Bridger Aerospace Group Holdings Inc - Class A
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.36%.
Did BAER Beat Earnings? Q2 2025 Results
Bridger Aerospace Group delivered what it called its strongest second quarter on record, with revenue of $30.75 million blowing well past the $13.50 million consensus estimate for a 127.79% beat, while rising 136.3% year-over-year as an unusually active wildfire season drove 100% fleet deployment and the earliest call-outs in company history. The aerial firefighting specialist posted an EPS of $-0.12, missing the $0 consensus, though the headline loss obscures a dramatic operational turnaround; net income swung to a positive $308,000 from a net loss of $9.98 million in Q2 2024, and Adjusted EBITDA surged to $10.82 million from just $191,000 a year ago. The single biggest catalyst was accelerated deployment of Bridger's Super Scooper fleet, underpinned by historic 120-day task orders securing aircraft through at least October. Looking ahead, management tightened its 2025 guidance toward the higher end of its range, targeting revenue of $105 million to $111 million and Adjusted EBITDA of $42 million to $48 million, with a $46 million sale-leaseback deal expected to close in Q3 and further strengthen the balance sheet.
- Record-setting revenue driven by significantly higher wildfire activity and earlier deployment of Super Scoopers and surveillance aircraft
- 100% fleet deployment with earliest call-outs in company history
- Historic 120-day Super Scooper task orders ensuring deployment through at least October
- Revenue of $5.1 million from return-to-service work on four Spanish Super Scoopers under MAB partnership
- Lower SG&A expenses due to reduced non-cash stock-based compensation and decreased earnout consideration
“We are extremely proud of our entire team for their dedication and long hours during what has already been a very active wildfire year-to-date. The early deployment of our Super Scoopers amidst record 120-day task orders for four of our Scoopers further guarantees our utilization this year and ensures our fleet remains dedicated to critical wildfire response efforts. We continue to expect more year-round revenue while we focus on maximizing daily availability and flight hours. With continued high wildfire activity early in the third quarter, we are actively supporting our state and federal customers with our Super Scooper fleet and significant Air Attack assets, positioning Bridger for another record year while executing on our mission of protecting lives, property and the environment with our modern technology and our safe and reliable service.”
Bridger Aerospace Group CEO, on the earnings call
Forward Guidance & Outlook
Bridger expects to end 2025 at the higher end of its previously issued guidance, targeting Adjusted EBITDA of $42 million to $48 million on revenue of $105 million to $111 million. This guidance excludes any potential impact from the Spanish Super Scoopers acquired by the joint venture partnership with MAB. The company also expects continued improvement in cash provided by operating activities in 2025. Incoming receivables of $18.3 million from early fire season activity are expected to further increase the cash balance in coming months. The $46 million sale-leaseback deal for hangar and campus HQ is expected to close in Q3 2025, with proceeds set to reduce interest expense and fortify the balance sheet.
BAER YoY Financials
BAER Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.