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SoundHound AI’s reported revenue nearly doubled in 2025, while BigBear.ai’s fell 19.3%. In the second quarter of 2026, both reported year-over-year growth: 45% for SoundHound AI and 13% for BigBear.ai. Those figures tell only part of the story: acquisitions contributed to SoundHound AI’s annual increase, contract timing weighed on BigBear.ai, and neither company’s revenue growth alone establishes stronger profitability or durable growth.
How did annual revenue compare?
SoundHound AI reported 2025 revenue of $168.920 million, up from $84.693 million in 2024—an increase of 99%. BigBear.ai reported $127.672 million in 2025, down from $158.236 million in 2024, a decrease of 19.3%.
| Company | 2023 revenue | 2024 revenue | 2025 revenue | 2025 change |
|---|---|---|---|---|
| SoundHound AI | Not stated in the cited 2025 filing | $84.693 million | $168.920 million | Up 99% |
| BigBear.ai | $155.164 million | $158.236 million | $127.672 million | Down 19.3% |
These are reported annual results, not a like-for-like measure of organic expansion. SoundHound AI’s increase included revenue from acquired businesses, while BigBear.ai’s comparison was affected by contracts that did not repeat.
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What drove the different 2025 results?
SoundHound AI: subscriptions and royalties
SoundHound AI reported service-subscription revenue of $133.547 million in 2025, compared with $56.347 million in 2024. The company attributed the $77.2 million increase primarily to acquired businesses. Product royalties rose from $27.964 million to $34.913 million; the filing linked that growth to increased license revenue in Asia. The annual increase therefore reflects both business acquired and higher royalties, rather than evidence that all growth came from existing operations. SoundHound AI’s 2025 SEC filings
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BigBear.ai: lower Army-program volume and nonrecurring contracts
BigBear.ai’s revenue had increased from $155.164 million in 2023 to $158.236 million in 2024 before declining to $127.672 million in 2025—a $30.564 million drop. Management attributed the decline chiefly to lower volume on Army programs and significant 2024 contracts that did not recur in 2025. Its business includes decision-intelligence software and services, with substantial U.S. government revenue, so contract and program timing matter to interpreting its results. BigBear.ai’s 2025 SEC filings
Did the two companies keep growing in Q2 2026?
Yes. Both reported revenue above the same quarter a year earlier, but SoundHound AI’s reported growth rate was higher.
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| Company | Q2 2026 revenue | Comparison with Q2 2025 | Company-reported context |
|---|---|---|---|
| SoundHound AI | $61.9 million | Up 45% year over year | The company cited major enterprise AI deals attributed to its OASYS platform. |
| BigBear.ai | $36.749 million | Up 13%, from $32.472 million | The company cited contributions in part from Ask Sage GenAI platforms and products. |
These are company-reported figures and explanations. The comparison shows that both companies returned to year-over-year quarterly revenue growth in this period; it does not show that their businesses have identical revenue models or that the pace will persist. SoundHound AI’s Q2 2026 results · BigBear.ai’s Q2 2026 results
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Does higher revenue mean stronger profitability?
No. Revenue measures sales, while gross margin and net income measure different aspects of financial performance. In 2025, SoundHound AI’s gross margin fell to 42% from 49%; its filing cited factors including acquisition-related intangible amortization. BigBear.ai’s cost of revenue rose to 78% of revenue from 71%, indicating a larger share of revenue was consumed by those costs.
The Q2 2026 results also show why revenue growth and bottom-line performance should be read separately. SoundHound AI reported a GAAP gross margin of 45.1%, a GAAP net loss of $42.8 million, and an adjusted EBITDA loss of $9.6 million. BigBear.ai reported gross margin of 32.8%, up from 25.0% in Q2 2025, and a net loss of $25.7 million. The company said its smaller year-over-year loss was partly due to reduced non-cash derivative losses and goodwill impairment; that comparison is not, by itself, proof of an operating-profit turnaround.
What do the companies’ 2026 outlooks add?
Management outlook is forward-looking, not realized revenue. SoundHound AI raised its full-year 2026 revenue guidance to $230–$260 million. Its release noted that guidance may be updated in connection with the anticipated LivePerson transaction. BigBear.ai affirmed full-year 2026 revenue guidance of $135–$165 million. The ranges are each company’s own outlook, not independently verified forecasts, and should not be treated as a direct measure of relative performance across different businesses. SoundHound AI’s Q2 2026 release and guidance · BigBear.ai’s Q2 2026 release and guidance
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should readers interpret the comparison?
- Use matching periods: compare annual results with annual results, and Q2 with Q2.
- Read growth rates alongside the starting revenue base and the explanation for the change. Acquisitions and contract timing can materially affect reported comparisons.
- Keep revenue separate from gross margin, operating costs, net loss, and adjusted EBITDA; they answer different questions.
- Consider business mix: BigBear.ai’s government-program and contract exposure makes its revenue sensitive to program volume and timing, while SoundHound AI’s reported categories include subscriptions and royalties.
- Treat guidance as management’s forward-looking outlook, not historical performance or a guarantee.
The results support a clear period-specific contrast: SoundHound AI’s 2025 revenue rose sharply while BigBear.ai’s declined, and both reported year-over-year Q2 2026 growth. They do not, on their own, establish future growth, relative valuation, stock performance, or which company is a better investment.
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