Bridger Aerospace Reports 184% Revenue Growth to $15.6 Million Despite Net Loss

Bridger Aerospace Group Holdings, Inc. reported significant financial performance improvements in its latest quarterly filing, with revenues for the three months ended March 31, 2025, reaching $15.6 million, a 184% increase from $5.5 million in the same period last year. The growth was primarily driven by increased flight hours and maintenance services, particularly following the acquisition of Flight Test & Mechanical Solutions, Inc. in June 2024. Despite the revenue surge, the company recorded a net loss of $15.5 million, an improvement from a net loss of $20.1 million in the prior year, reflecting a loss per share of $0.41 compared to $0.55.

The company's cost of revenues also rose, increasing by 87% to $17.2 million, largely due to higher maintenance expenses, which surged by 161% to $11 million. Flight operations costs increased by 25% to $6.3 million, attributed to higher salaries, contractor labor, and depreciation expenses. Selling, general, and administrative expenses decreased by 26% to $8.6 million, primarily due to reduced stock-based compensation costs.

Bridger's operational metrics indicate a growing customer base, with significant contributions from both U.S. and Spanish markets. U.S. revenues increased by 117% to $9.7 million, while Spanish revenues surged by 475% to $5.9 million, driven by maintenance and return-to-service work on aircraft. The company continues to manage a fleet of twelve aircraft, including specialized firefighting models, and is focused on expanding its operational capabilities.

Looking ahead, Bridger anticipates continued demand for its aerial firefighting services, particularly as climate change contributes to more severe wildfire seasons. The company is committed to leveraging its technological advancements and expanding its service offerings to meet this growing need. However, it also acknowledges potential risks, including market volatility and operational challenges, which could impact future performance. The company remains in compliance with its financial covenants and expects its current cash reserves to support operations for at least the next 12 months.