Bridger Aerospace Announces Record Fourth Quarter and Full Year 2024 Results; Initiates 2025 Guidance

2 days ago 1

Scroll Up

BELGRADE, Mont., March 13, 2025 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. ("Bridger”, "the Company” or "Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation's largest aerial firefighting companies, today reported record results for the fourth quarter and year ended December 31, 2024.

Highlights:

  • Record revenue of $98.6 million for 2024 and $15.6 million in the fourth quarter with multiple Super Scoopers and surveillance aircraft flying into November after an early start to the 2024 wildfire season
  • Earliest deployment of Super Scoopers in January 2025 to the Palisades Fire and current deployment of MMA aircraft and Super Scoopers to Oklahoma, reinforcing the trend of year-round wildfire activity
  • 80% improvement in net loss to $15.6 million in 2024 compared to 2023
  • Doubling of Adjusted EBITDA to $37.3 million in 2024 compared to 2023
  • Cash provided by operating activities of $9.4 million in 2024 and cash and cash equivalents at year-end of $39.3 million
  • Five-year $20.1 million contract with the U.S. Department of the Interior in January 2025 to support the state of Alaska
  • Return-to-service work for the Spanish Super Scoopers on track
  • Initiating 2025 guidance:
    • Revenue expected to increase to between $105 million and $111 million, representing 9% growth over 2024 at the midpoint of the range
    • Adjusted EBITDA range of $42 million to $48 million representing growth of 20% at the midpoint of the range
    • Expect continued improvement in cash provided by operating activities in 2025

Summary Financial Results

(in thousands)For the three months Ended December 31, For the year ended December 31,
  2024   2023   2024   2023 
Revenues$15,585  $1,108  $98,613  $66,708 
        
Operating (loss) income (7,483)  (25,885)  5,318   (57,495)
        
Net Loss (12,845)  (31,139)  (15,567)  (77,358)
        
Adjusted EBITDA (2,901)  (10,355)  37,336   18,672 
        
Net cash provided by (used in) operating activities     9,355   (26,808)
        
Cash and cash equivalents    $39,336  $22,956 
        
        

"With our Scoopers and MMA aircraft deployed into November, we saw a 48% increase in 2024 revenue which, combined with our cost rationalization efforts and operational leverage, contributed to our record performance, reduced net loss and improved Adjusted EBITDA margins and positive cash flow from operations,” commented Sam Davis, Bridger's Chief Executive Officer. "As we build on the progress we made in 2024, we are better positioned for year-round wildfire activity. We also see opportunities to drive higher contracted levels of revenue and further diversify our revenue stream, particularly as states look to secure access to limited aerial firefighting assets to increase preparedness and ultimately limit property damage and save lives.”

Fourth Quarter 2024 Results

Revenue for the fourth quarter of 2024 was $15.6 million compared to $1.1 million in the fourth quarter of 2023. Fourth quarter 2024 revenue benefitted from higher revenue as multiple Scoopers were deployed into November as well as approximately $5.1 million related to return-to-service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC and approximately $1.4 million from the Company's June acquisition of Flight Test & Mechanical Solutions, Inc. ("FMS”).

Cost of revenues was $15.4 million in the fourth quarter of 2024 compared to $8.4 million in the fourth quarter of 2023. Cost of revenues for the fourth quarter of 2024 included approximately $4.8 million of expenses associated with the return-to-service work for the Spanish Super Scoopers. The acquisition of FMS in June of 2024 also contributed to the increase in cost of revenues.

Selling, general and administrative expenses ("SG&A”) were $7.7 million in the fourth quarter of 2024 compared to $18.6 million in the fourth quarter of 2023 reflecting lower non-cash stock-based compensation expense and lower professional services expenses.

Interest expense for the fourth quarter of 2024 was $5.9 million compared to $6.0 million in the fourth quarter of 2023.

Net loss was $12.8 million, or $0.36 per diluted share, in the fourth quarter of 2024 compared to a net loss of $31.1 million, or $0.67 per diluted share, in the fourth quarter of 2023. Adjusted EBITDA was negative ($2.9) million in the fourth quarter of 2024, compared to negative ($10.4) million in the fourth quarter of 2023.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

At December 31, 2024, cash and cash equivalents rose to $39.3 million from $33.3 million at September 31, 2024, benefiting from cash flow related to the strong third quarter performance that was received in the fourth quarter.

Full Year Results

Revenue grew 48% for the year ended December 31, 2024, to $98.6 million from $66.7 million in 2023. Revenue for 2024 included approximately $10.1 million related to return-to-service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC and approximately $3.0 million from the Company's June acquisition of FMS.

Cost of revenues was $57.5 million in 2024 compared to $41.3 million in 2023.

SG&A expenses were $35.8 million in 2024 compared to $82.9 million for 2023 which included non-cash stock-based compensation expense of $45.7 million for RSUs compared to $14.4 million in 2024.

Interest expense for 2024 was $23.7 million compared to $23.2 million in 2023. Other income was $2.1 million for 2024 compared to $3.1 million for 2023.

Net loss was $15.6 million in 2024 compared to a net loss of $77.4 million in 2023. Adjusted EBITDA doubled to $37.3 million in 2024, compared to $18.7 million in 2023.

Business Outlook

With some of our Super Scoopers flying into November 2024 and then being deployed in January 2025 to support the firefighting activity in California, we continue to see a lengthening of the wildfire year beyond the seasonally strong third quarter. We also expect to see more year-round revenue with the 2024 acquisition of FMS, non-aerial firefighting activity and state contracts that place our planes on standby contributing to reduced volatility. As a result, we expect 2025 Adjusted EBITDA to range from $42 million to $48 million on revenue of $105 million to $111 million. This guidance excludes any potential impact from the Spanish Super Scoopers acquired by the joint venture partnership between Marathon Asset Management LP, Avenue Sustainable Solutions Fund and Bridger Aerospace.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

Conference Call

Bridger Aerospace will hold an investor conference call on Thursday, March 13, 2025, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results and its business outlook. Interested parties can access the conference call by dialing 800-579-2543 or 785-424-1789. The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com. An audio replay will be available through March 20, 2025, by calling 844-512-2921 or 412-317-6671 and using the passcode 11158317. The replay will also be accessible at https://ir.bridgeraerospace.com.

About Bridger Aerospace

Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation's largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com.

Investor Contacts

Alison Ziegler

Darrow Associates

201-220-2678

[email protected]

Forward Looking Statements Certain statements included in this press release are not historical facts but are forward-looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe,” "may,” "will,” "estimate,” "continue,” "anticipate,” "intend,” "expect,” "should,” "would,” "plan,” "project,” "forecast,” "predict,” "poised,” "positioned,” "potential,” "seem,” "seek,” "future,” "outlook,” "target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, (1) anticipated expansion of Bridger's operations, including references to Bridger's acquisition of FMS Aerospace and the anticipated benefits therefrom, and increased deployment of Bridger's aircraft fleet, including references to Bridger's acquisition of and/or right to use the four Spanish Scoopers, including the anticipated benefits therefrom, and the ultimate structure of such acquisitions and/or right to use arrangements; (2) Bridger's business and growth plans; (3) Bridger's future financial performance, including the collection of any outstanding receivables; (4) the magnitude, timing, and benefits from any cost rationalization efforts; (5) current and future demand for aerial firefighting services, including trends and/or changes in the duration or severity of any domestic or international wildfire seasons; and (6) anticipated investments in additional aircraft, capital resources, and research and development and the effect of these investments. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: Bridger's ability to identify and effectively implement any current or future anticipated cost reductions, including any resulting impacts to Bridger's business and operations therefrom; the duration or severity of any domestic or international wildfire seasons; changes in domestic and foreign business, market, financial, political and legal conditions; Bridger's failure to realize the anticipated benefits of any acquisitions; Bridger's successful integration of any aircraft (including achievement of synergies and cost reductions); Bridger's ability to successfully and timely develop, sell and expand its services, and otherwise implement its growth strategy; risks relating to Bridger's operations and business, including information technology and cybersecurity risks, loss of requisite licenses, flight safety risks, loss of key customers and deterioration in relationships between Bridger and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of Bridger, including as a result of the consummation of any acquisition; risks that Bridger is unable to secure or protect its intellectual property; risks that Bridger experiences difficulties managing its growth and expanding operations; Bridger's ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share; the ability to successfully select, execute or integrate future acquisitions into Bridger's business, which could result in material adverse effects to operations and financial conditions; and those factors discussed in the sections entitled "Risk Factors” and "Cautionary Statement Regarding Forward-Looking Statements” included in Bridger's Annual Report filed with the U.S. Securities and Exchange Commission (the "SEC”) on March 20, 2024, as amended by Amendment No. 1 to Bridger's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, filed with the SEC on July 12, 2024, and Bridger's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 13, 2024. If any of these risks materialize or Bridger management's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that Bridger presently does not know or that Bridger currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bridger's expectations, plans or forecasts of future events and views as of the date of this press release. Bridger anticipates that subsequent events and developments will cause Bridger's assessments to change. However, while Bridger may elect to update these forward-looking statements at some point in the future, Bridger specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Bridger's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements contained in this press release.

BRIDGER AEROSPACE GROUP HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
        
 For the three months Ended December 31, For the year ended December 31,
  2024   2023   2024   2023 
Revenues$15,585  $1,108  $98,613  $66,708 
        
Cost of revenues:       
Flight operations 5,779   4,706   31,016   24,412 
Maintenance 9,622   3,667   26,459   16,928 
Total cost of revenues 15,401   8,373   57,475   41,340 
Gross income (loss) 184   (7,265)  41,138   25,368 
        
Selling, general and administrative expense 7,667   18,620   35,820   82,863 
Operating (loss) income (7,483)  (25,885)  5,318   (57,495)
        
Interest expense (5,948)  (6,042)  (23,714)  (23,218)
Other income 294   800   2,067   3,053 
Loss before income taxes (13,137)  (31,127)  (16,329)  (77,660)
Income tax benefit (expense) 292   (12)  762   302 
Net Loss$(12,845) $(31,139) $(15,567) $(77,358)
        
Series A Preferred Stock - adjustment for deemed dividend upon Closing -   -   -   (48,300)
Series A Preferred Stock - adjustment to eliminate 50% multiplier -   -   -   156,363 
Series A Preferred Stock - adjustment to maximum redemptions value (6,478)  (6,053)  (25,339)  (22,181)
        
(Loss) earnings attributable to Common stockholders - basic$(19,323) $(37,192) $(40,906) $8,524 
        
Change in fair value of embedded derivative -

This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies. Read More.

Read Entire Article