Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER) posted a record full‑year 2025 performance, reporting revenue of $122.8 million—up 25% from $97.9 million in 2024—net income of $4.1 million, and adjusted EBITDA of $45.3 million, a jump of $8.0 million from $37.3 million in 2024. The company’s operating leverage and higher mix of high‑margin surveillance and Super Scooper contracts drove the earnings turnaround, turning a $15.6 million net loss in 2024 into a modest profit in 2025.
In the fourth quarter, Bridger generated $8.55 million in revenue, beating the consensus estimate of $6.63 million, but posted a net loss of $15.1 million, wider than the $12.8 million loss reported in Q4 2024. The quarter’s earnings per share fell to a loss of $0.40 versus the consensus estimate of a $0.306 loss, reflecting the impact of a delayed deployment of new Super Scooper aircraft that postponed revenue recognition in Q4 2024 and compressed the Q4 2025 mix.
Segment analysis shows that revenue growth was largely driven by increased activity of the Super Scooper and surveillance aircraft, even as the overall wildfire season was statistically below average. The company added new Spanish Scooper and Air Attack aircraft to its fleet, expanding capacity and enabling higher‑margin contracts. The mix shift toward these high‑margin platforms contributed to the rise in adjusted EBITDA and the overall profitability of the year.
Bridger guided 2026 revenue to $135 million–$145 million, a 29% increase from the 2025 guidance, and adjusted EBITDA to $55 million–$60 million, reflecting continued expansion of its aerial services platform and the addition of new aircraft. The guidance signals management’s confidence in sustained demand for firefighting and surveillance services, as well as the expected impact of the new fleet on operating leverage.
"Record operational and financial performance again in 2025," said President & CEO Sam Davis. He added, "revenue and adjusted EBITDA both growing by more than 20%" and that the company is "well positioned for another year of greater than 25% growth." CFO Anne Hayes confirmed the 2026 guidance, noting that the company expects continued improvement in cash provided by operating activities and positive net income. CEO Tim Sheehy emphasized, "Our record performance in 2025 underscores our resilience and strategic focus, even in challenging conditions. We remain committed to operational excellence and are optimistic about our growth trajectory in the coming years."
The results illustrate a shift from a loss‑making 2024 to a profitable 2025, driven by higher‑margin contracts and improved operational efficiency. While the Q4 2025 loss and EPS miss highlight the timing challenges of deploying new aircraft, the year‑long turnaround and strong guidance suggest that Bridger’s strategic focus on fleet expansion and high‑margin services is paying off. The company’s ability to maintain profitability during a below‑average wildfire season underscores its operational resilience and diversification of revenue streams. Headwinds remain in the form of a potentially volatile wildfire season and the need to manage the costs of fleet expansion, but the company’s strategic positioning and management confidence point to a positive trajectory for the next fiscal year.
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