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 in 2024.

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

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

• Secured multi-year and exclusive use contracts, including a five-year IDIQ contract in Alaska.

• Leadership transitions with new CFO and COO appointments to support growth and operational excellence.

Financial highlights

• Full year 2025 revenue was $122.8 million, up 25% 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: $31.4 million (2025) vs. $39.3 million (2024).

Outlook and guidance

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

• Expects over 25% growth in 2026 (excluding 2025 Spain return to service work), with improved cash from operations and positive net income.

• New aircraft additions and increased utilization expected to drive 10–15% of 2026 revenue at ~40% EBITDA margin.

• Anticipates a net loss in Q1 2026 due to winter maintenance, but strong performance for the full year.

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