BAER earnings analysis
What we found in BAER's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Bridger Aerospace Group Holdings, Inc. reported a significant decline in Q1 2026, with revenue dropping 46% year-over-year to $8.5M and a net loss of $31.3M, nearly doubling from the prior year. Expenses surged, particularly in SG&A, which rose by 95%, reflecting increased operational costs and changes in fair value of warrants. The company expressed concerns over decreased demand driven by seasonal declines and adverse economic conditions, while management remains focused on adaptation and cash conservation strategies.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 46%
- Revenue fell to $8.5M in Q1 2026 from $15.6M in Q1 2025, a drop of $7.1M.
- Significant Net Loss
- Net loss increased to $31.3M, over 101% higher than the $15.5M loss in Q1 2025.
- Increase in SG&A Expenses
- SG&A expenses jumped 95% to $16.7M, partly due to increased workforce costs and a change in fair value of warrants.
- Fire Suppression Revenue Down 61%
- Revenue from fire suppression plummeted to $2.3M, down from $5.8M in the prior year.
- Cash Position Decreased
- Cash and cash equivalents stand at $9.0M, a decrease from higher levels last year.
- High Interest Expense
- Interest expense rose to $6.2M, increasing 7% year over year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Demand Due to Seasonality
- Management cited seasonal declines in firefighting service demand impacting operations.
- Increased Cash Burn
- Operating cash flow usage increased by $3.4M, up from $17.7M in Q1 2025 to $21.1M.
- Dependence on Limited Aircraft Supply
- Risks related to supply chain vulnerabilities for specialized aircraft and parts could affect operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.69
What they said about what is next.
Management indicates ongoing concern regarding cash flow and need for potential equity or debt financing.
The filing reads worse than the one before it.
What came before.
- 10-K · March 6, 2026
- Bridger Aerospace describes a growth strategy driven by fleet expansion (19 aircraft as of December 31, 2025) and long‑standing federal/state contracting (the filing states contracts covering 100% of the U.S.) plus…
- 10-K · March 14, 2025
- Bridger Aerospace positions itself as a full‑spectrum aerial firefighting provider, operating a fleet of sixteen aircraft including six Super Scoopers and offering Fire Suppression, Aerial Surveillance and MRO services.…
- 10-Q · August 13, 2024
- Bridger Aerospace reported Q2 revenue of $13,014,000 (up from $11,616,000 YoY and materially higher than Q1), with gross income of $3,147,000 (gross margin ~24.2%) and an operating loss of $4,755,000 (operating margin…
- 10-Q · November 13, 2023
- Bridger Aerospace reported strong quarter-over-quarter and year-over-year top-line and profitability improvements: Q3 revenue rose to $53,619,117 and the company generated GAAP net income of $17,487,976 (diluted EPS…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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