Bridger Aerospace Group Holdings Inc - Class A
Q2 2026 Earnings
Loss per share includes Series A Preferred Stock adjustment to maximum redemption value of $7,109 thousand, non-cash fair value adjustment for warrants of $(2,931) thousand, change in fair value of earnout consideration of $(33) thousand, and non-recurring executive transition costs of $220 thousand
Market Reaction
S&P 500 over the same 30 days: −1.40%.
Did BAER Beat Earnings? Q2 2026 Results
Bridger Aerospace Group Holdings delivered a disappointing second quarter, missing on both the top and bottom lines as lighter-than-expected revenue and elevated costs weighed on results. The aerial firefighting company reported Q2 2026 revenue of $30.49 million, down 0.8% year over year and short of the $37.04 million consensus by 17.68%, with the gap driven largely by a steep decline in non-recurring return-to-service work on Spanish Super Scoopers, which contributed just $800,000 versus $5.10 million a year ago. On a GAAP basis, the company posted a loss per diluted share of $0.13, missing the $0.03 loss consensus by 333.33%; that figure includes a $7.11 million Series A Preferred Stock adjustment to maximum redemption value, a $2.93 million non-cash warrant fair value benefit, a $33,000 earnout consideration adjustment, and $220,000 in non-recurring executive transition costs. Despite the quarterly shortfall, management reiterated full-year 2026 guidance of $135 million to $145 million in revenue and $55 million to $60 million in Adjusted EBITDA, citing record-length government aircraft commitments extending well into Q4 as wildfire activity intensifies heading into the seasonally critical third quarter.
- Increased flight hours for Super Scoopers offset by decline in non-recurring return-to-service revenue
- Longer guaranteed task orders (160 days vs. 120 days) extending deployment into Q4
- Intensifying global wildfire activity with U.S. acreage surpassing 5 million acres burned, roughly 2 million more year-over-year
- Higher aircraft depreciation, fuel expense, and workforce costs increased cost of revenues
“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.”
Bridger Aerospace Group CEO, on the earnings call
Forward Guidance & Outlook
The Company reiterated full year 2026 guidance: revenue 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 expected to be between $55 million and $60 million, representing 27% growth at the midpoint of the range. Management indicated that government agencies have secured aircraft commitments extending well into Q4 2026, with fleet activity heading into Q3 reflecting intensifying wildfire conditions.
BAER YoY Financials
BAER Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.