Bridger Aerospace Group NASDAQ: BAER reported first-quarter 2026 results that management said were in line with internal expectations and its full-year plan, reflecting the seasonal nature of the aerial firefighting business and the timing of revenue recognition.
On the company’s earnings call, Chief Executive Officer Sam Davis said the year began with a “clear focus on readiness” as the company prepares for what it expects to be an active wildfire season. Chief Financial Officer Anne Hayes, participating in her first earnings call in the role, emphasized that Bridger is focused on “disciplined, profitable growth” and continued investment in the business to support scaling operations.
Early-season activity and fleet readiness
Davis highlighted what he described as unusually early mobilization across several parts of the business. For the first time in company history, Bridger began its multi-mission aircraft contract on Feb. 1 and dispatched to support heightened fire activity in Oklahoma, he said. Bridger also saw its earliest dispatch of its air attack aircraft to Texas in February for command and control missions.
Davis said the early activity aligns with broader market trends the company is observing: fire activity “beginning later, lasting longer, and requiring more proactive engagement” from government partners.
During the quarter, the company continued expanding and enhancing its fleet, including modification work on additional surveillance aircraft added at the end of 2025. Davis said these aircraft will introduce new intelligence capabilities into wildfire response in 2026. He also said Bridger’s sensor-enhanced aircraft have flown “millions of acres” in early 2026 to support real-time mapping, live streaming, and situational awareness across multiple states. According to Davis, hours flown on sensor planes nearly doubled in the first quarter compared with the prior year.
Bridger also invested in winter maintenance and flight training as part of its readiness efforts. Davis said the company’s “newly staggered maintenance cycle” is designed to keep aircraft from each mission set ready to deploy within hours. He added that Bridger qualified two new Super Scooper captains and two initial attack captains, bringing the company to four initial attack captains total, which he said should help Bridger stay deployed longer into the fourth quarter and dispatch earlier in the first quarter next year.
From an organizational standpoint, Davis noted recent additions of a chief operating officer and a general counsel, which he said add operational and public company experience as Bridger scales with an emphasis on safety, execution, and governance.
Fire conditions and federal policy backdrop
Davis cited environmental indicators he said point to elevated fire risk, including record-high temperatures, low snowpack, and extensive drought conditions. He noted March was the warmest on record for the U.S. in more than 130 years, and said a below-average 2025 could mean fuel buildup has not yet fully impacted fire conditions.
He also referenced a memo from Secretary of Agriculture Brooke Rollins directing the U.S. Forest Service to heighten national wildfire readiness in response to low snowpack and predicted warmer and drier conditions. Davis said the President’s budget includes language calling for consolidation of wildfire programs between the U.S. Department of Agriculture and the Department of the Interior, and advocates creation of a Wildfire Intelligence Center under a unified U.S. Wildland Fire Service.
Asked during Q&A about the potential benefits and timing of any consolidation, Davis said Bridger supports the effort, though he acknowledged potential “growing pains.” He said some benefits may not take shape in legislative appropriation and contract form until next year, while adding that Bridger is “already benefiting from some of those moves.”
Ignis software launch and FMS Aerospace
Davis provided an update on the company’s Ignis software platform and its in-house engineering division, FMS Aerospace. He said Ignis has enabled live streaming of fire surveillance into mobile and desktop environments, and in the first quarter alone the aviation module was used by emergency operation centers, pilots, and ground firefighters. Davis said the company plans to officially launch Ignis as part of its aviation capabilities in the second quarter.
In response to a question from Canaccord Genuity’s Austin Moeller about commercialization and pricing, Davis said the company has “a very small amount of revenue” budgeted for Ignis this year. He said the near-term opportunity is bundling the software into aviation contracts via contract modifications and that the platform could generate more traction next year, including potential standalone sales under a subscription-based software-as-a-service model, which could be priced at a premium when coupled with aviation services.
Davis also said FMS Aerospace supports Bridger’s internal aircraft modifications and pursues defense and commercial contract work. He noted the company is listed on seven indefinite delivery, indefinite quantity (IDIQ) contracts spanning various military branches and said Bridger’s capabilities align with defense budget priorities around aviation upgrades and sensor technology.
Asked about the growth outlook for the FMS upgrade and maintenance business, Davis said the company was on track to meet its revenue expectations for that segment this year, and that orders that had lagged last year were returning with “significant commitment” in the existing pipeline. He added that Bridger intends to put “concerted effort” into business development opportunities over the summer.
First-quarter financial results and liquidity
Hayes reported first-quarter 2026 revenue of $8.5 million, down from $15.6 million in the first quarter of 2025. She said the year-over-year decline was primarily due to non-recurring return-to-service work on Spanish Super Scoopers in 2025, as well as early deployment activity last year related to the Palisades fire.
- Return-to-service revenue: $1.7 million in Q1 2026 vs. $5.9 million in Q1 2025
- Cost of revenues: $17.0 million in Q1 2026 vs. $17.2 million in Q1 2025
- SG&A: $16.7 million in Q1 2026 vs. $8.6 million in Q1 2025
- Interest expense: $6.2 million in Q1 2026 vs. $5.7 million in Q1 2025
- Net loss: $31.3 million, or $0.69 per diluted share, in Q1 2026 vs. $15.5 million, or $0.41 per diluted share, in Q1 2025
- Adjusted EBITDA: negative $14.5 million in Q1 2026 vs. negative $5.1 million in Q1 2025
Hayes attributed the higher SG&A in part to non-cash items, including stock-based compensation and an increase in the fair value of warrants, as well as cash investments in workforce leadership, technology build-out, and business development.
She also addressed fuel-price exposure, saying fuel is largely a pass-through cost under the company’s Super Scooper contracts, and that for most light fixed-wing contracts Bridger either benefits from economic price adjustment clauses or treats fuel as a pass-through expense.
On liquidity, Hayes said the company ended the quarter with $9.0 million in cash and cash equivalents, down from $31.4 million at year-end 2025. She attributed the decrease primarily to strategic investment in aircraft production slots, modernization of the fleet with sensors and other technology, and continued spending on readiness and operations ahead of fire season. Hayes said this early-season cash usage is consistent with the company’s business model, and she expects revenue and cash generation to improve as activity increases in the second and third quarters.
Hayes said the company has “significant financial flexibility” through its credit facility, including a delayed draw feature of up to $100 million, and that as of March 31 it had about $90 million remaining.
Guidance reiterated; Europe discussions and Alaska contract details
Hayes reiterated full-year 2026 guidance of $135 million to $145 million in revenue and $55 million to $60 million in adjusted EBITDA. She said the outlook includes contribution from Europe’s summer fire season, though assumptions are “handicapped for a shorter fire season and lower contract economics in Europe.” Hayes added that the third and fourth Spanish Super Scoopers are still undergoing return-to-service work.
During Q&A, Stifel’s John Saunders asked about an Alaska contract the company announced in early March. Davis said Bridger has two aircraft in Alaska under an “exclusive use multi-year contract.” He described it as a call-when-needed arrangement that allows Alaska to retain additional aviation assets earlier, later, or through the peak of the season, and said Bridger has additional aircraft that could backfill under surge capacity. Davis said the company is pursuing more state-level aviation contracts, particularly throughout the Western U.S.
In closing remarks, Davis encouraged investors to reach out to the company’s investor relations team with questions and said Bridger plans to participate in June at the Stifel Cross Sector Insight Conference.
About Bridger Aerospace Group NASDAQ: BAER
Bridger Aerospace Group, Inc operates as an aerial services company specializing in wildfire management and aviation support. The company's core business activities include aerial wildfire suppression, providing rapid-response water and fire-retardant drops from fixed-wing air tankers. In addition to firefighting, Bridger Aerospace offers aviation services such as cloud seeding for weather modification, aerial inspection and mapping, environmental monitoring, and logistics support for remote sites.
Founded in 2014 and headquartered in Heber City, Utah, Bridger Aerospace Group deploys a fleet of both fixed-wing and rotary-wing aircraft under contract to federal, state and local government agencies as well as commercial customers.
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