Bridger Aerospace Group (NASDAQ:BAER) executives highlighted what they described as record operational and financial performance in 2025, alongside updated fleet and contracting plans and initial guidance for 2026, during the company’s fourth-quarter earnings call.
Operational update: utilization rose despite a below-average fire year
Chief Executive Officer Sam Davis said the company delivered “record operational and financial performance again in 2025,” including positive net income and a second year of positive cash flow. Davis emphasized that results came during what management characterized as a statistically below-average fire year in terms of acres burned, even as the number of fires increased.
Davis said utilization, measured in days on contract, increased almost 10% year-over-year, and the company’s multi-mission aircraft nearly doubled flight hours year-over-year and remained deployed into November. He also said unmet demand for Super Scoopers persisted, citing more than 60 orders that could not be filled due to aircraft already deployed, representing a 48% unfilled rate.
Early in 2026, Davis said two Pilatus PC-12s and two Super Scoopers had been deployed, with one multi-mission aircraft mobilized to Oklahoma and one to Texas for aerial intelligence. The company also kept at least three Super Scoopers ready through winter months for dispatch or training and pre-positioned aircraft in Arizona as wildfire threats rose in southern states.
Contracting and fleet: Alaska IDIQ and European “Spanish Scoopers” discussions
Looking to 2026, Davis said Bridger continues to target multi-year and exclusive-use contracts to build revenue resiliency and increase utilization. He said the company is in active discussions with “numerous states” regarding exclusive-use arrangements and is optimistic that budgeting and planning cycles could create opportunities in coming months.
Davis also noted the company announced a five-year multiple award indefinite delivery/indefinite quantity (IDIQ) contract for call-when-needed fixed-wing transportation services in Alaska. The contract, which would support personnel and cargo movements for the U.S. Department of the Interior and other federal agencies, was described as estimated at $18.6 million, though management noted it is not a guarantee.
Bridger provided updates on its European “Spanish Scoopers.” Davis said the company is in active firefighting contract discussions for its first two aircraft in Europe after purchasing them through a partnership with MAB Funding, LLC in the fourth quarter. He said the third and fourth aircraft continue to progress through return-to-service work by the company’s Spanish subsidiary, Albacete Aero, and that as they become available later in 2026, Bridger will consider discussions with MAB about potentially acquiring them as well.
In the Q&A, Davis said the third aircraft was “quite near” certification of airworthiness, while the fourth was “a little bit further out,” with parts being sourced. He said completion for the fourth would likely come later in the year, “if not toward the end of the year.” He also said the company is pursuing European contract opportunities with the aircraft stationed in Spain, identifying Portugal and Turkey as the two leading countries showing interest, while noting appropriations timing in Europe can be later than in the U.S. Davis said the company is hoping to have something defined by March and/or the end of April.
Acquisitions: FMS revenue and Ignis platform progress
Davis said FMS contributed $7.9 million in revenue in 2025. He said resources have been focused on internal aircraft modifications to enhance technology platforms, which he described as in high demand and supportive of higher-margin work. He also said FMS has contracting opportunities primarily with the Department of Defense in active bids, and noted recent wins including “a small award” with the U.S. Air Force and Boresight, in addition to awarded work with partner Positive Aviation for the FF72 aircraft.
Management said federal budgeting uncertainties delayed some FMS revenue through 2025, but Davis pointed to momentum in federal funding, citing the 2025 National Defense Authorization Act totaling $895 billion. He said Bridger is repurposing its business development team to target smaller, strategic opportunities with potential to scale into non-fire, non-seasonal work complementary to existing services.
On Ignis Technologies, Davis said pilot programs have continued since the mobile platform launched more than a year ago. He said Bridger is linking real-time sensory imagery with the Ignis app to create a “seamless data flow from air to ground,” and that the company has been live streaming wildfire progression, delivering perimeter mapping, and providing drop targets for aerial support.
Financial results: Q4 loss, full-year profit, and refinancing activity
Chief Financial Officer Eric Gerratt reported fourth-quarter 2025 revenue of $8.5 million, down from $15.6 million in the fourth quarter of 2024. He said the decline was partially related to later deployment of Super Scoopers in the fourth quarter of 2024 compared to the fourth quarter of 2025. Excluding return-to-service work on the Spanish Super Scoopers, revenue from ongoing operations (including FMS) was approximately $7.7 million versus approximately $10.5 million in the prior-year quarter.
Cost of revenues was $14.1 million in the fourth quarter of 2025, consisting of $5.7 million in flight operations expenses and $8.4 million in maintenance expenses, compared to $15.4 million in the prior-year quarter. Selling, general and administrative expenses rose to $13.4 million from $7.7 million, which Gerratt attributed primarily to an increase in the fair value of warrants and an increase in earn-out consideration. Interest expense was $6.0 million compared with $5.9 million a year earlier.
Other income was $10.0 million in the quarter, up from $0.3 million, driven primarily by a $16.9 million gain from a sale-leaseback transaction, partially offset by a $7.8 million loss on debt extinguishment tied to refinancing. Bridger reported a fourth-quarter net loss of $15.1 million, or $0.40 per diluted share, compared with a net loss of $12.8 million, or $0.36 per diluted share, in the fourth quarter of 2024. Adjusted EBITDA was negative $9.5 million versus negative $2.9 million.
For full-year 2025, revenue was $122.8 million, up 25% from $98.6 million in 2024. Excluding return-to-service work, revenue was $108.8 million compared with $88.5 million, up 23%. Net income was $4.1 million, compared with a net loss of $15.6 million in 2024. Adjusted EBITDA rose to $45.3 million from $37.3 million.
On liquidity and capital structure, Gerratt said the company ended 2025 with $31.4 million in cash and cash equivalents. During the fourth quarter, Bridger completed a sale-leaseback transaction with SR Aviation Infrastructure for its Bozeman Yellowstone International Airport campus facilities. The company also entered into a new senior secured facility for up to $331.5 million led by Bain Capital’s private credit group, which management said was used to refinance a $160 million municipal bond with Gallatin County and consolidate most existing debt. Gerratt said the new credit facility includes a delayed draw facility of up to $100 million intended to fund future fleet expansion.
2026 outlook: revenue and adjusted EBITDA guidance, plus CFO transition
Incoming CFO Anne Hayes initiated 2026 guidance of $135 million to $145 million in total revenue and $55 million to $60 million in adjusted EBITDA. Hayes said Bridger is starting 2026 with six new aircraft on the balance sheet: two previously leased PC-12s with contracts through 2027, two King Air multi-mission aircraft, and two Spanish scoopers purchased in December. She said those assets, along with increased utilization of existing aircraft, are expected to drive growth of over 25% from 2025 when excluding return-to-service work performed in Spain.
Hayes said the company expects continued improvement in cash provided by operating activities and positive net income in 2026, while also expecting a first-quarter net loss due to winter maintenance activity. She said management is evaluating international operating contracts for the two scoopers stationed in Spain, and estimated the scoopers and two new multi-mission aircraft could contribute roughly 10% to 15% of 2026 revenue at an approximate 40% EBITDA margin.
The company also discussed leadership updates. Davis said Gerratt is retiring at the end of the month, and Hayes will officially take over as CFO on March 10. Davis also announced Bill Andrews as the company’s new Chief Operating Officer. In response to an analyst question, Davis said Andrews’ focus will be on ensuring the fleet is “deployed and ready to go year-round,” building operational excellence, and helping identify and lead appropriately sized defense-adjacent opportunities, with FMS described as a key part of that effort.
About Bridger Aerospace Group (NASDAQ:BAER)
Bridger Aerospace Group, Inc operates as an aerial services company specializing in wildfire management and aviation support. The company’s core business activities include aerial wildfire suppression, providing rapid-response water and fire-retardant drops from fixed-wing air tankers. In addition to firefighting, Bridger Aerospace offers aviation services such as cloud seeding for weather modification, aerial inspection and mapping, environmental monitoring, and logistics support for remote sites.
Founded in 2014 and headquartered in Heber City, Utah, Bridger Aerospace Group deploys a fleet of both fixed-wing and rotary-wing aircraft under contract to federal, state and local government agencies as well as commercial customers.
