Financial Data and Key Metrics Changes - Revenue for Q3 2025 increased to a record $67.9 million, up 5% from $64.5 million in Q3 2024 [13] - Net income for Q3 2025 was $34.5 million compared to $27.3 million in Q3 2024, with earnings per diluted share rising to $0.37 from $0.31 [16] - Adjusted EBITDA for Q3 2025 was $49.1 million, compared to $47 million in the same quarter last year [16] - For the first nine months of 2025, revenue was $114.3 million, a 38% increase from $83 million in the same period of 2024 [18] Business Line Data and Key Metrics Changes - FMS contributed $2.4 million in revenue during Q3 2025, with ongoing contracting opportunities primarily with the DOD [6][8] - Revenue from ongoing operations, excluding return-to-service work, grew 5% to approximately $65.7 million compared to $62.4 million in Q3 2024 [13] Market Data and Key Metrics Changes - Wildfires in 2025 have been above average, with over 54,000 incidents reported, a 50% increase over last year [4] - Despite the increased number of fires, the area burned was down 40% compared to last year, indicating effective firefighting efforts [4] Company Strategy and Development Direction - The company is focused on developing long-term contracts with the Forest Service and individual states, which has led to record-breaking financial performance [5] - Bridger is positioned to capitalize on federal initiatives aimed at restructuring the national wildland firefighting system, which is expected to drive future growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about meeting the high end of adjusted EBITDA guidance for 2025, with revenue expected to be between $118 million and $123 million [19] - The company is prepared for year-round work and is focused on fleet expansion to support organic growth [23] Other Important Information - The company completed a $49 million sale leaseback of its campus facilities and entered into a new $331 million expanded debt facility [5][19] - Bridger's operational performance has been strong, with a focus on preparedness and early detection in firefighting efforts [21] Q&A Session Summary Question: Free cash flow tracking and usage plans - Management expects to end the year with around $14 million in free cash flow, which will be used for fleet expansion opportunities [27][28] Question: Future of Spanish scoopers - The company is exploring options for the Spanish scoopers, considering both strategic and economic benefits for deployment [28][29]