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In the latest quarter both companies reported—Q2 2026, ended June 30—Innodata had substantially more revenue and faster year-over-year growth than BigBear.ai. Innodata reported $92.1 million, up 58%; BigBear.ai reported $36.7 million, up 13%. The first-half comparison shows the same gap: BigBear.ai revenue rose 5.9%, while Innodata’s increased about 56% based on reported totals. Those figures describe revenue, not profitability or stock value, and the companies’ growth had different drivers and risks.
Latest quarterly revenue: BigBear.ai vs. Innodata
The figures below are reported revenue in U.S. dollars. Q2 year-over-year rates are company-reported. BigBear.ai’s Q1 rate is a calculation from rounded release figures; it is shown only as an approximate comparison.
| Company | Q1 2026 revenue | Q1 year-over-year change | Q2 2026 revenue | Q2 year-over-year change | First-half 2026 revenue | First-half year-over-year change |
|---|---|---|---|---|---|---|
| BigBear.ai | $34.4 million | About 0.4% (calculated from rounded figures) | $36.7 million | +13% | $71.184 million, versus $67.229 million in 2025 | +5.9% |
| Innodata | $90.1 million | +54% | $92.1 million | +58% | $182.238 million, versus $116.737 million in 2025 | About +56% (calculated from reported totals) |
Both companies increased revenue from Q1 to Q2, but the sequential gains were modest and do not by themselves establish accelerating or durable growth. Innodata was larger by quarterly revenue and grew faster both year over year in Q2 and across the first half. BigBear.ai’s reported Q2 revenue was up from $32.5 million in Q2 2025. BigBear.ai’s Q2 2026 release, its Q2 Form 10-Q, Q1 release, Innodata’s Q2 release, and its Q1 Form 10-Q report the underlying figures.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsWhat drove BigBear.ai’s revenue trend?
BigBear.ai attributed its Q2 year-over-year increase primarily to revenue from Ask Sage’s GenAI Platforms and Products. Its first-half filing said revenue rose $4.0 million, primarily because of Ask Sage’s inclusion, partly offset by lower Army program volume and significant one-time contracts in the first half of 2025 that did not recur.
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The prior comparison was also affected by program timing: BigBear.ai reported Q4 2025 revenue of $27.3 million, down 38% from $43.8 million in Q4 2024, and attributed that decline to lower Army program volume. Its Q4 and full-year 2025 release provides that context. Taken together, the recent figures include an acquisition contribution, changing government-program volume, and nonrecurring contracts. They should not be read as a clean measure of organic demand without separating those effects.
Why has Innodata’s revenue grown faster?
Innodata’s Q1 filing attributed growth mainly to higher volume in AI-related data services, including expansion of existing customer programs and new client engagements supporting more complex AI workflows. The company reported $90.1 million in Q1 revenue, up 54%, followed by $92.1 million in Q2, up 58%.
CEO Jack Abuhoff described the streak in the Q2 release: “This was our 12th consecutive quarter of year-over-year growth, and, as in Q1, our quarterly revenue exceeded our annual revenue of just three years ago.” He also linked gross-margin performance to revenue mix, including off-the-shelf datasets and high-value pre-training programs. Those remarks describe management’s explanation; revenue growth alone does not establish how profitable or repeatable every program is.
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Customer concentration is an important difference
Innodata reported that its largest customer accounted for 37% of Q2 revenue, down from 56% in Q1. A Big Tech customer’s share rose from 17% in Q1 to 34% in Q2, according to management. This concentration means a limited number of programs can materially influence quarterly results. Innodata also identifies project-based work and customers’ ability to reduce, delay, or cancel projects as risks in its filings.
BigBear.ai faces a different set of timing exposures. Its annual filing warns that government budget timing, contract options, task-order competition, termination, and renegotiation can affect revenue realization. It cautions: “Accordingly, the results of any one quarter should not be relied upon as an indication of future performance.” Both companies’ risks make revenue trends worth tracking over multiple reporting periods rather than treating one quarter as a forecast.
How 2026 guidance compares with reported revenue
Management guidance is a forward-looking expectation, not revenue already earned. BigBear.ai reaffirmed a full-year 2026 revenue range of $135 million to $165 million in its July 30, 2026 release. Innodata reiterated guidance for at least 40% year-over-year revenue growth in its August 6, 2026 release.
The guidance uses different forms—an absolute dollar range versus a growth-rate floor—and cannot be compared directly without applying each to its relevant baseline. Neither figure should be confused with first-half actual revenue.
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For the reported periods, the clearest comparison is scale and growth: Innodata generated more revenue and grew much faster; BigBear.ai’s first-half increase was comparatively modest and included Ask Sage revenue that partly offset declines in other areas. The business explanations differ, so the growth rates alone do not determine which company has the stronger long-term outlook.
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- Revenue is not earnings. A revenue increase does not establish operating profit, cash generation, or the return shareholders may receive.
- Growth composition matters. Ask Sage inclusion, Army program volume, and lapsed one-time contracts affect BigBear.ai comparisons; customer-program expansion and concentration shape Innodata’s trend.
- Guidance is not an achieved result. Compare later reported results with the expectations management has issued.
- Quarterly volatility matters. BigBear.ai explicitly cautions against relying on a single quarter; Innodata’s customer and project exposure also creates potential variation.
A fuller investment comparison requires each company’s GAAP operating results and cash flow, as well as valuation and risk analysis. Innodata reports adjusted measures alongside GAAP results and cautions that non-GAAP measures have limitations, may differ from similarly named measures at other companies, and are not substitutes for or superior to GAAP measures. The revenue comparison alone is not an investment recommendation.
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