資領導領域擁有超過 25 年經驗。Jo Ann 曾獲 WashingtonExec 評選為值得關注的人資主管之一，曾在 B2X、SAIC 與 Leidos 擔任資深人資職務，並曾擔任 Washington HR Exec Council 主席。Jo Ann 對本產業的人才版圖有深刻理解，將在 BigBear.ai 的企業文化、規模化成長，以及未來併購與整合工作中扮演重要角色。

Alex Thompson joined BigBear.ai as the Chief Corporate Affairs Officer on March 1, bringing more than two decades of experience. He leads brand strategy, strategic communication, government affairs, and marketing. Alex has extensive international experience, having previously served as President of Global Practices and Sectors at the leading strategic communications firm globally, Edelman, and as the Chief Communications Officer for the global content-driven software company, Thomson Reuters.

Alex Thompson 於 3 月 1 日加入 BigBear.ai，擔任企業事務長（Chief Corporate Affairs Officer），擁有超過 20 年經驗。他負責品牌策略、策略溝通、政府事務與行銷。Alex 具備豐富的國際經驗，曾任全球領先策略傳播公司 Edelman 的全球實務與產業部門總裁，也曾擔任全球內容驅動型軟體公司 Thomson Reuters 的首席傳播長。

In that role, he also led government and regulatory affairs and spent significant time supporting engagements with US government customers that BigBear.ai also serves. Our fourth priority is to capitalize on the strategic acquisitions we made in 2025 and early in 2026, Ask Sage and CargoSeer.

在該職務中，他也領導政府與監管事務，並投入大量時間支援與美國政府客戶的互動，而這些客戶亦是 BigBear.ai 所服務的對象。我們的第四項優先事項，是充分發揮我們在 2025 年及 2026 年初完成的策略性收購——Ask Sage 與 CargoSeer——的價值。

This includes fully integrating the businesses, identifying opportunities to build on and expand their product sets, and cross-selling to our established customer base. I am pleased to update that both integrations are on track and progressing well.

這包括全面整合這些業務、找出可在其產品組合上延伸與擴充的機會，並向我們既有的客戶基礎進行交叉銷售。我很高興更新，兩項整合皆按計畫進行且進展良好。

Platform-agnostic generative AI that gives customers flexibility to use hundreds of models in secure environments without data leakage or vendor lock-in, as well as non-intrusive inspections supported by AI analysis, continue to be technology platforms at the forefront of government and commercial procurement agendas. Both Ask Sage and CargoSeer have launched new capabilities since our last call. For CargoSeer, supply chain disruptions and revenue collection pressures highlighted by global conflicts have reinforced the business case.

平台無關的生成式 AI，讓客戶能在安全環境中彈性使用數百種模型，避免資料外洩或供應商綁定（vendor lock-in）；以及由 AI 分析支援的非侵入式檢查，仍是政府與商業採購議程中最前沿的技術平台。自上次電話會議以來，Ask Sage 與 CargoSeer 皆已推出新功能。就 CargoSeer 而言，全球衝突所凸顯的供應鏈中斷與稅收徵管壓力，進一步強化了其商業論證。

Ensuring facilitated movement of trade while identifying smuggling threats and ensuring accurate revenue collection are universal priorities for customs and border management agencies. CargoSeer continues to enhance its model and is establishing new beachheads in air cargo environments to support these missions, deploying new technology to correlate documents with the contents of air cargo.

在促進貿易順暢流通的同時，識別走私威脅並確保準確的稅收徵收，是各國海關與邊境管理機構的共同優先事項。CargoSeer 持續強化其模型，並正在航空貨運環境建立新的灘頭堡以支援這些任務，部署新技術以關聯文件與航空貨物內容。

For example, this week, we launched a new capability to detect fraud in invoices used by shippers in all ports of entry. The first customer will be live in the coming week. Last week, Ask Sage launched a new, simpler user interface. It increases ease of use for customers, and we have received great feedback so far.

例如，本週我們推出了一項新功能，可偵測托運人在所有入境口岸所使用之發票中的詐欺行為。第一位客戶將於下週上線。上週，Ask Sage 推出了全新、更簡化的使用者介面。這提升了客戶的易用性，我們迄今也收到非常好的回饋。

With version two, customers experience faster iteration, a streamlined user experience, and powerful tools like chat, workbook, code canvas, and agent builder. Each is designed to close gaps identified in user feedback. We have reimagined chat, model selection, and classification handling to eliminate friction and allow customers to focus on deriving maximum mission capability from the models and agentic tools.

在第二版中，客戶可體驗更快速的迭代、更精簡的使用者體驗，以及聊天、工作簿、程式碼畫布與代理建置器等強大工具。每一項設計皆旨在補足使用者回饋中所辨識的缺口。我們重新構想了聊天、模型選擇與分類處理，以消除摩擦，讓客戶能專注於從模型與代理式工具中取得最大的任務能力。

In response to strong customer demand, Ask Sage also launched a new commercial offering last week, extending access to our GenAI platform beyond government users and defense industrial base customers to broader industry and international partners. The platform supports most current AI models-the vast majority of foundational models available for global consumption, enabling partners to align AI capabilities directly to their mission.

為回應強勁的客戶需求，Ask Sage 也於上週推出新的商業方案，將我們 GenAI 平台的使用權從政府使用者與國防工業基礎客戶，延伸至更廣泛的產業與國際合作夥伴。該平台支援目前多數 AI 模型——亦即全球可供使用之基礎模型中的絕大多數——使合作夥伴能將 AI 能力直接對齊其任務需求。

This deepens BigBear.ai's commercial relationships with a broader range of customers in the defense industrial base and security and critical infrastructure industries. I am really pleased to see this progress, and I am looking forward to sharing additional news about product and platform extensions from our GenAI team in the coming quarters.

這也加深了 BigBear.ai 與更廣泛客群之間的商業關係，涵蓋國防工業基礎以及安全與關鍵基礎設施產業。我非常樂見這些進展，並期待在未來幾季與各位分享我們 GenAI 團隊在產品與平台延伸方面的更多消息。

I will turn it over now to Sean to talk through the details of our financial performance in Q1.

接下來我把時間交給 Sean，請他說明我們第一季的財務表現細節。

Thanks, Kevin. Now let us turn to our operating results for the first quarter. Revenue for 2026 was $34.4 million, which was comparable to first quarter of 2025 and driven by increased revenue from GenAI platforms and products resulting from the Ask Sage acquisition, which we closed on December 31. This was offset by lower volume on Army programs in 2025 that was not repeated in 2026.

謝謝你，Kevin。現在讓我們來看第一季的營運成果。2026 年營收為 3,440 萬美元，與 2025 年第一季相當；主要由於我們於 12 月 31 日完成 Ask Sage 收購後，GenAI 平台與產品帶來的營收增加所驅動。此增長被 2025 年陸軍專案量較低且 2026 年未再重現的因素所抵銷。

Gross margin was 34% in 2026, an increase of almost 1,300 basis points as compared to 2025. The expansion in gross margins was driven by a higher mix of revenue from GenAI platforms and products from the Ask Sage acquisition versus the comparable period.

2026 年毛利率為 34%，較 2025 年增加近 1,300 個基點。毛利率擴張主要由於相較於可比期間，來自 Ask Sage 收購之 GenAI 平台與產品的營收占比提高。

SG&A expenses in 2026 were $29.2 million versus $22.7 million in the comparable period. The increase in SG&A expenses was primarily driven by increased intangible asset amortization from the Ask Sage acquisition, increased legal and proxy expenses related to our special stockholder meeting and our new retail voting program, and increased sales and marketing expenses resulting from partnerships and expanding our growth team.

2026 年銷售、一般及行政（SG&A）費用為 2,920 萬美元，而可比期間為 2,270 萬美元。SG&A 費用增加主要由於 Ask Sage 收購帶來的無形資產攤銷增加、與我們特別股東會及新的散戶投票計畫相關的法律與委託書費用增加，以及因合作夥伴關係與擴編成長團隊而增加的銷售與行銷費用。

R&D expenses increased from $4.2 million in the first quarter of 2025 to $5.5 million in first quarter of 2026 as we continue to invest in new capabilities and technologies across the domains of national security and trade and travel.

研發（R&D）費用由 2025 年第一季的 420 萬美元增加至 2026 年第一季的 550 萬美元，因我們持續在國家安全以及貿易與旅行等領域投資新能力與新技術。

Our net loss for first quarter of 2026 was $56.8 million versus a net loss of about $62 million in the comparable period. The decrease in net loss was primarily driven by a decrease in interest expense of $4.8 million, higher gross margin of $4.3 million, and increased interest income of $3.2 million.

2026 年第一季淨損為 5,680 萬美元，而可比期間淨損約為 6,200 萬美元。淨損減少主要由於利息費用減少 480 萬美元、毛利增加 430 萬美元，以及利息收入增加 320 萬美元。

Additionally, we had about $36 million of noncash charges in the first quarter of 2026, comprised of fair value changes in derivatives and losses on debt extinguishment. These items are non-operational and were mostly the result of the conversion of our 2029 notes to equity that we executed in January this year. Adjusted EBITDA for 2026 was negative $9.9 million versus negative $7 million in the comparable period.

此外，2026 年第一季我們約有 3,600 萬美元的非現金費用，包含衍生性金融工具公允價值變動以及債務清償損失。這些項目屬非營運性，且多數源於我們於今年 1 月執行將 2029 年到期票據轉換為股權。2026 年調整後 EBITDA 為負 990 萬美元，而可比期間為負 700 萬美元。

The decrease in adjusted EBITDA was primarily driven by increased investment in sales and go-to-market capabilities and investment in research and development, both of which were partially offset by expanded gross margins, as previously mentioned.

調整後 EBITDA 的下降主要由於我們加大對銷售與上市（go-to-market）能力的投資，以及對研發的投資；如前所述，部分被毛利率擴張所抵銷。

Next, turning to backlog. We closed first quarter of 2026 with ending backlog of about $282 million, roughly a 14% increase from forth quarter of 2025, primarily driven by the new orders that Kevin previously mentioned. We have had a solid start to the year, and we are affirming our outlook for 2026 of revenue between $135 million and $165 million.

接下來談積壓訂單（backlog）。我們在 2026 年第一季結束時的期末積壓訂單約為 2.82 億美元，較 2025 年第四季約增加 14%，主要由 Kevin 先前提到的新訂單所帶動。我們今年開局穩健，並重申 2026 年營收展望為 1.35 億至 1.65 億美元。

Now, I would like to take a moment to provide two updates regarding how we made it easier for retail shareholders to vote for proposals and to mention our upcoming Annual General Meeting in June. First, recognizing that we have a great number of retail shareholders, we recently launched a retail voting program, which, upon opting into the program, provides retail shareholders with the ability to automatically have their shares voted in accordance with the recommendations of the Board on future proxy solicitations. BigBear.ai is one of the first public companies to launch such a program, and we have seen positive reception and traction.

現在，我想花一點時間提供兩項更新：我們如何讓散戶股東更容易就提案投票，以及提醒即將於 6 月召開的年度股東大會。首先，鑑於我們擁有大量散戶股東，我們近期推出散戶投票計畫；在選擇加入後，散戶股東可在未來的委託書徵求中，讓其持股自動依照董事會建議進行投票。BigBear.ai 是最早推出此類計畫的上市公司之一，我們已看到正面的回響與採用。

Retail shareholders who would like more information about how to enroll in the program can visit our website at bigbear.ai/sci. Second, as we look ahead to our Annual General Meeting on June 9, we would like to encourage all shareholders to vote, and we encourage all eligible retail shareholders to opt into the retail voting program.

希望了解如何加入該計畫的散戶股東，可造訪我們的網站 bigbear.ai/sci。第二，展望 6 月 9 日的年度股東大會，我們鼓勵所有股東投票，也鼓勵所有符合資格的散戶股東加入散戶投票計畫。

By opting into the retail voting program, your votes will be cast in favor of all the proposals at the June 9 meeting and in accordance with Board recommendations at future meetings. I will now turn it back to Kevin to discuss our priorities and to give a few closing remarks. Thanks, Sean.

加入散戶投票計畫後，您的投票將在 6 月 9 日會議中對所有提案投下贊成票，並在未來會議中依照董事會建議投票。接下來我把時間交還給 Kevin，請他說明我們的優先事項並做幾點結語。謝謝你，Sean。

Our first quarter results show that we are making progress on our priorities to grow the business while rapidly adapting to our national security, trade, and travel customers' needs as the threat landscape evolves. We are moving with clear intent and pace.

我們第一季的結果顯示，我們在推動優先事項方面持續取得進展：在威脅態勢演變之際，一方面成長業務，一方面快速因應國家安全、貿易與旅行客戶的需求。我們以明確的意圖與速度前進。

Our strategy, realigned structure, and tech development and acquisitions are all targeted to stay ahead of the operator's requirements, anticipating what they will need next so that BigBear.ai continues to deploy mission-ready AI and delivers enduring strategic advantage. We look forward to continued developments over the rest of the year and appreciate our shareholders' trust and support.

我們的策略、重新調整的組織架構，以及技術開發與併購，皆以領先作業人員需求為目標，預判他們下一步所需，讓 BigBear.ai 持續部署可立即投入任務的 AI，並帶來長期且持續的策略優勢。我們期待今年其餘時間的持續進展，並感謝股東的信任與支持。

I would like to close by thanking our BigBear.ai team for their energy and focus in this dynamic climate and by expressing our appreciation and support for our military professionals serving in harm's way. We were honored last week by the opportunity to support the USO in providing 2,000 care packages for our servicemen and women being deployed abroad, a small token of our thanks.

最後，我要感謝 BigBear.ai 團隊在這個充滿變動的環境中展現的活力與專注，也表達我們對在危險前線服役的軍事專業人員的感謝與支持。上週我們很榮幸能支持 USO，為即將海外部署的官兵提供 2,000 份關懷包，略表謝意。

I would also like to acknowledge the steadfast service of our security professionals at the Department of Homeland Security, who have continued to protect us even with the disruptions of the longest shutdown in history and through multiple weeks without pay. Your professionalism is inspiring. Thank you.

我也要肯定國土安全部（Department of Homeland Security）安全專業人員堅定不移的服務；即使面對史上最長停擺所造成的干擾，並在多週未領薪的情況下，你們仍持續守護我們。你們的專業精神令人敬佩。謝謝。

To conclude the call, I look forward to updating our shareholders on our next quarterly earnings call in August and welcome you to attend our Annual General Meeting in June.

最後，期待在 8 月下一次季度財報電話會議中向股東更新進展，也歡迎各位於 6 月出席我們的年度股東大會。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。