Bridger Aerospace (BAER) Q2 2025: Revenue Doubles on Record Super Scooper Utilization
Bridger Aerospace’s Q2 showcased a structural shift toward year-round aerial firefighting demand, with all six super scoopers deployed and multi-state task orders extending utilization into Q4. Expanded federal contracts, proactive asset pre-positioning, and new technology integrations signal a business model moving beyond seasonal volatility. Guidance now leans toward the high end, as legislative and executive momentum for wildfire suppression reforms align with Bridger’s asset strategy and growth runway.
Summary
- Asset Deployment Milestone: All six super scoopers mobilized simultaneously, underscoring deepening federal and state adoption.
- Balance Sheet Maneuver: Sale-leaseback of Bozeman campus to cut debt and reinvest in fleet and technology.
- Policy Tailwind: Executive orders and new legislation are accelerating year-round wildfire response demand, favoring Bridger’s platform.
Performance Analysis
Bridger Aerospace delivered its first ever Q2 net profit and more than doubled revenue year-over-year, driven by unprecedented fleet utilization and expanded task orders from the U.S. Forest Service. Revenue from ongoing operations (excluding Spanish scooper refurbishment) reached $25.7 million, up from $11.2 million a year ago, while adjusted EBITDA surged to $10.8 million. The company’s entire fleet of six super scoopers and two PC-12s was deployed in Alaska for the first time, reflecting both rising wildfire activity and broadening customer recognition of Bridger’s initial attack capabilities.
Cost of revenues rose sharply, reflecting higher maintenance and flight operations tied to increased deployments as well as $3.9 million in expenses for return-to-service work on Spanish scoopers. Despite this, SG&A declined due to lower non-cash stock-based compensation and reduced earn-out costs, helping to offset rising operational outlays. Bridger’s sale-leaseback of its Bozeman campus, expected to close in Q3, will generate $46 million in proceeds to pay down debt, lowering interest expense and strengthening liquidity. Receivables from early fire season activity are set to further boost cash in coming months.
- Utilization Expansion: Record 120-day task orders for four super scoopers extend revenue visibility into Q4.
- SG&A Leverage: Lower non-cash expenses improved operating leverage despite higher fleet costs.
- Cash Flow Inflection: Positive adjusted EBITDA and expected receivable inflows point to improved cash generation in 2H 2025.
Bridger’s financial inflection is rooted in both higher asset utilization and the structural shift toward year-round wildfire response, reducing legacy seasonality and unlocking new revenue streams. The company is executing on both operational scale and cost discipline, with balance sheet moves designed to support ongoing fleet modernization and technology investment.
Executive Commentary
"The strong demand for our aerial firefighting assets more than doubled revenue from Q2 last year to $30.8 million. We also reported positive net income of $0.3 million compared to a net loss of $10 million last year. This is the first time we've reported positive net income in the second quarter and the earliest we have swung to a profit."
Sam Davis, Chief Executive Officer
"During the second quarter, to take advantage of the appreciation in our real estate, we signed a purchase and sale agreement with SR Aviation Infrastructure for a sale leaseback transaction for our Bozeman campus facilities. We plan to use the net proceeds of approximately $46 million to repay a portion of our outstanding debt under our debt facilities, which will lower ongoing interest expense."
Eric, Chief Financial Officer
Strategic Positioning
1. Year-Round Wildfire Response Model
Bridger is rapidly evolving from a seasonal to a year-round revenue base, as evidenced by multi-state, multi-month task orders and the pre-positioning of assets in high-risk regions. The company’s full-fleet deployment and growing backlog of federal contracts reflect increased recognition of the efficacy of super scoopers for initial attack and proactive fire management, reducing reliance on peak-season volatility.
2. Policy and Legislative Catalysts
The President’s executive order and new bipartisan legislation are reshaping wildfire management procurement, with mandates for year-round readiness, streamlined contracting, and increased suppression budgets. Bridger’s assets are directly aligned with these priorities, positioning the company as a preferred supplier as federal and state agencies expand coverage mandates and accelerate asset adoption.
3. Technology and Asset Innovation
Integration of Bridger’s real-time sensor imagery with the IGNAS mobile app is unlocking new situational awareness for field teams, supporting multi-mission contracts and enhancing operational safety. The company is also progressing toward the North American launch of the FF-72 next-generation scooper, aiming to capture global demand as asset scarcity intensifies. These moves reinforce Bridger’s strategy to lead in both asset capability and data-driven wildfire response.
4. European Expansion Optionality
Return-to-service work on four Spanish scoopers, owned via the MAB Funding partnership, is on track, with two aircraft ready for possible deployment in Europe this fire season. While activation is limited by current budget cycles, Bridger is positioning to capture future European demand as countries confront increasing fire events and asset shortages.
5. Balance Sheet Optimization
The Bozeman campus sale-leaseback will improve liquidity and reduce interest expense, freeing up capital for reinvestment in fleet and technology. This financial discipline supports both growth and resilience as Bridger seeks to scale its asset base and expand its technology offerings.
Key Considerations
Bridger Aerospace’s Q2 marks a turning point in both operational scale and business model durability, as structural demand drivers and policy support converge. Investors should weigh the following:
Key Considerations:
- Fleet Utilization Surge: All six super scoopers deployed, with multi-month federal task orders extending engagement into Q4.
- Federal and State Contract Pipeline: Ongoing task orders and policy reforms are expanding Bridger’s addressable market and reducing seasonality risk.
- Technology Integration: Real-time sensor and mobile app linkage is creating new value propositions for multi-mission contracts and operational safety.
- Balance Sheet Restructuring: Sale-leaseback transaction will lower debt and interest expense, supporting future asset and technology investments.
- European Asset Optionality: Spanish scoopers offer future revenue upside as European wildfire demand accelerates.
Risks
Key risks include the pace and reliability of federal and state wildfire budgets, which remain subject to appropriations and political shifts even amid policy momentum. Operational risk is elevated during periods of high fleet utilization, with maintenance and readiness critical to sustaining performance. European expansion is contingent on budget cycles and may not materialize in the near term. Interest expense remains a drag until the sale-leaseback closes and debt is reduced.
Forward Outlook
For Q3 2025, Bridger expects:
- Continued strong fleet utilization and record task order activity
- Bulk of annual revenue and adjusted EBITDA to be recognized in Q3
For full-year 2025, management guided toward the high end of:
- $42 million to $48 million in adjusted EBITDA
- $105 million to $111 million in revenue
Management highlighted:
- Further improvement in cash provided by operating activities
- Guidance excludes any impact from Spanish super scoopers; will revisit guidance after Q3
Takeaways
Bridger’s Q2 performance demonstrates a business model pivoting toward year-round, policy-driven demand and higher asset utilization, with positive earnings and cash flow inflection. Balance sheet moves and technology investments are positioning the company for sustained growth and reduced volatility.
- Utilization-Driven Profitability: Record super scooper deployments and expanding federal contracts are driving a structural revenue shift.
- Strategic Capital Allocation: Sale-leaseback and debt reduction will enable further investment in fleet and technology, supporting scale and resilience.
- Policy and Technology Tailwinds: Investors should monitor upcoming legislative developments, technology integration milestones, and the pace of European asset monetization as key catalysts for future quarters.
Conclusion
Bridger Aerospace’s Q2 marks a decisive shift toward a more resilient, less seasonal business model, underpinned by policy tailwinds and operational execution. With high utilization, improving profitability, and a strengthened balance sheet, Bridger is positioned to capitalize on the growing urgency for wildfire response assets in both North America and Europe.
Industry Read-Through
Bridger’s results signal a broader transformation for the aerial firefighting and disaster response sector, as climate-driven wildfire risk and policy reforms fuel demand for year-round, asset-intensive solutions. Competitors and adjacent service providers should anticipate rising entry barriers, as federal and state agencies consolidate procurement and prioritize rapid, technology-enabled response. Asset scarcity and evolving contract structures could favor operators with modern fleets and integrated data capabilities, while policy momentum may drive further industry consolidation and new investment in next-generation firefighting platforms.