Bridger Aerospace — Q2 2026 Earnings Summary

Financial Performance

• Q2 2026 revenue was $30.5 million, a 1% decrease from $30.8 million in Q2 2025; excluding non-recurring return-to-service work, revenue increased 16% to $29.7 million from $25.7 million.
• Net loss for Q2 2026 was $(0.5) million, compared to net income of $0.3 million in Q2 2025.
• Loss per diluted share was $(0.13) in Q2 2026 versus $(0.12) in Q2 2025.
• Adjusted EBITDA was $8.1 million in Q2 2026, down from $10.8 million in Q2 2025.
• Cost of revenues was $19.2 million in Q2 2026 compared to $18.7 million in Q2 2025; excluding non-recurring costs, cost of revenues increased 32% due to higher aircraft depreciation, fuel, and workforce costs.
• Selling, general and administrative (SG&A) expenses were $5.3 million in Q2 2026, down from $6.5 million in Q2 2025.
• Interest expense was $6.6 million in Q2 2026 compared to $5.7 million in Q2 2025.
• Cash and cash equivalents were $7.2 million as of June 30, 2026, down from $31.4 million as of December 31, 2025.
• Accounts receivable increased to $20.5 million as of June 30, 2026, from $3.2 million as of December 31, 2025.
• Total liabilities were $289.8 million as of June 30, 2026, compared to $265.6 million as of December 31, 2025.
• Long-term debt, net of issuance costs, was $233.1 million as of June 30, 2026, up from $212.4 million as of December 31, 2025.
• Stockholders' deficit was $(387.1) million as of June 30, 2026, compared to $(342.6) million as of December 31, 2025.

Guidance and Future Outlook

• The Company reiterates full-year 2026 revenue guidance of $135 million to $145 million, representing 14% growth at the midpoint and 29% growth when excluding 2025 non-recurring return-to-service work.
• Full-year 2026 Adjusted EBITDA guidance is reiterated between $55 million and $60 million, representing 27% growth at the midpoint.
• Management expects wildfire activity to continue intensifying globally, with U.S. wildfire activity surpassing 5 million acres burned as of late July 2026, roughly 2 million acres more than the prior year.
• Government agencies have secured aircraft commitments extending into the fourth quarter, a duration not experienced in years past.

Business Segments and Product Lines

• Secured two 160-day U.S. Forest Service task orders for four CL-415EAF Super Scoopers in May, representing at least $30 million of guaranteed standby revenue and extending guaranteed deployment from 120 to 160 days per aircraft.
• Awarded a 112-day U.S. Department of the Interior task order in July for a newly enhanced King Air 350 featuring dual-sensor capabilities, Wide Area Motion Imagery (WAMI), and EO/IR technology.
• Secured a $58 million contract with Texas A&M Forest Service in July to acquire, modify, and deliver three King Air 360 multi-mission aircraft over the next three years.
• Entered a lease agreement with Avincis in July to deploy two Bridger-owned Super Scoopers in Portugal, marking the Company's first revenue-generating operations in Europe, with contracts through mid-October 2026.
• Expanded the IGNIS wildfire intelligence platform capabilities in July through a strategic partnership with TracPlus to integrate real-time aircraft tracking and mission data.

Market and Competitive Landscape

• U.S. wildfire activity has surpassed 5 million acres burned as of late July 2026, with several Western regions experiencing above-normal fire conditions.
• Europe is experiencing one of its worst wildfire years, driving new international demand for aerial firefighting capacity.
• The Company notes that government partners are treating the wildfire outlook seriously, leading to longer task orders and increased fleet utilization.

Risks and Challenges

• Financial results are subject to risks including the timing, location, duration, and severity of wildfire activity.
• Risks include potential delays, modifications, reductions, or non-renewals of government contracts and task orders.
• Operational risks include aircraft availability, maintenance requirements, weather events, parts shortages, supply chain disruptions, and certification issues.
• The Company faces risks related to increased competition, potential downward pressure on prices, and loss of market share.
• Financial risks include the ability to secure capital, liquidity constraints, and the potential for material adverse effects from future acquisitions.

Management Commentary and Tone

• Sam Davis, President and CEO, stated that Q2 results reflect expected performance and highlighted a meaningful increase in preparation from agency partners.
• Management emphasized that the length of commitments received extends aircraft utilization into the fourth quarter, reflecting the severity of the wildfire outlook.
• Davis noted that the Company is positioning its full fleet to respond as conditions demand, with a focus on saving lives, property, and the environment.
• The tone indicates confidence in the Company's ability to meet the demands of increasingly severe wildfire seasons through dependable aerial firefighting capacity.

Analyst Questions and Answers

• No analyst questions or answers were included in the provided press release text.

Other Key Points

• Bridger Aerospace Group Holdings, Inc. trades on the NASDAQ under the ticker symbols BAER and BAERW.
• An investor conference call was held on August 6, 2026, at 5:00 p.m. Eastern Time to discuss results and outlook.
• The Company's Series A Preferred Stock adjustment to maximum redemption value was $(7.1) million for the quarter ended June 30, 2026.
• Net cash used in operating activities for the six months ended June 30, 2026, was $36.8 million, compared to $16.2 million in the prior year period.
• Net cash provided by financing activities for the six months ended June 30, 2026, was $22.0 million, driven by drawdowns of a revolving credit facility ($10.0 million) and a delayed draw term loan ($14.0 million).
• The Company reported a change in fair value of warrants of $(2.9) million for the quarter and $2.1 million for the six months ended June 30, 2026.