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Analogy 1: Air Methods for wildfires.

Analogy 2: Waste Management for wildfires.

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• Aerial Firefighting Services: Provides specialized aircraft and trained crews for direct suppression of wildfires through water and fire retardant drops.
• Wildfire Intelligence and Reconnaissance: Offers aerial surveillance, data collection, and command and control support to enhance wildfire management and strategic decision-making.

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Bridger Aerospace (BAER) primarily sells its aerial wildfire management services to government entities, rather than other commercial companies or individuals.

Its major customers are federal and state government agencies responsible for land management and wildfire suppression. As these are government agencies, they do not have public company symbols.

The primary customer agencies include:

• U.S. Forest Service (USFS): A federal agency within the U.S. Department of Agriculture, responsible for managing national forests and grasslands.
• Bureau of Land Management (BLM): A federal agency within the U.S. Department of the Interior, managing over 245 million acres of public land.
• Various State Government Agencies: Including state departments of forestry and fire protection in fire-prone regions across the United States (e.g., CAL FIRE in California).

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• De Havilland Canada
• RTX Corporation (RTX)

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Sam Davis, President and Chief Executive Officer

Mr. Davis has served as President and Chief Executive Officer of Bridger Aerospace since March 2025, having previously been the interim CEO since July 2024. He joined the company in 2019 as Controller and later became Chief of Staff. Mr. Davis played a pivotal role in guiding Bridger Aerospace through its transition from a private to a public company via a de-SPAC transaction and assisted in multiple capital raises. Prior to joining Bridger, he spent four years at Oracle, Inc. in global project leadership roles, and also held positions at Meltwater and Natus Medical, Inc., focusing on financial consolidation, reporting, and global financial management.

Eric Gerratt, Chief Financial Officer

Mr. Gerratt has served as Bridger Aerospace's Chief Financial Officer since October 2022. Before joining Bridger, Mr. Gerratt was the Executive Vice President, Chief Financial Officer, and Treasurer of US Ecology, Inc., an environmental services company, from November 2012 to September 2022, where he contributed to growing its revenue to nearly $1 billion. He also held various director-level accounting and finance positions at SuperValu, Inc. and Albertsons, Inc., and spent six years with PricewaterhouseCoopers LLP.

James Muchmore, Chief Legal Officer and Executive Vice President

Mr. Muchmore has served as the Chief Legal Officer and Executive Vice President of Bridger Aerospace since 2017. From 2014 to 2016, he was General Counsel to Emerald Oil, Inc., a U.S. oil and gas producer. Prior to that, from 2000 to 2014, Mr. Muchmore was in private legal practice, where his focus included securities transactions, mergers and acquisitions, and the execution of public and private offerings across various industries.

Timothy P. Sheehy, Founder

Mr. Sheehy founded Bridger Aerospace in 2014. He served as its Chief Executive Officer until July 2024 when he resigned to pursue a U.S. Senate campaign, and was sworn in as a U.S. Senator for Montana in January 2025. In 2015, Mr. Sheehy also spun off a portion of Bridger Aerospace to form Ascent Vision Technologies (AVT), which specializes in aerial surveillance and imaging systems. AVT was acquired by CACI International for $350 million in 2020, with Mr. Sheehy netting $75 million from the sale. Bridger Aerospace went public via a SPAC merger in 2023.

Jeffrey Kelter, Executive Chairman

Mr. Kelter was named Executive Chairman of Bridger Aerospace's Board of Directors in July 2024. He expressed confidence in the company's leadership team, noting that Mr. Sheehy had tirelessly built an industry-leading management team with strong aviation, corporate, and military backgrounds.

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The key risks to Bridger Aerospace (BAER) primarily revolve around its financial structure, operational profitability, and the inherent variability of its business model.

1. High Debt and Liquidity Risk: Bridger Aerospace faces significant financial challenges due to its substantial long-term debt, which totaled approximately $207.6 million as of March 31, 2025. A large portion of this debt includes $160 million Series 2022 Bonds with an 11.5% interest rate maturing in 2027, posing a significant refinancing challenge. The company has expressed concerns about its ability to meet debt obligations, comply with financial covenants, and maintain solvency, leading to "going concern" doubts in previous SEC filings. Failure to refinance these bonds or manage interest expenses could erode profitability, cash reserves, and potentially lead to shareholder dilution or bankruptcy.
2. Weak Operational Profitability and Consistent Net Losses: Despite experiencing revenue growth, Bridger Aerospace has consistently incurred significant net losses, reporting a $77 million net loss in 2023, an increase from $42 million the previous year. Operational profitability remains weak, largely due to the high annual interest costs associated with its substantial debt, which were approximately $23 million in FY24. This ongoing lack of profitability makes it challenging to generate sufficient cash flow to service its debt and achieve sustainable returns for common shareholders without further dilution.
3. Seasonality and Dependence on Government Contracts/Wildfire Activity: The company's revenue is heavily concentrated in the second and third quarters, which are the peak seasons for wildfires, making its financial performance highly susceptible to seasonal fluctuations and the unpredictable nature of wildfire activity. Additionally, Bridger Aerospace relies heavily on contracts with federal and state government entities, such as the United States Forest Service (USFS). Delays, cancellations, or reductions in federal budgets for wildfire response could significantly impact the company's revenues and overall financial stability.

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Bridger Aerospace (BAER) operates primarily in aerial firefighting and aerial surveillance services. The addressable markets for these services are substantial and are projected to grow.

For its fire suppression services, Bridger Aerospace addresses the global aerial firefighting market. This market was valued at approximately USD 1.3 billion in 2023 and is estimated to grow at a Compound Annual Growth Rate (CAGR) of over 5% between 2024 and 2032. Another estimate places the global aerial firefighting market at approximately USD 1.2 billion in 2023, with a projection to reach USD 2.3 billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032. North America holds a significant share, dominating the global aerial firefighting market with over 35% in 2023.

For its aerial surveillance services, Bridger Aerospace targets the global airborne surveillance market. This market was valued at USD 5.84 billion in 2023 and is projected to increase to USD 9.51 billion by 2032, exhibiting a CAGR of 5.4% during that period. Another source indicates the global airborne surveillance market was valued at USD 6.2 billion in 2023 and is expected to grow at a CAGR of over 6% between 2024 and 2032. Similarly, North America held a dominant position in the global airborne surveillance market, accounting for over 34.93% in 2023.

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1. Increased Demand for Aerial Firefighting Services: The escalating threat and extended duration of wildfire seasons, largely attributed to climate change, are significantly boosting the demand for Bridger Aerospace's aerial firefighting and wildfire management services. This trend is leading to earlier deployment of aircraft and higher overall activity levels.
2. Fleet Expansion and Modernization: Bridger Aerospace has secured substantial financing, including a $331 million debt facility and a $49 million sale-leaseback, specifically to fund fleet expansion and acquire new aircraft. This increased operational capacity, potentially including the deployment of Spanish scooper aircraft, allows the company to undertake more missions and contracts.
3. Diversification into New Markets and Advanced Services: The company is actively expanding its market reach, including exploring international opportunities in countries like Turkey and Portugal. Furthermore, Bridger Aerospace is diversifying its service offerings by moving into advanced analytics, prevention, and surveillance, such as wildfire detection contracts and enhanced sensor imagery streaming capabilities, which also contribute to more year-round revenue streams.
4. Growth in Government Contracts and Federal Initiatives: Bridger Aerospace is benefiting from an increase in long-term contracts with federal and state government entities, including a five-year contract with the U.S. Department of Interior and agreements with the state of Montana. Additionally, federal initiatives like the Wildland Fire Service Plan and the Fire Ready Nation Act are expected to improve wildfire response and drive further demand for the company's aviation assets.
5. Optimized Fleet Utilization: The company has reported a 10% increase in fleet utilization and doubled flight hours for its multi-mission aircraft, demonstrating its ability to maximize the revenue generation from its existing assets through increased operational activity and strategic prepositioning.

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Share Issuance

• On January 24, 2023, Bridger Aerospace completed a Reverse Recapitalization, where Legacy Bridger equity holders exchanged 606,061 incentive units into 583,308 shares of Bridger's common stock at a deemed value of $10.00 per share.
• In the first quarter of 2023, $24.0 million in non-cash stock-based compensation expense was recorded for restricted stock units (RSUs) issued to executives and senior management in connection with the business combination.
• The company reported $16 million in stock-based compensation (SBC) in fiscal year 2024, which dilutes shareholders.

Inbound Investments

• In July and August 2022, Legacy Bridger, the company's predecessor, completed municipal bond issuances totaling $160,000,000 in gross proceeds.
• In late October 2025, Bridger Aerospace secured $331 million in new financing commitments intended to fuel growth and fleet expansion.
• This financing package in October 2025 also included a $49 million sale-leaseback transaction.

Outbound Investments

• In June 2024, Bridger Aerospace acquired FMS Aerospace, which contributed $1.6 million in revenue during the third quarter of 2024.
• The company held equity securities without a readily determinable fair value, totaling $5.0 million as of December 31, 2023, and $1.0 million as of December 31, 2022.

Capital Expenditures

• Bridger Aerospace has consistently made significant investments in capital expenditures to build and expand its aerial forest fire management technologies.
• In 2024, the company spent $4 million in capital expenditures.
• For 2024, the company expects to report positive free cash flow (adjusted EBITDA less maintenance capital expenditures and debt service) ranging from $5 million to $10 million.