Bridger Aerospace Group Holdings Inc
NASDAQ:BAER
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Bridger Aerospace Group Holdings Inc
Bridger Aerospace Group Holdings, Inc. engages in the provision of aerial firefighting services. The company is headquartered in Belgrade Montana, Montana and currently employs 4 full-time employees. The company went IPO on 2021-03-15. The firm is engaged in providing aerial wildfire surveillance, relief and suppression and aerial firefighting services to federal and state government agencies, including the United States Forest Service. The Company’s purpose-built fleet includes six Super Scoopers (CL-415EAF), and a mix of next generation Air Attack and support aircraft, which include Daher Kodiaks, Pilatus PC-12s, a DeHavilland Twin Otter, and Twin Commanders. The company also operates unmanned aerial vehicle (UAVs) for infrared fire surveillance and tactical awareness of fire behavior to assist firefighters. Its FireTrac platform integrates proprietary in-flight imaging capabilities and data to deliver insights on fire risk. FireTrac is available on the Web and as an app and includes fire maps and sensor data, near real-time imagery of critical fire incidents, satellite and weather data, and user-uploaded reporting and updates.
Bridger Aerospace Group Holdings, Inc. engages in the provision of aerial firefighting services. The company is headquartered in Belgrade Montana, Montana and currently employs 4 full-time employees. The company went IPO on 2021-03-15. The firm is engaged in providing aerial wildfire surveillance, relief and suppression and aerial firefighting services to federal and state government agencies, including the United States Forest Service. The Company’s purpose-built fleet includes six Super Scoopers (CL-415EAF), and a mix of next generation Air Attack and support aircraft, which include Daher Kodiaks, Pilatus PC-12s, a DeHavilland Twin Otter, and Twin Commanders. The company also operates unmanned aerial vehicle (UAVs) for infrared fire surveillance and tactical awareness of fire behavior to assist firefighters. Its FireTrac platform integrates proprietary in-flight imaging capabilities and data to deliver insights on fire risk. FireTrac is available on the Web and as an app and includes fire maps and sensor data, near real-time imagery of critical fire incidents, satellite and weather data, and user-uploaded reporting and updates.
Revenue/Profit: 2025 revenue was $122.8 million (up 25% vs 2024) and Bridger delivered positive net income of $4.1 million for the year after a net loss in 2024.
Q4 weakness: Q4 revenue fell to $8.5 million (Q4 2024: $15.6 million) and the quarter produced a net loss of $15.1 million and adjusted EBITDA of negative $9.5 million, driven partly by timing of Super Scooper deployments and winter maintenance.
Guidance: 2026 guidance of $135–$145 million revenue and $55–$60 million adjusted EBITDA (management expects >25% growth ex‑return‑to‑service work).
Fleet & contracts: Added 6 aircraft to the balance sheet entering 2026 (2 PC‑12s, 2 King Air MMAs, 2 Spanish scoopers); pursuing multi‑year and exclusive‑use state and federal contracts and European deployments (Portugal and Turkey top prospects).
Higher‑margin mix: Sensor‑enhanced aircraft and scoopers carry materially higher EBITDA margins (scoopers ~40%+, some MMAs 40–50%+), and management expects margin expansion as these assets scale.
Balance sheet / liquidity: Completed sale‑leaseback and a new senior secured facility (total facility up to $331.5 million with a $100 million delayed draw term loan) and finished 2025 with $31.4 million cash.
Operations / safety: Utilization improved (days on contract up ~10% YoY), multi‑mission flight hours nearly doubled, fleet supported 380 fires and dropped 7.3 million gallons in 2025 with 96% uptime and no employee fatalities.
