BAERMEDIUM SIGNALOPERATIONAL10-K

Bridger Aerospace is strategically expanding beyond its core wildfire suppression business into broader government and defense applications while maintaining solid financial momentum.

The company's revised mission statement signals a deliberate pivot toward diversified aviation services including defense and disaster response, potentially reducing seasonal wildfire dependency and opening new revenue streams. The founder's transition from CEO to U.S. Senator role appears complete, with leadership changes now fully reflected in corporate messaging.

Comparing 2026-03-06 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

Bridger delivered strong operational performance with revenue growing 25% to $123M and gross profit expanding 26% to $52M, while operating cash flow substantially improved. The company maintained a solid balance sheet despite reduced cash reserves, with total assets growing 14% even as current assets declined 37%, suggesting strategic deployment of capital. The overall financial picture reflects a growing company investing for expansion while generating improved cash flows from operations.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+78.9%
$9.4M$16.7M

Operating cash flow surged 78.9% — exceptional cash generation, highest quality earnings signal.

Current Assets
Balance Sheet
-37%
$63.8M$40.2M

Current assets declined 37% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-29.4%
$23.4M$16.5M

Current liabilities reduced — improved short-term financial position and working capital health.

Gross Profit
P&L
+25.6%
$41.1M$51.7M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+24.6%
$98.6M$122.8M

Revenue growing 24.6% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
-20.2%
$39.3M$31.4M

Cash decreased 20.2% — monitor burn rate and upcoming capital needs.

Total Assets
Balance Sheet
+13.6%
$290.8M$330.3M

Asset base grew 13.6% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+11.9%
$237.3M$265.6M

Liabilities increased 11.9% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-06
PRIOR — 2025-03-14
ADDED
As of March 3, 2026, there were 55,923,319 shares of Common Stock, $0.0001 par value, issued and outstanding.
Our mission is to deploy the most advanced technologies in aviation to protect lives, property, critical infrastructure, and the environment, delivering these capabilities where they are needed most, from wildfire response to defense and beyond.
Through innovation and the use of advanced technology and software, focusing on aerial firefighting, disaster response, government applications and public safety, Bridger aims to set the global standard in aviation services.
Bridger was founded in 2014 in Bozeman, Montana by Tim Sheehy, former U.S.
Sheehy, who served as the Company s initial Chief Executive Officer, envisioned applying advanced aviation technologies and combat-derived capabilities developed in military operations to combat wildfires.
Since its founding, Bridger has built upon this foundation and is expanding its specialized aerial capabilities beyond traditional wildfire suppression to include mission-adjacent services for governmental and commercial customers.
The current Chief Executive Officer, Sam Davis, was one of the original members of the Bridger leadership team.
Davis rose through the ranks, contributing to the expansion of the fleet from a small number of legacy aircraft to its current scale and the broadening of the Company s service offerings.
Davis was appointed Chief Executive Officer by unanimous Board of Directors vote based on his successful leadership as Interim CEO.
Davis s stewardship, and with the support of a strong leadership team, the Company continues to pave the way as a full-spectrum aerial service provider in the field of aerial wildfire management, offering technology and services to provide front-line firefighters and incident commanders with critical fire data, overhead surveillance, and suppression support.
REMOVED
As of March 10, 2025, there were 54,218,024 shares of Common Stock, $0.0001 par value, issued and outstanding.
Our mission is to save lives, property and habitats threatened by wildfires, leveraging our high-quality team, specialized aircraft and innovative use of technology and data.
We are meeting an underserved and growing need for next-generation full-service aerial firefighting platforms.
Bridger was founded by our former Chief Executive Officer, former Navy SEAL officer and current United States Senator Timothy Sheehy, in Bozeman, Montana in 2014 with one aircraft and a vision to build a global enterprise to fight wildfires.
Bridger has since grown into a full-spectrum aerial firefighting service provider in the U.S.
and in the field of aerial wildfire management, offering technology and services to provide front-line firefighters and fire suppression decision-makers access to key fire data in order to effectively combat wildfires.
As of December 31, 2024, the Company has a team of 191 employees and has developed an ecosystem of solutions, services and technologies supporting firefighting ground crews and the public.
According to an article on Climate Change Indicators by the United States Environmental Protection Agency, multiple studies have found that climate change has already led to an increase in wildfire season length, wildfire frequency and burned area, climate change threatens to increase the frequency, extent and severity of fires through increased temperatures and drought and wildfires release a significant amount of carbon emissions each year.
The areas in which human development meets or intermingles with undeveloped wildland and vegetative fuels that are both fire-dependent and fire-prone ( wildland-urban interface or WUI ) have grown by more than 179,000 square kilometers in the U.S.
from 1990 to 2020, according to a 2023 article by the United States Forest Service (the USFS and, such article, the USFS WUI Increase Article ).
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