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Good afternoon, everyone. Welcome to today's Bridger Aerospace first quarter 2026 earnings conference call. It is now my pleasure to turn the meeting over to Ms. Anne Hayes, Chief Financial Officer. Ms. Hayes, please go ahead.

Thank you, Beau, and welcome everyone to our first quarter 2026 earnings call. Joining me today is 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 statement. 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.

Thank you, Anne, and welcome everyone. 2026 began with a clear focus on readiness, ensuring our fleet, our technology, and our teams are fully prepared for what we expect to be a very active wildfire season. I'm extremely proud of the team and their tireless focus on the mission to save lives and property, focusing on readiness year-round to answer the call and respond to fires quickly when it matters most. The devastation of fires only continues to increase. Bridger prides itself on its ability to find them and extinguish them quickly and effectively before these fires become the next avoidable headline. Overall, our 1st quarter results were in line with internal expectations and our full-year plan, reflecting the quarterly nature of our business and the timing of revenue recognition.

Revenue of $8.5 million was lower year-over-year, primarily due to non-recurring return to service work on our Spanish Scoopers in 2025 and our early deployment activity last year in January related to the Palisades Fire in California. First, I'd like to start with an update of some highlights in the first quarter. For the first time in company history, we began our multi-mission aircraft contract on February 1st and dispatched to support heightened fire activity in Oklahoma. We also saw our earliest dispatch of our air attack aircraft to Texas in February for command and control missions. This early mobilization is consistent with what we are seeing more broadly across the market, fire activity beginning later, lasting longer, and requiring more proactive engagement from our federal and state partners.

During the quarter, we continued to make progress expanding and enhancing our fleet, including the modification of additional surveillance aircraft. These aircraft, which were added to the fleet at the end of 2025, will have unique configurations that introduce new intelligence capabilities into wildfire response in 2026 and will continue to drive the innovation of our multi-mission platforms. Our current sensor-enhanced aircraft, which are already deployed, have flown millions of acres in early 2026 to support real-time mapping, live streaming, and situational awareness for fire teams across multiple states, from Nebraska to Florida and Arizona to North Carolina. We're seeing rapid adoption of our sensor aircraft to detect fires and guide initial attack with our hours flown on our sensor planes nearly doubling Q1 of this year versus last.

This early and broad-based deployment highlights both the increasing demand for our services and the growing importance of our technology-enhanced capabilities, particularly in supporting initial attack and real-time decision-making on the ground. Safety is paramount to everything we do, and we believe every hour spent safely fighting fires is an extension of how we focus on preparation. In the 1st quarter, we invested in fleet readiness, including winter maintenance and flight training. Through focusing on the intensity of the fire year and not the fire season, our newly staggered maintenance cycle ensures we have aircraft from each mission set ready to deploy within hours. This spring, we maximized our time in field training for the firefighting operations and using extensive time in both classroom and on the wing.

With our readiness and specialized fleet, we are prepared to fulfill our mission to intercept and extinguish fires before they can bring widespread devastation. As a part of these efforts, we are proud to have qualified two new Super Scooper captains and two initial attack captains, bringing us to a total of four initial attack captains. The addition of these initial attack captains will allow us to remain out longer in Q4 and dispatch earlier in Q1 next year. From an organizational perspective, we continue to build the leadership team required to support our growth. The recent additions of a Chief Operating Officer and General Counsel bring significant operational and public company experience and will help ensure we scale the business with a continued focus on safety, execution, and governance. Let's turn to the outlook on fire conditions and an update on federal legislation.

Across the nation, states are seeing record high temperatures, low snowpack, and extensive droughts. For the entire U.S., March was the warmest it's been on record in over 130 years. These environmental factors point to elevated fire risk. Importantly, the below-average year in 2025 suggests that we have not yet seen the full impact of its fuel buildup. We see multiple signals that heightened fire conditions are starting to converge. Just last week, the Secretary of Agriculture, Brooke Rollins, issued a memo directing the U.S. Forest Service to heighten national wildfire readiness in the face of historic lack of winter snowpack, predicted above normal temperatures and drier than normal conditions across the U.S. She even went so far as to state that large wildfires are predicted to threaten homes, communities, and natural resources this summer.

In addition to the Secretary's comments, wildland fire managers have similar interest in more robust wildfire response and increased preparedness. Within the President's budget, the administration is explicit about the need for the consolidation of wildfire programs between the USDA and the DOI. In addition to urging Congress to streamline fire suppression efforts, they've also advocated for the creation of a new Wildfire Intelligence Center under the new unified U.S. Wildland Fire Service. The Wildfire Intelligence Center will be focused on incorporating technology to assess and model wildfires and inform rapid response, coordinate suppression, promote fuel management, and advance recovery and rehabilitation. With Bridger's unique services, we're well-positioned to not only meet the directives with the most effective suppression of surveillance aircraft, but also to introduce our leading-edge technology solution, Ignis, which I'll discuss more shortly.

Through these shifting environmental conditions and the notable devastation from megafires like the Palisades and Smokehouse Creek Fire, we've seen a move toward progressive wildfire management at the federal level to streamline agency coordination, commit to longer-term contracts, and proactively station and use aviation resources. We're continuing to monitor progress and active legislation regarding the consolidation of these agencies. Let me now provide a quick update on Ignis and FMS. With our software platform, Ignis, we've been able to live stream our fire surveillance into mobile and desktop environments. In Q1 alone, the aviation module of Ignis has been used by emergency operation centers, pilots, and ground firefighters. In Q2, we are officially launching the Ignis platform as a part of our aviation capabilities and introducing a new way for the industry to access an entire fire data ecosystem in one place.

Our ability to be first to market and introduce leading-edge solutions into firefighting is due in part to the capabilities of our in-house engineering division, FMS Aerospace. They continue to not only contribute to the modifications of our internal fleet, but also in the defense and commercial contract work they pursue. With the recent increase to the defense budget, we feel we're well-positioned with our awarded programs being able to grow in existing capacity and pursue strategic new work on larger IDIQs that are a good fit for our integrated services. We are currently listed on seven IDIQs covering various military branches. Much of the defense budget is focused on the upgrade of aviation assets and the advancement of sensor technology, both of which we specialize in.

While the first quarter reflects the planned slower revenue winter maintenance period of the wildfire industry, the underlying fundamentals remain strong. Demand continues to build. Bridger is entering the 2026 season with greater scale, enhanced capabilities with higher return profiles, and a broader operational footprint than ever before. We are focused on executing through the upcoming fire season and translating this positioning into a year of strong growth and performance. I'll turn the call back over to Anne, and she can go through our financials in more detail.

Thank you, Sam. It is a pleasure to be joining you all for my first earnings call as CFO, especially after having the privilege of serving on the board and engaging with the team as they delivered such strong results. Before getting into the numbers, I wanted to share some initial observations. Bridger is at a pivotal stage. We've built a best-in-class aerial firefighting platform with one of the largest suppression fleets in the industry, and we're now squarely focused on executing our next phase of disciplined, profitable growth. The demand environment for our services remains exceptionally strong, and with our expanded Super Scooper and sensor-enabled air attack capabilities already positioned for the 2026 season, we're well-prepared to scale operations, win additional contracts, and drive meaningful revenue and cash flow generation.

From a leadership perspective on the finance team, my focus is on building and enhancing a high-performing organization that serves as a true strategic partner to the business. We're investing in talent to strengthen our planning, analysis, and capital allocation capabilities so that we can support this accelerated growth phase while maintaining financial discipline, operational leverage, and transparency. I'm committed to fostering a culture of accountability and excellence that not only scales with the company but also helps us deliver sustainable long-term value for our shareholders. Looking at our results for the first quarter of 2026, revenue was $8.5 million, compared to $15.6 million in the first quarter of 2025.

The decline year-over-year was primarily driven by non-recurring return to service work performed on the Spanish scoopers in 2025, as well as early deployment activity last year related to the Palisades fire. Return to service revenue was $1.7 million in the first quarter of 2026, compared to $5.9 million in the prior year period. Excluding this impact, revenue from ongoing operations reflects the normal quarterly nature of the business, with the first quarter typically representing a period of lower aircraft deployment ahead of peak fire season. This year, we saw typical dispatch orders in the southern states that we've been seeing in recent years.

Cost of revenues was $17 million in the first quarter of 2026, compared to $17.2 million in the first quarter of 2025, reflecting continued investment in fleet readiness and operational positioning ahead of the fire season. Given the turbulence in fuel-impacted industries, I do wanna touch on Bridger's exposure to fluctuations in fuel prices. Fuel expenses are largely a pass-through cost. Under all of our fire suppression Super Scooper contracts, fuel is fully passed through to the customer. For the majority of our light fixed-wing contracts, we either benefit from economic price adjustment clauses that mitigate fuel price impacts or fuel is treated as a pass-through expense. Selling, general, and administrative expenses were $16.7 million in the first quarter of 2026, compared to $8.6 million in the prior period.

The increase was primarily driven by non-cash items such as stock-based compensation and an increase in the fair value of warrants, as well as cash items, including an investment in our workforce, specifically leadership and technology build-out, as well as business development investment. Interest expense for the first quarter was $6.2 million, compared to $5.7 million in the prior year period. For the first quarter of 2026, we reported a net loss of $31.3 million, or $0.69 per diluted share, compared to a net loss of $15.5 million or $0.41 per diluted share in the first quarter of 2025. Adjusted EBITDA was negative $14.5 million compared to negative $5.1 million in the prior year period.

A reconciliation of adjusted EBITDA to net loss is included in Exhibit A of our earnings release distributed earlier today. Turning to the balance sheet. We ended the first quarter with total cash and cash equivalents of $9 million, compared to $31.4 million at year-end 2025. The decrease was primarily driven by strategic investment in aircraft production slots, investment modernizing our fleet with sensor and other technology capabilities, and continued investment in fleet readiness and operations ahead of the fire season. Importantly, the first quarter cash usage is consistent with the early season nature of our business, where we invest in aircraft maintenance, training, and operational positioning in advance of peak deployment periods. As activity increases through the second and third quarters, we expect to see a corresponding improvement in revenue and cash generation.

We continue to have access to 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 March 31st, we have approximately $90 million remaining. Turning to our outlook, we are reiterating our full year 2026 guidance of $135 million-$145 million in revenue and $55 million-$60 million in adjusted EBITDA. This represents continued strong growth, including approximately 29% growth when excluding non-recurring return to service work recognized in 2025 on the two Super Scoopers. We are in active discussions in Europe to deploy the Super Scoopers for the summer fire season, followed by a planned repositioning of the two aircraft for higher value U.S. contracts.

Contribution from Europe's summer fire season is included in our guidance but handicapped for a shorter fire season and lower contract economics in Europe. 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 peak season. As we expand our MMA fleet mid-year, we expect the sensor-enabled Air Attack program to contribute to growth in 2026 and support attractive margin expansion over time. With that, operator, we are now ready for questions.

Certainly. Thank you, Ms. Hayes. Ladies and gentlemen, at this time, if you do have any questions, please press star one. You can always remove yourself from the queue by pressing star two. We'll go first this afternoon to Austin Moeller with Canaccord Genuity.

Hi, good afternoon. My first question is, I know that Ignis has been demoed by a couple of different government agencies, but is there a timeline on when that might start to be included in some contracts? Would there be, like, a pricing premium associated with bundling Ignis with air attack and surveillance services?

Hey, Austin, good to talk to you again. Yeah, that's a great question. We have a very small amount of revenue, budgeted this year intentionally for Ignis.

This is more about the aviation contract bundling opportunity this gets us, both, for existing contracts as we provide unique configurations with our planes and our hardware sensors, as well as the ability to live stream down to customers. We're already having them use it, so we're able to do some contract modifications to add the software piece. Probably this is gonna see a lot more fruition going into next year as we can sell this on a standalone basis for operators, state-owned drones and planes, as well as what we can couple in with our aviation contracts and price in at a premium. More of a, you know, standard SaaS model revenue, year-round, subscription-based versus aviation contracts.

It's an exciting time for us to introduce because the industry is now ready for all of the capabilities that we're able to deliver with our real-time situational awareness, and we've been able to build it into one ecosystem, even most recently, bringing in some modeling capabilities, which don't quite exist in one place yet in the industry.

Okay. If we think about the FMS upgrade and maintenance business in Huntsville, just given the record defense budget possibly up to 50% increase year over year in fiscal year 2027, how should we think about the top line growth profile of that business just as you get more orders from the Air Force and other service branches?

That's something we'll have to define a little bit further into the year. What I will say is that we're on track with that portion of the business to hit their revenue this year. We've noticed where there was a little bit of a lag in the commitment to expand the program orders that we had last year. We've been seeing these orders come back with some significant commitment for what we have in our existing pipeline, let alone what we believe will be accessible through the many IDIQ that we have in place, as primes, the larger primes get more of these awards and pass along the work to us.

We're gonna put concerted effort in what BD opportunities we pursue there going into the summer months here so that we can position uniquely with all the integrated services we have to get the right-sized jobs that incorporate all parts of Bridger's services, which are, you know, flight operations, maintenance, modification, flight testing, and engineering, all the pieces that we have in place today.

Super exciting. I'll pass it back there. Thanks.

Thank you.

Thank you. We go next now to John Saunders with Stifel.

Hey, good afternoon. Thank you for taking my question, Sam and Anne.

Thank you, John.

The earlier comments. Appreciate the earlier commentary on some of the moving parts in the federal policy. Just for outsiders, what are some things that we should be looking for and any benefit of consolidating this funding? Could this benefit this year, this fire season, or is this kind of more a longer term benefit of any changes? Thank you.

Good question, John. I think we at Bridger are in full support of the consolidation, although there are growing pains associated with a big move like this, we don't trivialize that. The movements we've already seen in what the consolidation would mean, which would be more streamlined organization across the regions, dispatching, pre-positioning to help meet some of the directives for more aggressive wildfire management are all important tenets to have as the framework for those more aggressive wildfire management techniques to take place. We think that that will come more to fruition in an actual form next year because there are studies being done and some administrative reorganizations that are happening. I will say that we've seen more meaningful commitment.

There's been a little bit of a lag here in Q1 of this year, but as we have the outlook of the fire year ahead of us and something significant as the USDA putting out a memo talking about the fire year and the significance and the preparedness that needs to be taking place is significant, a significant indicator of the movements in that direction for the collaborative effort of a centralized U.S. Wildland Fire Service and the moves to making those longer term commitments. Short answer, I think it's starting to have the right movements underway. I think before it takes shape in a more legislative appropriation and contract form, that's gonna be more to next year, but we're already benefiting from some of those moves.

Great. We'll watch it. Just a question on what you announced in early March, the $18.6 million Alaska contract. Can you just talk a little bit about how that contract works? Is an aircraft dedicated exclusively to that region? Just any kind of color would be appreciated. Thank you.

Yeah, you bet. We have two aircraft in Alaska right now on a exclusive use multi-year contract. Alaska has seen, year-over-year, like the rest of the U.S., a lot of heightened fire activity. That call when needed contract gives them the opportunity to call and retain more aviation assets either early in the season, later in the season or extended through the peak of the season. It gives us the additional capacity to get more work earlier end of the year. We also have additional aircraft that could backfill that for that to be a surge capacity contract.

It's a great one for us because it's what more of the trends that we see at the state level where they're willing to commit to their own aviation contracts and make sure they have assets available when there's a catch up in the unmet demand and the capacity that's out there. We're pursuing more of these with a lot more of the states throughout the West specifically.

Great. Good luck with the upcoming busy season.

Thank you.

Thank you. Just a quick reminder, ladies and gentlemen, star one, please, for any further questions today. We'll pause for just a moment to allow everyone a chance to respond. Mr. Davis, it appears we have no further questions today, sir. I'll turn the conference back to you for any closing comments.

All right. Thank you again for joining us today and your interest in Bridger. Please reach out to our investor relation teams with any questions. We will be participating in June at the Stifel Cross Sector Insight Conference for any interested investors. Thank you all so much and have a great day.

Thank you, Mr. Davis. Thank you, Ms. Hayes. Again, ladies and gentlemen, this will conclude the Bridger Aerospace first quarter earnings call. Again, thanks so much for joining us, everyone. We wish you all a great afternoon. Goodbye.

Greetings, and welcome to the Bridger Aerospace Fourth Quarter 2025 Conference Call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Eric Gerratt, Chief Financial Officer. Thank you. Mr. Gerratt, you may begin.

Good afternoon, and thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Sam Davis; and incoming CFO, Anne Hayes. Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Since forward-looking statements are based on various assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to differ materially from those expressed include, but are not limited to, those disclosed in the company's filings with the U.S. Securities and Exchange Commission, including our expectations regarding financial results for 2026. Management cannot control or predict many factors that impact future results. Listeners should not place undue reliance on forward-looking statements, which reflect management's views only as of today. We anticipate that subsequent events and developments will cause our assessments to change. However, we undertake no obligation to revise or update any forward-looking statements or to make any other forward-looking statements. Throughout this afternoon's earnings release and call today, we refer to the non-GAAP financial measure adjusted EBITDA. The definition, calculation and reconciliation to the financial statements of adjusted EBITDA can be found in Exhibit A of our earnings release, which is available on our website. We believe adjusted EBITDA is useful in evaluating our reported results as a supplement to and not a substitute for results reported under GAAP. With that, I'd like to turn the call over to Sam.

Thank you, Eric. First, I wanted to say how proud I am of our team throughout this period of incredible growth. They have risen to the occasion and have been the champions of Bridger culture and focused on the mission and dedicated to safety. Their execution drove record operational and financial performance again in 2025. We generated positive net income and posted a second year of positive cash flow with revenue and adjusted EBITDA both growing by more than 20%. It's important to note that this record performance was achieved during what was statistically a below-average fire year. This financial resilience underscores the strength of our business model, the growing diversification of our revenue streams and the benefits of securing longer-term task orders for our aircraft. While the reported number of wildfires nationwide was noticeably higher in 2025 at nearly 78,000 fires compared to the 5- and 10-year averages of around 62,000, they burned far below the normal acreage nationwide of 5.1 million acres, more than 30% below the 5- and 10-year averages. This is likely the result of our federal and state customers' growing emphasis on early detection, initial and direct attack, and a more rapid response to wildfire. This proactive approach, combined with the impressive performance of our scoopers and enhanced Air Attack assets helped drive strategic prepositioning of our fleet and improved utilization in 2025. Utilization, which is measured in days on contract, was up almost 10% year-over-year. Our multi-mission aircraft almost doubled their flight hours year-over-year and remained deployed well into November. The increased utilization rates have paralleled an ideological shift in how the U.S. fights wildfires. Throughout 2025, we saw many federal and state customers place increased emphasis on initial and direct attack. Fortunately, for Bridger, we have the aircraft best suited for this aggressive wildfire management style. We are directing our efforts to maximize the use of aircraft we have while finding other opportunities to expand our capacity with additional aircraft. Looking at the 2025 wildfire statistic for Super Scoopers specifically, there continues to be unmet demand, as demonstrated by over 60 orders that were unable to be filled due to aircraft already deployed in fires. Of the total requests made, this represented a 48% unfilled rate. So far this year, we have deployed 2 Pilatus PC-12s and 2 Super Scoopers to fight fire. Of the PC-12s, 1 multi-mission aircraft mobilized to Oklahoma and 1 mobilized to Texas to provide aerial intelligence for early season wildfires. The call-up of our enhanced Air Attack platform demonstrates the aforementioned prioritization of early detection and the proven effectiveness of our advanced sensors and imaging systems. Demonstrating our ongoing commitment for year-round readiness, at least 3 of our Super Scoopers have remained ready throughout the winter months to be dispatched or to support training. Early in the year, we even prepositioned aircraft in Arizona as a proximity advantage as wildfire threats began to rise in the southern states. Let me now provide an update on our contracting as we look out to 2026. We continue to target multiyear and exclusive-use contracts to build resiliency in our revenue and drive utilization. Maximizing the number of these exclusive-use commitments helps to ensure our fleet remains dedicated to critical wildfire response efforts. We are in active discussions with numerous states to provide exclusive use of our firefighting assets and are optimistic that current budgeting and planning cycles will lead to future opportunities in the coming months. Just this week, we announced a 5-year multiple award, indefinite delivery, indefinite quantity, or IDIQ, contract for call-when-needed fixed-wing transportation services in Alaska. We will be supporting personnel and cargo movements for the U.S. Department of Interior and other federal agencies on an as-needed basis. Although this is not a guarantee, this contract is estimated at $18.6 million. This contract allows Bridger to create additional work for existing aircraft as well as answer demand as we grow our fleet with similar capabilities at the state and federal levels. Through our FMS subsidiary, we are dedicating resources for modification work on several internal aircraft to enhance our technology platforms. These modified aircraft are becoming a growing part of our contracting discussions. We're also in active firefighting contract discussions for our first 2 Spanish scoopers in Europe, having purchased them from our partnership with MAB Funding, LLC in the fourth quarter. The third and fourth Spanish scoopers continue to undergo the final stages of their return-to-service work by our Spanish subsidiary, Albacete Aero. As they become available later in 2026, we will look to enter discussions with MAB to potentially acquire these aircraft as well. Let me now provide a quick update on FMS and Ignis, our 2 acquisitions. FMS contributed $7.9 million in revenue for 2025. As I mentioned, much of their resources have been dedicated to internal aircraft modifications for Bridger aircraft to solidify our competitive edge. These technology-enhanced platforms are in high demand and have been instrumental in our ability to position Bridger for high-margin work. We also continue to see a number of contracting opportunities, primarily with the DOD in active bids with FMS' capabilities that put Bridger uniquely positioned to respond to. In addition to awarded work with our partner, positive aviation for the FF72 aircraft, our recent wins include a small award with the U.S. Air Force and Borsight. While revenue in FMS saw delays due to federal budgeting uncertainties through 2025, we do see momentum in federal funding with recent increases through the National Defense Authorization Act for 2025 for $895 billion. With our integrated services, we remain well positioned for a wide range of defense as well as commercial work. We're in the middle of repurposing our business development team to target this work. And much of the opportunities are fairly small and strategic with potential to scale into large volume, nonfire, nonseasonal, complementary to the services we already provide. Also, a quick update on the Ignis Technologies platform. Since launching the mobile platform to support firefighters in the field over a year ago, pilot programs utilizing the platform with counties, crews and incident management teams continue. We are now linking Bridger's real-time sensory image with the Ignis app, creating a seamless data flow from air to ground. Already this year, we have been live streaming wildfire progression, delivering perimeter mapping and even providing drop targets for aerial support as we deliver our imagery to ground firefighters, pilots and incident commanders to make effective real-time decision and enhance the safety of all operations in the fire stack. This capability is unlocking new levels of situational awareness and supporting multi-mission aviation contracts and enhances both operational effectiveness and safety. With the continued success of our sensor-enhanced aircraft in this field, the need for interactive live data streaming is stronger than ever, and we intend for this to be a critical part of our sensor-enhanced aviation contracts this year. As we look out to 2026, we are well positioned for another year of greater than 25% growth. This includes revenue from our 2 new Spanish scoopers as well as 2 new Air Attack aircraft, which we added in the fourth quarter. Our improved balance sheet provides the financial flexibility to acquire additional aircraft in response to contract expansion opportunities and further drive EBITDA growth and long-term shareholder value. This growth stands against the backdrop of recent federal initiatives to restructure our national wildland firefighting system. This includes the executive order in early 2025 that called for the establishment of a national wildland firefighting task force, the establishment of the wildland fire service and passage of the Fire Ready Nation Act and Aerial firefighting Enhancement Act of 2025, all of which are focused on improving wildfire response. With Bridger's significant Air Attack fleet, including modern fire imaging and surveillance aircraft and the world's largest private Super Scooper fleet, we believe we are uniquely positioned to protect lives, property critical infrastructure and the environment as the nation focuses on preparedness and aggressive wildfire suppression. We have exciting opportunities before us, and I remain grateful and humbled to lead this exceptional team. Let me now turn it back to Eric, who will talk about our strong financial performance in 2025.

Thanks, Sam. Looking at our results for the fourth quarter of 2025. Revenue was $8.5 million compared to $15.6 million in the fourth quarter of 2024. The decline year-over-year was partially related to the later deployment of our Super Scoopers in the fourth quarter of 2024 compared to the fourth quarter of 2025. Excluding revenue from -- for return-to-service work performed on the Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC, which was $0.8 million in the fourth quarter of 2025 and $5.1 million in the fourth quarter of 2024, revenue from ongoing operations, including FMS, was approximately $7.7 million compared to approximately $10.5 million in the fourth quarter of 2024. Cost of revenues was $14.1 million in the fourth quarter of 2025 and was comprised of flight operations expenses of $5.7 million and maintenance expenses of $8.4 million. This compares to $15.4 million in the fourth quarter of 2024, which included $5.8 million of flight operation expenses and $9.6 million of maintenance expenses. Cost of revenues associated with the return-to-service work on the Spanish Super Scoopers declined $4.2 million in the fourth quarter of 2025 compared to the fourth quarter of 2024. Selling, general and administrative expenses were $13.4 million in the fourth quarter of 2025 compared to $7.7 million in the fourth quarter of 2024, primarily reflecting an increase in the fair value of our warrants and an increase in earn-out consideration compared to the fourth quarter of 2024. Interest expense for the fourth quarter was $6 million compared to $5.9 million in the fourth quarter last year. Other income was $10 million in the fourth quarter of 2025 compared to $0.3 million in the fourth quarter of 2024. The increase was primarily attributable to a gain of $16.9 million related to the sale-leaseback transaction, partially offset by a loss of $7.8 million on the extinguishment of debt in conjunction with our debt refinancing in the fourth quarter of 2025. For the fourth quarter of 2025, we reported a net loss of $15.1 million or $0.40 per diluted share compared to a net loss of $12.8 million or $0.36 per diluted share in the fourth quarter of 2024. Adjusted EBITDA was negative $9.5 million in the fourth quarter compared to negative $2.9 million in the fourth quarter of 2024. A reconciliation of adjusted EBITDA to net loss is included in Exhibit A of our earnings release distributed earlier today. Looking at our results for the full year 2025. Revenue was $122.8 million compared to $98.6 million in 2025 -- 2024, a 25% increase. Excluding return-to-service work on the Spanish Super Scoopers, revenue was $108.8 million compared to $88.5 million in 2024, which was up 23%. Cost of revenues was $71.1 million comprised of flight operation expenses of $31.9 million and maintenance expenses of $39.2 million. Cost of revenues for 2024 was $57.5 million comprised of $31 million of flight operations expenses and maintenance expenses of $26.5 million. Cost of revenues for 2025 included an increase of approximately $5.4 million of expenses associated with the return-to-service work on the Spanish Super Scoopers compared to 2024. SG&A expenses were $36.3 million compared to $35.8 million in 2024, with the increase primarily driven by an increase in the fair value of our warrants partially offset by a decrease in noncash stock-based compensation expense. Interest expense for 2025 was $23.3 million compared to $23.7 million in 2024. We also reported other income of $11.8 million for 2025, inclusive of the gain of $16.9 million on the sale leaseback transaction, partially offset by the loss of $7.8 million on the extinguishment of debt. Other income was $2.1 million for 2024. Net income was $4.1 million in 2025 compared to a net loss of $15.6 million in 2024. Adjusted EBITDA was $45.3 million in 2025 compared to $37.3 million in 2024. Turning to the balance sheet. We ended 2025 with total cash and cash equivalents of $31.4 million. During the fourth quarter, we completed our previously announced sale-leaseback transaction with SR Aviation infrastructure for our Bozeman Yellowstone International Airport campus facilities. We also entered into a new senior secured facility for up to $331.5 million led by Bain Capital's private credit group. Together, these transactions were used to refinance Bridger's $160 million municipal bond with Gallatin County and consolidate the majority of our other existing debt. Most importantly, our new credit facility provides significant capacity and financial flexibility through a delayed draw facility of up to $100 million designed to fund future fleet expansion to support the economic growth we are pushing. Let me now turn the call over to Anne Hayes, our incoming CFO, to go over our 2026 guidance.

Thanks, Eric. We are starting 2026 with the addition of 6 new aircraft on balance sheet. This consists of 2 previously leased PC-12 with contracts through 2027, 2 King Air multi-mission aircraft and the 2 Spanish scoopers purchased in December. These new assets, coupled with increased utilization on the existing aircraft, will help us achieve growth of over 25% from last year when excluding the 2025 return-to-service work in Spain. We are initiating 2026 guidance ranges of $135 million to $145 million for total revenues and $55 million to $60 million for adjusted EBITDA. The company also expects continued improvement in cash provided by operating activities in 2026 and positive net income. Company is evaluating several different international operating contracts for the 2 scoopers that we closed in December, which are currently stationed in Spain. The contribution from the scoopers and the 2 new MMA aircraft is expected to be roughly 10% to 15% of 2026 revenue at a approximate 40% EBITDA margin. While we've had a good start to the year with 2 scoopers and 2 Air Attack flying in late February, we expect to report a net loss in the first quarter due to the winter maintenance activity. With that, I'll turn it back to Sam for final comments.

Thank you, Anne and Eric. As we announced in November, Eric is officially retiring at the end of the month, and Anne is taking over the CFO role officially on March 10. I want to again express our gratitude to Eric for his financial leadership over the last 3.5 years and his dedication to building Bridger into the resilient and profitable company that it is. I also want to take the opportunity to say how excited we all are to welcome Anne Hayes officially as our new CFO, having joined us after serving as Audit Chair of our Board of Directors. She is ideally suited to lead us through our next chapter of growth and is clearly bought into the mission, evidenced by her step from Audit Chair to join the Bridger team. I also want to welcome Bill Andrews, our new Chief Operating Officer, announced earlier this week. He joined us most recently from Lockheed Martin as Vice President and Executive Program Manager for C-130s, C-5s and P-3s from development to support. As a U.S. Air Force and Air National Guard veteran for over 25 years, he served as an aircraft commander and C-130 evaluator pilot. We're privileged to have him join us both for his stellar career and his exemplary military service, which are an incredible fit for the Bridger mission. He has the right skill set to help grow Bridger into a robust and scalable organization. Having led multibillion-dollar programs at Lockheed Martin across aircraft delivery, upgrade, support and readiness initiatives, he is exactly who we need to grow our organization in size and year-round operation. This includes his experience supporting the C-130 MAFFS aerial firefighting aircraft for the California Air National Guard. We also see his unique service and support in the defense space as instrumental as we pursue additional opportunities adjacent to our firefighting missions. To recap 2025, we flew in 21 states. We provided support for 380 fires and dropped 7.3 million gallons of water. We had the earliest deployment in customer history with scoopers dispatching to the Palisades fire in California in January. Across the fleet, we flew record hours greater than 10% above 2024 in a relatively slow fire year. And when we came home from the field in November, we had maintained 96% uptime on contracts, had driven 125,000 miles in our support vehicles, and most notably, every Bridger employee came home safe. As we sit here today, 3 of Bridger's scoopers have completed winter maintenance and 2 of those are already responding to early season wildfire activity in Texas. One MMA is on contract in Oklahoma and one Air Attack is in Texas. Air Attack aircraft are on standby here in Bozeman, preparing work for early 2026. The remaining 3 scoopers are finishing up winter maintenance and should be ready over the course of the second quarter. Our staged winter maintenance program ensures we can provide flexibility within our fleet, utilize the excess capacity of our scoopers and deliver year-round readiness. Legislation and greater appropriations to prioritize preparedness, early detection and suppression are making a difference to how we fight wildfire, and Bridger is uniquely positioned to support our federal and state customers. As Anne stated, we are on track for another record year, supported by a much improved balance sheet with significant capacity and financial flexibility to fund future fleet expansion, drive organic growth and build on our long-term vision to innovate and deploy the most advanced technology in our industry and deliver on our mission to protect lives, property, critical infrastructure and the environment. Together, our team is ready to answer the call to serve year-round. We're excited for and positioned to make 2026 another incredible year. With that, I'd like to open up the call to the operator for any questions.

[Operator Instructions] Our first question comes from Austin Moeller with Canaccord.

So just my first question, I was going to ask about the appointment of Bill Andrews. Is the intent there for him to help build out the FMS business? Or does this potentially signal that you might buy like C-130s or other government aircraft after the recent legislation that permits that?

Yes. So primarily, Bill's focus is -- good to talk to you again, Austin. Thanks for the question. Primarily, Bill's focus is going to be on making sure that our fleet is deployed and ready to go year-round across the country and really focus on our operational excellence and build upon that. But it's more aligned with your first comment where we're looking at all of the expertise and the years of experience he has of leading very large programs, obviously, at a much different scale that he can bring that context into the Bridger family. And we're uniquely positioned, I think, with our integrated services to do defense work adjacent to the mission we're doing in firefighting with all of the services we have in-house and really taking the opportunity with the funding going on in the defense space and the work that we have in the team and have Bill help identify and lead the team to capitalize on some of that. There's a lot of appropriately sized work for us to do, both on modification, flight test and design to go after defense work and other smaller jobs that maybe the larger primes can't quite capture. And we have the quick ability to do turnkey solutions, and FMS is a key part of that.

Okay. And can you give us any update on the return-to-service work for the second 2 Super Scoopers being worked on under MAB Funding and when they might be returned to service and you could potentially purchase and take ownership of those aircraft?

Yes. Great question. So I think last we left off, the third aircraft is quite near certification of airworthiness. And so there's a clear opportunity if we're focused on the first 2 getting firefighting work in Europe this year and then exploring potentially moving them even back to North America for fighting fire in the future. So the third is near completion, and that obviously makes that a much closer target for us from an acquisition perspective. The fourth is a little bit further out. We're sourcing parts and working to get that underway. That would probably be a little bit later in the year, if not toward the end of the year, that we would get that complete. But again, focusing on folding in the first 2 to doing firefighting, and 3 and fourth are a nice dovetail in to work that we find for the first pair.

Okay. And just one more here. Can you speak to the potential contract opportunities in Europe, which ones you -- which countries you think are perhaps the highest probability that you could get deployed in advance of the fire season in Q2?

Yes. And I'll be as direct as I can be without being too speculative or leading here because we're in communication and negotiations. But the 2 leading countries, I would say, that have shown great interest in committing to the scoopers stationed in Spain would be Portugal and Turkey. We're working with our partner overseas in Europe, Avincis, that has helped us both on the return-to-service work and flight operations to pursue those countries with the economics we have in mind together as well as the mentality of the first come first serve basis as they get set up for the fire season. In terms of timing, the appropriations are a little bit later than ideal in Europe, not as quite as early as a commitment as you get in the U.S. So we're hoping to have something in line and defined by March or maybe end of April. So that's kind of the time line we're managing to. There are other countries that would be interested. They just haven't gone as far down their appropriation cycle as the first 2.

[Operator Instructions] At this time, there are no further questions in queue. I will now turn the meeting back to Sam Davis for any additional or closing remarks. And my apologies. We actually did get an additional question. We'll move to Mark Williams with EmergingGrowth.com.

Great. Congratulations on another strong quarter. Just real quick, with the 2026 guidance removing the return-to-service revenue and profitability from that, how should we think about normalized EBITDA margins across core missions? And what will be driving the expansion forecasted?

Yes. Thanks, Mark, and appreciate you asking the question. I'll answer kind of the first part, and then I'll let Anne jump in if she can. We're focused on the expansion with the expanded capacity in the current fleet we have and capitalizing more on the margins with the core fleet, not including the return to service as you mentioned. So improving both the utilization, including the days and hours we have on contract for our scoopers and Air Attack aircraft in hand as well as the addition of 2 scoopers in Spain, which we're factoring in as well as 2 additional sensor-enhanced planes we -- will add to contract here shortly. And as everybody should know on the call, those sensor-enhanced planes have quite attractive margin versus nonsensor enhanced, so continuing to drive those margins up overall, an improvement. Anne, I don't know if there's anything else you want to add there.

Yes. No. So we had -- in 2025, we had about $14 million in revenue from the return to service, so we're increasing 29% when excluding that in 2026. And as far as the margins, as Sam mentioned, our scoopers are generally over 40% adjusted EBITDA margin, and our newer MMA aircraft can be as high as 40% to 50% or above. So any aircraft that we're adding at this point are increasing EBITDA margins compared to the more simple Air Attack that did not have the sensors could have a lower EBITDA margin.

Okay. Great. And then along those lines, maintenance expenses increased in 2025 as aircraft were added. And with the addition of the new aircraft, how should we think about how expenses, maintenance expenses should scale with those aircraft?

Okay. I'll take the first part of this, Mark, again and then let Anne put some numbers behind it. But excluding, again, the return to service, we see -- we saw less of an increase in our cost of revenue as opposed to the revenue that we saw year-over-year and continue to see that as we set guidance for this year because we're seeing more economies of scale as the fleet grows and we become more efficient with spend. There were some additional costs -- variable costs that are associated with being deployed more and having more activities such as travel, obviously, wear and tear on aircraft and more of the maintenance intervals that we have to perform. However, it grows at a less of a rate than the revenue grows. So we're -- we have that factored into a more profitable gross profit this year with our core fleet and the aircraft that we're adding.

Yes. I would just add that, in 2025, the aircraft maintenance did include that Spain return-to-service work, so we will see that decrease in 2026. And we are seeing margins, as mentioned earlier, with that decrease; and the high-margin aircraft, we are seeing margins increase.

Okay. Great. And then last question, just real quick. With the refinancing and the liquidity available under the DDTL that occurred this past year, do you see any need for additional funding throughout the next year or 2? Or especially bringing on the 2 new scoopers, I don't know if they were funded under the DDTL or part of other parts of that funding that -- how should we think about that?

Yes. So good question. The DDTL that we have in hand, which at close was $100 million, we built that around what we see for the next couple of years in terms of opportunity of aircraft that we could go out and add to contract and contribute the same as the fleet we have, which does include aircraft 3 and 4 scoped into that amount. So we don't yet foresee any problem of outpacing -- of our growth outpacing that from an aircraft acquisition perspective. We could obviously revisit that if the demand necessitated that many aircraft. But right now, including the aircraft we added at the end of the year, that was factored into the model at the time we closed it. And so we're on pace for that. And that, again, is a good outlook for us for the next couple of years.

Yes and just...

And just to provide -- sorry. Go ahead.

Well, just real quick, Mark, just the other thing to add. So the purchase for the first 2 Spanish scoopers was included in the overall term loan. So we didn't tap the deferred draw facility for those. And to Sam's point, the 2 surveillance aircraft we added at the end of the year did come out of the DDTL facility, but there's still about $90 million left in it. So the first 2 Spanish scoopers came out of the term loan that's already on the balance sheet, and we still have, like I said, about $90 million of capacity on that deferred draw facility.

There are no further questions at this time. I'd now like to turn it back to Sam Davis for any additional or closing remarks.

Thank you. Thanks again for joining our conference call today. We look forward to updating you on our progress when we report our Q1 results in May. If anyone has any follow-up questions, please reach out to our Investor Relations. Thanks, and have a good day.

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.