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…
Earnings analysis · 10-Q
BAER earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.69
What stood out
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Revenue Decline of 46%
Revenue fell to $8.5M in Q1 2026 from $15.6M in Q1 2025, a drop of $7.1M.
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Significant Net Loss
Net loss increased to $31.3M, over 101% higher than the $15.5M loss in Q1 2025.
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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.
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Fire Suppression Revenue Down 61%
Revenue from fire suppression plummeted to $2.3M, down from $5.8M in the prior year.
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Cash Position Decreased
Cash and cash equivalents stand at $9.0M, a decrease from higher levels last year.
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High Interest Expense
Interest expense rose to $6.2M, increasing 7% year over year.
What to watch
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Decreased Demand Due to Seasonality
Management cited seasonal declines in firefighting service demand impacting operations.
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Increased Cash Burn
Operating cash flow usage increased by $3.4M, up from $17.7M in Q1 2025 to $21.1M.
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Dependence on Limited Aircraft Supply
Risks related to supply chain vulnerabilities for specialized aircraft and parts could affect operations.
Management's outlook
Management indicates ongoing concern regarding cash flow and need for potential equity or debt financing.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.