Bridger Aerospace Q4 Revenue Drops 45% to $8.5M, Full-Year Revenue Up 24.6%
Bridger Aerospace’s Q4 revenue fell 45.2% to $8.5 million, driving a net loss of $15.1 million and an adjusted EBITDA loss of $9.5 million. For 2025, revenue rose 24.6% to $122.8 million with net income of $4.1 million and adjusted EBITDA of $45.3 million.
1. Fourth-Quarter Results
Bridger Aerospace reported Q4 revenue of $8.5 million, a 45.2% decrease year-over-year, resulting in a net loss of $15.1 million, or $0.40 per diluted share, and an adjusted EBITDA loss of $9.5 million.
2. Full-Year Financial Performance
For full-year 2025, Bridger Aerospace achieved revenue of $122.8 million, a 24.6% increase over 2024, delivered net income of $4.1 million, or $0.42 per share, and expanded adjusted EBITDA to $45.3 million, up 21.3% year-over-year.
3. Operating Drivers and Expenses
Revenue decline in the quarter reflected reduced return-to-service work on Spanish Super Scooper aircraft and timing of deployments, while SG&A expenses rose 75.4% to $13.4 million due to elevated warrant fair-value adjustments and earnout considerations.
4. Liquidity, Financing and 2026 Outlook
The company ended 2025 with $31.4 million in cash and completed a $331.5 million financing package, and it forecasts 2026 revenue of $135 to $145 million with adjusted EBITDA guidance of $55 to $60 million supported by fleet expansions.