WASHINGTON, October 7 — BigBear.ai reported revenue of $127.7 million in fiscal year 2025, down 19.3% from the prior year, while IonQ posted revenue of $130.0 million, up 201.9% year-over-year.
The bottom line: both companies remain unprofitable despite starkly different revenue trends, with BigBear.ai posting a net loss of $293.9 million and IonQ a net loss of $510.4 million in FY 2025. By the numbers, BigBear.ai’s net margin stood at approximately -230.2%, reflecting its heavy losses relative to revenue, while IonQ’s net margin was roughly -392.6%, underscoring the steep costs of scaling quantum hardware. Neither firm generated positive free cash flow, with BigBear.ai at negative $46.3 million and IonQ significantly lower at negative $299.6 million.
Investors will note that BigBear.ai maintained a debt-to-equity ratio of 0.0x as of December 2025, indicating no debt on its balance sheet, and a current ratio of about 1.8x, showing moderate short-term liquidity. IonQ also carried a debt-to-equity ratio of 0.0x but exhibited a much stronger current ratio of approximately 15.5x, pointing to substantial short-term financial flexibility.
The figure that matters for risk assessment is customer concentration: revenue from clients contributing more than 10% of sales accounted for 51% of BigBear.ai’s total revenue, highlighting reliance on a small number of government and defense contracts. BigBear.ai faces reputational challenges tied to past material accounting errors and ongoing class action lawsuits, and relies on third-party cloud infrastructure from Amazon and Microsoft. IonQ contends with intense competition from well-funded technology giants including Intel, IBM, and Microsoft as it scales its trapped-ion quantum computing systems.
Valuation comparisons show BigBear.ai trading at a significantly lower revenue multiple than IonQ, though forward price-to-earnings ratios are meaningless for both due to negative earnings. The analysis draws on financial data sourced from Financial Modeling Prep, with potential variations across data providers.
Looking ahead, watch for BigBear.ai’s ability to stabilize revenue and address legal and accounting concerns, while IonQ’s progress will hinge on reducing cash burn as it seeks to commercialize quantum hardware amid fierce industry competition.
