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BAER

Bridger Aerospace Group Holdings, Inc. Common Stock

BAER

Bridger Aerospace Group Holdings, Inc. Common Stock • NASDAQ
$1.81 ▲ 0.56% (+0.01)
Market Cap $100.53 M
52w High $4.43
52w Low $1.02
Dividend Yield 0%
P/E -4.52
Volume 59.92K
Outstanding Shares 55.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $67.886M ▲ $7.723M ▲ $34.519M ▲ 50.848% ▲ $0.51 ▲ $70.621M ▲
Q2-2025 $30.751M ▲ $6.524M ▼ $308K ▲ 1.002% ▲ $-0.12 ▲ $10.127M ▲
Q1-2025 $15.646M ▲ $8.59M ▲ $-15.538M ▼ -99.31% ▼ $-0.41 ▼ $-7.573M ▼
Q4-2024 $15.585M ▼ $7.667M ▼ $-12.845M ▼ -82.419% ▼ $-0.36 ▼ $-4.497M ▼
Q3-2024 $64.507M $8.641M $27.346M 42.392% $0.52 $44.806M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $55.118M ▲ $310.986M ▲ $233.064M ▼ $77.922M ▲
Q2-2025 $17.036M ▼ $279.038M ▲ $236.652M ▲ $42.386M ▲
Q1-2025 $22.349M ▼ $275.602M ▼ $236.23M ▼ $39.372M ▼
Q4-2024 $40.38M ▲ $290.809M ▼ $237.332M ▼ $53.477M ▼
Q3-2024 $33.901M $307.312M $237.961M $69.351M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $34.519M ▲ $40.976M ▲ $-6.627M ▼ $-847K ▲ $33.502M ▲ $34.643M ▲
Q2-2025 $308K ▲ $1.441M ▲ $-1.247M ▲ $-851K ▲ $-720K ▲ $515K ▲
Q1-2025 $-15.538M ▼ $-17.656M ▼ $-2.643M ▼ $-1.159M ▼ $-21.49M ▼ $-20.967M ▼
Q4-2024 $-12.845M ▼ $9.189M ▼ $1.976M ▲ $-734K ▲ $10.493M ▼ $8.021M ▼
Q3-2024 $27.346M $22.724M $-1.368M $-1.311M $20.045M $21.573M

Revenue by Products

Product Q2-2024Q3-2024Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$30.00M ▲$70.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Bridger Aerospace is still in an early growth phase: revenue has been climbing steadily from a very small base, and gross profit has improved each year. Operating results have moved from clearly loss-making toward roughly break-even at the operating level more recently, which suggests better scale and cost control. However, bottom-line net income remains negative every year, and earnings per share have been volatile with a particularly heavy loss a few years ago, likely tied to one‑off events around its SPAC listing and fleet build-out. In plain terms, the business is growing and the operating picture is improving, but the company is not yet consistently profitable and remains in a build-and-ramp stage.

Balance Sheet

Balance Sheet The balance sheet shows a capital-intensive company with meaningful leverage. Total assets have grown over time as Bridger has built out its specialized fleet and capabilities. Cash has improved from very thin levels but still looks modest relative to the size of the asset base. Debt is high and has stayed roughly flat at an elevated level, while shareholders’ equity is small but positive and has ticked up recently. This combination means the company relies heavily on borrowed money, which can amplify both upside and downside. Financial flexibility is improving but not yet robust, and managing debt and interest costs will remain important.

Cash Flow

Cash Flow Cash flow reflects the transition from heavy investment to a more measured growth phase. Operating cash flow has bounced between small positives and negatives, with a notable improvement in the latest year as the business scaled. Free cash flow was consistently negative for several years, driven by substantial spending on aircraft and related capital projects, but has recently moved into positive territory as capital expenditure dropped back. This suggests Bridger is past the peak of its initial investment cycle, though ongoing fleet expansion plans could cause cash outflows to rise again in future. Overall, cash generation is fragile but moving in a better direction.

Competitive Edge

Competitive Edge Bridger operates in a narrow but increasingly important niche: aerial wildfire management. Its competitive position is built on scarce, specialized assets and deep relationships with government agencies. Being the only U.S. operator of modern Super Scooper aircraft gives it a clear operational edge and raises barriers for new entrants, because replicating this fleet and expertise requires significant capital, regulation know‑how, and time. Long-standing contracts and high renewal rates with federal and state customers underpin demand and provide recurring work. At the same time, the company is relatively small, heavily exposed to a limited set of large government clients, and dependent on wildfire activity and public budgets, which creates concentration and policy risk even within a strong niche.

Innovation and R&D

Innovation and R&D Innovation at Bridger is less about lab research and more about combining aviation, sensors, software, and data into an integrated service. The company has built a modern fleet geared specifically to firefighting, equipped with military-grade infrared and real-time data systems that turn aircraft into flying command centers. Early use of drones for mapping and situational awareness, plus the acquisition of Ignis Technology, highlight a focus on digital tools and firefighter information platforms. Looking ahead, the planned role as launch customer and partner for a new FF72 scooper aircraft, and expansion into Europe, show an ambition to stay at the forefront of both hardware and software in this field. The main question is execution: integrating new technologies, scaling the fleet, and monetizing data and maintenance services in a way that strengthens margins over time.

Summary

Bridger Aerospace is a focused, technology-forward player in aerial firefighting, operating in a niche where demand is structurally supported by worsening wildfire seasons and government reliance on specialized contractors. Financially, the company shows the typical profile of an early-stage, asset-heavy operator: revenue and gross profit are growing, operating performance has improved, but the business still posts net losses and carries a substantial debt load. Cash flow has recently turned a corner as heavy investment has eased, yet the balance sheet remains sensitive to new fleet commitments and contract timing. Strategically, Bridger’s unique aircraft, data-driven operations, and strong government relationships give it a credible competitive moat and room for expansion in North America and abroad. The key uncertainties center on achieving durable profitability, carefully managing leverage, and executing large fleet and technology projects without overextending financial resources.

NEWS

November 24, 2025 · 8:05 AM UTC

Bridger Aerospace Secures Purchase Agreement for Two Spanish Super Scoopers, Bolstering Aerial Firefighting Power and Paving the Way for 2026 Expansion

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November 21, 2025 · 8:04 AM UTC

Bridger Aerospace Announces CFO Retirement and Succession Plan; Appoints Anne Hayes as Deputy Chief Financial Officer and Ernie Freedman to Board of Directors

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October 30, 2025 · 8:05 AM UTC

Bridger Aerospace Announces Schedule for its Third Quarter 2025 Earnings Release and Conference Call

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October 29, 2025 · 8:05 AM UTC

Bridger Aerospace Secures $331 Million in New Financing Commitments to Fuel Growth and Fleet Expansion

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October 28, 2025 · 4:16 PM UTC

SR Aviation Infrastructure Acquires Bridger Hangar Complex at Bozeman Yellowstone International Airport

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