Item 1. Business
ITEM 1. BUSINESS.
Business Overview
Bridger provides aerial wildfire surveillance, relief and suppression, and aerial firefighting services using next-generation technology and environmentally friendly and sustainable firefighting methods primarily throughout the United States, as well as airframe modification and integration solutions for governmental and commercial customers. Our mission is to deploy the most advanced technologies in aviation to protect lives, property, critical infrastructure, and the environment, delivering these capabilities where they are needed most, from wildfire response to defense and beyond. Through innovation and the use of advanced technology and software, focusing on aerial firefighting, disaster response, government applications and public safety, Bridger aims to set the global standard in aviation services.
Bridger was founded in 2014 in Bozeman, Montana by Tim Sheehy, former U.S. Navy SEAL officer and current United States Senator. Mr. Sheehy, who served as the Company’s initial Chief Executive Officer, envisioned applying advanced aviation technologies and combat-derived capabilities developed in military operations to combat wildfires. Since its founding, Bridger has built upon this foundation and is expanding its specialized aerial capabilities beyond traditional wildfire suppression to include mission-adjacent services for governmental and commercial customers.
On January 24, 2023, Bridger completed a reverse recapitalization (the “Reverse Recapitalization”) with Jack Creek Investment Corp. (“JCIC”). As a result of the Reverse Recapitalization, Bridger and its subsidiaries prior to the consummation of the Reverse Recapitalization and JCIC each became wholly-owned subsidiaries of the Company.
The current Chief Executive Officer, Sam Davis, was one of the original members of the Bridger leadership team. Mr. Davis rose through the ranks, contributing to the expansion of the fleet from a small number of legacy aircraft to its current scale and the broadening of the Company’s service offerings. Following Mr. Sheehy’s election to the United States Senate in 2024, Mr. Davis was appointed Chief Executive Officer by unanimous Board of Directors vote based on his successful leadership as Interim CEO. Under Mr. Davis’s stewardship, and with the support of a strong leadership team, the Company continues to pave the way as a full-spectrum aerial service provider in the field of aerial wildfire management, offering technology and services to provide front-line firefighters and incident commanders with critical fire data, overhead surveillance, and suppression support.
As of December 31, 2025, the Company has a team of 235 employees headquartered in Belgrade, Montana. The Company’s workforce includes pilots, maintenance personnel, engineers, developers, and support staff who provide aerial wildfire surveillance, suppression and related services, as well as customized airframe modification and integration solutions.
Business Description
Our portfolio is organized across three core offerings:
Fire Suppression : Consists of deploying CL-415EAF (“Super Scooper”) aircraft to drop large amounts of water as part of the initial and direct attack to slow, contain, and extinguish wildfires.
Aerial Surveillance : Consists of providing aerial surveillance via manned (“Air Attack”) aircraft for fire suppression aircraft over an incident and providing tactical coordination with the incident commander.
Maintenance, Repair and Overhaul (“MRO”) : Consists of maintenance and repair services for return-to-service upgrades of certain Canadair CL-215 Amphibious (“Spanish Scoopers”) aircraft as well as airframe modification and integration solutions for governmental and commercial customers.
Fire Suppression
We provide direct aerial firefighting support for ground crews by operating Super Scoopers. These specialized amphibious aircraft drop high volumes of water directly onto active wildfires, complementing traditional ground-based suppression efforts. Many wildfires occur near major water sources, making it more time- and fuel-efficient to deploy Super Scoopers.
Aerial Surveillance
Wildfires can spread quickly and change course very rapidly. Our aerial surveillance services provide decision-makers rapid, current intelligence from useful aerial vantage points, giving them access to key information to support more effective deployment of ground firefighters and improved safety for the public at large. Our aerial surveillance services leverage Air Attack aircraft and sensor-enhanced manned aircraft for early detection, perimeter mapping, real-time video downlink, and command and control.
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We have nine years of experience in providing U.S. Forest Service (“USFS”) Type 1 Air Tactical Group Supervisors (“ATGS”), and the related aerial platform, to relay the necessary information, to ground-based Interagency Incident Commanders (“Incident Commanders”), who are responsible for the overall management of the wildfire and determine how resources are deployed. We are one of the largest air tactical group platform providers in the U.S. and have contracts covering 100% of the U.S.
Our Multi-Mission Aircraft (“MMA”) are purpose-configured to support modern wildfire and government operations, delivering persistent aerial intelligence, command and control, and real-time situational awareness across unpredictable fire environments. Equipped with advanced sensors and communications systems, MMA enable early detection, fire behavior monitoring, and coordinated response, linking air and ground resources with actionable, time sensitive information.
Our integrated software capabilities (“Ignis”) further elevate the MMA capability by transforming airborne sensor data into real-time, incident-ready intelligence. Beyond providing real-time data, Ignis delivers a complete operational solution, streaming live video, geo-referenced imagery, and interactive mapping over Starlink directly into the incident workspace for immediate access via web and mobile devices.
MRO
We provide maintenance and repair services for return-to-service upgrades of the Spanish Scoopers. We also provide turnkey aerospace engineering services, including operations support, aircraft modification, and airworthiness certification for manned and unmanned, rotary- and fixed-wing platforms. These solutions serve both our own aircraft and governmental/commercial customers as a full integration package.
Our Aircraft
The Company deploys modern technology for real-time surveillance, data collection, and mission execution to support wildfire suppression as well as broader emergency response and resource management operations. Bridger maintains an expansive fleet of specialized firefighting aircraft primarily stationed in three hangars at the Bozeman Yellowstone International Airport in Belgrade, Montana. These aircraft form the foundation of the Company’s service offerings. Bridger continually invests in fleet expansion and modernization to enhance operational capabilities across diverse mission profiles, including wildfire suppression and other emergency and governmental aerial operations,
We currently operate an aircraft fleet of nineteen planes, comprised of the following:
• Eight Super Scoopers
◦ Six Super Scoopers (which operate primarily in North America, primarily in the United States of America);
◦ Two Spanish Scoopers (acquired in December 2025);
• Four Daher Kodiak 100s (“Daher Kodiaks”);
• Four Pilatus PC-12 (“Pilatus”) (three owned and one leased);
• Two Beechcraft King Air 350 (“King Air”); and
• One Twin Commander (“Twin Commander”).
Super Scooper Fleet
The Super Scooper is the only aircraft designed and built to fight wildfires and can fly more aggressively in extreme terrains than all other aircraft with equal or greater water capacity. The Super Scooper is an amphibious aircraft that skims the surface of a body of water to scoop water into onboard tanks to drop on a fire. The specific design of the Super Scooper allows for an aggressive low-altitude flight profile, which enables pilots to deliver their drops with more precision, hitting the fire harder and extinguishing it faster. Super Scoopers can scoop up to 1,412 gallons of water in approximately 12 seconds, and historically with 90% of wildfires within 20 miles of a major water source (see graph below), Super Scoopers provide an extremely effective tool to economically deliver large amounts of water to a fire without having to return to an airport to refill the water tanks. With a water source within a five-mile radius, the Super Scooper can drop on its target up to every seven minutes for a total of approximately 35 drops, or 50,000 gallons of water, before needing to refuel. As a result of our operations of these Super Scooper assets, in conjunction with our Air Attack fleet, we believe that we are one of the most full-spectrum aerial fire service providers in North America.
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Source: 2012 Air Attack Against Wildfire Study by the Rand Homeland Security and Defense Center.
The Super Scooper aircraft has an excellent safety record, short take-off and landing capabilities (“STOL”) and a multi-crew flight deck. The Super Scooper has a cruising speed of 207 miles per hour. Additionally, the Super Scooper is a highly efficient aircraft when fighting wildland fires and has the ability to drop a higher volume of liquid than retardant-dropping fixed-wing aircraft over the same amount of time due to its ability to gather water from nearby bodies of water.
We have never been assessed with any safety violations and/or citations, nor have any of our aircraft, including our Super Scooper aircraft, ever been involved in any crashes or serious injuries. Our operations are governed by a comprehensive Safety Management System (“SMS”) specifically designed to proactively identify and mitigate risk, which has been formally audited by both the Federal Aviation Administration (“FAA”), third party auditors, the USFS, and the Department of Interior (“DOI”).
Furthermore, the Super Scooper has the ability to operate from smaller airports with runways as short as 2,500 feet in length while larger jet-powered aerial firefighting aircraft often need a runway of at least 4,000 feet in length. The Super Scooper is capable of scooping water in 12 seconds from bodies of water of 4,400 feet or more in length and can empty the water load in 3 seconds in one drop or split the drop into two.
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A summary graphic of the Super Scooper and its efficiency in collecting water is provided below.
Source: United States Department of Agriculture Amphibious Water Scooper Aircraft Operations Plan 2016.
Aerial Surveillance Fleet
Our Air Attack fleet provides high level situational awareness of fire growth, ground firefighting elements, other aircraft within the fire traffic area, and changing weather conditions to Incident Commanders. Each aircraft is outfitted with a broad suite of communication technologies. The Daher Kodiaks and Pilatus are known for their rugged build and versatility in landing on challenging terrain, which is an asset given the inconsistent and harsh flying conditions that challenge aerial firefighting. Our Air Attack fleet is suitable for STOL, allowing for deployment in a greater range of scenarios. A high level of reliability allows the aircraft to be serviced and available on contract for more days, with fewer unscheduled in-field maintenance events. Above active wildfires, the aircraft can maintain the fuel efficiency required to loiter for four to seven hours with slow and stable flight characteristics, offering the ATGS greater visibility. Our newest platform, the King Air, gives us greater speed, higher payload, and greater distance for multi-mission work. The introduction of this platform to our fleet was strategic as a next generation platform to service larger capacity to match the trends in progressive wildfire management. Bridger is using its internal capabilities to stay on the leading edge with its sensor enhanced aircraft taking mission specific aircraft configurations and delivering critical data real-time to manage wildfire effectively.
Our MMA fleet delivers persistent aerial intelligence that enhances wildfire detection, monitoring, and coordination across the incident lifecycle. Equipped with advanced sensing, mapping, and communications systems, MMA provide Incident Command with real-time visibility into fire behavior, perimeter growth, heat signatures, weather influences, and resource movement, well beyond line-of-sight limitations. Designed for long endurance and stable loiter profiles, these aircraft remain on station for extended periods, continuously feeding actionable intelligence to air and ground decision-makers. Their modular architecture allows rapid adaptation to evolving mission needs, making MMA a force multiplier for initial attack, extended operations, and large-fire management while improving safety, efficiency, and operational outcomes.
Key Market Drivers and Opportunities
There are several key market drivers and opportunities for our business, including:
Recent legislation supporting fleet expansion and modernization
The Aerial Firefighting Enhancement Act of 2025, signed into law in June 2025, reauthorizes the Department of War to sell excess aircraft and parts for wildfire suppression purposes through 2035, expanding allowable uses to include water delivery in addition to fire retardant. This legislation directly facilitates access to cost-effective aircraft assets, creating opportunities for private operators like Bridger to acquire and integrate next-generation platforms, thereby expanding capacity to meet rising demand for efficient suppression methods.
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Budgetary and structural shifts in federal wildfire management
The proposed consolidation of federal wildfire programs under the U.S. Wildland Fire Service (“USWFS”) within the DOI, as outlined in the Fiscal Year 2026 budget requests from DOI and the U.S. Department of Agriculture (“USDA”), aims to unify suppression, preparedness, and mitigation efforts across agencies. While Congress did not approve full funding for integrating USFS programs (under USDA) into DOI in the FY2026 appropriations, the initiative has advanced within DOI, unifying its internal wildfire operations (e.g., the Bureau of Land Management, the National Park Service, the Bureau of Indian Affairs, the U.S. Fish and Wildfire Service) under USWFS. This partial shift, supported by an Executive Order in June 2025 and Secretary Order 3443 in September 2025, streamlines coordination and could increase contracting opportunities for private aerial providers as federal agencies prioritize efficient, technology-enabled responses. Additionally, sustained funding for wildfire suppression (e.g., $1.39 billion for operations and $2.85 billion for the Wildfire Suppression Operations Reserve Fund in FY2026) underscores opportunities for expanded governmental missions, including surveillance and resource management beyond traditional wildfire suppression.
Federal and state funding for wildfire control
National funding for wildfire management is appropriated by Congress, and each state pays for wildland firefighting slightly differently. While fire suppression activities on wildlands in the U.S. are financed through federal funds, budget-making processes may restrict the amount allocated. According to the National Interagency Fire Center (“NIFC”) Suppression Costs Data, the average annual federal government fire suppression spending was $3.0 billion for the five-year period from 2019 to 2023, an increase of 28%, compared to $2.3 billion of average annual spending for the previous five-year period from 2014 to 2018. In addition, federal wildland fire management funding nationwide increased from about $6.2 billion in 2024 to roughly $7.3 billion in 2025, reflecting higher appropriations for both the USFS and the DOI to support wildfire suppression, preparedness, and fuels management. The funding is allocated to the DOI and the USFS. Our company then enters into short, medium and long-term contracts with federal agencies. On the state level, we are generally seeing significant increases in the number of state governments and private entities who are preparing themselves for the new fire reality. For example, in July 2023, the federal government announced the allocation of $185.0 million to support wildland fire management nationwide in 2023 and to assist land managers in planning for wildfire management activities in fiscal year 2024. This investment builds on $278.0 million, announced in March 2023 and December 2022, already allocated in 2023. In 2021, Washington State invested $328.0 million over the five following years to fight wildfires. While this level of commitment is notable, it is reflective of the increased awareness across federal, state, and private entities that wildfire risk has entered a new era of severity.
Given our long-standing customer relationships with governmental bodies, we have an opportunity to fulfill this increased demand for firefighting services driven by longer and more severe fire seasons. We view the increased demand as a means to further government agency ties and to capitalize on new aircraft investments.
Investments in mitigation and preparedness
Programs like the Community Wildfire Defense Grants, funded at $200 million in FY2025 for risk reduction projects across states and tribes, highlight growing federal emphasis on proactive measures (with continued funding and application rounds into FY2026 per USFS updates). Coupled with bills such as the Emergency Wildfire Fighting Technology Act of 2025 (H.R.836), which mandates evaluation of innovative aerial systems, and the Modernizing Wildfire Safety and Prevention Act of 2025, these initiatives drive demand for advanced aerial platforms and data-driven solutions, positioning companies with versatile fleets for long-term contracts.
In addition, federal leadership and proposed mandates underscore the priority of reducing wildfire response times to enhance initial attack success. Chief Brian Fennessy, appointed inaugural Chief of the USWFS under the DOI in January 2026, has emphasized that “wildfire response depends on coordination, clarity, and speed,” aligning with DOI efforts to streamline operations and improve efficiency in response to escalating wildfire risks (per Secretary’s Order 3443 and related announcements). Proposed legislation, including the Wildfire Response and Preparedness Act of 2025 (H.R. 4038), would establish national goals for response times of not more than 30 minutes (to the extent practicable) for incident evaluation and deployment of suppression assets within hours, compared to current initial attack response times which can span multiple hours (and often longer in remote western areas), reflecting ongoing congressional focus on faster containment to limit fire spread and damage. These developments support increased opportunities for aerial surveillance, rapid suppression, and technology-enabled services to meet evolving federal preparedness and response objectives .
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Prolonged and year-round wildfire seasons
Climate change has contributed to extended wildfire seasons in many regions, particularly in the western United States, where fire seasons now start earlier, last longer into the fall, and include more frequent activity outside traditional summer peaks. According to the U.S. Environmental Protection Agency (“EPA”) Climate Change Indicators: Wildfires (updated as of 2025), an increase in the length of the fire season has been observed in some areas, driven by factors such as earlier spring melting, reduced snowpack, increased temperatures, and drought, which reduce water availability and dry fuels more readily. This shift erodes the concept of a distinct “off-season” (historically October to May in some western contexts) and heightens year-round demand for aerial surveillance, suppression, and emergency response capabilities.
According to an article on wildland fire research by the EPA, an “increase in acres burned can be attributed to several factors, including more than 100 years of fire suppression that has resulted in a build-up of burnable material, and a changing climate with hotter and drier conditions. Collectively these factors contribute to the increasing size and severity of wildfires.”
Human presence in the wildland-urban interface
Areas where human development intersects with undeveloped wildland vegetation, known as wildland-urban interface (“WUI”), continue to expand across the United States. According to USFS research, the WUI now encompasses approximately 9.4% of the land area of the contiguous United States yet contains more than 44 million homes, roughly 32% of all housing nationwide. From 1990 to 2020 the number of homes located in the WUI increased by nearly 46%, while WUI acreage grew by approximately 31%, placing more communities in areas exposed to wildfire risk. As residential development continues to expand into fire-prone landscapes, the number of people and assets vulnerable to wildfire has grown significantly. At the same time, national wildfire data compiled by the NIFC show that annual acreage burned varies widely year-to-year but regularly reaches millions of acres and exceeded 10 million acres in several recent seasons. As the WUI areas continue to grow and wildfires grow larger, more aggressive firefighting strategies are necessary to ensure public safety.
These trends have led the U.S. federal government to increase spending on fire suppression, with a compound annual growth rate of 7.0%, since 1985 to $3.2 billion in 2025, according to the NIFC Suppression Costs Data. Even with this increased spending and demand, unfulfilled requests for fixed wing aircraft for aerial firefighting grew at a compound annual growth rate of 4.6% between 2002 and 2025, with 738 unfulfilled requests in 2025, according to National Interagency Coordination Center.
Escalating fuels management challenges drive continued demand for fire suppression
There are around 500 million acres of federal land susceptible to wildfire and some estimates say nearly 100 million of that needs to be treated at any point in time. Current estimates are that approximately 2 million are treated on average annually through thinning, prescribed burns and targeted grazing. Even with draft legislation targeting proactive fuels management, it is quite likely it could take decades to counter the extent to which we have unmanaged forests and the continued heat and drought conditions that are creating more concentrated wildfire fuels. The aggressive management of these wildfires is best handled with Bridger’s Super Scoopers, purpose-built to directly attack fire when they first break out and in the critical moments when it can be extinguished or contained. Fire plays a vital, natural role in the wildland ecosystem, but today’s frequent megafires disrupt the balance, necessitating rapid, aggressive suppression to keep them contained as smaller, more natural burns.
More severe fire seasons drive demand for fire suppression and aerial surveillance services
NIFC Suppression Costs Data supports that the acreage burned in the U.S. has increased over time. While there is variability in the acreage burned in any given year, the annual average of 7.2 million acres burned from 2004 to 2023 has almost doubled the annual average acreage burned from 1985 to 2003 of 3.7 million.
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While the North American wildfire off-season has historically occurred between October and May, fires are starting earlier in the spring and lasting deeper into the fall and winter according to the EPA. The U.S. fire season is also lengthening on a consistent basis – according to Climate Central, the U.S. fire season is on average 105 days longer than it was in 1970. Climate Central also reported that the average number of large fires (greater than 1,000 acres) burning each year had tripled between the period of the 1970s to the 2010s, and the acres burned by such fires showed a six-fold increase in the 2010s compared to the 1970s. Climate Central attributes the lengthening wildfire season to factors including warmer springs, longer summer dry seasons and drier soils and vegetation, with climate change threatening to increase the extent and severity of these fires. The United States national fire preparedness level has increased over time. The five preparedness levels range from the lowest (1) to the highest (5); and are dictated by fuel and weather conditions, fire activity and fire suppression resource availability throughout the country. Level 5 represents that several geographic areas are experiencing large, complex wildfire incidents, which have the potential to exhaust national wildland firefighting resources, while Level 1 represents that there is very minimal fire activity. According to data provided by the NIFC, the average U.S. fire preparedness level during the main wildfire season (June through September) has increased over time: during the past five years (2021 – 2025) the average U.S. fire preparedness level was 3.35, while the average U.S. fire preparedness level since 1990 was 2.83.
Increased demand and limited supply of purpose-built suppression aircraft
Wildfire activity in 2025 demonstrated a meaningful shift toward earlier, more effective suppression. While the number of flight hours flown increased as aerial assets were mobilized sooner and more frequently, the total acres burned declined to approximately 5.1 million acres. This reduction is directly attributable to early callouts of aerial resources and rapid initial attack, enabling immediate response during critical ignition windows. The data underscores a clear operational outcome: increased aerial utilization up front materially reduces fire growth, limits downstream impacts, and improves overall wildfire containment and cost efficiency.
Super Scoopers are multi-engine airtankers built specifically for wildland firefighting. They are highly effective at fighting fires and have historically only been owned and operated by foreign governments throughout Canada and the European Union and as a result, used amphibious scooping aircraft are difficult to locate and obtain in the United States. We are an original customer for Longview Aviation Services Inc.’s (“LAS”) launch of their Super Scooper Program, with Viking as the original manufacturer. De Havilland now owns the type certificate and intends to launch the new version of the Super Scooper, referred to as the De Havilland Canadair (“DHC”) 515. However, once the approximately 20 orders (all provinces or countries) are all filled, the production line is anticipated to be unavailable until the 2030s. Fortunately, the DHC 515 and the turbine variants owned by Bridger are very similar so Bridger is achieving synergies as one of the biggest operators of the Super Scooper. This in turn helps De Havilland re-establish a robust production line and supply chain.
On November 17, 2023, we entered into a series of agreements with MAB Funding, LLC (“MAB”) and its subsidiary designed to facilitate the purchase and return to service of four Spanish Scoopers originally awarded to the Company in September 2023 via a public tender process from the Government of Spain for €40.3 million. The terms of the agreements provide that the Company will manage the return-to-service upgrades of the Spanish Scoopers while they are owned and funded by MAB. The Company has the right, but not the obligation, to acquire each aircraft as it is ready to be contracted and returned to service. On December 23, 2025, we purchased two of the Spanish Scoopers from MAB for an aggregate purchase price of $50.0 million.
Given the limited supply of purpose-built multi-engine airtankers, upkeep and maintenance of existing aircraft is vital to minimize lapses in firefighting services occurring during wildfire season and to reduce the impact of any disruptions that occur. Bridger has a strong track record of managing its uptime to receive deployment orders and remain available on contract. All aircraft travel with mobile repair units to support in-field repairs and minimize on-contract downtime.
Our Competitive Strengths
Full spectrum of aerial firefighting services
We provide full-spectrum aerial firefighting services, offering both fire suppression and aerial surveillance services in the U.S. and internationally. We emphasize continued investment in new aerial surveillance and aerial fire suppression aircraft. Our aerial surveillance fleet has evolved since our inception from a single aircraft and pilot to the fleet operated today. The diversity of our service offerings affords customers the opportunity to select the appropriate services for their specific needs.
Purpose-built aircraft that can drop higher volumes of water
Our Super Scooper aircraft are the latest model in the De Havilland production line and feature enhanced industry technology.
• Higher cruising speed;
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• Suitability for mountainous terrain;
• STOL on asphalt, gravel and water;
• Lower speed during water-bombing (low and slow flight); and
• Improved operational efficiency.
The Super Scooper leverages modern turbine engines to deliver superior high-altitude performance. The Super Scooper is able to reload in under a minute, compared to a reload time of approximately 30 minutes to one hour for other air tankers, depending on base capabilities, enabling the Super Scooper to make more drops in the same amount of time. The Super Scooper can drop approximately 50,000 gallons before requiring refueling, while the largest tanker in the market can only drop 30,000 gallons of retardant before needing to refuel and reload retardant. The Super Scooper aircraft allow for rapid delivery of water strikes to extinguish wildfires, particularly when deployed in tandem or larger groups to allow for continuous water-delivery as aircraft return to the water source. Bridger operates the largest commercial Super Scooper fleet worldwide, enhancing its competitive position in rapid-response suppression.
Highly-skilled crew of pilots and maintenance personnel
We maintain a dedicated team of captains on staff as part of the Super Scooper flight crew. Each captain has thousands of hours of flight time. All flight crew have a minimum of four years of aerial firefighting experience. Recurrent training for all flight crew is required in a Level D full motion flight simulator each year.
Each of our pilots attends annual and recurrent training specific to the aircraft they operate and to meet our standards of safety and standard operating procedures. Each pilot that flies an aircraft on contract for a government agency receives a certification card on an annual basis that validates they are qualified by the government to safely operate the aircraft while on contract.
In addition, we maintain a seasoned team of crew chiefs on staff as part of the Super Scooper maintenance crew. Each crew chief has thousands of hours maintaining aircraft in the De Havilland family and are familiar with firefighting operations. Factory training is mandatory for all of the maintenance team specific to the aircraft and components they maintain. They are also required to complete company-specific training courses regarding safety, standard operating procedures and systems in which they track and sign-off on maintenance logs.
Competitive compensation and long-term investment in our team
Bridger remains committed to competitive base compensation for all employees, including pilots. We deliberately avoid variable or performance-based pay structures for pilots to eliminate any potential incentives for unsafe mission decisions and to reinforce our long-term investment in our team members' stability and well-being. We invest heavily in comprehensive training for all operations personnel, including on-the-job experience and instructor-led programs. This creates tangible career value, enhances skills, and supports professional growth in a demanding field. Additionally, our fleet, featuring the iconic Super Scoopers, serves as a powerful attraction and retention tool. Pilots seeking hands-on wildfire suppression experience can progress to flying these rare multi-engine seaplanes, building expertise over time through demonstrated performance and structured advancement opportunities.
Long-standing client relationships
Bridger delivers aerial wildfire suppression and support to federal customers, including the USFS and the DOI, now operating as the USWFS, as well as to numerous state agencies across high-risk fire regions. Bridger has earned strong customer trust through its consistent commitment to safe, reliable operations, guided by an established SMS and a culture of continuous improvement. The company currently holds multiple active federal and state contracts, including a multi-year award received in 2021 for nationwide Super Scooper fire suppression services. That contract runs through the end of the 2026 fire season.
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Our relationship with the USFS involves two material service agreements: Contract No. 1202SA21T9009, dated as of June 3, 2021 (“Call-When-Needed Water Scooper Contract”), and a National Multiple Award Task Order Contract (“MATOC”), pursuant to which we provide light fixed wing aircraft firefighting services on an exclusive use basis for the Northern, Rocky Mountain, Southwestern, Intermountain and Pacific Southwest regions, as defined by the U.S. Department of Agriculture. Under the Call-When-Needed Water Scooper Contract, we provide Super Scooper aircraft services for wildland firefighting on a national basis for a period of four years. The initial four‑year term commenced on June 3, 2021. To extend this long‑standing relationship, the contract was extended through September 30, 2026. These extensions underscore the strength and durability of our partnership with the USFS. We generate revenue under the Call-When-Needed Water Scooper Contract from task orders placed by the USFS. Under the terms of the Call-When-Needed Water Scooper Contract, the USFS reserves the right to terminate the Call-When-Needed Water Scooper Contract, or any part thereof, for its sole convenience or in the event of any default by us. All of our light fixed-wing Air Attack aircraft and the multi-mission Pilatus are available under the MATOC.
Our Growth Strategy
Acquire and deploy additional aircraft to meet increased demand
We are an original customer for the Super Scooper Program and as a result, used amphibious scooping aircraft are difficult to locate and obtain. The manufacturer has only made a limited number of new Super Scoopers available for sale between 2020 and 2025, of which the Company has purchased six.
Domestic and international expansion
We are committed to expanding our market share and service offerings both domestically and internationally. We currently have contracts in place with the USFS, the DOI, Bureau of Indian Affairs, Bureau of Land Management, State of Washington Department of Natural Resources, Alaska Division of Forestry and Fire Protection, Cal Fire, Colorado Department of Public Safety Division of Fire Prevention and Control, Minnesota Department of Natural Resources, Montana Department of Natural Resources and Conservation, Nevada Department of Conservation and Natural Resources, Oregon Department of Forestry, and Alberta Forestry Division Wildfire Management Branch.
We plan to expand into additional domestic markets by leveraging existing relationships and establishing dedicated local market teams. This includes cultivating demand in new states as they develop or expand aerial firefighting aviation programs, while positioning Bridger to secure growing federal contracts that incorporate more aircraft and enhanced capabilities over time. This approach builds on our proven track record of maintaining strong, long-standing relationships with federal and state agencies. By engaging directly in the field, collecting near real-time feedback, and conducting regular sessions to incorporate improvements and plan ahead, we continuously enhance operations and position ourselves for expanded awards.
We are exploring the possibility of operating internationally, in both fire suppression and surveillance. The two Spanish Scoopers purchased December 2025 will remain in Europe for the first part of 2026 to assess operations outside of the U.S.
Pursuing Opportunistic Mergers & Acquisitions (“M&A”)
We intend to continue to evaluate M&A opportunities to expand our fleet, add new geographies or add additional services. Consistent with this strategy, we regularly evaluate potential acquisition opportunities, including ones that would be significant to us. We cannot predict the timing of any contemplated transactions, and none are currently probable.
Seasonality
Our operating results are impacted by seasonality. Climate conditions and other factors that may influence our revenues may vary each quarter. Some of these factors are outside of our control, including but not limited to:
• forest fires tend to have a higher occurrence during the summer months and during times of drought, but can vary in size, intensity, duration, frequency, and location;
• climate change and changes in global temperatures occur over time;
• unexpected weather patterns, natural disasters or other events that increase or decrease the rate or intensity of wildfires or impair our ability to perform firefighting services; and
• changes in governmental regulations or in the status of our regulatory approvals or applications.
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Because wildfires occur at different times in different parts of the country, we operate on a year-round basis. However, historically the majority of wildfires occur in the second and third quarters, so the demand for our services has generally been higher in the second and third quarters of each fiscal year due to the timing and duration of the North American wildfire season with lower demand in the winter months. As a result, seasonality and the varying intensity of the fire season have caused, and may continue to cause, our operating results to fluctuate significantly from quarter to quarter and year to year.
Our Customers
Our high-performing aircraft, including the Super Scooper, and full-service support platforms have allowed us to enter into contracts with U.S. federal, state and local governmental entities and focus on growth while building additional services to map and analyze fire boundaries. Currently, we are engaged in short, medium and long-term contracts with multiple federal agencies such as the USFS and DOI and the state governments of many of the states most endangered by wildfires. Automatically renewing contracts with governmental entities provide stable revenue streams, allowing us to innovate in the aerial firefighting industry and diversify offerings to customers.
Our Competitors
Our primary competitor is a private aerial firefighting operator that currently manages four CL-415s, three Type II Dash 8-400ATs, and seven Avro RJ85s, which are designed to drop fire retardant. This company’s only direct competitive airframe against our Super Scoopers is its CL-415s. However, given the significant unmet capacity in the U.S. market for amphibious scooping aircraft, we rarely compete directly for the same missions.
Other aircraft types may compete based on retardant or water delivery capacity, including Very Large Air Tankers (“VLATs”), Large Air Tankers (“LATs”), single-engine amphibious scoopers such as the Fireboss (Type III SEAT), and Type 1 helicopters. VLATs and LATs deliver large retardant loads suited for indirect attack and fire line creation but require airport-based reloads, limiting rapid, repeated drops. Fire Boss aircraft support quick initial attack on smaller fires but with lower capacity. Type 1 helicopters offer precision and versatility but carry less volume per load and have higher operating costs per gallon. In contrast, Super Scoopers enable rapid scooping from nearby water sources, facilitating efficient initial and direct attack strategies that contain fires early, limit growth into megafires and reduce overall devastation. This capability complements other assets in multi-aircraft responses and positions us well for scenarios requiring high volume, water-based suppression near accessible water bodies.
Our Super Scooper program is not intended to replace retardant-dropping aircraft. Fire retardant, frequently deployed by large air tankers, slows fire spread and creates perimeters or containment lines. While fires can occasionally burn through retardant lines, it remains a valuable tool in wildfire management. When combined with Super Scooper water drops, retardant enhances overall effectiveness in controlling and slowing the spread of wildfires.
We believe our ability to compete successfully depends on a number of factors, which may change in the future due to increased competition, including the price of our offerings, consumer confidence in the safety and efficacy of our offerings and consumer satisfaction for the solutions we offer. Additionally, we may compete with other aerial firefighting operators for federal and state budget dollars, and for various governmental service programs that support aerial firefighting programs.
Backlog
Backlog represents management’s estimate of the remaining unsatisfied performance obligation from work to be performed on our firm orders under uncompleted contracts and customer purchase orders, including approved change orders as well as new contractual agreements on which work has not begun. Our backlog will be recognized as revenue as we complete the remaining performance obligations. Our backlog does not include service and maintenance-type contracts for which we have the right to invoice as services are performed. Typically, our contracts may have an early termination for convenience clause at the discretion of our customers; however, most of these contracts typically provide for the reimbursement of our costs incurred and a reasonable margin in the event of such early termination. Our methodology for determining backlog may not be comparable to the methodology used by other companies.
As of December 31, 2025 and 2024, the Company had backlog of $14.0 million and $8.1 million, respectively. Backlog may not be indicative of future operating results as orders may be cancelled or modified by our customers and may not be indicative of continuing revenue performance over future fiscal quarters.
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Human Capital
Our employees are critical to our success. On December 31, 2025, we had 235 employees. We have high selection standards, recruiting individuals with specific technical skills and demonstrated ability to work independently in a wide variety of work environments. Prior to joining our company, many of our employees had prior experience working for a wide variety of reputed research, commercial and military aerospace and non-aerospace organizations. As a company founded by veterans, we seek to employ qualified veterans and draw upon the experiences of their shared military background including their strategic mindset, management skillset and high level of discipline. As of December 31, 2025, approximately one out of six of our employees is a veteran of the U.S. military.
To date, we have not experienced any work stoppages, and we consider our relationship with our employees to be good. We routinely solicit feedback from our entire employee base and empower individuals by encouraging them to formulate solutions and process improvements no matter the level of role. Accordingly, our voluntary turnover is very low, employee engagement is high and we have not experienced any interruptions of operations due to labor disagreements. Our employees are not subject to collective bargaining agreements or represented by labor unions.
Health and Safety
We are committed to the safety of our employees. We maintain environmental, health and safety policies that seek to promote the operation of our business in a manner that is protective of the health and safety of the public and its employees. Our operations offer several health and welfare programs to employees to promote fitness and wellness and to encourage preventative healthcare. In addition, our employees are offered a confidential employee assistance program that provides professional counseling to employees and their family members. We have a holistic philosophy for our benefits offerings, supporting physical health, mental health, financial health, community support and a wide variety of insurance plans to hedge against uncertain losses (e.g., accident, short term disability, paid leaves and life insurance).
Employee Trainings
To address the inherently dangerous nature of the job, we adhere to achieving operational excellence and providing our employees with the means to further their development. All of our pilots are given extensive training during the winter months, regardless of tenure or previous experience. The trainings include classroom and online courses, simulators and in-plane time. We strive to have high industry standards and employ several dedicated pilot and airframe-specific trainers. Routinely, we fund enhanced workforce training in specific technical fields related to those employees’ desires. In one instance, we have had an employee who was hired as a facility cleaner and with further training and investment, the employee became a ground vehicle support manager and is now an aircraft mechanic. We also hire entry level mechanics and train them to obtain their airframe and powerplant certification, which allows them to perform maintenance on any aircraft unsupervised.
In addition to technical training, we invest heavily in leadership and management training as well as some of the most advanced safety training available in our industry. Before hiring externally as needs are identified, a careful analysis is done of our current staff to determine if the aptitude and interest is already in our employee base. By prioritizing training and promoting current employees, we enhance employee engagement and cut costs simultaneously.
Employee Retention and Opportunity
We believe that attraction and retention of top talent from a variety of backgrounds is important and we employ policies and procedures to identify and recruit talent as well as policies to ensure pay equality. We have an Equal Employment Opportunity Policy whereby we commit to providing equal employment opportunity, promotion, services, or activities which operates for all qualified employees and applicants without regard to race, color, sex, sexual orientation, gender identity, gender expression, parental status, citizenship status, religion, national origin, disability, veteran status, age, marital status, pregnancy, genetic information or other legally protected status. We drive a culture that understands and respects differences. We rely heavily on recruiting internationally to work on our purpose-built aerial firefighting aircraft and identify the cultural benefits that these individuals bring to our company.
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Governmental Regulation
Federal Aviation Administration
The regulations, policies and guidance issued by the FAA apply to the use and operation of our aircraft. We have been granted Air Carrier Certification Certificates under which we operate in the United States. Operators of aircraft are required to have proper licenses, permits and authorizations from the FAA and comply with the FAA’s insurance requirements for third-party liability and government property. While our aircraft are currently registered with the FAA, in the event of a change in ownership, the FAA license will be updated with current information. In that instance, once any such new vehicle registration applications are filed, the applications will serve as registrations until the FAA issues the new vehicle registrations, which will allow operations to continue during that period.
Failure to comply with the FAA’s aviation or space transportation regulations may result in civil penalties or private lawsuits, or the suspension or revocation of licenses or permits, which would prevent operating our aircraft.
In addition to the FAA, our industry is regulated by multiple federal agencies who, in some cases, act as both customer and regulator. We are proud to have a stellar record of performance both in flight and on the ground with respect to all of our regulatory bodies.
SMS System
Our SMS system is robust and a living tool used to promote safety first in all activities. This program has been in place nearly 2 years ahead of its FAA-mandated date of May 2027. All company departments are involved in cross-training and real-world exercises utilizing our Emergency Response Plan (“ERP”). We use outside observation to troubleshoot and fine tune for readiness. Our Director of Safety provides awareness to the CEO and conducts regular visits to off-site locations to observe and identify areas of possible concern. Immediate root cause methods are used to correct and mitigate needed areas.
Other Information
General information about us can be found at bridgeraerospace.com. The information contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this or any other report filed with the Securities and Exchange Commission (the “SEC”).