Bridger Aerospace Group NASDAQ: BAER reported second-quarter revenue that was essentially unchanged from a year earlier, while reiterating its full-year outlook and citing increasing wildfire activity, longer-duration government task orders and expansion into aircraft modification and intelligence services.
Revenue for the second quarter of 2026 was $30.5 million, compared with $30.8 million in the prior-year period. Chief Executive Officer Sam Davis said the comparable period benefited from non-recurring return-to-service work involving the company’s Spanish Super Scoopers. Excluding that work, Chief Financial Officer Anne Hayes said revenue increased 16% year over year, driven primarily by increased Super Scooper flight hours and demand for aerial firefighting services.
Second-Quarter Results and Cash Position
Cost of revenue rose to $19.2 million from $18.7 million a year earlier. Excluding the return-to-service work on the Spanish aircraft, Hayes said costs increased 32%, reflecting higher fleet utilization, readiness work ahead of peak fire season and investments including sensor modifications for two new King Air 350 aircraft.
Selling, general and administrative expense declined to $5.3 million from $6.5 million, which Hayes attributed primarily to lower non-cash expenses, including changes in the fair value of warrants, stock-based compensation and contingent consideration.
Interest expense increased to $6.6 million from $5.7 million in the second quarter of 2025. Hayes said the rise reflected an additional $25 million drawn for fleet expansion and $10 million in short-term borrowings under the company’s credit facility revolver during heavy maintenance periods in the first and second quarters.
- Net loss was $0.5 million, compared with net income of $0.3 million a year earlier.
- Loss attributable to common stockholders was $7.6 million, or $0.13 per diluted share, compared with $6.3 million, or $0.12 per diluted share, in the prior-year quarter.
- Adjusted EBITDA was $8.1 million, down from $10.8 million a year earlier.
- Cash and cash equivalents totaled $7.2 million at June 30, down from $31.4 million at the end of 2025.
Hayes said the cash decline was primarily related to seasonal working-capital needs, the timing of customer payments, investments in aircraft production slots, fleet technology upgrades, capital expenditures and preparations for the peak fire season. She said the company expects cash generation to improve as the season progresses and receivables are collected.
Bridger had approximately $75 million of remaining availability under its credit facility as of June 30, according to Hayes. The facility includes a delayed-draw feature of up to $100 million intended to support future fleet expansion.
Longer U.S. Task Orders and Wildfire Demand
During the quarter, the U.S. Forest Service awarded Bridger two 160-day task orders covering four Super Scoopers. Davis said the orders, which will activate on a staggered basis through October and November, are the longest guaranteed task orders in the company’s history.
“Longer contract durations like these improve our fleet utilization, give us greater operational visibility, and allow us to better plan maintenance and staffing,” Davis said.
Davis said the orders reflect what the company views as a broader move by government partners toward year-round wildfire preparedness. He added that Bridger now has eight of its nine surveillance aircraft under multiyear guaranteed commitments and four of its six U.S.-based Super Scoopers on guaranteed 160-day commitments.
The company also deployed a King Air 350 under a Department of the Interior task order. The aircraft includes dual-sensor capability and real-time data dissemination software intended to provide incident commanders with situational awareness during wildfire incidents.
Davis said that, as of early August, more than 5.5 million acres had burned across the U.S. and the national preparedness level had reached Level 5, indicating firefighting resources were fully committed. He said current drought conditions and longer-range forecasts supported expectations for continued demand through the balance of the season.
Texas Contract, Portugal Deployment and Technology Strategy
After the quarter ended, Bridger announced a $58 million contract with the Texas A&M Forest Service to acquire, modify and deliver three King Air 360 multi-mission aircraft over three years. Davis said the agreement expands the company’s opportunity beyond aircraft operations into engineering, modification and integrated intelligence services.
Hayes said the Texas contract is expected to have minimal impact on 2026 results because most work is expected to occur in 2027. The aircraft are expected to begin delivery to the customer in 2028, and revenue will be recognized under a cost-to-cost accounting model, she said.
Bridger also partnered with Avincis to deploy two of its newest Super Scoopers in Portugal. Davis said the European commitments came later than expected, reflecting what he described as greater caution among European customers toward long-term agreements with private operators.
The company currently plans to move those two aircraft to the U.S. after the Portugal fire season unless comparable commitments materialize in Europe, Davis said. Hayes noted that the Portugal arrangement includes monthly lease payments as well as hourly components, making its financial contribution dependent in part on aircraft usage.
Separately, Bridger expanded its IGNIS technology platform through a partnership with TracPlus. The integration combines real-time aircraft tracking, mission information and aerial-suppression intelligence into a unified operating picture. Davis said the company sees software and data as increasingly important complements to its aviation operations and as a potential standalone offering.
Guidance Maintained
Bridger reiterated its full-year 2026 guidance for revenue of $135 million to $145 million and adjusted EBITDA of $55 million to $60 million. Hayes said the outlook implies 29% revenue growth when excluding the non-recurring Spanish Super Scooper return-to-service work recognized in 2025.
Davis said the company expects the bulk of annual revenue to occur in the second half, particularly the third quarter, as wildfire activity and fleet utilization rise. He also pointed to Forest Service and Department of the Interior commitments extending into the fourth quarter, which he said represent a change from prior operating patterns.
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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