Bridger Aerospace Group (BAER 1.49%), an aerial firefighting services provider known for its rapid-response Super Scooper aircraft, reported record financial results for the quarter. The company’s earnings, released on August 7, 2025, highlight GAAP revenue of $30.8 million—over twice last year’s quarter and far above the $13.5 million analysts expected. Earnings per share (EPS, GAAP) came in at a loss of $0.12, noticeably better than the estimated loss of $0.28 per share, while Operating income turned positive at $5.5 million compared to a loss in the prior year. Overall, the period reflected strong demand and high fleet utilization amid an active wildfire season, but the results also point to persistent balance sheet leverage and a need for ongoing progress in improving cash flow.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.12) | $(0.28) | $(0.33) | 63.6% |
| Revenue (GAAP) | $30.8 million | $13.53 million | $13.0 million | 136.6% |
| Operating Income (GAAP) | $5.5 million | $(4.8) million | NM | |
| Adjusted EBITDA | $10.8 million | $0.2 million | NM | |
| Cash and Cash Equivalents | $17.0 million | $8.5 million | 100.0% |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
About Bridger Aerospace Group and Its Focus Areas
Bridger Aerospace Group is a Montana-based company specializing in aerial wildfire suppression and surveillance. It operates a fleet of fixed-wing, amphibious water-scooping aircraft—known as Super Scoopers—along with surveillance and multi-mission platforms. The group delivers services mainly to North American government agencies, supporting efforts to control and monitor wildland fires.
In recent quarters, the company’s focus has been on maximizing its government contracts, maintaining high fleet readiness, and expanding its service offerings through technology initiatives and international projects. Success factors include rapid deployment, reliable contract execution, strict regulatory compliance, and strategic use of specialized aircraft and surveillance equipment.
Quarter Highlights: Operational and Financial Developments
The quarter was marked by surging demand due to a longer and more intense wildfire season. Bridger achieved its earliest and fullest fleet deployment in company history during Q2 2025, leading to notably high asset utilization. According to management, “**100% deployment of the fleet** with earliest call-outs in Company history” helped secure “**Historic 120-day Super Scooper task orders**” giving predictable revenue well into October and reducing the impact of seasonality.
Revenue (GAAP) reached a new high. A substantial portion, about $5.1 million, came from return-to-service work on Spanish Super Scoopers.—pass-through, lower-margin business tied to Bridger’s international joint venture. Even subtracting this, core services revenue nearly doubled from the previous year, driven by large-scale wildfire activity and earlier fleet mobilization by state and federal agencies.
The cost side reflected this activity surge. Flight operations expenses climbed due to more deployed aircraft and higher asset utilization, while maintenance costs rose in tandem, including $3.9 million related to the Spanish Scooper program. Selling, general, and administrative expense (GAAP) declined to $6.5 million from $7.9 million versus the prior year, benefiting from reduced non-cash stock-based pay and lower earnout-related costs, offset by some increases tied to the company’s warrants.
The increase in revenue was driven by significantly higher activity, with multiple Super Scoopers and surveillance aircraft deployed earlier in the quarter. Surveillance and air attack services, which use sensor-equipped planes to track and coordinate wildfire response, also grew, especially as new exclusive-use contracts came online. The return-to-service program in Spain gave Bridger an entry point for future European work, though its current margin contribution is lower than core firefighting services.
Other operational metrics support the financial turnaround. Long-term debt remained high at $201.0 million as of June 30, 2025, keeping interest expenses elevated. Most of the $17.0 million in cash at quarter end is expected to grow with the collection of $18.3 million in outstanding receivables. A pending $46 million sale-leaseback of its headquarters and hangar, with closing expected in Q3 2025, will further support liquidity.
The June Wildfire Prevention and Response Executive Order opened the possibility for additional federal funding. This policy, while not yet quantified in the company's guidance, could reshape future revenue streams.
Looking Ahead: Guidance and Investor Considerations
Bridger’s management reaffirmed its full-year outlook, projecting revenue between $105 million and $111 million (GAAP) and Adjusted EBITDA ranging from $42 million to $48 million (non-GAAP) for FY2025. Management expects to finish 2025 at the higher end of both its Adjusted EBITDA ($42–$48 million) and revenue ($105–$111 million) guidance ranges. Importantly, these figures do not incorporate additional potential revenue from the European joint venture, leaving some room for upside if contracts there close successfully late in the year or in 2026. Management noted that “improvement in cash provided by operating activities” is also anticipated as fleet utilization remains high.
For investors tracking the company, some risk factors remain in focus: seasonality in cash flows, elevated leverage from long-term debt and preferred equity, and continued reliance on major government contracts for growth. Attention will be on Bridger’s progress in landing more international agreements, advancing ongoing technology initiatives, and completing asset sales that could shift the company’s balance sheet in future quarters.
BAER does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
