8-K: Bridger Aerospace Reports Q2 2026 Results, Reiterates Guidance

Bridger Aerospace announced its second quarter 2026 financial results, reporting $30.5 million in revenue and a net loss of $0.5 million, while reiterating its full-year revenue and Adjusted EBITDA guidance.

Summary

• Bridger Aerospace reported second quarter 2026 revenue of $30.5 million, a slight decrease from $30.8 million in the prior-year period.
• Excluding non-recurring return-to-service work, revenue increased by 16% to $29.7 million in Q2 2026 compared to $25.7 million in Q2 2025.
• The company reported a net loss of $0.5 million for the second quarter of 2026, compared to a net income of $0.3 million in the same period of 2025.
• Adjusted EBITDA for Q2 2026 was $8.1 million, down from $10.8 million in Q2 2025.
• Bridger Aerospace is reiterating its full-year 2026 guidance, expecting revenue between $135 million and $145 million and Adjusted EBITDA between $55 million and $60 million.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral to slightly negative report due to a net loss and decreased Adjusted EBITDA year-over-year, despite strong operational highlights and reiterated guidance.

Positives

• Revenue, excluding non-recurring return-to-service work, increased by 16% to $29.7 million in Q2 2026.
• Secured two 160-day U.S. Forest Service task orders for four CL-415EAF Super Scoopers, representing at least $30 million of guaranteed standby revenue for the 2026 fire season, the longest guaranteed task orders in the Company's history.
• Awarded a 112-day 2026 U.S. Department of the Interior task order for its King Air 350 with dual-sensor capabilities.
• Secured a $58 million contract with Texas A&M Forest Service for three King Air 360 multi-mission aircraft.
• Entered into a lease agreement to deploy two Super Scoopers in Portugal, marking the company's first revenue-generating operations in Europe.
• Expanded the IGNIS wildfire intelligence platform through a partnership with TracPlus.
• Full-year 2026 revenue guidance reiterated at $135 million to $145 million (14% growth at midpoint).
• Full-year 2026 Adjusted EBITDA guidance reiterated at $55 million to $60 million (27% growth at midpoint).

Negatives

• Reported a net loss of $0.5 million for the second quarter of 2026, compared to a net income of $0.3 million in the prior-year period.
• Adjusted EBITDA decreased to $8.1 million in Q2 2026 from $10.8 million in Q2 2025.
• Cash and cash equivalents decreased to $7.2 million as of June 30, 2026, from $31.4 million as of December 31, 2025.
• Loss per diluted share was $(0.13) for Q2 2026, compared to $(0.12) for Q2 2025.
• Total cost of revenues increased by 32% when excluding non-recurring return-to-service work, primarily due to increased aircraft depreciation, fuel, and workforce costs.

Risks

• The timing, location, duration or severity of wildfire activity.
• Changes in customer demand or funding levels.
• Risks that government contracts, task orders or other customer commitments are delayed, modified, reduced, terminated or not renewed.
• Changes in domestic and foreign general economic business, market, financial, political and legal conditions.
• Aircraft availability, maintenance requirements, weather events, parts shortages, supply chain disruptions or certification issues.
• Bridger's ability to successfully operate and deploy its fleet.
• Risks relating to increased competition.
• The availability of capital and liquidity.

Future Outlook

The Company reiterates its full-year 2026 guidance, expecting revenue between $135 million and $145 million (representing 14% growth at the midpoint) and Adjusted EBITDA between $55 million and $60 million (representing 27% growth at the midpoint).

Management Comments

• "Our second quarter results reflect expected performance. At the same time, we saw a meaningful increase in preparation from our agency partners, from the longest task orders we've received for our Super Scoopers, to the new task order for our dual-sensor King Air 350. These commitments extend aircraft utilization into the fourth quarter, reflecting how seriously our government partners are treating the wildfire outlook for the remainder of the season."
• "Heading into Q3, fleet activity is reflecting the alarming wildfire reality we are facing and we are positioning the full fleet to respond as conditions demand it. As circumstances grow increasingly severe, government agencies have worked diligently to secure our aircraft well into the end of the year a length in commitment that we have not experienced in years past."
• "Our job is to be ready whenever communities need us most for as long as we're needed, and our focus remains on saving lives, property, and the environment through the end of the year."

Industry Context

StockSavvy.ai notes that the increased wildfire activity globally, with U.S. wildfire acreage already surpassing 5 million acres burned by late July, underscores the critical demand for aerial firefighting services. Bridger Aerospace's expanded contracts and extended aircraft utilization into the fourth quarter reflect this heightened need and the company's strategic positioning to meet it.

Stakeholder Impact

• Shareholders: The net loss and decreased Adjusted EBITDA may be viewed negatively, while the reiterated guidance and strong contract wins could be seen as positive indicators for future performance.
• Government Agencies: Continued provision of critical aerial firefighting and wildfire management services, with expanded capabilities and longer-term commitments.
• Employees: Increased aircraft utilization and positioning for a severe wildfire season may lead to sustained or increased operational activity.
• Suppliers: Potential for increased demand for aircraft parts, fuel, and maintenance services due to higher fleet utilization.

Next Steps

• Continue to respond to wildfire conditions as demand requires.
• Position the full fleet to respond to increasing wildfire severity.
• Secure aircraft well into the end of the year based on government agency commitments.
• Deliver three King Air 360 multi-mission aircraft to Texas A&M Forest Service over the next three years.
• Continue operations in Portugal under lease agreement through mid-October 2026.

Key Dates

Recommendation

The company is experiencing a net loss and a decrease in Adjusted EBITDA year-over-year, which are negative indicators. However, strong new contracts, the longest guaranteed task orders in company history, and reiterated full-year guidance suggest resilience and a stable outlook. The significant increase in wildfire activity globally also presents a strong demand environment. Given the mixed results and positive operational developments, a 'hold' recommendation is appropriate pending further performance improvements.

Keywords

aerial firefighting, wildfire suppression, Super Scoopers, King Air 350, government contracts, task orders, revenue guidance, Adjusted EBITDA