Bridger Aerospace Stock Slips Post Q4 Earnings Despite Revenue Growth

Shares of Bridger Aerospace Group Holdings, Inc. BAER have lost 13.3% since the company reported its earnings for the quarter ended Dec. 31, 2025. This compares to the S&P 500 Index’s 0.9% loss over the same time frame. Over the past month, the stock lost 22.1% compared with the S&P 500’s 2.1% decline.

Bridger Aerospace’s Earnings Snapshot

For the fourth quarter of 2025, Bridger Aerospace reported revenues of $8.5 million, down 45.2% from $15.6 million in the year-ago quarter. Net loss widened to $15.1 million, or $(0.40) per diluted share, from a loss of $12.8 million, or $(0.36) per share, in the fourth quarter of 2024. Adjusted EBITDA loss for the quarter was $9.5 million compared with a loss of $2.9 million a year earlier.

For the full year, revenue increased 24.6% to $122.8 million from $98.6 million. BAER posted net income of $4.1 million for 2025 against a net loss of $15.6 million in 2024, while adjusted EBITDA rose 21.3% to $45.3 million from $37.3 million. Bridger Aerospace reported a loss per share of $0.42 for 2025 compared with $0.81 in 2024.

BAER’s Operating Drivers Behind the Results

Bridger Aerospace attributed its full-year revenue growth primarily to increased activity from its Super Scooper firefighting aircraft and surveillance platforms, despite what management described as a generally below-average wildfire season. Higher utilization of these assets supported improved operational results across 2025.

Fourth-quarter revenue declined partly due to lower return-to-service work associated with Spanish Super Scooper aircraft under a partnership with MAB Funding. Excluding this work, revenue was $7.7 million in the quarter compared with $10.5 million in the comparable period of 2024. BAER also noted that the timing of aircraft deployments contributed to the year-over-year decline, as some deployments occurred later in the fourth quarter of 2024.

Costs and expenses also affected profitability in the quarter. Cost of revenues declined 8.4% to $14.1 million from $15.4 million in the prior-year quarter, but selling, general and administrative (SG&A) expenses rose 75.4% to $13.4 million from $7.7 million. The increase was largely tied to higher fair-value adjustments for warrants and higher earnout consideration relative to the year-ago period.

Other income surged to $10 million in the fourth quarter compared with $0.3 million in the prior year. This change was primarily driven by a $16.9 million gain related to a sale-leaseback transaction, partly offset by a $7.8 million loss from extinguishing debt as part of a refinancing completed during the quarter.

Bridger Aerospace’s Other Key Financial Metrics

For the full year, cost of revenues increased 23.8% to $71.1 million from $57.5 million in 2024, reflecting higher operating activity and additional expenses related to the return-to-service work on Spanish Super Scoopers aircraft.

SG&A expenses were $36.3 million for 2025, up 1.3% from $35.8 million in the previous year. Interest expense decreased 1.9% to $23.3 million from $23.7 million. Other income rose sharply to $11.8 million from $2.1 million in 2024, primarily due to the previously noted sale-leaseback gain.

BAER’s Management Commentary

Chief Executive Officer Sam Davis highlighted the company’s 2025 performance as a milestone, noting that Bridger Aerospace delivered record results despite a below-average wildfire year. According to Davis, increased emphasis from customers on early detection and the pre-positioning of aircraft helped drive greater fleet utilization and operational efficiency.

Management also pointed to longer-term contracts and diversification of revenue streams as contributors to BAER’s improved financial performance. The CEO said the company’s operational readiness and expanded fleet position Bridger Aerospace to continue benefiting from rising demand for aerial firefighting and wildfire management services.

Bridger Aerospace’s Financial Position and Liquidity

Bridger Aerospace ended 2025 with cash and cash equivalents of $31.4 million compared with $39.3 million at the end of 2024. Operating cash flow improved significantly, reaching $16.7 million for the year compared with $9.4 million in 2024.

BAER also completed a $331.5 million financing package during the year, which included debt refinancing and the establishment of a $100 million delayed-draw facility. Management indicated that this financing strengthens liquidity and provides capital for future fleet expansion as demand for aerial firefighting services grows.

BAER’s Outlook

For 2026, Bridger Aerospace expects revenues between $135 million and $145 million, representing roughly 14% growth at the midpoint of the range. Excluding non-recurring return-to-service work recorded in 2025, the midpoint implies revenue growth of about 29%. The company forecasts adjusted EBITDA between $55 million and $60 million, reflecting approximately 27% growth at the midpoint of the range.

Management expects this growth to be supported by the addition of four air surveillance aircraft and the integration of the first two Spanish Scooper aircraft into the operational fleet.

Bridger Aerospace’s Other Developments

During 2025, Bridger Aerospace advanced its fleet expansion strategy. The company added two Spanish Scooper aircraft to its operational fleet and four air surveillance aircraft to its balance sheet. These additions are intended to expand firefighting capacity and support growing demand from government agencies for aerial wildfire suppression and monitoring services.