Bridger Aerospace Group (BAER) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $30.5 million, essentially flat year-over-year due to non-recurring work in 2025; excluding this, revenue grew 16%, driven by increased Super Scooper flight hours and demand for aerial firefighting services.

• Provides aerial wildfire surveillance, suppression, and firefighting services, with operations primarily in the U.S. and some international activity, focusing on advanced technology and sustainable methods.

• Secured two 160-day U.S. Forest Service task orders for Super Scoopers, the longest in company history, and deployed advanced King Air 350 aircraft for the Department of the Interior.

• Announced a $58 million, three-year contract with Texas A&M Forest Service for King Air 360 aircraft, expanding into engineering and modification services.

• Entered a partnership with Avincis to deploy Super Scoopers in Portugal, supporting Europe's severe wildfire season and marking the first European revenue-generating operations.

Financial highlights

• Q2 2026 revenue: $30.5 million vs. $30.8 million in Q2 2025; excluding non-recurring work, revenue up 16% year-over-year.

• Net loss: $0.5 million vs. net income of $0.3 million in Q2 2025; loss attributable to common stockholders was $7.6 million ($0.13 per diluted share).

• Adjusted EBITDA: $8.1 million, down from $10.8 million in Q2 2025; margin declined to 26.7%.

• Cash and equivalents at quarter end: $7.2 million, down from $31.4 million at 2025 year-end, reflecting seasonal working capital use and fleet investments.

• For the six months ended June 30, 2026, revenue was $39.0 million, down 16% year-over-year; net loss was $31.8 million versus $15.2 million loss in the prior year.

Outlook and guidance

• Reiterated full-year 2026 guidance: $135–$145 million in revenue and $55–$60 million in Adjusted EBITDA, representing 14% growth at midpoint, or 29% growth excluding non-recurring 2025 work.

• Management expects existing cash, cash equivalents, and borrowing capacity to be sufficient for at least 12 months.

• Expect improved operating cash flow as fire season progresses and receivables convert to cash.

• Sensor-enabled Air Attack program expected to drive growth and margin expansion as multi-mission fleet expands.

• Long-term demand for services expected to increase due to climate trends, despite near-term volatility from seasonality and macroeconomic factors.