BAER

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 5:00 p.m. ET Chief Financial Officer - Anne Hayes President and Chief Executive Officer - Sam Davis Operator: Greetings, and welcome to the Bridger Aerospace Second Quarter 2026 Earnings Call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Anne Hayes, CFO. You may begin. Anne Hayes: Thank you, and welcome, everyone to our second quarter 2026 earnings call. Joining me today is our President and Chief Executive Officer, Sam Davis. Before we begin, I would like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements, which are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements as described in our 2025 Annual Report on Form 10-K and other filings we make with the SEC from time to time. Except to the extent otherwise required by law, we undertake no obligation to revise or update any forward-looking statements. In addition, we may discuss certain non-GAAP financial measures such as Adjusted EBITDA. Please refer to our earnings release for the calculation of these measures and the appropriate GAAP reconciliation. With that, I'd like to turn the call over to Sam. Sam Davis: Thank you, Anne, and welcome, everyone. As we entered 2026, our focus was on ensuring our fleet, our technology, and our people were fully prepared for what we believe would be another active wildfire year. Today, just a few months later, we're seeing that preparation translate into execution, and I'm incredibly proud of the long hours and diligence the Bridger team has shown throughout the year so far. Our second quarter financial results were in line with our expectations. Revenue was $30.5 million, essentially flat compared to, the prior year period, reflecting the timing of non-recurring return-to-service work on our Spanish Scoopers in 2025. Excluding that impact, revenue increased year over year, which Anne will walk through in more detail shortly. First, I'd like to start with an update on some of the highlights from the second quarter. During the quarter, the U.S. Forest Service awarded us two 160-day task orders covering four of our Super Scoopers, the longest guaranteed task orders in Bridger's history. These orders will activate on a staggered basis into October and November, reflecting the agency's anticipated need for wildfire suppression well into the fourth quarter. Longer contract durations like these improve our fleet utilization, give us greater operational visibility and allow us to better plan maintenance and staffing, and we believe they reflect a broader shift toward year-round wildfire preparedness among our government partners. We also deployed our most advanced platform, the King Air 350, under a Department of the Interior task order. This aircraft incorporates dual sensor capability and real-time data dissemination into a software. As wildfire response becomes increasingly intelligence-driven, we believe these aircraft are becoming force multipliers, providing incident commanders with real-time situational awareness that improves proactive decision-making throughout an incident. Shortly after quarter end, we 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 the next three years. Texas is building one of the nation's most advanced state wildfire aviation programs, and we are proud to have been selected to help design and deliver that capability. This contract is a notable example of how our opportunity extends beyond simply operating aircraft into engineering, modification, and integrated intelligence work. And we believe it represents an attractive new avenue of non-seasonal long-term growth. Also, following the quarter, we announced a collaboration with Avincis, Europe's leading provider of emergency aerial services, deploying our two newest Super Scoopers in Portugal. We are glad to support one of Europe's most demanding fire seasons in recent history. Commitments there came somewhat later than expected, but consistent with Europe's more cautious approach to long-term contracts with private operators. This has been more than offset, however, by the demand we're seeing here with our U.S.-based Super Scoopers. Now let's turn to look at the fire conditions. Fire conditions today accelerated throughout the quarter with above normal activity across multiple regions of the West. As of early August, more than 5.5 million acres have burned across the U.S., while Europe is experiencing one of its most severe wildfire seasons in years. We are currently at Preparedness Level 5, the highest level on a national scale, meaning firefighting resources nationally are fully committed. We've even seen international crews mobilized to support U.S. efforts, including more than 60 firefighters from Australia and New Zealand in recent weeks. Current drought conditions and long-range forecasts suggest this activity will continue, and we expect demand for our services to remain strong through the remainder of the season. Now let me provide a quick update on Ignis. Technology continues to be an important differentiator for Bridger. During the quarter, we expanded Ignis through a strategic partnership with TracPlus, integrating real-time aircraft tracking, mission information, and aerial suppression intelligence into a unified operating picture. Over time, we believe software and data will become an increasingly valuable complement to our aviation assets. These developments reinforce our conviction that Bridger has an evolving integration into a solution that combines aerial suppression, airborne intelligence, engineering and expertise, and software, not simply an aerial operator. And we believe this diversification can help smooth our revenue and earnings visibility over the long term. This provides a competitive edge to our aviation contracts, increases our utilization while we're deployed, and opens the door for standalone use of our software in the field. While the second quarter reflects the seasonal ramp-up of our business, the underlying fundamentals remain strong. With demand continuing to build and our fleet fully engaged, we believe Bridger is well positioned and we remain focused on executing our mission with the utmost focus on safety and efficiency. I want to thank our employees for their continued dedication and vigilance in the field and our government partners and shareholders for their continued trust and support. With that, I'll turn the call back over to Anne to review our financial results in more detail. Anne Hayes: Thanks, Sam. Bridger continues to execute against significant growth opportunity. And as the business scales, we're focused on ensuring we have the financial infrastructure, processes and discipline to support that growth over the long term. As mentioned last quarter, I am focused on continuing to build and strengthen the finance function at the company and to support anticipated growth, especially as we ramp up for new programs with new fleets. With that, let me walk through our second quarter results. Looking at our results for the second quarter of 2026, revenue was $30.5 million compared to $30.8 million in the second quarter of 2025. While revenue was generally consistent with the prior year period, it's important to note that the prior year quarter benefited from $5.1 million of non-recurring return-to-service work on the Spanish Super Scoopers, which was mostly non-contributing to margins, compared to $0.8 million in the current quarter, a delta of $4.3 million. Excluding this non-recurring activity, revenue increased 16% year over year, primarily reflecting increased Super Scooper flight hours during the quarter and continued demand for our aerial firefighting services. Cost of revenues was $19.2 million compared to $18.7 million for the second quarter of 2025. When excluding the return-to-service work on the Spanish Scoopers, cost of revenues increased 32%. The increase primarily reflects the operating costs required to support increased fleet utilization during the quarter. It also captures fleet expansion, including sensor modifications to our two new King Air 350 aircraft and fleet readiness as we entered peak fire season towards the end of June. As a reminder, and given the continued volatility in fuel prices, I'd like to briefly touch on Bridger's exposure to fuel costs. Fuel expense is largely a pass-through cost across our portfolio. Under all of our Super Scooper fire suppression contracts, fuel is fully reimbursed by the customer while on contract. Across the majority of our light fixed-wing contracts, we either benefit from economic price adjustment mechanisms or fuel is similarly treated as a pass-through expense. As a result, fluctuations in fuel prices generally have limited impact to on-contract flying. Where we do see an impact is across support areas like airfare and other workforce travel and costs for our MRU or mobile repair unit diesel trucks that follow our fleet and act as on-the-ground repair stations when aircraft are not operating at night. Selling, general and administrative expenses were $5.3 million compared to $6.5 million in the prior year period. The year-over-year decline was primarily driven by lower non-cash expenses, including changes in the fair value of warrants, stock-based compensation, and contingent consideration. Interest expense for the second quarter was $6.6 million compared to $5.7 million in the prior year period, reflecting an additional $25 million drawn for fleet expansion and $10 million in short-term borrowings on the credit facility revolver during heavy maintenance periods in Q1. For the second quarter of 2026, we reported a net loss of $0.5 million compared to net income of $0.3 million in the prior year period. As a reminder, our reported earnings per share include the impact of the adjustment to the redemption value of our Series A preferred stock. Loss attributable to common stockholders was $7.6 million, or $0.13 per diluted share, compared to a loss of $6.3 million in the prior year period, or $0.12 per diluted share. Adjusted EBITDA was $8.1 million compared to $10.8 million in the second quarter of 2025. A reconciliation of Adjusted EBITDA to net income is included in Exhibit A of the earnings release we issued today. Turning to the balance sheet, we ended the second quarter with $7.2 million of cash and cash equivalents compared to $31.4 million at year-end 2025. The decrease primarily reflects seasonal working capital usage, including the timing of customer receipts, strategic investment in aircraft production slots, continued investment in modernizing our fleet with sensor and other technology capabilities, capital expenditures and continued investment in fleet readiness to support peak fire season operations. As expected, the second quarter represents a period of elevated working capital investment, as aircraft are deployed and operations ramp up during the peak fire season. We continue to expect cash generation to improve as the fire season progresses and receivables convert to cash. We also continue to maintain significant financial flexibility through our credit facility, including a delayed draw feature of up to $100 million, which is designed to support future fleet expansion and capitalize on growing demand for our services. As of June 30th, we had approximately $75 million of remaining availability under the facility. Turning to our outlook, we are reiterating our full year 2026 guidance of $135 million to $145 million in revenue and $55 million to $60 million in Adjusted EBITDA. This represents continued strong growth, including 29% growth in revenue when excluding non-recurring return-to-service work recognized in 2025 on the two Spanish Super Scoopers. As Sam mentioned, our 2 Spanish Super Scoopers are flying a shorter-than-planned summer fire season in Europe, after which we intend to reposition these aircraft to the U.S. for higher value opportunities. The third and fourth Spanish Scoopers are still undergoing return-to-service work. We continue to expect improved operating cash flow generation over the course of the year, driven by increased fleet utilization and higher levels of fire activity during the peak season. As we expand our multi-mission fleet mid-year, we expect the sensor-enabled Air Attack Program to contribute to growth in 2026 and support attractive margin expansion in our fleet over time. With that, operator, we are now ready for questions. Operator: [Operator Instructions] Our first question is from Austin Moeller with Canaccord. Please go ahead. Your line is open. Austin Moeller: Hi, good afternoon. You have the lease agreement in place for two Scoopers with Portugal. Can you just talk about where we're at with European negotiations, just considering the catastrophic wildfire season there? And could those planes be moved to the U.S. in October if there's not further progress? Sam Davis: Hey, Austin, good to hear from you. Great question. Yes, I'll just be candid. The late pickup of those aircraft on contract is just an indication of the hesitancy for Europe to turn to private operators until things are developing like we see overseas right now. That is heavily influencing our decision, given the demand we see in our U.S. fleet, for what happens to those aircraft as they finish their work there in Portugal. We did partner with Avincis to lease those to Avincis as they operate them, so that was a great outcome for us, just later than anticipated. And we do think there will be continued talks with European countries based on the year they're having. And we think the success they'll see with having these two Scoopers in Portugal. But for Bridger's internal purposes, we're planning on a move to the U.S. without that commitment with the economics and demand we see here. Austin Moeller: Okay. And if we think about next year and the overall fleet, is the goal to lock up as many of your scoopers and MMAs as possible into a 120-day or longer task order? Sam Davis: Absolutely. That's been a deep part of our strategy and we've chipped away at that methodically year after year. This year we look at 8 of our 9 surveillance aircraft on multi-year guaranteed commitments. We have 4 of our 6 here in the U.S. on guaranteed 160 days. And that's been a long and drawn out process of improving that. So, we continue to capitalize on that. And I will say, given the demand we see, the extensions into Q3 and Q4 with the Forest Service, the Department of the Interior, we now consider this to be the norm and something we can continue to move the baseline for the entire fleet. We also see that the more those days are guaranteed, the higher flight hours we see across the fleet, because once we're committed and pre-positioned we're effective for flying in initial and direct attack, and so those 2 things seem to be symbiotic in our utilization. Operator: Our next question comes from Jon Siegmann with Stifel. Please go ahead. Your line is open. Unknown Analyst: This is actually Sebastian Rivera on for Jon Siegmann today. Apologies if I may have missed this in the opening remarks, but can you maybe -- is there any portion of these recent contracts with Texas A&M, Avincis, the DOI King Air 350 baked into this 2026 revenue guide? Sam Davis: Yes, I will say that for Avincis and for the King Air that we have at the Department of the Interior, we anticipated those and had those into our guidance. The Texas A&M, because that's a 3-year program that starts more towards the end of this year, it's going to be a slow ramp-up, but we don't think it will be impacting our guidance overall. So, that's why we're reiterating what we have. The Texas contract is a delivery of three aircraft starting in 2028, actually, to the customer. And so, over the next three years, we recognize milestones with most of those starting effectively in 2027, if that makes sense. Unknown Analyst: And then, yes, on that Texas contract, can you maybe just walk through the accounting treatment there, given it's a little bit different nature contract.. Sam Davis: Yes. I'll turn that. Unknown Analyst: [indiscernible] recognition. Sam Davis: I'll turn that to Anne. Anne Hayes: Yes, you're exactly right. So this will be a different, you know, a different business for us. It's modification. So it's more of cost-to-cost accounting. That's why in 2026, the majority of the work will not be done until 2027. We may, you know, we may place orders for the three King Airs from Textron, and we may receive some cash payments. But as far as recognizing revenue, we anticipate, you know, it's preliminary to say, but very little to be in this year. And if so, it may not be margin-generating revenue. Operator: Thank you for your question. Our next question is from Mark Smith with Lake Street. Please go ahead. Your line is open. Mark Smith: Hi, guys. I wanted to ask a little bit about the guidance here, kind of looking at what we've booked year to date in revenue versus reiterated guidance. Just walk us through kind of back-half ramp, you know, what's already contracted versus kind of dependent on fire activity and what gives you the confidence in holding the guidance range. Sam Davis: Hey, Mark, good to hear from you. I'll take that, and then I'll let Anne add a little bit of flavor. So going into this year, last year I'll remind you that we had a below-average fire year in terms of overall activity. And we saw some unique fire activity, especially in Q1 with the Palisades fire that made our typical bell curve a little bit different than normal. And then activity kind of dropped off in terms of fires in September and October. This year we saw a fairly normal ramp-up and we see the activity in Q3 now at an all-time high and continued outlooks into Q3 and the commitments that we have that are coupled with that from the Forest Service and the DOI going into Q4, which we've never had, is kind of the shift from a 1H, you know, to a 2H, you know, half of the year recognition of the bulk of our revenue. Even more so than maybe last year, but fairly typical with what we see in Q3 being the bulk of our revenue. And then kind of the last comment I'll make there is there could be a few days here or there or the fleet flying 30 hours in a day, which we've been seeing across the Scooper fleet that could really move the needle a few million bucks, whether it's June 30th or July 1st, that we've kind of seen that take effect as things got ramped up. And maybe last comment there, we've also seen a little bit of a strategy with our agencies as they've committed later into Q3 and Q4 to making sure that our assets are set for the peak of the season. So, as we got deployed, we noticed a little bit of a staggered deployment so that they had the last half of the year covered for fire activity. Mark Smith: Okay. And then just as we think about revenue coming out of Europe with this new contract in Portugal, can you give us any more insight into maybe how much of an impact that this makes and maybe how much was maybe disappointing on a late start to that contract? Anne Hayes: I can speak to it at a high level. I will tell you there's two components to this lease. We are leasing not by months but also by hours. And as we've seen even the headlines from Europe hitting over here that they are having a very active fire season. So, there is a variability to that contract as well. So, I can't say for sure how much we will make up. I can say that we did miss in Q2, in our internal estimates, just when we thought Europe would pick up. Kind of what Sam has said, though, between the U.S. flying more than, you know, a fire season like last year, as well as Europe, you know, potentially flying these harder than we are anticipating now, there is room to, you know, make up all of that gap that we have and then some. Mark Smith: Okay. And then I did just want to confirm, it sounds like the plan is still to roll these two planes into the U.S. after the season's done? Sam Davis: Yes, that's currently the plan, Mark. Obviously, we have to see what materializes overseas, especially what we hope is the commitment is now there for, unfortunately, the terrible headlines we see on the activity, but I will tell you with the economics and the utilization demand here in the U.S., until that commitment materializes in a like-for-like comparison, the plan is to finish out the fire season and begin to move those over to the U.S. Operator: Thank you for your question. At this time, there are no further questions. I will now turn the call back to Sam Davis for closing comments. Sam Davis: Thank you again for joining us today and your interest in Bridger. Please reach out to our Investor Relations team with any questions, and we'll be participating in a fireside chat at the Canaccord Growth Conference in Boston next week for any interested investors. Have a great day. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. 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Interested in Bridger Aerospace Group Holdings, Inc.? Here are five stocks we like better. Second-quarter revenue was $30.5 million, essentially flat year over year, though adjusted for non-recurring Spanish Super Scooper work, revenue rose 16%. Adjusted EBITDA declined to $8.1 million, while cash fell to $7.2 million due to seasonal working-capital needs, fleet investments and peak-season preparations. Bridger secured longer-term wildfire commitments, including two 160-day U.S. Forest Service task orders for four Super Scoopers, amid elevated wildfire activity and national preparedness reaching Level 5. The company also won a $58 million Texas A&M contract to modify and deliver three King Air 360 aircraft, expanding its engineering and intelligence-services business. The company reiterated 2026 guidance for revenue of $135 million to $145 million and adjusted EBITDA of $55 million to $60 million, with most revenue expected in the second half. Bridger also expects to benefit from its Portugal Super Scooper deployment and the expanded IGNIS technology platform. Airline Stocks Off the Beaten Path: 3 Key Picks for Investors 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. → 3 Drone Stocks That Should Soar After the Summer Slump 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. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth 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. → Jersey Mike's Serves Fresh Gains After IPO Stumble 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. 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. 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. 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. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Bridger Aerospace Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second quarter 2026 revenue of $30.5 million, in line with prior-year period New contracts and longer task orders continue to expand Company’s footprint The Company reiterates 2026 guidance, including revenue expectations of $135 million to $145 million BELGRADE, Mont., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger,” “Bridger Aerospace” or the “Company”) (NASDAQ: BAER, BAERW), one of the nation’s leading aerial firefighting companies, today reported financial results for the second quarter ended June 30, 2026. Q2 2026 Financial Highlights: Second quarter 2026 revenue of $30.5 million, essentially flat when compared to the prior-year period of $30.8 million. When excluding non-recurring return-to-service work which is mostly non-contributing to margin, revenue in the second quarter of 2026 was $29.7 million versus $25.7 million in the second quarter of 2025, an increase of 16%. Net loss for the second quarter was $(0.5) million, with Adjusted EBITDA of $8.1 million compared to second quarter 2025 net income of $0.3 million and Adjusted EBITDA of $10.8 million. Reiterating full year 2026 guidance: “Our second quarter results reflect expected performance. At the same time, we saw a meaningful increase in preparation from our agency partners, from the longest task orders we’ve received for our Super Scoopers, to the new task order for our dual-sensor King Air 350. These commitments extend aircraft utilization into the fourth quarter, reflecting how seriously our government partners are treating the wildfire outlook for the remainder of the season,” shared Sam Davis, President and Chief Executive Officer of Bridger Aerospace. “This year, wildfires have continued to intensify globally. According to the National Interagency Fire Center (NIFC), U.S. wildfire activity has already surpassed 5 million acres burned as of late July, roughly 2 million acres more year-over-year, with several Western regions seeing above normal fire conditions, while Europe is experiencing one of its worst wildfire years. It’s in years like this that having dependable aerial firefighting capacity in place matters most.” Mr. Davis continued, “Heading into Q3, fleet activity is reflecting the alarming wildfire reality we are facing and we are positioning the full fleet to respond as conditions demand it. As circumstances grow increasingly severe, government agencies have worked diligently to secure our aircraft well into the end of the year – a length in commitment that we have not experienced in years past. Our job is to be ready whenever communities need us most for as long as we’re needed, and our focus remains on saving lives, property, and the environment through the end of the year.” Q2 2026 and Recent Operational Highlights: In May secured two 160-day U.S. Forest Service task orders for four CL-415EAF Super Scoopers, representing at least $30 million of guaranteed standby revenue for the 2026 fire season. The awards increased guaranteed deployment from 120 to 160 days per aircraft, representing the longest guaranteed task orders in the Company's history and extending operations into the fourth quarter. In July awarded a 112-day 2026 U.S. Department of the Interior task order for its most advanced Multi-Mission Aircraft, deploying a newly enhanced King Air 350 featuring dual-sensor capabilities, Wide Area Motion Imagery (WAMI), EO/IR technology and real-time data dissemination to support wildfire and emergency response operations across the United States. In July secured a $58 million contract with Texas A&M Forest Service to acquire, modify, and deliver three King Air 360 multi-mission aircraft as the foundation of the state's new wildfire aviation surveillance program, with deliveries over the next three years and all aircraft modifications performed in Texas. In July entered into a lease agreement with Avincis, Europe's leading provider of emergency aerial services, deploying two Bridger-owned Super Scoopers to support active wildfire suppression efforts in Portugal, marking Bridger's first revenue-generating operations in Europe, with the aircraft under contract through mid-October 2026, subject to the terms and conditions of the applicable agreements. In July expanded the capabilities of the IGNIS wildfire intelligence platform through a strategic partnership with TracPlus, integrating real-time aircraft tracking, mission data and aerial suppression intelligence into a unified operating picture designed to enhance situational awareness and decision-making for firefighters and incident management teams. Second Quarter 2026 Results Revenue for the second quarter of 2026 was $30.5 million compared to $30.8 million in the second quarter of 2025, a decrease of 1%. This decrease was primarily a result of non-recurring return-to-service revenue of $0.8 million in the second quarter of 2026 compared to $5.1 million in the same period of 2025, offset by increased flight hours for the Super Scoopers. When excluding the non-recurring revenue from both periods, revenue increased 16%. Cost of revenues was $19.2 million in the second quarter of 2026 compared to $18.7 million in the second quarter of 2025. Cost of revenues from non-recurring return-to-service was $0.8 million in the second quarter of 2026 compared to $4.8 million in the same period of 2025. When excluding the non-recurring cost of revenues from both periods, cost of revenues increased 32%, primarily due to increased aircraft depreciation expense, fuel expense, and workforce costs. Selling, general and administrative expenses (“SG&A”) were $5.3 million in the second quarter of 2026 compared to $6.5 million in the second quarter of 2025, primarily reflecting a change in the fair value of our warrants, stock-based compensation and contingent consideration. Interest expense for the second quarter of 2026 was $6.6 million compared to $5.7 million in the second quarter of 2025. Net loss was $(0.5) million in the second quarter of 2026 compared to net income of $0.3 million in the second quarter of 2025. Loss per diluted share was $(0.13) for the second quarter of 2026 compared to $(0.12) per diluted share in the second quarter of 2025. Adjusted EBITDA was $8.1 million in the second quarter of 2026 compared to $10.8 million in the second quarter of 2025. Definitions and reconciliations of net (loss) income to EBITDA and Adjusted EBITDA are attached as Exhibit A to this release. As of June 30, 2026, cash and cash equivalents were $7.2 million compared to $31.4 million as of December 31, 2025. The decrease over year-end reflects seasonal working capital usage and the timing of customer receipts. Business Outlook The Company is reiterating its full year 2026 guidance. Revenue is expected to be between $135 million and $145 million, representing 14% growth at the midpoint of the range and 29% growth when excluding revenue associated with return-to-service work in 2025. Adjusted EBITDA is expected to be between $55 million and $60 million, representing 27% growth at the midpoint of the range. Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA are attached as Exhibit A to this release. Conference Call Bridger Aerospace will hold an investor conference call today, August 6, 2026, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results and its business outlook. Interested parties can access the conference call by dialing 1-800-343-5172 or 1-203-518-9856. When prompted, please provide the Conference ID: BRIDGER. The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com. An audio replay will be available through August 12, 2026, by calling 844-512-2921 or 412-317-6671 and using the passcode 11162159. The replay will also be accessible at https://ir.bridgeraerospace.com. About Bridger Aerospace Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation’s largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com. Forward Looking Statements Certain statements included in this press release that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “poised,” “positioned,” “potential,” “seem,” “seek,” “future,” “outlook,” “target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding: (1) Bridger’s full-year 2026 financial guidance, including expected revenue and Adjusted EBITDA; (2) expected aircraft utilization, deployment levels, flight hours and fleet availability; (3) the anticipated expansion of Bridger’s operations and increased deployment of Bridger’s aircraft fleet, including the expansion of operations into new geographic markets, the anticipated benefits therefrom and the ultimate structure of such acquisitions and/or right to use arrangements; (4) Bridger’s business and growth plans and future financial performance, including anticipated revenues and benefits associated with customer contracts, task orders and other commercial arrangements; (5) the current and future demand for aerial firefighting services, including the duration, severity, timing and geographic scope of domestic and international wildfire activity; (6) the timing and performance of aircraft modifications and deliveries; (7) the magnitude, timing and benefits from any cost reduction actions; (8) Bridger’s exploration of, need for, or completion of any future financings; (9) Bridger’s expected liquidity, cash flows and capital resources; and (10) anticipated investments in additional aircraft, technology, capital resources, research and development and operational capabilities and the effect of these investments. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger’s management and are not predictions of actual performance. These forward-looking statements are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: the timing, location, duration or severity of wildfire activity; the extent to which wildfire activity results in aircraft deployments, flight hours and revenue opportunities; changes in customer demand or funding levels; risks that government contracts, task orders or other customer commitments are delayed, modified, reduced, terminated or not renewed; changes in domestic and foreign general economic business, market, financial, political and legal conditions; Bridger’s failure to realize the anticipated benefits of any acquisitions; aircraft availability, maintenance requirements, weather events, parts shortages, supply chain disruptions or certification issues; Bridger’s ability to successfully operate and deploy its fleet; Bridger’s successful integration of any aircraft (including achievement of synergies and cost reductions); Bridger’s ability to successfully and timely develop, sell and expand its services and otherwise implement its growth strategy; risks relating to Bridger’s operations and business, including information technology, cybersecurity and data privacy risks, loss of requisite licenses, flight safety risks, loss of key customers and deterioration in relationships between Bridger and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of Bridger, including as a result of the consummation of any acquisition; risks that Bridger is unable to secure or protect its intellectual property; risks that Bridger experiences difficulties managing its growth and expanding operations; Bridger’s ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities and the loss of market share; the ability to successfully select, execute or integrate future acquisitions into Bridger’s business, which could result in material adverse effects to operations and financial condition; the availability of capital and liquidity; and those factors discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included in Bridger’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2026 for the fiscal year ended December 31, 2025 and in subsequent filings made by Bridger with the SEC from time to time. If any of these risks materialize or Bridger’s management’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive and there may be additional risks that Bridger presently does not know or that Bridger currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bridger’s expectations, plans or forecasts of future events and views as of the date of this press release. Bridger anticipates that subsequent events and developments will cause Bridger’s assessments to change. However, while Bridger may elect to update these forward-looking statements at some point in the future, except as required by applicable law, Bridger specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Bridger’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements contained in this press release. EXHIBIT ANon-GAAP Results and Reconciliations Although Bridger believes that net income or loss, as determined in accordance with GAAP, is the most appropriate earnings measure, we use EBITDA and Adjusted EBITDA as key profitability measures to assess the performance of our business. Bridger believes these measures help illustrate underlying trends in our business and use the measures to establish budgets and operational goals, and communicate internally and externally, in managing our business and evaluating its performance. Bridger also believes these measures help investors compare our operating performance with its results in prior periods in a way that is consistent with how management evaluates such performance. Each of the profitability measures described below is not recognized under GAAP and does not purport to be an alternative to net income or loss determined in accordance with GAAP as a measure of our performance. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. EBITDA and Adjusted EBITDA exclude items that can have a significant effect on our profit or loss and should, therefore, be used only in conjunction with our GAAP profit or loss for the period. Bridger’s management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these measures may not be comparable to other similarly titled measures of other companies. Bridger does not provide a reconciliation of forward-looking measures where Bridger believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts, such as acquisition costs, integration costs and loss on the disposal or obsolescence of aging aircraft. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Bridger’s control or cannot be reasonably predicted. For the same reasons, Bridger is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. EBITDA and Adjusted EBITDA EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the interest expense, income tax (benefit) expense and depreciation and amortization of property, plant and equipment and intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we exclude from Adjusted EBITDA certain costs that are required to be expensed in accordance with GAAP, including Adjusted EBITDA non-cash stock-based compensation, business development and integration expenses, offering costs, non-cash adjustments to fair value of earnout consideration, and non-cash adjustments to the fair value of warrants. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future. The following table reconciles net (loss) income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025. Represents non-cash stock-based compensation expense associated with employee and non-employee equity and liability classified awards. Represents expenses related to integration costs for completed acquisitions and expenses related to potential acquisition targets and additional business lines. Represents non-cash fair value adjustment for earnout consideration issued in connection with the acquisitions of Ignis Technologies, Inc. and Flight Test & Mechanical Solutions, Inc. Represents the non-cash fair value adjustment for Warrants issued in connection with the Reverse Recapitalization. Represents one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period. Represents expenses associated with the build out and transition of the executive leadership team. Investor ContactTom [email protected] Media ContactDevin JohnsonBridger [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue decline was primarily attributed to nonrecurring return-to-service work on Spanish Scoopers in 2025 and an unusually early 2025 deployment for the Palisades fire. Management is pivoting from a seasonal mindset to a year-round 'fire year' intensity, implementing staggered maintenance cycles to ensure immediate fleet readiness across all mission sets. The company is seeing rapid adoption of sensor-enhanced aircraft for initial attack guidance, with flight hours for these platforms nearly doubling compared to the first quarter of last year. Strategic leadership expansion, including a new COO and General Counsel, is intended to support the transition from a build-out phase to a disciplined, public-company growth scale. Performance attribution for the quarter reflects typical seasonal lows, but with record early dispatches to Oklahoma and Texas indicating a shift toward longer, more proactive fire seasons. The company is leveraging its in-house engineering division, FMS Aerospace, to drive high-margin fleet modifications and capture growing defense budget allocations for aviation sensor upgrades. Full-year guidance assumes a 29% growth rate in core operations, excluding 2025's nonrecurring Spanish Scooper work, supported by increased fleet utilization during peak season. Management anticipates a high-risk summer fire season driven by record-high temperatures, low snowpack, and a significant fuel buildup from a below-average 2025 fire year. The official Q2 launch of the Ignis platform is expected to transition the company toward a year-round SaaS-style subscription revenue model for wildfire data ecosystems. Guidance includes contributions from the European summer fire season, though management has handicapped these expectations for shorter durations and lower contract economics compared to U.S. contracts. The company expects to benefit from federal moves toward a unified U.S. Wildland Fire Service, which is anticipated to streamline agency coordination and favor longer-term contracts. The third and fourth Spanish Scoopers remain in the return-to-service phase, representing a pending capacity increase once maintenance is finalized. Fuel price volatility is mitigated by contract structures where fuel is either a direct pass-through to customers or covered by economic price adjustment clauses. Cash usage in Q1 was driven by strategic investments in aircraft production slots and fleet modernization, which management views as necessary preparation for peak-season revenue generation. The company maintains significant financial flexibility through a credit facility with approximately $90 million in remaining capacity to support future fleet expansion. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects more significant revenue fruition in 2027 as the software is sold on a stand-alone basis to other operators and state agencies. The platform allows for contract bundling at a premium, moving toward a standard SaaS subscription model that generates revenue year-round rather than just during fire deployments. Bridger is currently listed on seven IDIQs (Indefinite Delivery, Indefinite Quantity) across various military branches, positioning them to capture increased defense spending on aviation sensor technology. Management noted a lag in program commitments last year but reports that significant orders are now returning to the pipeline. While administrative reorganization may cause short-term 'growing pains,' management believes it will lead to more streamlined dispatching and aggressive wildfire management techniques. The full legislative and contract benefits of this consolidation are expected to take shape more clearly in 2027. The contract provides exclusive use of two aircraft with surge capacity options, reflecting a trend of states committing to their own dedicated aviation assets to meet unmet demand. This multiyear agreement allows Bridger to secure work earlier in the year and provides a template for similar pursuits with other Western states.

Management is focused on readiness for an active wildfire season, highlighting unusually early mobilizations, expanded sensor-enhanced aircraft (hours nearly doubled YoY), and a planned Q2 launch of the Ignis platform for live-fire surveillance and situational awareness. First-quarter results showed revenue of $8.5 million (down from $15.6M YoY) and a net loss of $31.3 million with adjusted EBITDA negative $14.5 million; cash fell to $9.0 million, but the company has about $90 million of delayed-draw credit capacity available. Bridger reiterated full-year guidance of $135–$145 million revenue and $55–$60 million adjusted EBITDA, saying seasonality and European work are factored in and that revenue/cash generation should improve in Q2–Q3 as fire activity increases. Interested in Bridger Aerospace Group Holdings, Inc.? Here are five stocks we like better. Airline Stocks Off the Beaten Path: 3 Key Picks for Investors 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. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches 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. → Tyson Foods' Total Returns: Tasty Treats for Income Investors? 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. → Berkshire Hathaway’s Record Cash Hoard: Why and What's Next? 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. 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.” 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. 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. 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. 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. The article "Bridger Aerospace Group Q1 Earnings Call Highlights" was originally published by MarketBeat.

First quarter 2026 revenue of $8.5 million, in line with guidance as the Company prepares for fire season Based on current weather and environmental conditions, Bridger anticipates a highly active fire season The Company reiterates 2026 guidance, including revenue expectations of $135 million to $145 million BELGRADE, Mont., May 06, 2026--(BUSINESS WIRE)--Bridger Aerospace Group Holdings, Inc. ("Bridger," or "Bridger Aerospace" the "Company") (NASDAQ: BAER, BAERW), one of the nation’s leading aerial firefighting companies, today reported financial results for the first quarter ended March 31, 2026. Q1 2026 Financial Highlights: Results reflected normal winter maintenance costs and seasonal flight activity while Bridger readies the fleet for flight activity during fire season Continued progress on fleet expansion, including modification of additional surveillance aircraft with next-generation technology to support increased deployment capacity First quarter 2026 revenue of $8.5 million compared to $15.6 million in the prior-year period, reflecting a return to typical seasonal trends due to an unusually strong prior-year period driven by the Palisades fire and lower Super Scooper aircraft deployment ahead of peak fire season Net loss for the first quarter of 2026 was $(31.3) million, with Adjusted EBITDA of $(14.5) million, driven by normal winter maintenance costs and seasonal flight activity. First quarter 2025 net loss of $(15.5) million and Adjusted EBITDA of $(5.1) million was driven by increased revenue reflecting an unusually strong period driven by the Palisades fire Active pursuit of wildfire contracting opportunities for Spanish Super Scoopers in Europe and in the U.S. Reiterating full year 2026 guidance: Revenue expected to be between $135 million and $145 million, representing 14% growth at the midpoint of the range and growth of 29% when excluding non-recurring return to service work on the Spanish Super Scoopers in 2025 Adjusted EBITDA expected to be between $55 million and $60 million, representing 27% growth at the midpoint of the range "We entered 2026 focused on ensuring our industry-leading fleet was fully prepared for what we expect to be a very active fire season. We achieved our earliest-ever mobilization of a multi-mission aircraft, with flight activity beginning in February in Oklahoma. Our continued emphasis on year-round readiness drove typical first-quarter investments in winter maintenance and flight training, positioning us to ramp revenue as fire activity increases," said Sam Davis, Chief Executive Officer of Bridger Aerospace. Mr. Davis continued, "Looking ahead, early indicators point to elevated wildfire risk, driven by historically low snowpack in the West and widespread drought conditions across much of the country. We believe these dynamics have yet to fully manifest, as fuel build-up and fire severity continue to develop. March was the warmest on record in the U.S. in 132 years, underscoring the urgency of the environment we are operating in. Against this backdrop, Bridger stands ready to protect lives, property, and the environment." Q1 2026 and Recent Operational Highlights: Secured a five-year, $18.6 million Indefinite Delivery Indefinite Quantity contract with the U.S. Department of the Interior to provide on-call fixed-wing transportation services in Alaska, supporting personnel and cargo transport to remote locations; contract runs from April 2026 through March 2031 and is expected to increase utilization of the Company’s expanded light fixed-wing fleet Appointed Bill Andrews as Chief Operating Officer, effective March 2026, bringing more than 30 years of aerospace and aviation leadership experience to oversee fleet operations, maintenance, and mission support, with a focus on enhancing operational readiness, safety, and scalable growth Appointed Justin Mogford as General Counsel and Corporate Secretary, effective April 2026, bringing extensive public company legal and aviation experience to lead the Company’s legal, compliance, and governance functions and support continued growth Earliest deployment in Company history with federal multi-mission sensor aircraft indicates active management of year-round wildfire threats and positioning for peak activity Millions of acres flown with sensor aircraft to map and live-stream situational awareness to fire teams in states seeing early and intense fire activity such as Nebraska, Florida, Oklahoma, Texas, Arizona and North Carolina First Quarter 2026 Results Revenue for the first quarter of 2026 was $8.5 million compared to $15.6 million in the first quarter of 2025, a decrease of 46%. Excluding a decrease in the return-to-service work performed on the Spanish Scoopers in connection with our partnership agreement with MAB Funding, LLC, the decrease in revenue was primarily driven by the seasonal nature of Bridger’s business, as the first quarter typically reflects lower wildfire activity and reduced aircraft deployment relative to peak fire season. The Company utilized the quarter to position its fleet and operations in advance of the 2026 fire season. Cost of revenues was $17.0 million in the first quarter of 2026 compared to $17.2 million in the first quarter of 2025. Selling, general and administrative expenses ("SG&A") were $16.7 million in the first quarter of 2026 compared to $8.6 million in the first quarter of 2025, reflecting higher non-cash stock-based compensation expense, an increase in the fair value of warrants, and an increase in workforce costs. Interest expense for the first quarter of 2026 was $6.2 million compared to $5.7 million in the first quarter of 2025. Net loss was $31.3 million in the first quarter of 2026 compared to a net loss of $15.5 million in the first quarter of 2025. Loss per diluted share was $(0.69) for the first quarter of 2026 compared to $(0.41) per diluted share in the first quarter of 2025. Adjusted EBITDA was $(14.5) million in the first quarter of 2026 compared to $(5.1) million in the first quarter of 2025. Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA are attached as Exhibit A to this release. As of March 31, 2026, cash and cash equivalents were $9.0 million compared to $31.4 million as of December 31, 2025. The decrease in cash from year end primarily reflects seasonal working capital usage, timing of receipts, strategic investment for future contracts and continued investment in fleet readiness and operations ahead of the fire season. Business Outlook The Company is reiterating its full year 2026 guidance. Revenue is expected to be between $135 million and $145 million, representing 14% growth at the midpoint of the range and 29% growth when excluding revenue associated with return to service work in 2025. Adjusted EBITDA is expected to be between $55 million and $60 million, representing 27% growth at the midpoint of the range. Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA are attached as Exhibit A to this release. Conference Call Bridger Aerospace will hold an investor conference call today, May 6, 2026, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results and its business outlook. Interested parties can access the conference call by dialing 1-800-225-9448 or 1-203-518-9708. When prompted, please provide the Conference ID: BRIDGER The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com. An audio replay will be available through May 12, 2026, by calling 844-512-2921 or 412-317-6671 and using the passcode 11161408. The replay will also be accessible at https://ir.bridgeraerospace.com. About Bridger Aerospace Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation’s largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com. Forward Looking Statements Certain statements included in this press release that are not historical facts (including any statements concerning plans and objectives of management for future operations of economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "poised," "positioned," "potential," "seem," "seek," "future," "outlook," "target," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, 1) the anticipated expansion of Bridger’s operations and increased deployment of Bridger’s aircraft fleet, the anticipated benefits therefrom and the ultimate structure of such acquisitions and/or right to use arrangements; (2) Bridger’s business and growth plans and future financial performance; (3) current and future demand for aerial firefighting services, including the duration or severity of any domestic or international wildfire seasons; (4) the magnitude, timing and benefits from any cost reduction actions; (5) Bridger’s exploration of, need for, or completion of any future financings; (6) Bridger’s potential sources of liquidity and capital resources; and (7) anticipated investments in additional aircraft, capital resources and research and development and the effect of these investments. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: the duration or severity of any domestic or international wildfire seasons; changes in domestic and foreign business, market, financial, political and legal conditions; Bridger’s failure to realize the anticipated benefits of any acquisitions; Bridger’s successful integration of any aircraft (including achievement of synergies and cost reductions); Bridger’s ability to successfully and timely develop, sell and expand its services, and otherwise implement its growth strategy; risks relating to Bridger’s operations and business, including information technology and cybersecurity risks, loss of requisite licenses, flight safety risks, loss of key customers and deterioration in relationships between Bridger and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of Bridger, including as a result of the consummation of any acquisition; risks that Bridger is unable to secure or protect its intellectual property; risks that Bridger experiences difficulties managing its growth and expanding operations; Bridger's ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share; the ability to successfully select, execute or integrate future acquisitions into Bridger's business, which could result in material adverse effects to operations and financial conditions; and those factors discussed in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" included in Bridger’s Annual Report filed with the U.S. Securities and Exchange Commission (the "SEC") on March 6, 2026 for the fiscal year ended December 31, 2025 and in subsequent filings made by Bridger with the SEC from time to time. If any of these risks materialize or Bridger management's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that Bridger presently does not know or that Bridger currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bridger’s expectations, plans or forecasts of future events and views as of the date of this press release. Bridger anticipates that subsequent events and developments will cause Bridger’s assessments to change. However, while Bridger may elect to update these forward-looking statements at some point in the future, Bridger specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Bridger’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements contained in this press release. EXHIBIT A Non-GAAP Results and Reconciliations Although Bridger believes that net income or loss, as determined in accordance with GAAP, is the most appropriate earnings measure, we use EBITDA and Adjusted EBITDA as key profitability measures to assess the performance of our business. Bridger believes these measures help illustrate underlying trends in our business and use the measures to establish budgets and operational goals, and communicate internally and externally, in managing our business and evaluating its performance. Bridger also believes these measures help investors compare our operating performance with its results in prior periods in a way that is consistent with how management evaluates such performance. Each of the profitability measures described below is not recognized under GAAP and does not purport to be an alternative to net income or loss determined in accordance with GAAP as a measure of our performance. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. EBITDA and Adjusted EBITDA exclude items that can have a significant effect on our profit or loss and should, therefore, be used only in conjunction with our GAAP profit or loss for the period. Bridger’s management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these measures may not be comparable to other similarly titled measures of other companies. Bridger does not provide a reconciliation of forward-looking measures where Bridger believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts, such as acquisition costs, integration costs and loss on the disposal or obsolescence of aging aircraft. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Bridger’s control or cannot be reasonably predicted. For the same reasons, Bridger is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. EBITDA and Adjusted EBITDA EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the interest expense, income tax expense (benefit) and depreciation and amortization of property, plant and equipment and intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we exclude from Adjusted EBITDA certain costs that are required to be expensed in accordance with GAAP, including Adjusted EBITDA non-cash stock-based compensation, business development and integration expenses, offering costs, non-cash adjustments to fair value of earnout consideration, and non-cash adjustments to the fair value of warrants. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future. The following table reconciles net (loss) income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506992372/en/ Contacts Investor Contact Tom Cook [email protected] Media Contact Devin Johnson Bridger Aerospace 406-919-5980 [email protected]

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. 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. 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 Group Holdings, Inc. price-consensus-eps-surprise-chart | Bridger Aerospace Group Holdings, Inc. Quote 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. 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 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. 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. 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. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bridger Aerospace Group Holdings, Inc. (BAER): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research