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Bridger Aerospace Group (BAER) investor relations material

Bridger Aerospace Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Achieved record Q3 2025 revenue of $67.9 million and nine-month revenue of $114.3 million, up 38% year-over-year, with net income for Q3 at $34.5 million and nine-month net income at $19.3 million, reversing a prior year loss.

  • Adjusted EBITDA for Q3 2025 was $49.1 million, up 4% year-over-year, and nine-month Adjusted EBITDA was $54.8 million, up from $40.2 million.

  • Completed major financing transactions, including a $49–$49.9 million sale leaseback and a $331–$331.5 million credit facility, refinancing debt and supporting fleet expansion.

  • Benefited from federal wildfire initiatives, new legislation, and increased wildfire budgets, supporting year-round operations and future demand.

  • Completed the acquisition of Flight Test & Mechanical Solutions (FMS), contributing to growth in maintenance, repair, and overhaul (MRO) revenues.

Financial highlights

  • Q3 2025 gross income was $46.8 million, with a gross margin of approximately 69% and operating income of $39.0 million.

  • Q3 2025 net income margin was 51%, and Adjusted EBITDA margin was 72%.

  • SG&A expenses for Q3 declined to $7.7 million, mainly due to lower stock-based compensation and earnout adjustments.

  • Cash and cash equivalents as of September 30, 2025, were $55.1 million.

  • Net cash provided by operating activities was $24.8 million for the first nine months of 2025.

Outlook and guidance

  • Revenue for 2025 is now expected between $118 million and $123 million, above previous guidance.

  • Adjusted EBITDA is expected at the higher end of the $42 million–$48 million range.

  • Management expects existing cash, cash flow from operations, and new credit facilities to be sufficient for at least the next 12 months.

  • Anticipates continued improvement in cash from operations and positive free cash flow for the year.

  • The company anticipates continued growth in demand for aerial firefighting services due to climate trends and increased wildfire activity.

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Sidoti Year End Virtual Investor Conference10 Dec, 2025
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Frequently asked questions

Bridger Aerospace Group Holdings Inc. specializes in aerial wildfire management, offering comprehensive services that include surveillance, relief, suppression, and aerial firefighting. These services are primarily provided to federal and state government agencies in the United States, including the United States Forest Service. Bridger Aerospace leverages next-generation technology and employs environmentally friendly and sustainable methods in its operations. The company's focus on innovation and sustainability positions it as a key player in managing and combating wildfires across the nation. The company is headquartered in Belgrade, Montana, and its shares are listed on the Nasdaq.

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