Bridger Aerospace Group Holdings Inc - Class A
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.47%.
Did BAER Beat Earnings? Q3 2025 Results
Bridger Aerospace Group delivered a standout third quarter, posting earnings per share of $0.37 against a consensus estimate of $0.32, a beat of 15.62%, while revenue of $67.89 million topped Wall Street's $48.40 million forecast by 40.26% and rose 5.2% year over year. The results are especially striking given management's own characterization of fiscal 2025 as a "below average fire year," with CEO Sam Davis crediting strategic prepositioning and higher aircraft utilization for the outperformance despite lighter wildfire conditions. Net income climbed to $34.52 million as cost controls took hold, with cost of revenues declining to $21.13 million from $23.00 million a year ago. The company's financial momentum is being channeled into growth, supported by a freshly secured $331 million credit facility led by Bain Capital Private Credit Group alongside a $49 million sale-leaseback of its Bozeman campus, providing capital for fleet expansion. On the strength of nine-month revenue of $114.28 million already exceeding its prior annual ceiling, Bridger raised full-year 2025 revenue guidance to $118 million to $122 million, with adjusted EBITDA expected at the high end of the $42 million to $48 million range.
- Higher activity with multiple Super Scoopers and surveillance aircraft deployed throughout Q3
- Strategic prepositioning and increased utilization of aircraft fleet
- Focus on diversifying revenue streams and obtaining long-term contracts
- Lower SG&A expenses due to reduced non-cash stock-based compensation and decreased earnout consideration
- Lower cost of revenues year-over-year despite revenue growth
“2025 has been a defining year for Bridger so far. Throughout the year, we have seen more strategic prepositioning and utilization of our aircraft. Statistically, this was a below average fire year; yet our focus on diversifying revenue streams and obtaining long-term contracts has positioned us to outperform. Our strong third quarter results and the completion of our debt refinancing, with the delayed drawn down facility, equips us with the opportunity to acquire new aircraft as we pursue new contracts to serve our customers – whether federal, state, local, or defense.”
Bridger Aerospace Group CEO, on the earnings call
Forward Guidance & Outlook
Bridger raised its full-year 2025 revenue guidance to $118–$122 million, up from the prior range of $105–$111 million, as nine-month revenue of $114.3 million already exceeded the original upper bound. The company remains on track to finish at the higher end of its 2025 Adjusted EBITDA guidance range of $42–$48 million. Management also expects continued improvement in cash provided by operating activities in 2025. The closing of a $49 million sale-leaseback and $331 million financing package in late October provides growth capital for fleet expansion to pursue new federal, state, local, and defense contracts.
BAER YoY Financials
BAER Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.