In 2025, Innodata’s revenue rose 48% to nearly $252 million and it earned about $32 million; BigBear.ai’s revenue fell about 19% to nearly $128 million and it lost roughly $294 million. The Motley Fool favors Innodata for 2026 despite risks at both.
BigBear.ai sells predictive analytics mainly to government and defense clients; one customer supplied nearly 51% of its 2025 revenue, and delays in government appropriations can affect results. Innodata provides data engineering for AI model developers, but one customer accounted for close to 58% of sales; its service agreements do not guarantee future purchases and can be terminated on short notice. The article lists price-to-sales ratios of 10.5x for BigBear.ai and 7.4x for Innodata; Innodata’s forward P/E is 46.3x, while BigBear.ai has no listed figure.
BigBear.ai reported free cash flow of about negative $42 million, versus nearly $35.6 million for Innodata. However, stock-based compensation accounted for about 23.8% of Innodata’s operating cash flow, inflating its reported cash generation. The article says Innodata is pursuing a role as an assurance layer for enterprises deploying AI agents, but cautions that its stock is not cheap and may not deliver large near-term gains.
