BAERWMEDIUM SIGNALOPERATIONAL10-K

Bridger Aerospace is strategically expanding beyond wildfire suppression into broader government and defense applications while demonstrating improved operational performance.

The company is diversifying its mission-critical aviation services from pure wildfire response to include defense, disaster response, and public safety applications, potentially expanding its addressable market significantly. This strategic pivot, combined with strong revenue growth and improved cash generation, suggests management is successfully executing a broader platform strategy that could reduce seasonal volatility and create new growth avenues.

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

The company delivered solid operational performance with revenue growing 25% to $123M and gross profit expanding 26% to $52M, while operating cash flow substantially improved to $17M. Despite a decline in cash position to $31M and reduced current assets, total assets grew 14% indicating continued investment in the business. The overall financial picture shows a company successfully scaling operations while maintaining healthy margins and meaningfully improving cash generation capabilities.

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.
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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.
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