Bridger Aerospace Group (BAER) Q1 2025 earnings summary

Executive summary

• Record Q1 2025 revenue of $15.6 million, up 184% year-over-year, driven by early wildfire activity, expanded deployments, and new contracts.

• Net loss narrowed to $15.5 million from $20.1 million year-over-year, with improved gross margin and lower SG&A expenses.

• Adjusted EBITDA improved to negative $5.1 million from negative $6.9 million, with margin improving from (126%) to (32%).

• FMS acquisition contributed $1.9 million to Q1 revenue and supported internal aircraft modifications and MRO growth.

• Appointed Meghan Pasricha as an independent director, bringing expertise in credit and capital solutions.

Financial highlights

• Revenue rose to $15.6 million from $5.5 million in Q1 2024, with $1.9 million from FMS and $5.9 million from Spanish Scooper projects.

• Net loss: $15.5 million, improved from $20.1 million year-over-year; net loss per share improved to $0.41 from $0.55.

• Adjusted EBITDA: negative $5.1 million, up from negative $6.9 million year-over-year.

• Cash and equivalents at $22.3 million as of March 31, 2025, down from $39.3 million at year-end due to seasonal maintenance and training.

• Cash used in operations: $17.7 million, down from $22.8 million year-over-year.

Outlook and guidance

• 2025 guidance: Adjusted EBITDA of $42–$48 million on $105–$111 million revenue, with most EBITDA expected in Q3.

• Guidance excludes potential impact from Spanish Super Scoopers; updates expected as contracts finalize.

• Majority of projected revenue growth is organic, with benefits from full-year FMS integration and cost rationalization.

• Management expects cash and equivalents plus operating cash flow to cover working capital and capex for at least 12 months.

• Anticipates another year of positive operating cash flow and continued revenue growth from aerial firefighting and MRO services.