Shares of Bridger Aerospace Group Holdings, Inc. (BAER) have lost 13.3% since the company reported its earnings for the quarter ended Dec. 31, 2025. This compares to the S&P 500 Index’s 0.9% loss over the same time frame. Over the past month, the stock lost 22.1% compared with the S&P 500’s 2.1% decline.Bridger Aerospace’s Earnings SnapshotFor the fourth quarter of 2025, Bridger Aerospace reported revenues of $8.5 million, down 45.2% from $15.6 million in the year-ago quarter. Net loss widened to $15.1 mill ...

Group 1: Analyst Upgrades and Ratings - Redwire Corp (RDW) has been upgraded to Buy by Truist, with a price target raised to $15 from $13, currently trading at $9.05, reflecting a 24.96% decline over the past year and a backlog of $411.25 million [1] - Bridger Aerospace (BAER) maintains a Buy rating with a price target trimmed to $5 from $5.25, currently trading at $2.14, following a mixed Q4 report and guiding for $140 million in revenue [1] Group 2: Company Performance and Financials - Redwire's Q4 2025 book-to-bill ratio is 1.52, with a record contracted backlog of $411.25 million, indicating strong revenue visibility for 2026 [1] - Bridger Aerospace's management has guided for a midpoint revenue of $140 million and adjusted EBITDA of $57.5 million for 2026, showing significant margin expansion compared to FY25's $16.73 million in operating cash flow [1] Group 3: Market Context and Sentiment - Analysts believe that near-term execution issues are obscuring the long-term structural positioning of both companies, with risks now better understood and priced in [1] - Redwire's stock has been affected by consistent selling pressure from AE Red Holdings, which has disposed of millions of shares, contributing to the stock's decline [1] - Bridger Aerospace's stock is trading at a steep discount due to seasonal volatility and balance sheet concerns, including a stockholders' deficit of $342.59 million [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-K ______________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41603 ______________________ BRIDGER AEROSPACE GROUP HOLDINGS, INC. ...

Davis said utilization, measured in days on contract, increased almost 10% year-over-year, and the company’s multi-mission aircraft nearly doubled flight hours year-over-year and remained deployed into November. He also said unmet demand for Super Scoopers persisted, citing more than 60 orders that could not be filled due to aircraft already deployed, representing a 48% unfilled rate.Management cited nearly 78,000 fires nationwide in 2025, versus five- and 10-year averages around 62,000, while acres burned ...

Financial Data and Key Metrics Changes - In 2025, the company generated revenue of $122.8 million, a 25% increase from $98.6 million in 2024. Excluding return to service work on the Spanish Super Scoopers, revenue was $108.8 million, up 23% from $88.5 million in 2024 [20][23] - The net income for 2025 was $4.1 million, compared to a net loss of $15.6 million in 2024. Adjusted EBITDA was $45.3 million in 2025, up from $37.3 million in 2024 [23] - For the fourth quarter of 2025, revenue was $8.5 million, down from $15.6 million in the fourth quarter of 2024. Adjusted EBITDA was negative $9.5 million compared to negative $2.9 million in the same quarter of 2024 [16][19] Business Line Data and Key Metrics Changes - The cost of revenues for 2025 was $71.1 million, compared to $57.5 million in 2024, with flight operation expenses of $31.9 million and maintenance expenses of $39.2 million [20][21] - Selling, general, and administrative expenses increased to $36.3 million in 2025 from $35.8 million in 2024, primarily due to an increase in the fair value of warrants [21] - The FMS subsidiary contributed $7.9 million in revenue for 2025, with a focus on internal aircraft modifications to enhance technology platforms [10] Market Data and Key Metrics Changes - The number of wildfires in 2025 was nearly 78,000, higher than the five and ten-year averages, but the acreage burned was over 30% below the averages [5] - Utilization rates increased by almost 10% year-over-year, with multi-mission aircraft nearly doubling their flight hours [5][6] Company Strategy and Development Direction - The company is targeting multi-year and exclusive use contracts to build revenue resiliency and drive utilization [8] - A five-year IDIQ contract for fixed-wing transportation services in Alaska was announced, estimated at $18.6 million, aimed at supporting federal agencies [8] - The company is focusing on enhancing its technology platforms through internal aircraft modifications and pursuing contracting opportunities with the DoD [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over 25% growth in 2026, supported by new aircraft additions and improved utilization [25][31] - The company is well-positioned to respond to federal initiatives aimed at improving wildfire response, including the establishment of a National Wildland Firefighting Task Force [14][31] Other Important Information - The company ended 2025 with total cash and cash equivalents of $31.4 million and completed a sale-leaseback transaction to refinance existing debt [23][24] - The new CFO, Anne Hayes, and COO, Bill Andrews, were introduced, with a focus on operational excellence and growth [27][28] Q&A Session Summary Question: What is the intent behind the appointment of Bill Andrews? - The focus is on ensuring the fleet is deployed and ready year-round, leveraging his experience to enhance operational excellence [33][34] Question: Update on the return to service work for the Super Scoopers? - The third aircraft is near certification, with plans to deploy the first two for firefighting work in Europe this year [35][36] Question: Potential contract opportunities in Europe? - Portugal and Turkey are the leading countries showing interest in the Scoopers stationed in Spain, with negotiations ongoing [37] Question: How to think about normalized adjusted EBITDA margins across core missions? - The company is focused on expanding capacity and improving utilization, with Scoopers generally over 40% adjusted EBITDA margin [41][42] Question: Maintenance expenses with the addition of new aircraft? - Maintenance expenses are expected to grow at a slower rate than revenue, benefiting from economies of scale as the fleet expands [45][47] Question: Need for additional funding in the next year or two? - The current deferred draw facility provides sufficient capacity for aircraft acquisitions, with no immediate need for additional funding anticipated [48][51]

Bridger Aerospace Group (NasdaqGM:BAER) Q4 2025 Earnings call March 05, 2026 05:00 PM ET Company ParticipantsAnne Hayes - Deputy CFOEric Gerratt - CFOSam Davis - CEOConference Call ParticipantsAustin Moeller - Director and Equity Research AnalystMark Williams - AnalystOperatorGreetings, welcome to the Bridger Aerospace fourth quarter 2025 conference call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Eric Gerratt, Chief Financial Officer. Thank you. Mr. Gerratt ...

Bridger Aerospace Group (NasdaqGM:BAER) Q4 2025 Earnings call March 05, 2026 05:00 PM ET Speaker4Greetings, welcome to the Bridger Aerospace fourth quarter 2025 conference call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Eric Gerratt, Chief Financial Officer. Thank you. Mr. Gerratt, you may begin.Speaker2Good afternoon, thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Sam Davis, and incoming CFO, Anne Hayes. B ...

EXHIBIT 99.1 Bridger Aerospace Announces Record 2025 Results: Revenue Grows 25%, Adjusted EBITDA up 21% Year-Over-Year and Delivers Positive Net Income Initiates 2026 guidance, anticipating another record year BELGRADE, Mont., March 05, 2026 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. ("Bridger", "the Company" or "Bridger Aerospace"), (NASDAQ: BAER, BAERW), one of the nation's largest aerial firefighting companies, today reported financial results for the fourth quarter and year ended Decembe ...

Core Viewpoint - Bridger Aerospace Group Holdings, Inc. reported a positive net income for the full year 2025, highlighting the strength of its business model and revenue diversification despite a below-average fire year [5][12]. Financial Performance - Revenue for Q4 2025 was $8.5 million, down from $15.6 million in Q4 2024. Excluding specific revenue from return to service work, adjusted revenue was $7.7 million compared to $10.5 million in Q4 2024 [6][12]. - Full year revenue increased by 25% to $122.8 million from $98.6 million in 2024. Excluding non-recurring revenue, adjusted revenue was $108.8 million compared to $88.5 million in 2024 [12][15]. - Positive net income for 2025 was $4.1 million, a significant recovery from a net loss of $15.6 million in 2024. Adjusted EBITDA rose by 21% to $45.3 million from $37.3 million in 2024 [15][12]. Operational Highlights - The company completed a $331.5 million financing package, which included debt refinancing and a $100 million delayed draw facility to enhance financial flexibility and support fleet expansion [6][12]. - The fleet expansion included the addition of two Spanish Scoopers and four air surveillance aircraft, positioning the company for increased operational capacity [6][12]. Future Guidance - For 2026, the company anticipates revenue between $135 million and $145 million, representing a 14% growth at the midpoint and 29% growth when excluding non-recurring revenue from 2025 [6][16]. - Adjusted EBITDA is expected to range from $55 million to $60 million, indicating a growth of 27% at the midpoint of the range [6][16].

Core Viewpoint - Bridger Aerospace Group Holdings, Inc. has appointed Adolphus "Bill" Andrews as Chief Operating Officer to enhance operational functions and meet the growing demand for aerial firefighting services [1][5]. Company Overview - Bridger Aerospace is one of the largest aerial firefighting companies in the United States, providing services to federal and state agencies, including the U.S. Forest Service [6]. Leadership Experience - Bill Andrews has over 30 years of experience in aerospace and aviation, having previously served as Vice President and Executive Program Manager at Lockheed Martin, managing a portfolio exceeding $2 billion [2][3]. - He has held senior leadership roles overseeing operations for various military aircraft, leading initiatives in fleet modernization and global maintenance support [3]. Operational Focus - Andrews will oversee all operational functions, focusing on enhancing readiness, operational excellence, safety, and scalable growth to address the increasing demand for aerial firefighting [1][5]. Strategic Importance - The appointment of Andrews is seen as a strategic move to strengthen Bridger's capabilities in delivering integrated services, particularly in the context of rising wildfire risks and the need for reliable aerial response [5].