Bridger Aerospace Group (BAER) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $30.8M, up 136% year-over-year, with first-ever positive net income of $0.3M, driven by expanded contracts, higher aircraft utilization, and increased fire activity.

• Adjusted EBITDA for Q2 2025 rose to $10.8M from $0.2M last year, reflecting margin improvement and operational leverage.

• All six Super Scoopers and two PC-12s were deployed to Alaska, marking the first full fleet deployment and earliest call-outs in company history, with historic 120-day task orders secured.

• Monetized Bozeman Campus through a $46M sale-leaseback, with proceeds to reduce debt and interest expense.

• FMS and Ignis segments contributed to revenue and technological advancements, with FMS generating $0.4M and Ignis enhancing real-time data integration.

Financial highlights

• Q2 2025 revenue reached $30.8M, up 136% from $13M in Q2 2024; YTD revenue was $46.4M, a 150% increase year-over-year.

• Q2 2025 net income was $0.3M, a turnaround from a $10M net loss in Q2 2024; YTD net loss was $15.2M, improved from $30.1M prior year.

• Adjusted EBITDA for Q2 2025 was $10.8M (35% margin); YTD Adjusted EBITDA was $5.7M (12% margin).

• Cost of revenues for Q2 2025 was $18.7M, up from $9.9M in Q2 2024.

• Cash and equivalents at June 30, 2025: $17.0M, with $18.3M in receivables expected to boost liquidity.

Outlook and guidance

• On track to reach the higher end of 2025 guidance: $42–$48M Adjusted EBITDA on $105–$111M revenue.

• Guidance excludes potential impact from Spanish Super Scoopers acquired by the MAB joint venture.

• Management expects existing cash and cash flow to cover working capital and capex needs for at least 12 months.

• Anticipates continued improvement in cash from operations and year-round revenue growth.

• Evaluating the impact of the One Big Beautiful Bill Act (OBBBA) on future tax positions.