Summary of Bridger Aerospace Q4 2025 Earnings Call

1Key Financial Results and Metrics

Q4 2025 Revenue: $8.5 million, down from $15.6 million in Q4 2024. Adjusted revenue from ongoing operations was approximately $7.7 million compared to $10.5 million in Q4 2024.

Cost of Revenues: $14.1 million, down from $15.4 million in Q4 2024.

Net Loss: $15.1 million ($0.40 per diluted share), compared to a net loss of $12.8 million ($0.36 per diluted share) in Q4 2024.

Adjusted EBITDA: Negative $9.5 million, worse than negative $2.9 million in Q4 2024.

Full Year 2025 Revenue: $122.8 million, a 25% increase from $98.6 million in 2024. Adjusted EBITDA for the year was $45.3 million, up from $37.3 million in 2024.

Cash Position: Ended 2025 with $31.4 million in cash and completed a significant refinancing transaction to enhance liquidity.

2Strategic Updates and Business Highlights

Achieved record operational and financial performance despite a below-average fire year, with a focus on early wildfire detection and aggressive response strategies.

Increased aircraft utilization by nearly 10% year-over-year, with multi-mission aircraft nearly doubling flight hours.

Secured a 5-year IDIQ contract for $18.6 million for transportation services in Alaska, enhancing revenue diversification.

Ongoing discussions for exclusive-use contracts to ensure fleet utilization and stability in revenue streams.

Continued development of Ignis Technologies, linking real-time data to enhance firefighting operations.

3Forward Guidance and Outlook

2026 Revenue Guidance: Expected to be between $135 million and $145 million, with adjusted EBITDA projected between $55 million and $60 million.

Anticipated growth of over 25% in 2026, driven by new aircraft acquisitions and increased utilization.

Expected net loss in Q1 2026 due to winter maintenance activities, but positive net income is anticipated for the full year.

4Bad News, Challenges, or Points of Concern

Significant decline in Q4 revenue compared to the previous year, attributed to later deployment of Super Scoopers.

Increased SG&A expenses to $13.4 million in Q4 2025, primarily due to higher fair value of warrants and earn-out considerations.

Negative adjusted EBITDA indicates ongoing challenges in achieving profitability in the short term.

Dependency on federal contracts and appropriations, which may be subject to delays or changes in government budgeting processes.

5Notable Q&A Insights

Bill Andrews, the new COO, will focus on operational excellence and leveraging defense contracting opportunities, indicating a strategic shift towards expanding the FMS business.

The company is actively pursuing contract opportunities in Europe, particularly in Portugal and Turkey, for the newly acquired scoopers.

Management emphasized that while maintenance expenses increased in 2025, they expect improved economies of scale with the growing fleet, leading to better profitability in 2026.

The refinancing and liquidity position are strong, with sufficient capacity to fund future growth without immediate need for additional funding. Overall, Bridger Aerospace demonstrated resilience in a challenging environment, with strong long-term growth prospects despite short-term financial setbacks.