Bridger Aerospace Group Holdings, Inc.

Overview

Bridger Aerospace Group Holdings, Inc. (BAER) provides aerial wildfire surveillance, relief and suppression, and aerial firefighting services using advanced aviation technology and environmentally sustainable methods. The company also offers airframe modification and integration solutions for government and commercial customers.

Key facts (as of December 31, 2025)

• Employees: 235
• Corporate headquarters: Belgrade, Montana
• International operations: Albacete, Spain
• Other U.S. locations: Huntsville, Alabama
• Fleet: 19 aircraft
  • 8 Super Scoopers (6 in North America; 2 Spanish Scoopers acquired in December 2025)
  • 4 Daher Kodiak 100s
  • 4 Pilatus PC-12s (3 owned, 1 leased)
  • 2 Beechcraft King Air 350s
  • 1 Twin Commander
• Facilities: Approximately 170,000 total square feet across three U.S. locations (owned ~50,000; leased ~120,000)
• Hangars: Own 1 international hangar; lease 3 domestic hangars
• Backlog: $14.0 million (up from $8.1 million in 2024)

Debt and liquidity (post-2025 refinancing)

• Comprehensive refinancing completed October 2025
• Initial Term Loans: $210.0 million (fully drawn as of 12/31/2025)
• Revolving Credit Facility: $21.5 million capacity
• Delayed Draw Term Loan (DDTL): $100.0 million ( $10.3 million drawn as of 12/31/2025; remaining capacity on DDTL ~$89.7 million)
• Remaining Revolver capacity: ~$21.5 million
• In February 2026, lenders amended the credit facilities to remove future financial covenants

Customers and revenue concentration

• Government contracts (federal and state): ~78% of total revenue in 2025 (compared with ~81% in 2024)
• Top three customers: ~87% of 2025 revenue
• Largest single customer: ~66% of 2025 revenue (vs. 61% in 2024)
• Two largest customers: ~69% of trade accounts receivable as of 12/31/2025

Major contracts and programs

• U.S. Forest Service (USFS) Call-When-Needed Water Scooper Contract and a National MATOC for light fixed-wing firefighting (exclusive-use across defined regions)
• Ongoing multi-year relationships with federal and state agencies, including USFS, Department of the Interior, Bureau of Indian Affairs, Bureau of Land Management, and various state agencies
• Long-standing partnership with USFS under the Call-When-Needed Water Scooper contract (extended through September 30, 2026) and a MATOC for light fixed-wing aircraft firefighting

Acquisitions and ownership changes

• January 24, 2023: Completed a reverse recapitalization with Jack Creek Investment Corp. (JCIC)
• December 2025: Purchased two Spanish Scoopers from MAB Funding, LLC for $50.0 million total
• November 17, 2023: Entered agreements to facilitate purchase/return-to-service of four Spanish Scoopers via obligations with MAB and BAE
• Maintains relationships with Northern Fire Management Services (NFMS, LLC) and Bridger Air Tanker, LLC under master service agreements related to Canadian staffing and Spanish Scooper upgrades

Strategic focus and growth plan

• Acquire and deploy additional aircraft to meet rising demand
• Expand domestically and internationally (active in the U.S. and Europe via the Spanish Scoopers)
• Pursue opportunistic mergers and acquisitions to broaden fleet and geographic reach
• Modernize the fleet (Super Scoopers and MMA platform) and expand integrated data capabilities (Ignis) for real-time incident intelligence

Management and leadership

• CEO: Sam Davis (appointed by unanimous Board vote; previously interim CEO)
• Company roots include founder Tim Sheehy (U.S. Senator); leadership continues to pursue growth and technology-led aviation solutions

Core offerings

• Fire Suppression: Operates CL-415EAF “Super Scooper” amphibious aircraft for large-volume water drops, rapid water pickup, and quick reloads for initial and direct wildfire attack
• Aerial Surveillance: Uses Air Attack platforms for real-time perimeter monitoring, coordination with incident commanders, and streaming of live video and geo-referenced imagery via Ignis, integrated with satellite/Starlink data for incident workspace
• Maintenance, Repair and Overhaul (MRO): Provides maintenance and upgrades for return-to-service of Spanish Scoopers and offers airframe modification and integration services to the company and external customers
• Platform and Technology: Invests in the Multi-Mission Aircraft (MMA) platform and Ignis software to deliver persistent aerial intelligence, including fire behavior monitoring, weather impacts, and resource movement with real-time data feeds to incident command teams

Notes

Bridger offers a full-spectrum aerial firefighting capability—surveillance plus suppression—supported by purpose-built, high-capacity aircraft and a strong government contracting footprint. The company’s revenue is concentrated in government contracts and among a small number of customers.