Bridger Aerospace Group Holdings, Inc.

Bridger Aerospace Group Holdings, Inc. provides aerial wildfire surveillance, fire suppression, and related aviation services primarily in the United States. The company uses specialized aircraft, including CL-415EAF Super Scoopers and Air Attack platforms, to support incident commanders with water drops, overhead surveillance, and tactical coordination during wildfire events. In addition to firefighting, Bridger also performs airframe modification and integration work for governmental and commercial customers. Founded in Bozeman, Montana, the company has positioned itself around advanced aviation technology, software, and mission-adjacent public-safety applications beyond traditional wildfire response.

42,1 %

3,4 %

+24,6 %

2.43

2.43

— Bridger Aerospace Group Holdings, Inc.
%
Fire Suppression55% Water-dropping wildfire suppression services using Super Scooper aircraft for initial and direct attack.
Aerial Surveillance20% Air Attack and overhead surveillance services that provide fire intelligence and tactical coordination.
MRO and Return-to-Service15% Maintenance, repair, and return-to-service work performed for third-party aircraft and customers.
Airframe Modification and Integration7% Customized aircraft modification and systems integration for governmental and commercial clients.
Other Services3% Contractual support services such as extended availability and mobilizations.

Bridger’s core customers are government agencies that procure wildfire response capacity, including federal customers...

  • Federal wildfire agenciesprimary

    USFS, DOI/USWFS and related agencies buy suppression and surveillance services to augment ground firefighting during major wildfire events.

  • State fire agenciesprimary

    State-level customers procure aerial firefighting support in high-risk fire regions where seasonal demand is intense and time-sensitive.

  • Incident command teamssecondary

    Fire incident commanders use Air Attack and aerial surveillance services for tactical coordination and situational awareness.

  • Government and commercial aviation customerssecondary

    These customers buy airframe modification, integration, and maintenance-related services for specialized aircraft needs.

Bridger’s business is primarily concentrated in the United States, where wildfire response demand is highest and where...

  • Headquartered in Belgrade, Montana
  • Founded in Bozeman, Montana
  • Primary operations throughout the United States
  • Deployment follows wildfire season and incident location
  • Exposure is concentrated in high-risk fire regions

Bridger’s strategy is to expand beyond a narrow wildfire-suppression role into a full-spectrum aerial services platform...

01
Expand the full-spectrum aerial services platformmedium-term

Diversifies the business beyond seasonal wildfire suppression and increases addressable demand across government and commercial missions.

02
Maintain and renew core government contractsshort-term

Large public-sector contracts anchor utilization, revenue visibility, and fleet economics.

03
Increase aircraft and technology deploymentmedium-term

More aircraft availability and better mission data improve service capacity and customer value during peak fire periods.

Bridger faces substantial operational risk because its aircraft operate in hazardous wildfire environments, where...

high

Aircraft operation and wildfire response hazards

The company flies in dangerous conditions and any accident, mechanical failure, or loss of an aircraft can interrupt revenue and harm reputation.

Scope
Super Scooper fleet and Air Attack operations
Materiality
high
high

Customer concentration

A small number of customers represent most revenue, so contract changes or non-renewal could materially affect results.

Scope
Federal and state government contracts
Materiality
high
high

Seasonality and wildfire variability

Demand depends on the timing and intensity of the North American fire season, which can vary significantly year to year.

Scope
Fire suppression and aerial surveillance revenue
Materiality
high
medium

Aircraft and parts supply constraints

The company relies on a limited supply of Super Scooper aircraft and third-party components, which can limit fleet expansion and uptime.

Scope
Fleet growth and maintenance operations
Materiality
medium
medium

Personnel availability

Operations require specialized pilots, engineers, and maintenance staff, and shortages could reduce service capacity.

Scope
Flight operations and maintenance
Materiality
medium
Revenue recognition across multiple service lines
Can shift revenue between periods and affect comparability
Seasonality and utilization
Quarterly margins may not reflect full-year economics
Impairment and useful life estimates
Can create material non-cash charges
Fair value measurement of warrants and preferred stock
May introduce gains or losses unrelated to operations

: 11/08/2026