BAER

Bridger's top line is genuinely impressive: revenue compounded from $46.4M (FY2022) to $123M (FY2025), +24.6% in the latest year, with a 42.1% gross margin and operating cash flow up 78.9% to $16.7M. The 10-K headline — FY2025 net income of $4.14M versus a -$15.6M loss in FY2024 — reads like a turnaround inflection. But the structure underneath the headline is fragile, and the figures that matter to a common shareholder contradict the 'profitable' framing.

The equity is the tell. Stockholders' equity is -$343M and the accumulated deficit is -$425M, the legacy of the 2023 reverse recapitalization with JCIC plus years of heavy losses. Despite positive reported net income, diluted EPS is -$0.42 — meaning common holders still bore a loss per share once the capital structure's senior claims are accounted for. Operating margin is only 4.3% (operating income ~$5.3M), which is dwarfed by the cost of $212M in long-term debt now priced at Term SOFR + 6.00% (~$20M+ of annual interest). The October 2025 refinancing extended maturities to 2030 and consolidated obligations, but it also booked a $7.8M loss on extinguishment, cost ~$9.1M in fees, and secured first-priority liens on substantially all assets including the aircraft — lenders, not equity, hold the cards.