Bridger Aerospace Group Holdings, Inc.

What they do

Bridger provides aerial firefighting, surveillance, and maintenance, repair, and overhaul (MRO) services, primarily in the U.S. Its fleet includes CL-415EAF Super Scooper aircraft for water drops, Air Attack aircraft for surveillance and coordination, and it performs return-to-service upgrades on Canadair CL-215 aircraft. The company also offers airframe modification and integration solutions for governmental and commercial customers, and operates as a single business segment.

Revenue drivers

• Fire Suppression — Deploys CL-415EAF Super Scoopers to drop water on wildfires; typically the largest revenue source, driven by U.S. Forest Service task orders and standby revenue. Recent 160-day task orders for four aircraft guarantee at least $30 million for the 2026 season.
• Aerial Surveillance — Provides manned Air Attack aircraft and sensor-equipped platforms for wildfire detection, mapping, and command/control. A new 112-day Department of Interior task order for a King Air 350 with dual-sensor capabilities supports this segment.
• MRO and Airframe Modification — Includes maintenance, repair, and return-to-service upgrades of Canadair CL-215 aircraft, as well as modification and integration projects. A $58 million contract with Texas A&M Forest Service to modify and deliver three King Air 360 aircraft is a notable project.

Recent performance

For Q2 2026, revenue was $30.5 million, essentially flat versus $30.8 million in the prior-year period, but grew 16% to $29.7 million when excluding non-recurring return-to-service work. Net loss was $(0.5) million, compared to net income of $0.3 million in Q2 2025, and Adjusted EBITDA was $8.1 million versus $10.8 million. Full-year 2025 revenue was $122.8 million with net income of $4.1 million, a turnaround from a $15.6 million loss in 2024. For 2026, the company expects revenue of $135–145 million and Adjusted EBITDA of $55–60 million.

Strategy

Management is focused on expanding long-duration government contracts to provide more predictable revenue, as seen with the record 160-day task orders and multi-year contracts like the Texas A&M deal. The company is also expanding internationally, having leased Super Scoopers to Avincis for operations in Portugal. Investments in technology, such as the IGNIS platform and advanced sensor integration on King Air aircraft, aim to differentiate its surveillance and intelligence offerings. The company plans to continue investing in capital expenditures and fleet capabilities to broaden its service portfolio.

Risks

• Seasonality and Fire Severity — Revenue is heavily dependent on the North American wildfire season, which fluctuates with weather patterns and climate trends, causing significant quarterly and yearly volatility.
• Aircraft Availability — Loss or mechanical failure of a Super Scooper or other key aircraft, or a shortage of pilots or maintenance personnel, could reduce revenues for an extended period.
• Customer Concentration — A significant portion of revenue comes from U.S. government agencies; changes in agency budgets, contract awards, or priorities could materially impact results.
• Operational Risks — Inherent risks of aerial firefighting and aircraft operations, including potential accidents, cyberattacks on IT systems, and reliance on senior management and specialized personnel.

Outlook

Management reiterates 2026 guidance for revenue of $135–145 million and Adjusted EBITDA of $55–60 million, reflecting midpoint growth of 14% and 27%, respectively. They expect longer task orders and new contracts to extend aircraft utilization into Q4 and support growth. The company notes that the wildfire season is increasingly severe, and government partners are securing aircraft earlier and for longer periods.