Bridger Aerospace Announces Record Fourth Quarter and Full Year 2024 Results; Initiates 2025 Guidance
Bridger Aerospace (NASDAQ: BAER) reported record results for Q4 and full-year 2024. The aerial firefighting company achieved record revenue of $98.6 million for 2024, up 48% from 2023, with Q4 revenue of $15.6 million.
Key highlights include:
- 80% improvement in net loss to $15.6 million in 2024
- Doubled Adjusted EBITDA to $37.3 million in 2024
- Operating cash flow of $9.4 million with year-end cash position of $39.3 million
- Secured five-year $20.1 million contract with U.S. Department of Interior for Alaska
For 2025, Bridger projects revenue between $105-111 million (9% growth) and Adjusted EBITDA of $42-48 million (20% growth). The company noted extended deployment of Super Scoopers into November 2024 and early January 2025 deployments, indicating a trend toward year-round wildfire activity.
Bridger Aerospace (NASDAQ: BAER) ha riportato risultati record per il quarto trimestre e per l'intero anno 2024. L'azienda di lotta agli incendi aerei ha raggiunto un fatturato record di 98,6 milioni di dollari per il 2024, con un incremento del 48% rispetto al 2023, e un fatturato per il quarto trimestre di 15,6 milioni di dollari.
I punti salienti includono:
- un miglioramento dell'80% nella perdita netta, che si attesta a 15,6 milioni di dollari nel 2024
- un raddoppio dell'EBITDA rettificato a 37,3 milioni di dollari nel 2024
- un flusso di cassa operativo di 9,4 milioni di dollari con una posizione di cassa a fine anno di 39,3 milioni di dollari
- un contratto di cinque anni del valore di 20,1 milioni di dollari con il Dipartimento dell'Interno degli Stati Uniti per l'Alaska
Per il 2025, Bridger prevede un fatturato compreso tra 105 e 111 milioni di dollari (crescita del 9%) e un EBITDA rettificato tra 42 e 48 milioni di dollari (crescita del 20%). L'azienda ha segnalato un impiego prolungato dei Super Scoopers fino a novembre 2024 e dispiegamenti all'inizio di gennaio 2025, indicando una tendenza verso attività di incendi boschivi durante tutto l'anno.
Bridger Aerospace (NASDAQ: BAER) reportó resultados récord para el cuarto trimestre y el año completo 2024. La empresa de lucha contra incendios aéreos alcanzó ingresos récord de 98,6 millones de dólares para 2024, un aumento del 48% en comparación con 2023, con ingresos del cuarto trimestre de 15,6 millones de dólares.
Los aspectos destacados incluyen:
- una mejora del 80% en la pérdida neta, que se sitúa en 15,6 millones de dólares en 2024
- un EBITDA ajustado duplicado a 37,3 millones de dólares en 2024
- un flujo de caja operativo de 9,4 millones de dólares con una posición de caja al final del año de 39,3 millones de dólares
- un contrato de cinco años por un valor de 20,1 millones de dólares con el Departamento del Interior de EE. UU. para Alaska
Para 2025, Bridger proyecta ingresos entre 105 y 111 millones de dólares (crecimiento del 9%) y un EBITDA ajustado de 42 a 48 millones de dólares (crecimiento del 20%). La empresa destacó un despliegue prolongado de los Super Scoopers hasta noviembre de 2024 y despliegues a principios de enero de 2025, indicando una tendencia hacia actividades de incendios forestales durante todo el año.
브리저 항공우주 (NASDAQ: BAER)는 2024년 4분기 및 전체 연도에 대한 기록적인 결과를 보고했습니다. 이 항공 소방 회사는 2024년에 9860만 달러의 기록적인 수익을 달성했으며, 이는 2023년 대비 48% 증가한 수치로, 4분기 수익은 1560만 달러입니다.
주요 하이라이트는 다음과 같습니다:
- 2024년 순손실이 1560만 달러로 80% 개선됨
- 2024년 조정 EBITDA가 3730만 달러로 두 배 증가함
- 운영 현금 흐름이 940만 달러이며 연말 현금 보유액은 3930만 달러
- 알래스를 위한 미국 내무부와 2010만 달러의 5년 계약 체결
2025년을 위해 브리저는 수익을 1억 500만 달러에서 1억 1100만 달러 사이로 예상하고 있으며 (9% 성장) 조정 EBITDA는 4200만 달러에서 4800만 달러 사이로 예상하고 있습니다 (20% 성장). 이 회사는 2024년 11월까지 슈퍼 스쿠퍼의 배치를 연장하고 2025년 1월 초에 배치할 것이라고 언급하며, 연중 내내 산불 활동이 증가하는 추세를 나타내고 있습니다.
Bridger Aerospace (NASDAQ: BAER) a annoncé des résultats records pour le quatrième trimestre et l'année complète 2024. L'entreprise de lutte contre les incendies aériens a atteint un chiffre d'affaires record de 98,6 millions de dollars pour 2024, en hausse de 48% par rapport à 2023, avec un chiffre d'affaires au quatrième trimestre de 15,6 millions de dollars.
Les points clés incluent :
- une amélioration de 80% de la perte nette, qui s'élève à 15,6 millions de dollars en 2024
- un EBITDA ajusté doublé à 37,3 millions de dollars en 2024
- un flux de trésorerie opérationnel de 9,4 millions de dollars avec une position de trésorerie de 39,3 millions de dollars à la fin de l'année
- un contrat de cinq ans de 20,1 millions de dollars avec le département de l'Intérieur des États-Unis pour l'Alaska
Pour 2025, Bridger prévoit un chiffre d'affaires compris entre 105 et 111 millions de dollars (croissance de 9%) et un EBITDA ajusté de 42 à 48 millions de dollars (croissance de 20%). L'entreprise a noté un déploiement prolongé des Super Scoopers jusqu'en novembre 2024 et des déploiements début janvier 2025, indiquant une tendance vers une activité d'incendie de forêt tout au long de l'année.
Bridger Aerospace (NASDAQ: BAER) berichtete über Rekordergebnisse für das vierte Quartal und das Gesamtjahr 2024. Das Unternehmen für Luftfeuerbekämpfung erzielte einen Rekordumsatz von 98,6 Millionen Dollar für 2024, was einem Anstieg von 48% im Vergleich zu 2023 entspricht, mit einem Umsatz von 15,6 Millionen Dollar im vierten Quartal.
Wichtige Höhepunkte sind:
- eine Verbesserung des Nettoverlusts um 80% auf 15,6 Millionen Dollar im Jahr 2024
- eine Verdopplung des bereinigten EBITDA auf 37,3 Millionen Dollar im Jahr 2024
- ein operativer Cashflow von 9,4 Millionen Dollar mit einer Liquiditätsposition von 39,3 Millionen Dollar zum Jahresende
- ein fünfjähriger Vertrag über 20,1 Millionen Dollar mit dem US-Innenministerium für Alaska
Für 2025 rechnet Bridger mit einem Umsatz zwischen 105 und 111 Millionen Dollar (9% Wachstum) und einem bereinigten EBITDA von 42 bis 48 Millionen Dollar (20% Wachstum). Das Unternehmen wies auf einen verlängerten Einsatz von Super Scoopers bis November 2024 und frühe Einsätze im Januar 2025 hin, was auf einen Trend zu ganzjährigen Waldbrandaktivitäten hinweist.
- Record revenue of $98.6M in 2024, up 48% YoY
- Doubled Adjusted EBITDA to $37.3M in 2024
- Positive operating cash flow of $9.4M in 2024
- Secured new $20.1M five-year contract with DOI
- Strong cash position of $39.3M at year-end
- Expanding to year-round operations with early 2025 deployments
- Net loss of $15.6M in 2024 despite improvement
- Increased interest expense to $23.7M in 2024
- Negative Q4 Adjusted EBITDA of -$2.9M
- Higher cost of revenues at $57.5M in 2024
Insights
Bridger Aerospace's Q4 and full-year 2024 results demonstrate exceptional financial improvement across multiple metrics. Annual revenue surged
The financial transformation is comprehensive - positive operating cash flow of
Management's 2025 guidance projects continued momentum with
The extended deployment periods into November and early January deployments highlight the structural shift toward year-round wildfire activity, creating sustained demand for Bridger's specialized services. Their diversification strategy, including the FMS acquisition, reduces dependency on peak wildfire seasons while leveraging their core expertise.
Though still operating at a net loss, the trajectory is clearly positive, with multiple financial indicators signaling a business approaching profitability while maintaining strong liquidity.
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 , representing9% growth over 2024 at the midpoint of the range - Adjusted EBITDA range of
$42 million to$48 million representing growth of20% at the midpoint of the range - Expect continued improvement in cash provided by operating activities in 2025
- Revenue expected to increase to between
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
Fourth Quarter 2024 Results
Revenue for the fourth quarter of 2024 was
Cost of revenues was
Selling, general and administrative expenses (“SG&A”) were
Interest expense for the fourth quarter of 2024 was
Net loss was
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
Full Year Results
Revenue grew
Cost of revenues was
SG&A expenses were
Interest expense for 2024 was
Net loss was
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
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
aziegler@darrowir.com
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 | - | - | - | 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 | - | 110 | - | 155 | |||||||||||
| Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | - | 6,052 | - | (85,882 | ) | ||||||||||
| Loss attributable to Common stockholders - diluted | $ | (19,323 | ) | $ | (31,030 | ) | $ | (40,906 | ) | $ | (77,203 | ) | |||
| (Loss) earnings per share - basic | $ | (0.36 | ) | $ | (0.80 | ) | $ | (0.81 | ) | $ | 0.19 | ||||
| Loss per share - diluted | $ | (0.36 | ) | $ | (0.67 | ) | $ | (0.81 | ) | $ | (1.00 | ) | |||
| Weighted average Common Stock outstanding – basic | 53,180 | 46,256 | 50,525 | 45,269 | |||||||||||
| Weighted average Common Stock outstanding – diluted | 53,180 | 46,256 | 50,525 | 77,527 | |||||||||||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| As of December 31, 2024 | As of December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 39,336 | $ | 22,956 | |||
| Restricted cash | 13,747 | 13,981 | |||||
| Investments in marketable securities | - | 1,009 | |||||
| Accounts and note receivable | 5,945 | 4,113 | |||||
| Aircraft support parts | 857 | 488 | |||||
| Prepaid expenses and other current assets | 3,924 | 2,648 | |||||
| Total current assets | 63,809 | 45,195 | |||||
| Property, plant and equipment, net | 183,769 | 196,611 | |||||
| Intangible assets, net | 6,076 | 1,730 | |||||
| Goodwill | 20,749 | 13,163 | |||||
| Other noncurrent assets | 16,406 | 16,771 | |||||
| Total assets | $ | 290,809 | $ | 273,470 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 5,330 | $ | 3,978 | |||
| Accrued expenses and other current liabilities | 14,057 | 17,168 | |||||
| Operating right-of-use current liability | 1,835 | 2,153 | |||||
| Current portion of long-term debt, net of debt issuance costs | 2,170 | 2,099 | |||||
| Total current liabilities | 23,392 | 25,398 | |||||
| Long-term accrued expenses and other noncurrent liabilities | 5,388 | 10,777 | |||||
| Operating right-of-use noncurrent liability | 6,083 | 5,779 | |||||
| Long-term debt, net of debt issuance costs | 202,469 | 204,585 | |||||
| Total liabilities | $ | 237,332 | $ | 246,539 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| MEZZANINE EQUITY | |||||||
| Series A Preferred Stock | 380,179 | 354,840 | |||||
| STOCKHOLDERS’ DEFICIT | |||||||
| Common Stock | 6 | 5 | |||||
| Additional paid-in capital | 101,495 | 84,771 | |||||
| Accumulated deficit | (429,239 | ) | (413,672 | ) | |||
| Accumulated other comprehensive income | 1,036 | 987 | |||||
| Total stockholders’ deficit | (326,702 | ) | (327,909 | ) | |||
| Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 290,809 | $ | 273,470 | |||
BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| For the year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net loss | $ | (15,567 | ) | $ | (77,358 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisition: | |||||||
| Depreciation and amortization | 17,451 | 11,089 | |||||
| Stock based compensation expense | 16,160 | 47,796 | |||||
| Amortization of debt issuance costs | 943 | 968 | |||||
| Loss on disposal of fixed assets | 386 | 1,183 | |||||
| Deferred tax benefit | (1,142 | ) | (342 | ) | |||
| Impairment of long-lived assets | - | 2,529 | |||||
| Change in fair value of the Warrants | (4,530 | ) | (267 | ) | |||
| Change in fair value of freestanding derivative | - | 51 | |||||
| Change in fair value of earnout consideration | (393 | ) | 167 | ||||
| Realized gain on investments in marketable securities | (16 | ) | (794 | ) | |||
| Change in fair value of embedded derivative | (885 | ) | (155 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (2,133 | ) | (1,085 | ) | |||
| Aircraft support parts | (104 | ) | 1,273 | ||||
| Prepaid expense and other current and noncurrent assets | 2,286 | (2,381 | ) | ||||
| Accounts payable, accrued expenses and other liabilities | (3,101 | ) | (9,482 | ) | |||
| Net cash provided by (used in) operating activities | 9,355 | (26,808 | ) | ||||
| Cash Flows from Investing Activities: | |||||||
| Cash acquired through acquisition | 2,592 | - | |||||
| Collection of note receivable | 3,000 | - | |||||
| Proceeds from sales and maturities of marketable securities | 1,055 | 55,406 | |||||
| Sale of property, plant and equipment | 649 | 817 | |||||
| Purchases of property, plant and equipment | (4,084 | ) | (20,738 | ) | |||
| Expenditures for capitalized software | (1,156 | ) | (328 | ) | |||
| Investment in equity securities | - | (4,000 | ) | ||||
| Purchases of marketable securities | - | (999 | ) | ||||
| Issuance of note receivable | - | (3,000 | ) | ||||
| Net cash provided by investing activities | 2,056 | 27,158 | |||||
| Cash Flows from Financing Activities: | |||||||
| Proceeds from issuance of Common Stock in the registered direct offering | 9,169 | - | |||||
| Proceeds from issuance of Common Stock in the at-the-market offering | 168 | - | |||||
| Repayments on debt | (2,988 | ) | (2,201 | ) | |||
| Payment of issuance costs for Common Stock in offerings | (1,006 | ) | - | ||||
| Payment of finance lease liability | (26 | ) | (30 | ) | |||
| Restricted stock units settled in cash | (644 | ) | - | ||||
| Proceeds from the Closing | - | 3,194 | |||||
| Costs incurred related to the Closing | - | (6,794 | ) | ||||
| Net cash provided by (used in) financing activities | 4,673 | (5,831 | ) | ||||
| Effects of exchange rate changes | 62 | (42 | ) | ||||
| Net change in cash, cash equivalents and restricted cash | 16,146 | (5,523 | ) | ||||
| Cash, cash equivalents and restricted cash – beginning of the period | 36,937 | 42,460 | |||||
| Cash, cash equivalents and restricted cash – end of the period | $ | 53,083 | $ | 36,937 | |||
| Less: Restricted cash – end of the period | 13,747 | 13,981 | |||||
| Cash and cash equivalents – end of the period | $ | 39,336 | $ | 22,956 | |||
EXHIBIT A
Non-GAAP Results and Reconciliations
Although Bridger believes that net income or loss, as determined in accordance with GAAP, is the most appropriate earnings measure, we use EBITDA and Adjusted EBITDA as key profitability measures to assess the performance of our business. Bridger believes these measures help illustrate underlying trends in our business and use the measures to establish budgets and operational goals, and communicate internally and externally, in managing our business and evaluating its performance. Bridger also believes these measures help investors compare our operating performance with its results in prior periods in a way that is consistent with how management evaluates such performance.
Each of the profitability measures described below is not recognized under GAAP and does not purport to be an alternative to net income or loss determined in accordance with GAAP as a measure of our performance. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. EBITDA and Adjusted EBITDA exclude items that can have a significant effect on our profit or loss and should, therefore, be used only in conjunction with our GAAP profit or loss for the period. Bridger’s management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these measures may not be comparable to other similarly titled measures of other companies.
Bridger does not provide a reconciliation of forward-looking measures where Bridger believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts, such as acquisition costs, integration costs and loss on the disposal or obsolescence of aging aircraft. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Bridger’s control or cannot be reasonably predicted. For the same reasons, Bridger is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the interest expense, income tax expense (benefit) and depreciation and amortization of property, plant and equipment and intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense).
Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we exclude from Adjusted EBITDA gains and losses on disposals of assets and non-cash impairment charges, and offering costs related to financing and other transactions, which include costs that are required to be expensed in accordance with GAAP. In addition, we exclude from Adjusted EBITDA non-cash stock-based compensation, business development and integration expenses, the change in the fair value of earnout consideration and the change in the fair value of warrants. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
The following table reconciles net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three months and years ended December 31, 2024, and 2023.
| (in thousands) | For the three months ended December 31, | For the year ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (12,845 | ) | $ | (31,139 | ) | $ | (15,567 | ) | $ | (77,358 | ) | |||
| Income tax (benefit) expense | (292 | ) | 12 | (762 | ) | (302 | ) | ||||||||
| Depreciation and amortization | 2,692 | 855 | 17,451 | 11,089 | |||||||||||
| Interest expense | 5,948 | 6,042 | 23,714 | 23,218 | |||||||||||
| EBITDA | (4,497 | ) | (24,230 | ) | 24,836 | (43,353 | ) | ||||||||
| Stock-based compensation(1) | 2,442 | 8,048 | 16,160 | 47,796 | |||||||||||
| Business development & integration expenses(2) | 392 | 4,133 | 1,140 | 5,687 | |||||||||||
| Offering costs(3) | 167 | 1,843 | 123 | 5,773 | |||||||||||
| Loss on disposal and non-cash impairment charges(4) | - | 1,817 | - | 2,869 | |||||||||||
| Change in fair value of earnout consideration(5) | (872 | ) | 167 | (393 | ) | 167 | |||||||||
| Change in fair value of Warrants(6) | (533 | ) | (2,133 | ) | (4,530 | ) | (267 | ) | |||||||
| Adjusted EBITDA | $ | (2,901 | ) | $ | (10,355 | ) | $ | 37,336 | $ | 18,672 | |||||
- Represents non-cash stock-based compensation expense associated with employee and non-employee equity awards.
- Represents expenses related to integration costs for completed acquisitions and potential acquisition targets and additional business lines.
- Represents one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period.
- Represents loss on the disposal of an aging aircraft and the non-cash impairment charges on a retired aircraft.
- Represents non-cash fair value adjustment for earnout consideration issued in connection with the acquisition of Ignis Technologies, Inc. and Flight Test & Mechanical Solutions, Inc.
- Represents the non-cash fair value adjustment for the outstanding warrants.
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