Welcome to our dedicated page for Bridger Aerospace Group Holdings news (Ticker: BAER), a resource for investors and traders seeking the latest updates and insights on Bridger Aerospace Group Holdings stock.
Bridger Aerospace Group Holdings, Inc. (symbol: BAER) is a pioneering company in the field of aerial firefighting and wildfire management. The company offers cutting-edge aerial wildfire surveillance, relief, and suppression services using next-generation technology and sustainable firefighting methods. Bridger Aerospace works closely with federal and state government agencies, including the United States Forest Service, to provide crucial support in battling wildfires across the nation.
The company’s operations are divided into two main offerings:
- Fire Suppression: This involves the deployment of specialized Viking CL-415EAF 'Super Scooper' aircraft, capable of dropping large volumes of water rapidly and directly onto wildfires.
- Aerial Surveillance: Bridger Aerospace provides manned aircraft for real-time aerial surveillance to assist in fire suppression efforts.
Bridger Aerospace is continuously expanding its capabilities and fleet to meet the increasing demand for aerial firefighting services. Recent achievements include the acquisition of additional Super Scoopers and the anticipation of record growth due to early seasonal deployments. The company's commitment to innovation and environmental sustainability makes it a key player in the industry.
Bridger Aerospace reported its Q1 2024 results, highlighting a record first quarter revenue of $5.5 million, significantly up from $365,000 in Q1 2023. This increase was driven by the earliest seasonal deployment of its Super Scooper and surveillance aircraft, aiding firefighting efforts in Texas and Oklahoma. The company completed a $9.8 million equity financing in April 2024. Adjusted EBITDA improved by 35% to negative $6.9 million from negative $10.7 million in Q1 2023. The company aims to grow 2024 Adjusted EBITDA by over 80% to between $35 million and $51 million, on projected revenues of $70 million to $86 million. Cost of revenues rose by 27% due to higher flight operations and maintenance expenses. SG&A expenses dropped to $11.6 million from $33.2 million, thanks to lower non-cash stock-based compensation. Net loss reduced to $20.1 million from $44.7 million. Bridger expects positive EBITDA in Q2 and Q3 2024.
Bridger Aerospace Group Holdings, Inc., a leading aerial firefighting company, will release its financial results for the first quarter ended March 31, 2024, on May 13, 2024. The investor conference call will take place the same day at 5:00 p.m. ET to discuss the results and business outlook. Interested parties can access the call via phone or website.
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