Montana Senate Candidate's Firefighting Firm Faces Financial Turbulence

Tim Sheehy, a Republican candidate for the U.S. Senate in Montana, finds his campaign narrative challenged by the financial struggles of his aerial firefighting company, Bridger Aerospace. The firm, known for its "Super Scooper" planes capable of scooping 1,400 gallons of water to combat wildfires, is facing significant financial difficulties.

Bridger Aerospace reported substantial losses of $77.4 million in 2023 and $20.1 million in the first quarter of 2024. These figures have raised concerns about the company's ability to continue operations, as stated in their Securities and Exchange Commission (SEC) filings.

Despite these losses, Sheehy received considerable compensation, including a $2.3 million bonus in 2023 and a $4.4 million bonus in 2022. This has drawn criticism from some analysts, who question the appropriateness of such remuneration given the company's financial state.

The company's struggles are partly attributed to an unusually slow wildfire season in 2023, which put Bridger at risk of defaulting on its debt. This highlights the volatility of the aerial firefighting industry, which is heavily dependent on climate conditions and the frequency of wildfires.

Bridger Aerospace has attempted to address its financial challenges through various means. In April 2024, the company raised $9.2 million by selling common stock to directors and executive officers. It has also expanded operations into Canada and Europe and secured multiyear contracts with federal agencies totaling $226 million.

Sheehy, a former Navy SEAL decorated with a Purple Heart and Bronze Star, founded Bridger Aerospace in late 2014. The company grew rapidly, attracting investment from private equity giant Blackstone and going public through a merger with an investment corporation in early 2023.

"I'm a business owner. If my business isn't doing well, I don't get paid."

However, this statement contrasts with the company's financial reports and Sheehy's compensation.

On July 1, 2024, Sheehy stepped down as CEO to focus on his Senate campaign. The company's future now depends on factors such as a potentially busier fire season in 2024 and successful expansion efforts.

As the Senate race in Montana intensifies, Sheehy's business record will likely remain under scrutiny. The contrast between his campaign narrative of entrepreneurial success and Bridger Aerospace's financial challenges presents a complex picture for voters to consider.

The situation also highlights the broader challenges faced by the aerial firefighting industry, which plays a crucial role in combating the increasing threat of wildfires exacerbated by climate change. As wildfires become more frequent and intense, companies like Bridger Aerospace may face both opportunities and risks in this evolving landscape.