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BAERW

Bridger Aerospace Group Holdings, Inc. Warrant

BAERW

Bridger Aerospace Group Holdings, Inc. Warrant • NASDAQ
$0.14 ▲ 0.07% (+0.00)
Market Cap $7.69 M
52w High $0.14
52w Low $0.10
Dividend Yield 0%
P/E 0
Volume 2.94K
Outstanding Shares 53.89M

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 The underlying company behind BAERW has been growing its revenue steadily from a very small base, and its core operations are starting to look healthier. Gross profit is positive and has improved over time, and operating results have moved from clear losses toward roughly break-even to slightly positive in the most recent year. That said, the business is still reporting bottom‑line losses, so it has not yet reached consistent profitability. Earnings per share have been quite volatile, likely reflecting SPAC‑related and one‑off items in addition to operating performance, so relying on any single year’s earnings figure would be risky. Overall, the trend is constructive but still in “building mode,” with profit sustainability not yet proven.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business with a relatively heavy reliance on debt and a fairly thin equity cushion. Total assets have grown as the fleet and operations have expanded, but borrowings remain high compared with the company’s own capital, which raises sensitivity to interest costs and lender confidence. Cash balances have improved somewhat, yet they still look modest in relation to total obligations, so liquidity management remains important. In simple terms, the company has built up valuable operating assets, but it does so with a balance sheet that leaves limited room for major setbacks.

Cash Flow

Cash Flow Cash generation is improving but not yet comfortably robust. Operating cash flow has swung from negative in earlier years to modestly positive more recently, which suggests that the core business is starting to support itself better. Free cash flow, however, has often been negative because of substantial investment in aircraft and related equipment, reflecting the capital‑heavy nature of aerial firefighting. More recently, investment spending has eased a bit, which helps free cash flow optics, but it also means future growth still depends on carefully timed capital commitments. The overall picture is of a company moving toward self‑funding operations but still reliant on external capital to support its growth and fleet strategy.

Competitive Edge

Competitive Edge Bridger Aerospace operates in a specialized niche: aerial firefighting and related surveillance services. Its focus on amphibious “Super Scooper” aircraft, combined with advanced imaging and mapping capabilities, creates a differentiated, hard‑to‑replicate offering. The need for specialized aircraft, regulatory approvals, trained crews, and long‑term government relationships forms a real barrier to entry. Multi‑year contracts and high renewal rates with U.S. federal and state agencies add a measure of stability and customer stickiness. On the flip side, this concentration in government customers and exposure to wildfire seasons, budget cycles, and safety performance make the business sensitive to policy and environmental swings. Overall, the company appears to have a meaningful niche advantage but in a narrow, policy‑heavy market.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology and fleet innovation as a core part of its strategy. It pairs water‑scooping aircraft with aircraft equipped for infrared imaging, multi‑spectrum sensing, and advanced mapping, feeding data into its FireTrac platform for near real‑time fire intelligence. This integrated “see and suppress” approach, plus early work with drones in wildfire management, positions it as a tech‑forward operator rather than just an aircraft provider. Looking ahead, plans to expand and modernize the fleet, be an early launch customer for a next‑generation FF72 water‑scooping aircraft, push into Europe, and weave artificial intelligence into operations all point to a long pipeline of innovation. The opportunity is significant, but each of these initiatives requires time, capital, regulatory approvals, and flawless execution, so there is meaningful execution risk alongside the upside.

Summary

BAERW is a warrant tied to Bridger Aerospace, so its value depends on how the underlying business performs over time. The company is in a growth and build‑out phase: revenue is rising and operations are improving, but consistent profitability is not yet established and the balance sheet carries notable leverage. Cash flows are trending better, though past expansion has consumed substantial cash, and future fleet investments will likely keep capital needs high. Strategically, Bridger appears well‑positioned in a specialized, mission‑critical niche with high barriers to entry, deep government relationships, and a technology‑rich service model. At the same time, it faces the usual risks of a capital‑intensive, contract‑driven, safety‑critical business: dependence on government budgets, climate and wildfire dynamics, interest costs, and execution on ambitious growth and innovation plans. Anyone assessing BAERW would need to focus on whether Bridger can turn its growing niche and technological edge into durable, profitable, and less leveraged operations over the coming years.