--- title: "BRIDGER AEROSPACE GROUP HOLDIGS INC C/WTS 24/01/2028 (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 8.512 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285769397.md" datetime: "2026-05-08T20:08:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285769397.md) - [en](https://longbridge.com/en/news/285769397.md) - [zh-HK](https://longbridge.com/zh-HK/news/285769397.md) --- # BRIDGER AEROSPACE GROUP HOLDIGS INC C/WTS 24/01/2028 (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 8.512 M Revenue: As of FY2026 Q1, the actual value is USD 8.512 M. EPS: As of FY2026 Q1, the actual value is USD -0.69. EBIT: As of FY2026 Q1, the actual value is USD -19.12 M. The company operates as a single segment, focusing on aerial wildfire surveillance, relief, suppression, and airframe modification and integration solutions . #### Revenue by Service Offering - Total revenues for the three months ended March 31, 2026, were $8,512 thousand, representing a 46% decrease from $15,646 thousand in the prior year period . - **Fire Suppression**: Revenue decreased by 61% to $2,265 thousand in 2026 from $5,783 thousand in 2025, primarily due to fewer flight hours for Super Scoopers . - **Aerial Surveillance**: Revenue decreased by 8% to $1,581 thousand in 2026 from $1,711 thousand in 2025, driven by unfavorable rate decreases for surveillance aircraft . - **Maintenance, Repair and Overhaul (MRO)**: Revenue decreased by 41% to $4,648 thousand in 2026 from $7,890 thousand in 2025, mainly due to a decrease in return-to-service work on Spanish Scoopers . - **Other Services**: Revenue decreased by 93% to $18 thousand in 2026 from $262 thousand in 2025, primarily due to the absence of third-party training and flight operations services . #### Revenue by Geographic Area - **United States**: Revenue decreased by 30% to $6,819 thousand in 2026 from $9,737 thousand in 2025, primarily due to decreased Super Scooper flight hours . - **Spain**: Revenue decreased by 71% to $1,693 thousand in 2026 from $5,909 thousand in 2025, mainly due to reduced return-to-service work on Spanish Scoopers . #### Operational Metrics - **Net Loss**: The company reported a net loss of -$31,304 thousand for the three months ended March 31, 2026, an increase from -$15,538 thousand in the prior year period . - **Cost of Revenues**: Total cost of revenues decreased by 1% to $17,048 thousand in 2026 from $17,207 thousand in 2025 . - **Flight Operations**: Expenses increased by 5% to $6,561 thousand in 2026 from $6,252 thousand in 2025 . - **Maintenance**: Expenses decreased by 4% to $10,487 thousand in 2026 from $10,955 thousand in 2025 . - **Gross Loss**: The gross loss increased significantly to -$8,536 thousand in 2026 from -$1,561 thousand in 2025 . - **Selling, General and Administrative Expense**: Expenses increased by 95% to -$16,730 thousand in 2026 from -$8,590 thousand in 2025 . - **Interest Expense**: Interest expense increased by 7% to -$6,150 thousand in 2026 from -$5,735 thousand in 2025 . - **Other Income**: Other income decreased by 77% to $140 thousand in 2026 from $599 thousand in 2025 . - **Income Tax Expense**: Income tax expense decreased by 89% to -$28 thousand in 2026 from -$251 thousand in 2025 . - **EBITDA**: EBITDA was -$23,076 thousand for the three months ended March 31, 2026, compared to -$7,572 thousand in the prior year . - **Adjusted EBITDA**: Adjusted EBITDA was -$14,481 thousand for the three months ended March 31, 2026, compared to -$5,077 thousand in the prior year . - **Net Loss Margin**: Net loss margin was -368% in 2026, compared to -99% in 2025 . - **Adjusted EBITDA Margin**: Adjusted EBITDA margin was -170% in 2026, compared to -32% in 2025 . #### Cash Flow - **Net Cash Used in Operating Activities**: Net cash used in operating activities was -$21,117 thousand for the three months ended March 31, 2026, compared to -$17,656 thousand in the prior year period . - **Net Cash Used in Investing Activities**: Net cash used in investing activities was -$5,985 thousand for the three months ended March 31, 2026, compared to -$2,643 thousand in the prior year period . This includes $5,700 thousand for property, plant, and equipment purchases and $300 thousand for capitalized costs for in-process research and development . - **Net Cash Provided by (Used in) Financing Activities**: Net cash provided by financing activities was $4,763 thousand for the three months ended March 31, 2026, mainly from a $6,000 thousand drawdown of the Revolver, partially offset by $700 thousand in debt repayments and $500 thousand in taxes for equity award settlements . This compares to net cash used of -$1,159 thousand in the prior year period . - **Cash and Cash Equivalents**: As of March 31, 2026, cash and cash equivalents were $9,000 thousand, a decrease from $31,381 thousand as of December 31, 2025 . #### Unique Metrics - **Aircraft Fleet**: As of March 31, 2026, the company’s fleet totaled 21 aircraft, including 6 CL-415EAF, 2 Canadair CL-215T, 6 Pilatus PC-12 (3 owned, 3 leased), 4 Daher Kodiak 100, 2 Beechcraft King Air 350, and 1 Twin Commander . - **Customer Concentration**: For the three months ended March 31, 2026, three customers accounted for 28%, 20%, and 17% of total revenues . For trade accounts receivable as of March 31, 2026, three customers accounted for 43%, 18%, and 14% . - **Remaining Performance Obligations**: As of March 31, 2026, unsatisfied performance obligations totaled $10,400 thousand, with 98% expected to be recognized within the next twelve months . - **ATM Offering**: As of May 4, 2026, $100,000 thousand remains available for potential future sales under the ATM Agreement . - **Warrants**: The company has 9,400,000 private placement warrants and 17,249,874 public warrants outstanding; however, the company does not rely on these for liquidity due to the common stock market price being below the $11.50 exercise price . #### Future Outlook and Strategy The company plans continued significant investments in capital expenditures to expand integrated response solutions . Management expects current cash, operating cash flow, and available borrowing capacity to fund operations for the next twelve months . The October 2025 debt refinancing is believed to have improved liquidity, reduced near-term refinancing risk, and supports long-term growth, with the company anticipating compliance with financial covenants in future periods . ### Related Stocks - [BAERW.US](https://longbridge.com/en/quote/BAERW.US.md) ## Related News & Research - [Bridger Aerospace Secures 160 Day Task Orders For Four Of Its Super Scoopers](https://longbridge.com/en/news/285933508.md) - [The Quiet Engineering Move That Could Define How a Cape Canaveral Air-Launch Operator Gets to Flight | FJET Stock News](https://longbridge.com/en/news/286930503.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [23:44 ETDANKO MEREDITH FILES LAWSUIT AGAINST TACAERO AND KEVIN SUTTERFIELD OVER EXPERIMENTAL AIRCRAFT CRASH AT FREDERICKSBURG, TEXAS](https://longbridge.com/en/news/287153271.md) - [Teledyne FLIR Defense Unveils New FirstLook 125 Throwable Recon Robot | TDY Stock News](https://longbridge.com/en/news/286897268.md)