8-K: Bridger Aerospace Expands Fleet with Super Scoopers

Bridger Aerospace Group Holdings, Inc. completed the acquisition of two Super Scooper and four Air Attack aircraft, significantly expanding its aerial firefighting fleet for the 2026 fire season.

Summary

• Bridger Aerospace Group Holdings, Inc. (Bridger) completed the acquisition of two Bombardier model CL-215-6B11 (CL-215T Variant) aircraft, known as Super Scoopers, along with four Pratt and Whitney Canada engines and related components.
• The aggregate purchase price for the two Super Scoopers was $50,000,000, allocated $25,000,000 per aircraft.
• At closing on December 23, 2025, Bridger, through its wholly-owned subsidiary Albacete Aero, S.L., paid $49,980,000, which included a previously paid $3,000,000 deposit and reflected adjustments per the Aircraft Purchase Agreement (APA).
• The acquisition increases Bridger's Super Scooper fleet from six to eight aircraft, making it the largest private operator of Super Scoopers worldwide.
• Additionally, Bridger added four Air Attack aircraft to its balance sheet in the fourth quarter of 2025, two of which were previously leased and on contract in 2025.
• With these additions, Bridger's Light Fixed Wing Air Attack and Surveillance fleet now totals 11 aircraft.
• The $50 million purchase of the Super Scoopers was financed through the Company's $210 million Senior Secured Term Loan Facility, which closed in October 2025.
• The four Air Attack aircraft were funded using a combination of cash and an initial draw on the same Facility.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to the successful completion of a significant fleet expansion, which positions the company for increased revenue, cash flow, and market leadership in aerial firefighting. The strategic nature of the acquisition and the clear benefits outlined by management contribute to this strong positive outlook.

Positives

• Significant expansion of the Super Scooper fleet from six to eight aircraft, establishing Bridger as the largest private operator globally.
• Addition of four Air Attack aircraft, increasing the Light Fixed Wing Air Attack and Surveillance fleet to 11.
• Enhanced mission capability and strategic positioning for increased contract awards heading into the 2026 fire season and beyond.
• Management anticipates these aircraft will generate additional revenue and cash flow growth starting in 2026.
• The acquisition strengthens Bridger's ability to fulfill its mission of protecting lives, property, and the environment.

Negatives

• NA

Risks

• Challenges in the anticipated integration of the new aircraft into Bridger's operations.
• Operational and safety risks associated with expanded aircraft fleet and increased deployment.
• Uncertainty regarding the duration or severity of domestic or international wildfire seasons, impacting demand for services.
• Competition within the aerial firefighting industry.
• Availability of qualified personnel and necessary equipment for expanded operations.
• Potential for Bridger's management assumptions to prove incorrect, leading to actual results differing materially from forward-looking statements.
• Material weaknesses in Bridger's internal control over financial reporting, as previously disclosed.

Future Outlook

Bridger Aerospace is positioned for increased mission capability and expanded contract awards starting in the 2026 fire season and beyond. Management anticipates that the newly acquired aircraft will generate additional revenue and cash flow growth beginning in 2026, enabling the company to better fulfill its mission to protect lives, property, and the environment.

Management Comments

• "The addition of these aircraft positions Bridger to better fulfill our mission to protect lives, property, and the environment in 2026."
• "Given the strong demand for our purpose-built scooper fleet and the proven effectiveness of our light fixed-wing aircraft in fire support, we are confident in the potential for these aircraft to generate additional revenue and cash flow growth starting in 2026, and we look forward to deploying these assets."

Industry Context

Bridger Aerospace is one of the nation's largest aerial firefighting companies, providing services to federal and state government agencies. This acquisition solidifies its position by making it the largest private operator of Super Scoopers worldwide, addressing the strong demand for aerial firefighting services, particularly given the increasing severity and duration of wildfire seasons.

Comparison to Industry Standards

• Bridger Aerospace now operates eight Super Scoopers, which is more than any other private operator worldwide, indicating a leading position in this specialized segment of aerial firefighting.
• The expansion of its Light Fixed Wing Air Attack and Surveillance fleet to 11 aircraft further enhances its comprehensive wildfire management capabilities, aligning with the growing need for diverse aerial support in fire suppression efforts.

Related Party Transactions

• The Aircraft Purchase Agreement (APA) was entered into with MAB Funding Designated Activity Company, which is indirectly affiliated with MAB Funding, LLC. MAB Funding, LLC is a previously reported joint venture with Bridger Aerospace, funds and accounts of which Marathon Asset Management, LP acts as investment manager and funds and accounts of which Eyre Street Capital, LLC acts as investment manager.

Stakeholder Impact

• **Shareholders:** Potential for increased revenue, cash flow, and market share, leading to enhanced shareholder value through strategic growth and improved operational capabilities.
• **Employees:** Potential for increased operational activity, job security, and possibly new employment opportunities due to the expanded fleet and mission capabilities.
• **Customers (Government Agencies):** Enhanced service capacity and capability, allowing Bridger to better meet the strong demand for aerial firefighting and wildfire management services.
• **Creditors:** The $210 million Senior Secured Term Loan Facility is a significant financing event, impacting the company's debt structure and its ability to service this debt with anticipated future cash flows.

Next Steps

• Integration of the newly acquired aircraft into Bridger's operations.
• Deployment of the expanded fleet for the 2026 fire season.
• Focus on generating additional revenue and cash flow growth from the new assets starting in 2026.
• Pursuit of expanded contract awards for aerial firefighting services.

Key Dates

Recommendation

The completion of this strategic acquisition significantly enhances Bridger Aerospace's operational capacity and market position, making it the largest private Super Scooper operator globally. The expansion of its fleet directly addresses strong market demand for aerial firefighting services and is expected to drive substantial revenue and cash flow growth starting in 2026. This move solidifies the company's competitive advantage and long-term growth prospects, making it a compelling 'strong buy' for investors seeking exposure to the growing aerial firefighting sector.

Keywords

Aerial firefighting, Super Scooper, Air Attack aircraft, Wildfire management, Fleet expansion, Aircraft acquisition, Bridger Aerospace, BAER, Aviation services, Government contracts