Republican Tim Sheehy often brags about his business record. His company is in the red.

Republican U.S. Senate candidate Tim Sheehy of Montana routinely touts his business experience as an asset on the campaign trail. Financial reports suggest the company he led is in dire straits.

Sheehy was the founder and CEO of Bridger Aerospace, a producer of aerial firefighting technology. He resigned from the company on Jul. 1. In a statement, Sheehy suggested he was stepping down to focus on his campaign.

“This exceptional team deserves a fully focused CEO during its busy fire season,” Sheehy said. “Now that I have won the primary election, it is appropriate for me to allow our leadership team to focus on their duties. I look forward to watching their continued success.”

In recent months, however, Bridger Aerospace has been rocked by financial losses and lawsuits.

The Montana Free Press reported in April that Bridger Aerospace had a net loss of $77.4 million in 2023. The company’s reported assets totaled about $45 million, which is $107 million less than the previous year. Some of these losses have been attributed to increased operational costs that the company says will lead to high revenue in the future.

On July 9, the Bridger Aerospace stock value hit a 52-week low.

In May, the Daily Montanan reported that two former Bridger Aerospace employees were suing the company for breach of contract. The plaintiffs claim they were coerced into selling off their vested stock in the company shortly before Bridger Aerospace went public in 2023. The suit explicitly names Sheehy and his brother as perpetrators of this deceit. The suit does not state how many shares the plaintiffs owned and requests the court’s help determining financial damages.

Sheehy has denied these allegations.

More lawsuits may come. On July 1, Bridger Aerospace disclosed in a filing with the Securities and Exchange Commission that it had overstated its financial health. This report resulted in an immediate drop in stock value. Two separate New York City-based law firms are investigating the matter and have asked shareholders to come forward with information.

Sheehy has made his private sector experience a key part of his campaign pitch. He spoke about his business during a candidate forum in March in Frenchtown, Montana.

“I’m a business owner,” Sheehy said.” If my business isn’t doing well, I don’t get paid. My employees do, but I don’t.

In a campaign ad, Sheehy claimed his business’ success would enable him to make decisions through an independent, nonpartisan lens.

“I created a successful business from scratch,” Sheehy says in the ad. “ I created hundreds of jobs. I don’t need the money from lobbyists. I can do the right thing in office because it’s the right thing for America.”

In 2023, Bridger Aerospace paid Sheehy $2.46 million.

Sheehy is challenging incumbent Democratic Sen. Jon Tester. A Sheehy spokesperson did not immediately respond to a request for comment for this article.