Bridger Aerospace Announces Record 2025 Results: Revenue Grows 25%, Adjusted EBITDA up 21% Year-Over-Year and Delivers Positive Net Income (Form 8-K)

Bridger Aerospace Announces Record 2025 Results: Revenue Grows 25%, Adjusted EBITDA up 21% Year-Over-Year and Delivers Positive Net Income

Initiates 2026 guidance, anticipating another record year

BELGRADE, Mont., March 05, 2026 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. ("Bridger", "the Company" or "Bridger Aerospace"), (NASDAQ: BAER, BAERW), one of the nation's largest aerial firefighting companies, today reported financial results for the fourth quarter and year ended December 31, 2025, including positive net income for the full year.

Highlights:

• Revenue for 2025 grew 25% to $122.8 million, surpassing the company's increased guidance range
• Positive Net Income for 2025 was $4.1 million, with adjusted EBITDA increasing 21% from 2024 to $45.3 million
• Completed $331.5 million financing package, including debt refinancing and a $100.0 million delayed draw facility, to bolster financial flexibility and fund strategic fleet expansion amid rising demand for aerial firefighting services
• Fleet expansion program advanced with the addition of the first two Spanish Scoopers to the operational fleet and four additional air surveillance aircraft added to the balance sheet
• Initiating 2026 guidance:
  • Revenue expected to be between $135 million and $145 million, representing 14% growth at the midpoint of the range and growth of 29% when excluding non-recurring return to service work on the Spanish Scoopers in 2025
  • Adjusted EBITDA range of $55 million to $60 million representing growth of 27% at the midpoint of the range
    
    

Summary Financial Results

"Our record financial performance in 2025, during a statistically below-average fire year, underscores the strength of our business model, growing diversification of our revenue stream and the benefits of longer-term contacts for our aircraft," shared Sam Davis, Bridger's Chief Executive Officer. "Our customers' growing emphasis on early detection, combined with our outstanding team, helped drive the increased prepositioning and enhanced utilization of our fleet in 2025. As we complete fleet maintenance to ensure our year-round readiness, we are well positioned for another record year, both operationally and financially. Our new credit facility, including a $100 million Draw Down, further enables us to acquire new aircraft to better fight against the growing threat of wildfire, fulfill customer requests, and advance our mission to protect lives, property, critical infrastructure, and the environment."

Fourth Quarter 2025 Results
Revenue for the fourth quarter of 2025 was $8.5 million compared to $15.6 million in the fourth quarter of 2024. Excluding $0.8 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC ("MAB") in the fourth quarter of 2025, revenue was $7.7 million, compared to $10.5 million in the fourth quarter of 2024 after excluding $5.1 million of revenue for return to service work performed under the MAB agreement. The reduction in revenue year over year was also related to later deployment of Super Scoopers in the fourth quarter of 2024, into November.

Cost of revenues was $14.1 million in the fourth quarter of 2025 compared to $15.4 million in the fourth quarter of 2024.

Selling, general and administrative expenses ("SG&A") were $13.4 million in the fourth quarter of 2025 compared to $7.7 million in the fourth quarter of 2024, primarily reflecting an increase in the fair value of our warrants and an increase in earnout consideration compared to the fourth quarter of 2024.

Interest expense for the fourth quarter of 2025 was $6.0 million compared to $5.9 million in the fourth quarter of 2024.

Other income was $10.0 million in the fourth quarter of 2025 compared to $0.3 million in the fourth quarter of 2024. The increase was primarily attributable to a gain of $16.9 million related to the sale-leaseback transaction partially offset by a loss of $7.8 million on the extinguishment of debt in conjunction with our debt refinancing in the fourth quarter of 2025.

Net loss was $15.1 million, or ($0.40) per diluted share, in the fourth quarter of 2025 compared to 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 in the fourth quarter of 2025, compared to negative ($2.9) million in the fourth quarter of 2024.

Definitions and reconciliations of net (loss) income to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

As of December 31, 2025, cash and cash equivalents were $31.4 million compared to $39.3 million as of December 31, 2024.

Full Year Results
Revenue was $122.8 million compared to $98.6 million in 2024, representing an increase of 25%. Excluding $14.0 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB in 2025, revenue was $108.8 million compared to $88.5 million in 2024 after excluding $10.1 million for return to service work performed under the MAB agreement. The increase in revenue was driven by increased activity for our Super Scoopers and surveillance aircraft in 2025, despite what was generally a below average wildfire year.

Cost of revenues was $71.1 million in 2025 compared to $57.5 million in 2024. Cost of revenues for 2025 included an increase of $5.4 million of expenses associated with the return-to-service work for the Spanish Super Scoopers compared to 2024.

SG&A expenses were $36.3 million in 2025 compared to $35.8 million for 2024, reflecting an increase in the fair value of our warrants partially offset by a decrease in non-cash stock-based compensation expense.

Interest expense for 2025 was $23.3 million compared to $23.7 million in 2024.

Other income was $11.8 million in 2025 compared to $2.1 million in 2024. The increase was primarily attributable to a gain of $16.9 million related to the sale-leaseback transaction partially offset by a loss of $7.8 million on the extinguishment of debt in conjunction with our debt refinancing in the fourth quarter of 2025.

Net income was $4.1 million in 2025 compared to a net loss of $15.6 million in 2024. Adjusted EBITDA was $45.3 million in 2025, compared to $37.3 million in 2024.

Business Outlook
With the addition of four Air Surveillance aircraft, including two that were previously leased with two remaining years on contract, and the first two Spanish Scoopers added to our fleet, we anticipate revenue of $135 million to $145 million in 2026, up 29% at the midpoint of the range and excluding revenue associated with return to service work in 2025. This is expected to drive Adjusted EBITDA to $55 million to $60 million, growth of 27% at the midpoint of the range.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

Conference Call
Bridger Aerospace will hold an investor conference call on Thursday, March 5, 2026, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results and its business outlook. Interested parties can access the conference call by dialing 800-245-3047 or 203-518-9765. The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com. An audio replay will be available through March 12, 2026, by calling 844-512-2921 or 412-317-6671 and using the passcode 11160880. The replay will also be accessible at https://ir.bridgeraerospace.com.

About Bridger Aerospace
Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation's largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com.

Investor Contacts
Alison Ziegler
Darrow Associates
201-220-2678
[email protected]