Bridger Aerospace Reports Revenue Decline and Increased Net Loss in Q2 2026

Bridger Aerospace Group Holdings, Inc. reported a decline in financial performance for the second quarter of 2026, with revenues of $30.5 million, a decrease of 1% from $30.8 million in the same period last year. For the first half of 2026, revenues fell 16% to $39.0 million compared to $46.4 million in the first half of 2025. The company attributed the revenue decline primarily to reduced maintenance repair work on Spanish Scoopers and a significant drop in other services, which saw a 99% decrease to $21,000 due to non-recurring training services that were not repeated in 2026.

The company's cost of revenues increased by 3% to $19.2 million in the second quarter, driven by a 28% rise in flight operations expenses, reflecting higher aircraft depreciation and fuel costs. However, maintenance costs decreased by 16% due to reduced return-to-service work. Selling, general, and administrative expenses also decreased by 19% to $5.3 million, largely due to a significant reduction in stock-based compensation expenses related to adjustments from a former executive's separation agreement.

Bridger's net loss for the second quarter was $498,000, compared to a net income of $308,000 in the prior year. For the first half of 2026, the net loss widened to $31.8 million from $15.2 million in the same period of 2025. The increase in losses was attributed to higher interest expenses and a decrease in other income, which fell by 87% to $91,000. The company’s interest expenses rose by 15% to $6.6 million, reflecting increased borrowings following a refinancing in October 2025.

Operationally, Bridger's customer base remains concentrated, with two customers accounting for 71% and 16% of total revenues in the second quarter. The company reported a significant increase in flight hours for its fire suppression and aerial surveillance services, which contributed to a 19% increase in fire suppression revenue. However, the overall performance was impacted by the seasonal nature of the business, with expectations of fluctuating results based on the intensity of the wildfire season.

Looking ahead, Bridger anticipates that its existing cash reserves, along with available borrowing capacity, will be sufficient to meet operational needs for at least the next 12 months. The company is focused on maintaining compliance with its financial covenants under its credit agreement, which includes a Total Leverage Ratio not exceeding 7.00x through the end of 2026. Despite the challenges faced in the first half of 2026, Bridger remains optimistic about long-term growth prospects driven by increasing demand for its aerial firefighting services.