Bridger Aerospace Group Holdings, Inc. and its subsidiaries (“Bridger”, “the Company,” “we,” “us” or “our”) provide 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.

The Company was formed on November 20, 2018 and registered in the State of Delaware. The legal name of the Company was officially changed from ElementCompany Operations, LLC to Bridger Aerospace Group Holdings, LLC through an amendment with the State of Delaware, effective January 1, 2020.


Aircraft Type						Number Operated
CL-415EAF (“Super Scooper”)						6
Canadair CL-215T (“Spanish Scooper”)						2
Daher Kodiak 100 (“Daher Kodiak”)						4
Pilatus PC-12 (“Pilatus”)1						4
Beechcraft King Air 350 (“King Air”)						2
Twin Commander						1
Total aircraft operated						19

The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The Consolidated Financial Statements include the financial statements of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest, for which all intercompany transactions have been eliminated upon consolidation. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on previously reported net income/loss, total assets, or stockholders’ equity.

On October 1, 2025, the Company completed the purchase of its second King Air aircraft for approximately $3.7 million. This aircraft will support the Company’s service offerings within aerial surveillance. The aircraft is included in Property, plant and equipment, net in the Consolidated Balance Sheets. Refer to “Note 8 – Property, Plant and Equipment, Net” included in this Annual Report on Form 10-K for additional details.

On October 28, 2025, the Company completed a sale and leaseback transaction of its hangar and office facilities at the Bozeman Yellowstone Airport in Belgrade, Montana, to an unrelated third party for a total sales price of approximately $49.3 million, subject to related transaction cost adjustments. Refer to “Note 16 – Leases” included in this Annual Report on Form 10-K for additional details.

On October 28, 2025, Bridger completed the refinancing of its then outstanding $160.0 million Series 2022 Bonds, with a new Credit Agreement (“the Credit Agreement”), consisting of $210.0 million Initial Term Loans (the “Initial Term Loans”), a $21.5 million Revolving Credit Facility (the “Revolver”), and a $100.0 million Delayed Draw Term Loan (“the DDTL”). The proceeds from the Initial Term Loans were used to refinance existing debt, pay associated transaction costs and the 3% prepayment penalty on the Series 2022 Bonds, and prepay in full various permanent and term loan agreements, including all outstanding obligations associated with the Series 2022 Bonds and the LOB credit facilities.

In addition, the Company terminated the interest rate swap agreement with UMB Bank (“UMB”) related to variable rate debt from the credit facility for UMB as further discussed in “Note 13 – Interest Rate Swap” included in this Annual Report on Form 10-K.

On December 17, 2025, the Company drew an aggregate of $10.3 million under its DDTL to fund the purchase of two Pilatus aircraft that were previously leased under noncancelable operating lease agreements. The purchase resulted in additions to property, plant and equipment of $10.3 million, derecognition of operating lease right-of-use assets, operating lease right-of-use current liabilities, and operating lease right-of-use noncurrent liabilities of $3.9 million, $1.4 million, and $2.5 million. Refer to “Note 8 – Property, Plant and Equipment, Net,” “Note 15 – Long-Term Debt,” and “Note 16 – Leases” included in this Annual Report on Form 10-K for additional details.

On December 31, 2025, the Company completed the purchase of two Spanish Scooper aircraft that were previously included in the return to service work in connection with the MAB Funding, LLC (“MAB”) services agreement. The purchase resulted in additions to property, plant and equipment, of $50.0 million. The two Spanish Scoopers purchased will remain in Europe for the first part of 2026 to assess operations outside of the U.S. Refer to “Note 8 – Property, Plant and Equipment, Net” and “Note 17 – Commitments and Contingencies” included in this Annual Report on Form 10-K for additional details.

On January 24, 2023, (the “Closing Date”), Jack Creek Investment Corp (“JCIC”) completed the reverse recapitalization (the “Closing” and the “Reverse Recapitalization”) with the Company’s predecessor, Bridger Aerospace Group Holdings, LLC and its subsidiaries (collectively, “Legacy Bridger”), which operated the majority of the historical business and was identified as the acquirer and predecessor upon the consummation of the transactions contemplated by the agreement and plan of merger (the “Transaction Agreements”) entered into on August 3, 2022. On the Closing Date, pursuant to the Transaction Agreements, JCIC and Legacy Bridger became wholly owned subsidiaries of a new public entity that was renamed Bridger Aerospace Group Holdings, Inc., and JCIC shareholders and Legacy Bridger equity holders converted their equity ownership in JCIC and Legacy Bridger, respectively, into equity ownership in Bridger.

Upon the consummation of the Reverse Recapitalization, Bridger issued Common Stock to the Legacy Bridger equity holders and Series A Preferred Stock (as defined below) as summarized below:

•the surrender and exchange of all 606,061 Legacy Bridger incentive units (“Incentive Units”) into 583,308 shares of Bridger’s common stock, par value $0.0001, (“Common Stock”) at a deemed value of $10.00 per share as adjusted by the per share Common Stock consideration of approximately 0.96246 (the “Exchange Ratio”), rounded down to the nearest share for each holder;

•the direct or indirect surrender and exchange of the remaining 40,000,000 issued and outstanding shares of Legacy Bridger common shares (excluding Incentive Units) into 38,498,436 shares of Common Stock at a deemed value of $10.00 per share as adjusted by the Exchange Ratio, rounded down to the nearest share for each holder; and

•the surrender and exchange of all 315,789.473684 issued and outstanding Series C preferred shares of Legacy Bridger (the “Legacy Bridger Series C Preferred Shares”), which were surrendered and exchanged on a one-to-one basis in connection with the Reverse Recapitalization into 315,789.473684 shares of preferred stock of Bridger that have the rights, powers, designations, preferences, and qualifications, limitations and restrictions set forth in Section 4.5 of the Amended and Restated Certificate of Incorporation (the “Series A Preferred Stock”). The Series A Preferred Stock are convertible at the election of the holders into shares of Common Stock, without the payment of additional consideration by the holders into such number of shares of Common Stock as determined by dividing the original issue price, plus accrued interest by a conversion price equal to $11.00 at the time of conversion.

•the filing and effectiveness of the Amended and Restated Certificate of Incorporation of Bridger and the effectiveness of the Amended and Restated Bylaws of Bridger, each of which occurred immediately prior to the Closing;

•the adoption and assumption of the 2023 Omnibus Incentive Plan (the “Omnibus Plan”) and any grants or awards issued thereunder and adoption of the 2023 Employee Stock Purchase Plan upon the Closing to grant equity awards to Bridger employees; and

•during the period from the Closing until five years following the Closing, JCIC subjected 20% of JCIC’s issued and outstanding common stock (“Sponsor Earnout Shares”), comprised of two separate tranches of 50% of the Sponsor Earnout Shares per tranche, to potential forfeiture to Bridger for no consideration until the occurrence (or deemed occurrence) of certain triggering events.

The transactions contemplated by the Transaction Agreements were accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, JCIC was treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Bridger represent a continuation of the financial statements of Legacy Bridger with the Reverse Recapitalization treated as the equivalent of Legacy Bridger issuing stock for the net assets of JCIC, accompanied by a recapitalization. The net assets of JCIC will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization will be those of Legacy Bridger in future reports of Bridger.

•Bridger’s board of directors (the “Board”) had nine members, and representatives or designees of the Legacy Bridger equity holders comprise the majority of the members of the Board;

The Sponsor Earnout Shares are determined to be equity classified instruments of Bridger and the Public Warrants and Private Placement Warrants are determined to remain liability classified instruments upon the Closing.

In accordance with guidance applicable to these circumstances, the equity structure has been recast in all comparative periods up to the Closing to reflect the number of shares of Common Stock issued to Legacy Bridger’s stockholders in connection with the Reverse Recapitalization. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Bridger’s common stock prior to the Reverse Recapitalization have been retroactively recast as shares of Common Stock using the Exchange Ratio.