Bridger Aerospace Q2 2026 results: wildfire aviation firm reaffirms full-year revenue guidance

Bridger Aerospace Group Holdings has reported second-quarter 2026 revenue of $30.5 million as the aerial firefighting specialist pointed to stronger aircraft utilization, extended wildfire task orders and growing demand for emergency aviation services in the United States and Europe.

Revenue was broadly flat compared with the same period last year, but rose 16% when non-recurring return-to-service work was excluded. The company also reaffirmed its full-year 2026 guidance, with revenue expected to reach between $135 million and $145 million.

• Second-quarter 2026 revenue was $30.5 million, compared with $30.8 million in Q2 2025.
• Excluding mostly non-margin contributing return-to-service work, revenue increased 16% year over year to $29.7 million.
• Net loss was $0.5 million, compared with net income of $0.3 million in the prior-year period.
• Adjusted EBITDA was $8.1 million, down from $10.8 million in Q2 2025.
• Full-year 2026 revenue guidance remains $135 million to $145 million, with Adjusted EBITDA expected between $55 million and $60 million.

Sam Davis, president and chief executive officer of Bridger Aerospace, said second-quarter performance was in line with expectations and highlighted increased preparation from agency partners.

“Our second quarter results reflect expected performance,” Davis said. “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.”

He added that these commitments extend aircraft utilization into the fourth quarter and reflect the seriousness with which government partners are approaching the wildfire outlook for the remainder of the season.

Wildfire demand drives longer aircraft commitments

• Bridger secured two 160-day U.S. Forest Service task orders for four CL-415EAF Super Scoopers, representing at least $30 million in guaranteed standby revenue for the 2026 fire season.
• The company received a 112-day U.S. Department of the Interior task order for an enhanced King Air 350, equipped with dual-sensor capabilities, Wide Area Motion Imagery, EO/IR technology and real-time data dissemination.
• Bridger won a $58 million contract with Texas A&M Forest Service to acquire, modify and deliver three King Air 360 multi-mission aircraft for the state’s wildfire aviation surveillance program.
• The company entered Europe’s emergency aviation market through a lease agreement with Avincis, deploying two Super Scoopers to support wildfire suppression in Portugal.
• Bridger expanded its IGNIS wildfire intelligence platform through a strategic partnership with TracPlus, integrating real-time aircraft tracking and aerial suppression intelligence.

Q2 financial performance

Revenue for the second quarter of 2026 was $30.5 million, down 1% from $30.8 million in the same quarter of 2025. Bridger said the decrease was mainly due to lower non-recurring return-to-service revenue, which fell to $0.8 million from $5.1 million, partially offset by higher Super Scooper flight hours.

Cost of revenues totaled $19.2 million, compared with $18.7 million a year earlier. Excluding return-to-service work, cost of revenues increased 32%, driven primarily by higher aircraft depreciation, fuel expense and workforce costs.

Selling, general and administrative expenses were $5.3 million, down from $6.5 million in Q2 2025, reflecting changes in warrant fair value, stock-based compensation and contingent consideration.

Interest expense rose to $6.6 million from $5.7 million in the prior-year quarter.

The company reported a net loss of $0.5 million for the quarter, compared with net income of $0.3 million in Q2 2025. Loss per diluted share was $0.13, compared with $0.12 per diluted share in the same period last year.

Adjusted EBITDA was $8.1 million, compared with $10.8 million in the second quarter of 2025.

As of June 30, 2026, cash and cash equivalents stood at $7.2 million, down from $31.4 million at the end of 2025. Bridger said the decline reflected seasonal working capital usage and the timing of customer receipts.

Full-year outlook unchanged

Bridger reaffirmed its 2026 outlook, projecting revenue of $135 million to $145 million. At the midpoint, this would represent 14% growth, or 29% growth when excluding 2025 return-to-service revenue. Adjusted EBITDA is expected to range from $55 million to $60 million, representing 27% growth at the midpoint.

Davis said the company is positioning its fleet to respond as wildfire conditions intensify. “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,” he said.