Bridger Aerospace Group Holdings, Inc. Common Stock

Second-quarter 2026 revenue was $30.5 million versus $30.8 million in Q2 2025. Excluding $5.1 million of non-recurring Spanish Super Scooper return-to-service work in the prior-year quarter and $0.8 million in the current quarter, revenue increased 16% year over year. Cost of revenues was $19.2 million versus $18.7 million; SG&A was $5.3 million versus $6.5 million; interest expense was $6.6 million versus $5.7 million. Net loss was $0.5 million versus net income of $0.3 million; loss attributable to common stockholders was $7.6 million, or $0.13 per diluted share, versus a loss of $6.3 million, or $0.12 per diluted share. Adjusted EBITDA was $8.1 million versus $10.8 million. Cash and cash equivalents ended at $7.2 million versus $31.4 million at year-end 2025. Full-year 2026 guidance was reiterated at $135 million to $145 million in revenue and $55 million to $60 million in Adjusted EBITDA.

Sam Davis emphasized that the company entered 2026 prepared for an active fire year and said the second quarter showed that preparation translating into execution. He highlighted longer contract durations, including 160-day Forest Service orders, as evidence of a broader shift toward year-round wildfire readiness, and he framed Bridger as increasingly more than an aircraft operator, pointing to airborne intelligence, engineering, and software. His tone was confident and constructive, with repeated comments that demand is strong and the fleet is fully engaged.

Anne Hayes focused on the bridge between seasonal working-capital use and expected cash generation later in the fire season. She noted the Q2 revenue comparison was distorted by prior-year Spanish Scooper return-to-service work, explained that cost of revenues rose with higher fleet utilization and fleet modernization, and said fuel is largely reimbursed or passed through on most contracts. She also pointed to $7.2 million of cash at quarter-end, roughly $75 million of remaining revolver availability, and a delayed-draw feature of up to $100 million to support fleet expansion.

Analysts pressed on whether the Portugal/Europe work could shift to the U.S., and management said the current plan is to finish the season there and then move the two Scoopers to the U.S. unless overseas economics and commitments materially change. Questions also focused on whether the Texas A&M, Avincis, and DOI King Air work was included in 2026 guidance; management said Avincis and DOI were already anticipated, while Texas A&M is a slower-ramping, multi-year program with little revenue expected in 2026. Management also explained that Q2 guidance confidence comes from a stronger second-half setup, later agency commitments into Q3/Q4, and the ability for a few high-flying days to materially affect revenue.