The Q1 results are seasonally weak and in line with expectations, but the cash burn rate ($22.4M in Q1) is concerning given only $9.0M cash on hand and $90M remaining on the delayed draw facility. The stock will trade on fire season activity and the ability to convert the reiterated full-year guidance into actual H2 revenue. Monitor weekly for early-season contract awards and wildfire activity data as catalysts.
Price Chart
Executive Summary
Bridger Aerospace reported Q1 2026 revenue of $8.5M, down 46% YoY from $15.6M, reflecting a return to typical seasonal trends after an unusually strong prior-year period driven by the Palisades fire and non-recurring return-to-service work. Net loss widened to $31.3M from $15.5M, and cash burned to $9.0M from $31.4M at year-end. The company reiterated full-year 2026 guidance of $135M-$145M revenue and $55M-$60M Adjusted EBITDA, but the Q1 results show a deeply seasonal, cash-intensive business with no near-term catalyst until peak fire season.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $8.5M, down 46% from $15.6M in Q1 2025
- Net loss of $31.3M vs $15.5M in prior year; loss per share of $(0.69) vs $(0.41)
- Adjusted EBITDA of $(14.5)M vs $(5.1)M in Q1 2025
- Cash and cash equivalents fell to $9.0M from $31.4M at Dec 31, 2025
- Full-year 2026 guidance reiterated: revenue $135M-$145M, Adj. EBITDA $55M-$60M
- Secured a five-year, $18.6M IDIQ contract with U.S. Department of the Interior for Alaska
- Appointed new COO and General Counsel during the quarter
- Prior year Q1 2025 results were boosted by Palisades fire and $5.9M in return-to-service work (vs $1.7M in Q1 2026)
Financial Impact
Q1 revenue decline of $7.1M (46% YoY); net loss widened by $15.8M; cash burn of $22.4M in the quarter
Risk Factors
- Cash burn rate may require additional financing if fire season is delayed or below average
- Revenue is highly seasonal and dependent on wildfire activity, which is unpredictable
- Stockholders' deficit of $380M and Series A preferred stock of $414M create a complex capital structure
- Guidance assumes significant H2 revenue ramp that may not materialize
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219605 |
| Document: d110889dex992.htm | 0001193125-26-219605 |
| Document: d110889d8k.htm | 0001193125-26-219605 |
| Document: 0001193125-26-219605-index-headers.html | 0001193125-26-219605 |
| Document: 0001193125-26-219605-index.html | 0001193125-26-219605 |
| Document: 0001193125-26-219605.txt | 0001193125-26-219605 |
| 8-K Data (Synthetic) | 0001193125-26-219605 |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers