BILLINGS, Mont. — In the course of an October debate, Republican Senate candidate Tim Sheehy criticized his Democratic rival, Senator Jon Tester, for allegedly indulging in “lobbyist steak,” contrasting it with his own military service in Afghanistan. However, internal emails reveal that Sheehy has personal ties to lobbying efforts as well, especially in relation to government contracts benefiting his aerial firefighting business, Bridger Aerospace.
In an email to Ryan Osmundson, Montana’s Budget Director, Sheehy expressed hope that Osmundson enjoyed a recent meeting at a steakhouse. He then discussed how his company’s aircraft were well-suited for a proposed statewide aerial firefighting operation in Montana. Despite this, there is no evidence of any unethical lobbying activities involving Sheehy or Bridger Aerospace.
Sheehy aims to defeat Tester, who is seeking a fourth term, and his campaign is perceived as a significant opportunity for the GOP to reclaim control of the Senate. The Republican candidate emphasizes his military background and business achievements while frequently attacking Tester for accepting substantial contributions from lobbyists.
Following his tenure as a U.S. Navy SEAL, which concluded in 2014, Sheehy took the helm of Bridger Aerospace in Belgrade, Montana. By 2021, he was actively advocating for the state to invest in a robust aerial firefighting fleet that would directly benefit his company. In the months that followed, a lobbyist supporting Sheehy continued to advocate for this dedicated fleet, while Sheehy engaged with prominent state officials to develop contracts that would ensure availability for Montana fires without being tied up in other states.
Additionally, a director from a think tank of which Sheehy is a board member urged Montana to channel these contracts to private firefighting entities like Bridger Aerospace. In one correspondence, Sheehy acknowledged that his company would likely gain from the establishment of a Montana Fire Force, highlighting the potential advantages for Bridger in this initiative.
Currently, Bridger Aerospace’s contract stipulates a daily fee of $51,621 for each of its six firefighting “super scoopers,” along with an hourly charge of $17,605 for flight operations. These planes are designed to take water from lakes and drop it onto wildfires from the air. By the spring of 2023, Kaster was advocating for legislation to increase state funding for wildfire management. Later that summer, a Billings-based aviation company was awarded the first exclusive aerial firefighting contract from Kaster’s agency.
In terms of financial health, Bridger Aerospace has obtained contracts across multiple states, the federal level, and some Canadian provinces over the past decade. Nonetheless, the business has faced ongoing financial difficulties. Although Sheehy’s company is touted as a “Montana success story,” it has experienced significant losses, stock price declines, and facing allegations of mismanagement.
When approached for comment, Osmundson did not respond, and a spokesperson for the state agency did not address inquiries about Sheehy’s interactions with them but mentioned that they collaborate with various contractors in their firefighting efforts. The future of the company’s financial state remains uncertain. Notably, the only analyst following Bridger Aerospace has maintained a positive outlook despite its stock price challenges.
Sheehy’s campaign refrained from making him available for interviews or directly addressing questions regarding the lobbying activities. In a statement, the campaign expressed pride in his efforts to enhance Montana’s wildfire-fighting capabilities, citing positive feedback from grateful residents who have felt the impact of these services.
As reported, federal contracts were responsible for around 69% of Bridger Aerospace’s revenue in 2023. The company has engaged lobbyists in Washington who spent $450,000 since 2021 advocating for its interests. During a debate on September 30 in Missoula, Tester pointed out Sheehy’s federal lobbying connections in response to Sheehy’s comments about lobbyists during their discussion.
Tester noted that Sheehy established his lobbying firm in Washington, D.C., presumably to sway elected officials in his favor, highlighting a contrast in their approaches. Tester himself is the leading recipient of lobbyist contributions, having secured $500,000 this election cycle.
Since going public in January 2023, Bridger Aerospace has reported over $150 million in net losses. Nonetheless, Sheehy has seen substantial personal wealth growth, valued between $73 million and $256 million, boosted by the company and an aerial surveillance spinoff that sold for $350 million. In his Senate run, he has self-funded $1.5 million, gaining support from the national GOP and former President Donald Trump after his main rival exited the primary race.
Sheehy’s campaign attributed the company’s financial difficulties to malicious accusations from Democrats and aggressive short-selling by investors. Democrats have taken advantage of this situation to challenge Sheehy’s claims regarding his business successes, paralleling past criticisms made against other prominent Montana Republicans.
Sheehy officially left his CEO role at Bridger in July to focus on his Senate campaign but retains a significant stake in the company, which has lost about 70% of its market value in the last year. Should he win the Senate seat, he has stated that he would place his stocks into a blind trust.
The company aims to achieve positive cash flow for the first time this year, having reported record revenues of $67 million in 2023. Much of this income is allocated to servicing debts from aircraft purchases made under Sheehy’s tenure. Despite current challenges, many see Sheehy as a viable contender against Tester, particularly as Republicans have seen recent electoral successes in Montana. However, an auditor has also flagged potential bankruptcy risks for the company.
Investor Marc Cohodes expressed skepticism about branding Sheehy’s situation as a “Montana success story.” Observers note that Sheehy’s financial issues might hinder him among independent voters who are scrutinizing his business history more than his party alignment.
In contrast, the analyst closely examining Bridger Aerospace has provided a more optimistic forecast, suggesting that worsening wildfire conditions could significantly boost demand for its firefighting fleet. This notion aligns with the company’s claims that climate change is increasing the need for its services, though Sheehy has adopted a skeptical stance as a political candidate, echoing broader Republican critiques regarding climate change policies and regulations.
In mid-August, the analyst rated Bridger stock as a “buy,” though its price has since fallen about 30%.
