Revenue performance is highly cyclical, evidenced by a 45.6% year-over-year decline in 2026Q1 and gross margins that swung from -100.3% in 2026Q1 to 68.9% in 2025Q3.
| Sales/Revenue | 115.7M | 122.83M | 98.61M | 66.71M | 46.39M | 39.38M | 13.41M |
| Revenue Growth % | 6.39% | 24.56% | 47.83% | 43.8% | 17.78% | 193.63% | - |
| Cost of Goods Sold | 70.99M | 71.15M | 57.48M | 41.34M | 33.89M | 26.58M | 12.85M |
| COGS % of Revenue | - | 57.92% | 58.28% | 61.97% | 73.05% | 67.49% | 95.83% |
| Gross Profit | 44.71M | 51.68M | 41.14M | 25.37M | 12.5M | 12.8M | 558.77K |
| Gross Margin % | 38.64% | 42.08% | 41.72% | 38.03% | 26.95% | 32.51% | 4.17% |
| Gross Profit Growth % | - | 25.63% | 62.16% | 102.91% | -2.37% | 2191.64% | - |
| Operating Expenses | 44.42M | 36.28M | 35.82M | 82.86M | 35.13M | 11.22M | 9.42M |
| OpEx % of Revenue | - | 29.54% | 36.32% | 124.22% | 75.73% | 28.48% | 70.21% |
| Selling, General & Admin | 44.42M | 36.28M | 35.82M | 82.86M | 35.13M | 10.85M | 9.29M |
| SG&A % of Revenue | - | 29.54% | 36.32% | 124.22% | 75.73% | 27.55% | 69.29% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 365.63K | 122.96K |
| R&D % of Revenue | - | - | - | - | - | 0.93% | 0.92% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 285K | 15.4M | 5.32M | -57.49M | -22.63M | 1.59M | -8.86M |
| Operating Margin % | 0.25% | 12.54% | 5.39% | -86.19% | -48.78% | 4.04% | -66.04% |
| Operating Income Growth % | - | 189.58% | 109.25% | -154.11% | -1523.04% | 117.95% | - |
| EBITDA | 15.83M | 30.87M | 22.77M | -46.41M | -13.54M | 8.26M | -6.18M |
| EBITDA Margin % | 13.68% | 25.13% | 23.09% | -69.57% | -29.18% | 20.98% | -46.04% |
| EBITDA Growth % | -44.69% | 35.58% | 149.06% | -242.86% | -263.79% | 233.81% | - |
| D&A (Non-Cash Add-back) | 15.54M | 15.47M | 17.45M | 11.09M | 9.09M | 6.67M | 2.68M |
| EBIT | -314K | 15.4M | 7.38M | -54.44M | -22.11M | 2.75M | -10.64M |
| Net Interest Income | -23.68M | -23.26M | -23.71M | -23.22M | -20.02M | -9.29M | -1.6M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.68M | 23.26M | 23.71M | 23.22M | 20.02M | 9.29M | 1.6M |
| Other Income/Expense | -12.35M | -11.47M | -21.65M | -20.16M | -19.5M | -8.13M | -3.38M |
| Pretax Income | -12.06M | 3.92M | -16.33M | -77.66M | -42.13M | -6.54M | -12.24M |
| Pretax Margin % | -10.43% | 3.2% | -16.56% | -116.42% | -90.81% | -16.61% | -91.24% |
| Income Tax | -494K | -215K | -762K | -302K | 0 | 0 | 0 |
| Effective Tax Rate % | 4.09% | -5.48% | 4.67% | 0.39% | 0% | 0% | 0% |
| Net Income | -11.63M | 4.14M | -15.57M | -77.36M | -42.13M | -6.54M | -12.24M |
| Net Margin % | -10.05% | 3.37% | -15.79% | -115.97% | -90.81% | -16.61% | -91.24% |
| Net Income Growth % | -5.52% | 126.59% | 79.88% | -83.64% | -544.03% | 46.55% | - |
| Net Income (Continuing) | -11.57M | 4.14M | -15.57M | -77.36M | -42.13M | -6.54M | -12.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.21 | -0.42 | -0.81 | -1.00 | -8.20 | -0.56 | -0.28 |
| EPS Growth % | 11.39% | 48.15% | 19% | 87.8% | -1364.29% | -100% | - |
| EPS (Basic) | - | -0.42 | -0.81 | -1.71 | -8.20 | -0.56 | -0.28 |
| Diluted Shares Outstanding | 55.29M | 54.28M | 50.52M | 77.53M | 40.29M | 40.12M | 43.13M |
| Basic Shares Outstanding | 55.29M | 54.28M | 50.52M | 45.27M | 40.29M | 40.12M | 43.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Extreme Seasonal Revenue Concentration
As reported in recent financial filings, Bridger Aerospace exhibits extreme quarterly revenue variance, with Q3 2025 revenue reaching $67.9 million compared to just $8.5 million in Q1 2026, highlighting a heavy reliance on the North American wildfire season to drive top-line performance throughout the fiscal year.
The revenue trajectory is characterized by sharp peaks during the summer months, which masks the underlying difficulty in maintaining consistent growth during the off-season. Investors should monitor whether the company can successfully diversify its geographic footprint to mitigate this inherent seasonality, as current figures suggest a business model that is highly sensitive to the timing and severity of domestic fire events.
Based on the provided income statement data, gross margins fluctuate wildly from a negative 100.3% in Q1 2026 to a positive 68.9% in Q3 2025, illustrating that the company's profitability is almost entirely dependent on high-volume flight hour utilization during peak operational periods.
The structural cost of maintaining a specialized fleet of CL-415EAF aircraft creates a high operating leverage environment where fixed costs must be absorbed by limited flight windows. This suggests that during the off-season, the company effectively burns capital to maintain readiness, which may lead to significant margin compression if fire seasons are shorter than anticipated.
According to the historical income statement, SG&A expenses remain elevated even during low-revenue quarters, such as the $16.7 million recorded in Q1 2026, which indicates that the company's fixed overhead structure is not scaling efficiently with the seasonal nature of its primary revenue streams.
The inability to meaningfully reduce SG&A during the off-season suggests that the company carries a heavy administrative and regulatory burden that persists regardless of flight activity. This warrants further investigation into whether management can optimize its cost base during the winter months to prevent the recurring operating losses observed in the non-peak quarters.
As evidenced by the financial statements, the company has utilized significant stock-based compensation, including $9.1 million in Q4 2023, which complicates the assessment of true operational profitability and suggests that reported net income figures may not fully reflect the cash-based cost of talent retention.
The reliance on equity-based incentives appears to be a mechanism to manage cash burn, yet it introduces potential dilution risks for shareholders. Analysts should carefully adjust for these non-cash charges when evaluating the company's path to sustainable, GAAP-positive earnings, as the current net margin of 3.37% remains fragile and highly susceptible to non-operating adjustments.
Quick answers to the most common questions about buying BAER stock.
For fiscal year 2025, Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) reported total revenue of $122.8M. This represents a 815.7% increase compared to $13.4M in 2020.
Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) is profitable, generating $4.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) reported an operating income of $15.4M, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) generated $51.7M in gross profit for the year, representing a gross profit margin of 42.1%. This demonstrates the company's core pricing power and production efficiency.