Bridger Aerospace Group Holdings, Inc. Common Stock Q2 FY2025 earnings call

Key Points

• Q2 2025 financials: Record revenue of $30.8 million, positive net income of $0.3 million (first positive net income in Q2), and positive adjusted EBITDA through the first 6 months.
• Deployment: All 6 Super Scoopers and 2 PC-12s deployed to Alaska; secured 120-day task orders for 4 Super Scoopers.
• FMS: Contributed $0.4 million in Q2 revenue; ongoing contracting opportunities with DoD.
• Ignis Technologies: Linked Bridger's real-time sensor imagery with Ignis app for enhanced situational awareness.
• FF72 Aircraft: Partnership with Positive Aviation, first delivery scheduled for 2029.
• Spanish Scoopers: First 2 aircraft returned to service; third and fourth in progress.
• Executive Order: Impact on wildland firefighting system, focus on proactive management and year-round readiness.

The main segment is aerial firefighting assets. In Q2 2025, revenue reached a record $30.8 million, a 136% increase from $13 million in Q2 2024. Excluding revenue from return to service work on the 4 Spanish Super Scoopers ($5.1 million in Q2 2025), ongoing operations revenue more than doubled to $25.7 million compared to $11.2 million in Q2 2024. FMS contributed $0.4 million in revenue during the second quarter.

Guidance

• Expect to end 2025 with adjusted EBITDA in the higher end of $42 million to $48 million range and revenue $105 million to $111 million.
• Plan to revisit guidance after Q3 results.
• Continued improvement in cash provided by operating activities expected.

Risks

• Limitations to activation of Spanish Scoopers due to lack of appropriation prior to wildfire season.
• Federal budgeting uncertainties affecting FMS revenues in the short term.

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