Companies /Industrials

Bridger Aerospace Group Holdings Inc - Class A

NASDAQ: BAER Security & Protection Services
$0.79
▼ $0.04 (−4.43%) today
Markets closed · 4:55am ET

Q1 2026 Earnings

Reported May 12, 2026, 4:30pm ET · SEC source
$-0.69
Miss −86.49%
EPS · est. $-0.37
$8.5M
Miss −50.66%
Revenue · est. $17.3M
+6.9%
Beating market
BAER vs S&P since report
3 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
0+2%May 12May 13report 4:30pm ETearnings+0.9%+0.0%
0+2%May 12May 13earnings+0.9%+0.0%
BAER +0.0%S&P 500 +0.9%
0+2%May 12May 13report 4:30pm ETearnings+1.7%+0.0%
0+2%May 12May 13earnings+1.7%+0.0%
BAER +0.0%NASDAQ +1.7%
−6%0+6%+12%May 11May 20report 4:30pm ETearnings+0.3%+10.2%
−6%0+6%+12%May 11May 20earnings+0.3%+10.2%
BAER +10.2%S&P 500 +0.3%
−6%0+6%+12%May 11May 20report 4:30pm ETearnings+0.6%+10.2%
−6%0+6%+12%May 11May 20earnings+0.6%+10.2%
BAER +10.2%NASDAQ +0.6%
−1.67%
Day of report
−1.69%
Next session
−5.65%
One week
+7.34%
30 days

S&P 500 over the same 30 days: +0.48%.

Did BAER Beat Earnings? Q1 2026 Results

Bridger Aerospace Group Holdings posted a seasonally soft first quarter for fiscal 2026, reporting revenue of $8.51 million and a net loss of $0.69 per diluted share as the aerial firefighting company cycled against an unusually strong year-ago period that included $5.90 million in non-recurring return-to-service work on Spanish Super Scoopers and early deployment tied to the Palisades fire in California. Revenue fell from $15.65 million a year ago, while the net loss widened to $31.30 million from $15.54 million, driven in part by SG&A climbing to $16.73 million from $8.59 million, a figure that included a $5.06 million non-cash increase in warrant fair value alongside higher stock-based compensation. Adjusted EBITDA came in at negative $14.48 million versus negative $5.08 million in the prior year. Despite the seasonal trough, management reiterated full-year 2026 guidance of $135 million to $145 million in revenue and $55 million to $60 million in Adjusted EBITDA, citing historically low western snowpack, widespread drought, and record-warm temperatures as indicators of a highly active fire season ahead.

Key Takeaways
  • Revenue decline driven by absence of non-recurring return-to-service work on Spanish Scoopers ($1.7M in Q1 2026 vs. $5.9M in Q1 2025) and lack of early Palisades fire deployment activity
  • SG&A increase driven by $5.1M non-cash increase in fair value of warrants, higher stock-based compensation, and workforce/leadership investment
  • Seasonal business pattern with Q1 representing lowest activity period ahead of peak fire season
  • Hours flown on sensor-equipped aircraft nearly doubled Q1 2026 versus Q1 2025

“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.”

Bridger Aerospace Group CEO, on the earnings call

Forward Guidance & Outlook

Bridger reiterated its full year 2026 guidance of $135 million to $145 million in revenue (representing 14% growth at the midpoint, or 29% excluding non-recurring return-to-service work from 2025) and $55 million to $60 million in Adjusted EBITDA (representing 27% growth at the midpoint). The company anticipates a highly active fire season driven by historically low snowpack, widespread drought, and record-warm temperatures. Active discussions are underway to deploy Spanish Super Scoopers in Europe for the summer fire season before repositioning to U.S. contracts. European contribution is included in guidance but handicapped for a shorter season and lower contract economics. The company expects improved operating cash flow generation through the year driven by increased fleet utilization and higher fire activity during peak season. The sensor-enabled Air Attack program expansion at midyear is expected to contribute to 2026 growth and support margin expansion over time.

BAER YoY Financials

Revenue$8.5M
Gross Profit$-8,536,000
Operating Income$-25,266,000
Net Income$-31,304,000

BAER Revenue by Segment

Aerial Firefighting Services (excluding MAB return-to-service)

Figures from SEC filings and company reports. Not investment advice.