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