Bridger Aerospace Group (BAER) investor relations material

Executive summary

• Q1 2026 revenue was $8.5 million, down 46% year-over-year, reflecting seasonal trends, lower fire suppression and MRO activity, and non-recurring work in the prior year.

• Net loss widened to $31.3 million ($0.69/share) from $15.5 million ($0.41/share) in Q1 2025, driven by lower revenue and higher SG&A expenses.

• Adjusted EBITDA was negative $14.5 million, compared to negative $5.1 million in Q1 2025, with margins declining to (170%).

• Fleet expansion and readiness investments continued, including upgrades to surveillance aircraft and earliest-ever mobilization for fire season.

• Leadership strengthened with new COO and General Counsel appointments.

Financial highlights

• Revenue: $8.5 million in Q1 2026 vs. $15.6 million in Q1 2025.

• Cost of revenues was $17 million, nearly flat year-over-year.

• SG&A expenses rose to $16.7 million from $8.6 million, driven by stock-based compensation, warrant revaluation, and workforce investments.

• Gross loss increased to $8.5 million from $1.6 million year-over-year due to revenue decline.

• Cash and equivalents at quarter-end were $9 million, down from $31.4 million at year-end 2025, with $21.1 million used in operating activities.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $135–$145 million, representing 14% growth at midpoint and 29% growth excluding non-recurring 2025 work.

• Adjusted EBITDA guidance for 2026 is $55–$60 million, up 27% at midpoint.

• Management expects sufficient liquidity for at least 12 months, supported by cash, operations, and available credit.

• Expect improved operating cash flow as fleet utilization and fire activity increase in peak season.

• European summer fire season contribution included in guidance, but at lower contract economics.