Bridger Aerospace Group (BAER) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with revenue up 25% year-over-year to $122.8 million and positive net income of $4.1 million, reversing a net loss of $15.6 million in 2024.

• Adjusted EBITDA increased 21% to $45.3 million for 2025, with positive cash flow for the second consecutive year.

• Expanded fleet with new aircraft acquisitions and integration of sensor-enhanced capabilities, advancing technology platforms.

• Supported 380 fires across 21 states, dropping 7.3 million gallons of water and achieving 96% uptime on contract.

• Completed major financing and leadership transitions, including new CFO and COO appointments.

Financial highlights

• Full-year 2025 revenue was $122.8 million, up from $98.6 million in 2024; excluding return to service work, revenue rose 23%.

• Net income for 2025 was $4.1 million, compared to a net loss of $15.6 million in 2024.

• Adjusted EBITDA for 2025 was $45.3 million, up from $37.3 million in 2024.

• Fourth quarter 2025 revenue was $8.5 million, with a net loss of $15.1 million and adjusted EBITDA of negative $9.5 million.

• Cash and cash equivalents at year-end were $31.4 million (2025) vs. $39.3 million (2024).

Outlook and guidance

• 2026 revenue guidance is $135 million–$145 million, with adjusted EBITDA of $55 million–$60 million, representing 14% and 27% growth at midpoints, respectively.

• Expects over 25% growth in 2026, excluding 2025 Spain return to service work.

• Positive net income and improved cash from operations anticipated for 2026.

• Contribution from new Scoopers and MMA aircraft expected to be 10–15% of 2026 revenue at ~40% EBITDA margin.

• Fleet expansion and increased aircraft deployment expected to drive growth.