What changed in this filing

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Item 9A. Controls and Procedures

2026-03-06 compared with 2025-03-14 · 71 added, 103 removed, 125 unchanged (58% of the section changed)

1 unchanged sentence

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.

Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the current chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of December 31, 2024, pursuant to Rule 13a-15(b) under the Exchange Act.

Based upon that evaluation, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of December 31, 2024, with regard to the material weaknesses described below.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud.

Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs.

Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in our reports filed under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.

Disclosure controls and procedures are also designed to provide reasonable assurance that such information is accumulated and communicated to our management, including the current chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025, pursuant to Rule 13a-15(e) and 15d-15(e) under the Exchange Act.

Based upon that evaluation, our Certifying Officers concluded that our disclosure controls and procedures were effective as of December 31, 2025.

Limitations on Effectiveness of Controls

We do not expect that our disclosure controls and procedures will prevent or detect all errors or all instances of fraud.

Disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system and procedures are met.

Because of the inherent limitations in all control systems and procedures, there is a risk that misstatements may not be prevented or detected on a timely basis.

In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act.

All internal control systems, no matter how well designed and operated, have inherent limitations.

Therefore, even systems or system components which are deemed to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Our management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on that assessment, our management has concluded that our internal control over financial reporting was not effective as of December 31, 2024, with regard to the material weaknesses, which is described below.

Under standards established by the Public Company Accounting Oversight Board, a material weakness is a deficiency or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

During the audit of our financial statements, for the fiscal year ended December 31, 2024, we and our independent registered public accounting firm identified a material weakness, which are described below.

Material Weaknesses :

We have identified two material weaknesses in our internal control over financial reporting, which we are in the process of, and are focused on, remediating.

The material weaknesses are related to the accounting for complex transactions within our financial statement closing and reporting process, and maintaining and monitoring user access to certain IT systems contributing to our financial reporting.

While we remediated substantial parts of these pre-existing material weaknesses throughout the year, we concluded that we may be exposed to the risk of material misstatement in our financial reports by a deficiency in our precision of the review of the inputs provided by external technical accounting experts, as well as the assignment and monitoring of user access in some of our IT applications.

Remediation Plan :

We have already begun the process of, and are focused on, increasing the effectiveness of our internal control over financial reporting and remediating the material weakness, including:

• improving the workflow for complex accounting transactions to include multiple levels of review and increase the time available to thoroughly evaluate the application of GAAP and improve the precision of review of assumptions made within third party accounting experts’ work product and

• hiring a Director of Technical Accounting and Reporting in December 2024 to augment and improve our review of third-party accounting advice.

• restricting privileged access in our general ledger and account reconciliation applications to ensure the strict enforcement of workflows following the four-eyes principle, and

• designing controls to closely monitor the way in which remaining privileged access to financially relevant IT applications is exercised by those who hold it.

While these ongoing and planned actions are subject to constant management evaluation and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles, we are committed to the improvement of our internal control over financial reporting and will continue to diligently review our internal control over financial reporting.

Although we plan to complete this remediation process as quickly as possible, we are unable, at this time, to estimate how long it will take, and our efforts may not be successful in remediating the identified material weaknesses.

In addition, even if we are successful in strengthening our controls and procedures, we can give no assurances that in the future such controls and procedures will be adequate to prevent or identify errors or irregularities or to facilitate the fair preparation and presentation of our Consolidated Financial Statements.

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934.

Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, and effected by the Company’s board of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S.

generally accepted accounting principles.

Internal control over financial reporting includes those policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S.

GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company;

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025.

In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013).

Based on this evaluation, our management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025.

Attestation Report of the Registered Public Accounting Firm

This Annual Report does not include an attestation report of our registered public accounting firm on management’s report on internal control over financial reporting, as provided by an exception in Item 308 of Regulation S-K established for emerging growth companies.

under the JOBS Act of 2012.

This Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting, as we are an emerging growth company and are exempt from the auditor attestation requirement under Section 404(b) of the Sarbanes‑Oxley Act and Item 308(b) of Regulation S‑K as permitted by the JOBS Act of 2012.

Remediation of the Previously Reported Material Weaknesses in Internal Control Over Financial Reporting

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

As reported in Management’s Annual Report on Internal Control over Financial Reporting for the year ended December 31, 2024, as well as in our Quarterly Reports on Form 10-Q for each interim period through the third quarter of the year ended December 31, 2025, we did not maintain effective internal control over financial reporting because of the two material weaknesses described below:

Specifically related to, (i) the accounting for complex transactions within our financial statement closing and reporting process;

and (ii) maintaining and monitoring user access to certain IT systems contributing to our financial reporting.

During the year ended December 31, 2025, the Company implemented remediation plans to address the design and operating effectiveness of control deficiencies that led to the material weaknesses described above.

Management’s remediation efforts included improving the workflow for complex accounting transactions to include multiple levels of review and allow additional time to thoroughly evaluate the application of U.S.

GAAP, as well as enhancing the precision of reviews of assumptions used within third-party accounting experts’ analyses.

In December 2024, the Company hired a Director of Technical Accounting and Reporting to further strengthen the review process for complex accounting matters and third-party accounting advice.

In addition, Management evaluated and enhanced segregation of duties within key financial applications, restricted privileged access in the general ledger and account reconciliation systems to enforce workflow integrity, and designed new controls to monitor how remaining privileged access to financially significant IT applications is exercised by authorized personnel.

After testing the design and implementation and operating effectiveness of the enhanced or new controls described above, management concluded that the material weaknesses described above were remediated as of December 31, 2025.

We will continue to monitor execution of our controls to ensure the effectiveness of those controls and make enhancements as necessary.

Changes in Internal Control Over Financial Reporting

Except as described above under “Remediation of the Previously Reported Material Weaknesses in Internal Control Over Financial Reporting,” there were no changes in our internal control over financial reporting during the fourth quarter of the year ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

OTHER INFORMATION.

Appointment of Chief Operating Officer

On March 4, 2026, the Company announced the appointment of Adolphus “Bill” Andrews as the Company’s Chief Operating Officer, effective as of March 2, 2026.

For his services as the Company’s Chief Operating Officer, Mr.

Andrews will receive an annual base salary of $400,000 and will be eligible to receive an annual cash bonus of $160,000.

Andrews, age 59, served in various senior leadership roles at Lockheed Martin Corporation over a 23-year period, including as Vice President and Executive Program Manager for Mobility Programs from January 2023 through February 2026, as Director of Field Operations from October 2021 to January 2023 and as Director of Aeronautics Test and Evaluation from April 2019 to October 2021.

Andrews previously served in the U.S.

Air Force and Air National Guard as a C-130 Evaluator Pilot and Aircraft Commander and holds a Master of Science in Systems and Project Management from the University of Southern California and a Bachelor of Science in Civil Engineering from the U.S.

Air Force Academy.

There are no arrangements or understandings between Mr.

Andrews and any other person pursuant to which he was appointed as an officer.

Andrews does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Rule 10b5-1 Trading Arrangements

During the three months ended December 31, 2025, none of our directors or officers, as defined in Rule 16a-1(f) of the Exchange Act, has informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.

21 unchanged sentences

and Legacy Bridger.

(incorporated by reference to Exhibit 2.1 of the Company’s Registration Statement on Form S-4 (File No.

(incorporated by reference to Exhibit 2.1 of the Company’s Registration Statement o n Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

1 unchanged sentence

and Jesse Whitfield, solely in his capacity as the company representative (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2024).

Purchase and Sale Agreement of Bridger Solutions International Hangar Complex, dated May 23, 2025, by and among Bridger Aerospace Group Holdings, Inc.

and MTP - Aviation Infrastructure Holdco, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 27, 2025).

3.1 Amended and Restated Certificate of Incorporation of Bridger Aerospace Group Holdings, Inc.

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and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on January 27, 2023).

4.3* Description of the Company’s Securities .

4.3 Description of the Company’s Securities (incorporated by reference to Exhibit 4.3 of the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2025).

10.1 Amended and Restated Registration Rights Agreement, dated January 24, 2023, by and among the Company, Jack Creek Investment Corp.

7 unchanged sentences

2023 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the SEC on January 27, 2023).

10.6# Amended Employment Agreement, dated as of December 6, 2018, by and between ElementCompany Operations, LLC and Timothy Sheehy (incorporated by reference to Exhibit 10.17 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

Amended Employment Agreement, dated as of December 6, 2018, by and between ElementCompany Operations, LLC and James Muchmore (incorporated by reference to Exhibit 10.18 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.8# Amended Employment Agreement, dated as of December 6, 2018, by and between ElementCompany Operations, LLC and McAndrew Rudisill (incorporated by reference to Exhibit 10.19 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

Offer of Employment, dated August 21, 2022, by and between Legacy Bridger and Eric Gerratt (incorporated by reference to Exhibit 10.39 of the Company’s Registration Statement on Form S-4/A (File No.

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10.8 Form of Indemnification Agreement for Officers and Outside Directors (incorporated by reference to Exhibit 10.6 to the Company’s Current Form 8-K filed with the SEC on January 27, 2023).

10.11++ Contract No.

1202SA21T9009, dated as of June 3, 2021, issued by National Interagency Fire Center U.S.

1 unchanged sentence

333-266840), filed with the SEC on August 12, 2022).

10.12 Amended and Restated Loan Agreement, dated as of July 1, 2022, by and among Gallatin County, Montana and Bridger Aerospace Group, LLC, Bridger Air Tanker, LLC, Bridger Air Tanker 3, LLC, Bridger Air Tanker 4, LLC, Bridger Air Tanker 5, LLC, Bridger Air Tanker 6, LLC, Bridger Air Tanker 7, LLC, Bridger Air Tanker 8, LLC, Bridger Solutions International 1, LLC and Bridger Solutions International 2, LLC (incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.13 Second Amended and Restated Loan Agreement, dated as of August 1, 2022, by and among Gallatin County, Montana and Bridger Aerospace Group, LLC, Bridger Air Tanker, LLC, Bridger Air Tanker 3, LLC, Bridger Air Tanker 4, LLC, Bridger Air Tanker 5, LLC, Bridger Air Tanker 6, LLC, Bridger Air Tanker 7, LLC, Bridger Air Tanker 8, LLC, Bridger Solutions International 1, LLC and Bridger Solutions International 2, LLC (incorporated by reference to Exhibit 10.12 of the Company’s the Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.14 Industrial Development Revenue Bonds (Bridger Aerospace Group Project) Series 2022B (Taxable), dated as of August 10, 2022, by Gallatin County, Montana (incorporated by reference to Exhibit 10.13 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.15 Amended and Restated Trust Indenture, dated as of July 1, 2022, by and between Gallatin County, Montana and U.S.

Bank Trust Company, National Association (incorporated by reference to Exhibit 10.14 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.16 First Supplemental Trust Indenture, dated as of July 1, 2022, by and between Gallatin County, Montana and U.S.

Bank Trust Company, National Association (incorporated by reference to Exhibit 10.15 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.17 First Supplemental Trust Indenture, dated as of August 1, 2022, by and between Gallatin County, Montana and U.S.

Bank Trust Company, National Association (incorporated by reference to Exhibit 10.16 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.18 Construction Loan Agreement, dated as of September 30, 2019, by and between Bridger Solutions International, LLC and Rocky Mountain Bank (incorporated by reference to Exhibit 10.22 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.19 Waiver and Amendment No.

1 to Loan Agreement, dated June 8, 2022, by and among Bridger Solutions International, LLC and Rocky Mountain Bank, its successors and assigns (incorporated by reference to Exhibit 10.23 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on December 12, 2022).

10.20 Consent, Waiver and Amendment No.

2 to Loan Agreement, dated November 3, 2022, by and among Bridger Solutions International, LLC and Rocky Mountain Bank, its successors and assigns (incorporated by reference to Exhibit 10.24 to the Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on December 12, 2022).

10.21 Amendment No.

3 to Loan Agreement, dated December 28, 2022, by and among Bridger Solutions International, LLC and Rocky Mountain Bank, its successors and assigns (incorporated by reference to Exhibit 10.23 to the Company’s Annual Report on Form 10-K (File No, 001-41603) filed with the SEC on March 20, 2023).

10.22 Loan Agreement, dated August 10, 2020, by and between Bridger Air Tanker 2, LLC and Live Oak Banking Company (incorporated by reference to Exhibit 10.23 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.23 Loan Agreement, dated February 3, 2020, by and between Bridger Aviation Services, LLC and Rocky Mountain Bank (incorporated by reference to Exhibit 10.24 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.24 Waiver and Amendment No.

1 to Loan Agreement, dated June 8, 2022, by and among Bridger Aviation Services, LLC and Rocky Mountain Bank, its successors and assigns (incorporated by reference to Exhibit 10.27 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on December 12, 2022).

10.25 Consent, Waiver and Amendment No.

2 to Loan Agreement, dated November 3, 2022, by and among Bridger Aviation Services, LLC and Rocky Mountain Bank, its successors and assigns (incorporated by reference to Exhibit 10.28 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on December 12, 2022).

10.26 Amendment No.

3 to Loan Agreement, dated December 28, 2022, by and among Bridger Aviation Services, LLC and Rocky Mountain Bank, its successors and assigns (incorporated by reference to Exhibit 10.28 to the Company’s Annual Report on Form 10-K (File No, 001-41603) filed with the SEC on March 20, 2023).

10.27 Loan Agreement, dated May 19, 2020, by and between Bridger Air Tanker, 1 LLC and Live Oak Banking Company (incorporated by reference to Exhibit 10.25 of the Company’s Registration Statement on Form S-4 (File No.

333-266840), filed with the SEC on August 12, 2022).

10.28++ Aircraft Purchase Agreement, dated April 13, 2018, by and among Longview Aviation Asset Management, Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.26 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.29++ Amendment 3 to Aircraft Purchase Agreement, dated April 3, 2019, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.27 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.30++ Amendment 4 to Aircraft Purchase Agreement, dated May 7, 2019, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.28 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.31++ Amendment 5 to Aircraft Purchase Agreement, dated November 11, 2019, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.29 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.32++ Amendment 6 to Aircraft Purchase Agreement, dated September 15, 2020, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.30 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.33++ Amendment 7 to Aircraft Purchase Agreement, dated October 21, 2020, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.31 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.34++ Amendment 8 to Aircraft Purchase Agreement, dated January 5, 2021, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.32 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.35++ Amendment 9 to Aircraft Purchase Agreement, dated November 24, 2021, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.33 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.36++ Amendment 10 to Aircraft Purchase Agreement, dated August 5, 2022, by and among Longview Aviation Services Inc., Viking Air Limited and Bridger Air Tanker, LLC (incorporated by reference to Exhibit 10.34 of the Company’s Registration Statement on Form S-4/A (File No.

333-266840), filed with the SEC on September 23, 2022).

10.10 Aircraft Operating Lease Agreement, dated July 10, 2023, by and between Element Aviation Services, LLC and Bridger Aerospace Group, LLC (incorporated by reference to Exhibit 10.39 to the Company’s Registration Statement on Form S-1 (File No.

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(incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K filed with the SEC on March 20, 2024).

10.41 Sales Agreement, dated as of January 26, 2024, by and among Bridger Aerospace Group Holdings, Inc., Stifel, Nicolaus & Company, Incorporated and Virtu Americas LLC (incorporated by reference to Exhibit 1.2 to the Company’s Registration Statement on Form S-3 (File No.

333-276721) filed with the SEC on January 26, 2024).

10.14 Form of Securities Purchase Agreement, dated as of April 15, 2024, by and between Bridger Aerospace Group Holdings, Inc.

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(incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 14, 2024).

10.16 Sales Agreement, dated as of March 18, 2025, by and among Bridger Aerospace Group Holdings, Inc., Stifel, Nicolaus & Company, Incorporated and Canaccord Genuity LLC (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 19, 2025).

Amendment to Amended and Restated Services Agreement, dated April 15, 2025, by and among Bridger Aerospace Group Holdings, Inc., Albacete Aero, S.L.U., Bridger Aerospace Europe, S.L.U.

and MAB Funding Designated Activity Company (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 9, 2025).

Credit Agreement, dated as of October 28, 2025, by and among Bridger Aerospace Group Holdings, Inc., Bain Capital Credit, LP, and the lender parties thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 29, 2025).

Aircraft Purchase Agreement, dated as of November 21, 2025, by and between Albacete Aero, S.L.

and MAB Funding Designated Activity Company (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 24, 2025).

19.1 Bridger Aerospace Group Holdings, Inc.

Insider Trading and Confidentiality Policy.

Insider Trading and Confidentiality Policy (incorporated by reference to Exhibit 4.3 of the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2025).

21.1* List of Subsidiaries of Bridger Aerospace Group Holdings, Inc.

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/s/ Sam Davis

Interim Chief Executive Officer

Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the following persons in the capacities and on the dates indicated:

Signatures Title Date

/s/ Sam Davis Interim Chief Executive Officer

/s/ Sam Davis Chief Executive Officer

(Principal Executive Officer)

March 6, 2026

/s/ Eric Gerratt Chief Financial Officer

/s/ Eric Gerratt

Chief Financial Officer

(Principal Accounting Officer and Principal Financial Officer)

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/s/ Jeffrey Kelter

Director and Non-Executive Chairman of the Board March 14, 2025

Director and Executive Chairman of the Board

March 6, 2026

Jeffrey Kelter

4 unchanged sentences

Elizabeth Fascitelli

/s/ Anne Hayes

/s/ Ernest Freedman

Director March 6, 2026

Ernest Freedman

/s/ Dean Heller

2 unchanged sentences

Director March 6, 2026

/s/ Meghan Pasricha

Director March 6, 2026

Meghan Pasricha

/s/ Robert Savage

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures