Bridger Aerospace Reports 46% Revenue Decline and $31.3 Million Net Loss in Q1 2026

Bridger Aerospace Group Holdings, Inc. reported a significant decline in financial performance for the first quarter of 2026, with revenues dropping 46% to $8.5 million compared to $15.6 million in the same period last year. The company attributed this decrease primarily to reduced flight hours for its aerial firefighting services, particularly for its Super Scooper aircraft, which saw a revenue decline of 61%. The overall gross loss for the quarter was $8.5 million, a stark contrast to the gross loss of $1.6 million reported in the first quarter of 2025.

The company's total cost of revenues remained relatively stable, decreasing slightly by 1% to $17.0 million. However, selling, general, and administrative expenses surged by 95% to $16.7 million, largely due to a significant increase in workforce costs and changes in the fair value of warrants. This led to a net loss of $31.3 million for the quarter, more than double the net loss of $15.5 million recorded in the prior year. The loss attributable to common stockholders was $38.3 million, resulting in a loss per share of $0.69, compared to $0.41 in the previous year.

In terms of operational developments, Bridger's customer base remains concentrated, with three customers accounting for 65% of total revenues in the first quarter of 2026. The company also reported a notable increase in accounts receivable, which rose to $6.8 million from $3.2 million at the end of 2025, indicating a potential delay in cash collections. The company’s cash and cash equivalents decreased significantly to $9.0 million from $31.4 million at the end of 2025, reflecting the cash used in operations and investments.

Strategically, Bridger has continued to invest in its fleet and capabilities, including a recent agreement to purchase a King Air aircraft for approximately $11.4 million, expected to be delivered in 2027. The company also drew $6.0 million from its revolving credit facility to support working capital needs. Looking ahead, management expressed confidence that existing cash reserves and operational cash flow would be sufficient to meet working capital and capital expenditure requirements for at least the next 12 months, despite the challenges posed by the current financial performance and market conditions.