Bridger Aerospace Group Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
BAER$0.20-6.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net income (loss) | $19,289 | $(2,722) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities, net of acquisition: | ||
| (Gain) loss on disposal of fixed assets | (119) | 251 |
| Depreciation and amortization | 14,196 | 14,759 |
| Stock-based compensation expense | 4,829 | 13,719 |
| Deferred tax benefit | — | (490) |
| Change in fair value of the Warrants | 1,066 | (3,997) |
| Amortization of debt issuance costs | 752 | 692 |
| Change in fair value of embedded derivative | — | (885) |
| Change in fair value of earnout consideration | (2,781) | 479 |
| Realized gain on investments in marketable securities | — | (16) |
| Changes in operating assets and liabilities | ||
| Accounts receivable | (11,785) | (23,453) |
| Aircraft support parts | (186) | (46) |
| Prepaid expense and other current and noncurrent assets | 2,848 | 1,303 |
| Accounts payable, accrued expenses and other liabilities1 | (3,348) | (2,428) |
| Net cash provided by (used in) operating activities | 24,761 | (2,834) |
| Cash Flows from Investing Activities: | ||
| Proceeds from sales and maturities of marketable securities | — | 1,055 |
| Purchases and improvements of property, plant and equipment | (10,570) | (3,099) |
| Expenditures for capitalized software | (923) | (973) |
| Cash acquired through acquisition | — | 2,592 |
| Proceeds from sales of property, plant and equipment | 976 | 505 |
| Collection of note receivable | — | 3,000 |
| Net cash (used in) provided by investing activities | (10,517) | 3,080 |
| Cash Flows from Financing Activities: | ||
| Repayments on debt | (2,442) | (2,210) |
| Payment of issuance costs for Common Stock in offerings | — | (1,006) |
| Proceeds from issuance of Common Stock in the registered direct offering | — | 9,169 |
| Proceeds from issuance of Common Stock in the at-the-market offering | — | 168 |
| Payment of finance lease liability | (24) | (20) |
| Cash paid for taxes related to net share settlement of equity awards | (391) | (694) |
| Net cash (used in) provided by financing activities | (2,857) | 5,407 |
| Effects of exchange rate changes | (95) | — |
| Net change in cash, cash equivalents and restricted cash | 11,292 | 5,653 |
| Cash, cash equivalents and restricted cash – beginning of the period | 53,083 | 36,937 |
| Cash, cash equivalents and restricted cash – end of the period | $64,375 | $42,590 |
| Less: Restricted cash – end of the period | 9,257 | 9,262 |
| Cash and cash equivalents – end of the period | $55,118 | $33,328 |
1 Includes related party accounts payable ofzero and $0.3 million for the nine months ended September 30, 2025 and 2024, respectively.
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