Bridger Aerospace Group (NASDAQ:BAER) Chief Executive Officer Sam Davis outlined the aerial firefighting company’s growth strategy, fleet expansion plans and technology initiatives during a presentation at RedChip’s “The Vertical Economy” Virtual Investor Conference.
Davis said the Bozeman, Montana-based company remains focused on its founding mission of saving “lives, property, and the environment” through aerial wildfire suppression and surveillance. Founded in 2014, Bridger provides firefighting aircraft and intelligence services, supported by in-house capabilities that include a certified repair station and an engineering division.
Fleet Growth and Super Scooper Focus
Davis emphasized Bridger’s fleet of Super Scoopers, describing the company as having the largest privately owned fleet of the aircraft in the world. He said Bridger helped restart the type certificate and worked with the original equipment manufacturer to bring six scoopers into the United States by 2022. The company later purchased two retired Spanish military aircraft and helped return them to service, bringing its fleet to eight scoopers.
According to Davis, Super Scoopers are in high demand because they can deploy rapidly, operate in remote areas and repeatedly scoop and drop water without returning to an airport to reload. He said the aircraft can skim roughly one mile of open water, needing about six inches of depth, to fill 1,200-gallon tanks.
Davis said Bridger is looking for additional opportunities to grow its scooper fleet, including aircraft similar to the planes acquired in Spain. He also said the supply chain for the new 515 model remains constrained, with initial deliveries expected later in the 2020s and into the 2030s for provinces and countries.
Shift Toward Guaranteed Contract Revenue
A major theme of the presentation was Bridger’s move away from call-when-needed contracts and toward more predictable contracted work. Davis said the company has achieved a 100% contract renewal rate and has built a mix of federal and state contracts.
“In the early days, we had planes almost entirely on call-when-needed contracts,” Davis said, describing the model as a “field of dreams mentality.” He said Bridger now benefits from more guaranteed revenue as agencies increasingly pre-position aircraft before fires begin.
Davis said eight of Bridger’s nine surveillance planes are currently on guaranteed work, along with four of its six scoopers. He said all scoopers were previously call-when-needed, while this year four are on 160-day task orders.
He attributed the shift to changing agency priorities, including consolidation, standards of cover and minimum response times. Davis said funding is increasingly available for year-round readiness, as wildfire activity is no longer confined to a traditional summer fire season.
Technology and IGNIS Platform
Davis also highlighted Bridger’s technology investments, including its acquisition of a software company in 2023 and the use of its IGNIS platform. He said the platform provides real-time situational awareness to wildland firefighters on the ground and is paired with Bridger’s aerial intelligence.
According to Davis, the technology is increasing aircraft utilization, strengthening customer relationships and opening new opportunities in wildfire management. He said customers have specifically requested aviation orders tied to the software platform.
The platform includes mobile and desktop tools that can invite volunteer firefighters to an incident without logins, provide mapping features such as points, lines, polygons and evacuation routes, and support blue force tracking. Davis said Bridger is also using predictive modeling to show the potential rate of fire spread.
Davis said the company’s sensor-equipped aircraft can look through smoke, detect lightning strikes and provide intelligence before threats are visible to the human eye. He framed the technology as part of Bridger’s broader effort to address the full wildfire lifecycle, including prevention, detection, suppression and response.
Capital Structure and Recent Financing
Davis said Bridger completed a refinancing in 2025 led by Bain, which included a $331 million financing package. He said the package included a $210 million term loan to refinance existing debt and a $100 million deferred draw facility to support growth.
The company also completed a sale-leaseback of its campus and used approximately $49 million to help refinance prior municipal bonds, Davis said. He said the financing enabled Bridger to acquire two Super Scoopers and two King Air aircraft, and to bring two PC-12 aircraft onto its balance sheet.
Davis said the deferred draw facility gives Bridger flexibility to continue adding aircraft as it seeks to expand contract capacity. He also said the company is focused on market visibility and believes it is currently undervalued in public markets based on its outlook.
Management Team and Market Outlook
Davis reviewed several additions to Bridger’s leadership team, including CFO Anne, who previously served as audit committee chair and has experience in audit, finance, private equity and venture capital; Bill Andrews, who joined from Lockheed Martin and previously served as a C-130 commander in the Air Force; Justin, the company’s general counsel, who came from Bristow Group; and Rob, who was promoted to a commercial growth role and previously worked at De Havilland.
Davis said the aerial firefighting market remains in the “early innings” of structural growth, driven by longer fire seasons, drought conditions, fuel loads and more people living in wildfire-prone areas. He said federal and state agencies are increasingly recognizing the need for sophisticated and well-capitalized aviation programs.
“We see our job as a municipal fire station in the sky,” Davis said, adding that Bridger’s role is to respond quickly when wildfire activity emerges.
About Bridger Aerospace Group (NASDAQ:BAER)
Bridger Aerospace Group, Inc operates as an aerial services company specializing in wildfire management and aviation support. The company’s core business activities include aerial wildfire suppression, providing rapid-response water and fire-retardant drops from fixed-wing air tankers. In addition to firefighting, Bridger Aerospace offers aviation services such as cloud seeding for weather modification, aerial inspection and mapping, environmental monitoring, and logistics support for remote sites.
Founded in 2014 and headquartered in Heber City, Utah, Bridger Aerospace Group deploys a fleet of both fixed-wing and rotary-wing aircraft under contract to federal, state and local government agencies as well as commercial customers.
