BELGRADE, Mont., May 08, 2025 (GLOBE NEWSWIRE) - Bridget 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 first quarter ended March 31, 2025.
First Quarter Highlights:
- Record revenue of $15.6 million for Q1 2025
- Earliest deployment of Super Scoopers in Company history in January 2025 to California followed by Oklahoma and North Carolina in March as well as deployment of MMA aircraft, reinforcing the trend of year-round wildfire activity
- Higher revenues from increased operations drove improvement in net loss to $15.5 million and negative Adjusted EBITDA to $5.1 million in Q1 2025
- First of its kind, exclusive-use contract with the state of Montana to provide wildfire detection and mapping using a specially modified Daher Kodiak 100 aircraft
- New five-year $20.1 million contract with the U.S. Department of the Interior to support the state of Alaska
- Appointment of Meghan Pasricha as an independent director
- On track to meet 2025 Adjusted EBITDA guidance of $42 million to $48 million on revenue of $105 million to $111 million
Summary Financial Results
“With our Super Scoopers deployed to California in January followed by Oklahoma and North Carolina in March, we saw a significant increase in our first quarter suppression and surveillance related revenues which provides increased confidence in meeting our growth objectives in 2025,” commented Sam Davis, Bridger’s Chief Executive Officer. “These deployments reinforce the growing trend of year-round wildfire activity and our efforts to obtain more opportunities by having our fleet ready and available throughout the year. In addition, with the recent contract award with the State of Montana and our MMA fleet being deployed, nearly all of Bridger’s air attack and sensor-equipped fleet are either committed or operational for 2025. With winter maintenance and training activities nearly complete, we are well prepared to assist state, federal and international customers in protecting lives and property from the increasingly year-round threat of wildfire.”
First Quarter 2025 Results
Revenue for the first quarter of 2025 was $15.6 million compared to $5.5 million in the first quarter of 2024. Excluding the $5.9 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC, in the first quarter of 2025 and $1.0 million in the first quarter of 2024, revenue was approximately $9.7 million compared to approximately $4.5 million in the first quarter of 2024. First quarter 2025 revenue benefitted from higher revenue as multiple Scoopers and surveillance aircraft were deployed in the first quarter as well as approximately $1.9 million from the Company’s acquisition of Flight Test & Mechanical Solutions, Inc. (“FMS”) in June 2024.- Cost of revenues was $17.2 million in the first quarter of 2025 compared to $9.2 million in the first quarter of 2024. Cost of revenues for the first quarter of 2025 included an increase of approximately $5.6 million of expenses associated with the return-to-service work for the Spanish Super Scoopers compared to the first quarter of 2024. 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 $8.6 million in the first quarter of 2025 compared to $11.6 million in the first quarter of 2024 reflecting lower non-cash stock-based compensation expense partially offset by an increase in the market value of our warrants.
Interest expense for the first quarter of 2025 was $5.7 million compared to $5.9 million in the first quarter of 2024.
Net loss was $15.5 million, or $0.41 per diluted share, in the first quarter of 2025 compared to a net loss of $20.1 million, or $0.55 per diluted share, in the first quarter of 2024. Adjusted EBITDA was negative ($5.1) million in the first quarter of 2025, compared to negative ($6.9) million in the first quarter of 2024.
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
At March 31, 2025, cash and cash equivalents was $22.3 million compared to $39.3 million at December 31, 2024. The decline in cash from year end is due to the expenses related to the bulk of winter maintenance and training activities that occurred in the first quarter.
Business Outlook
With the early deployment of Super Scoopers amidst firefighting activity in California, Oklahoma and North Carolina in the first quarter, we continue to see a lengthening of the wildfire year beyond the seasonally strong third quarter. In addition, the 2024 acquisition of FMS, non-aerial firefighting activity, and state contracts that place our planes on standby are helping to stabilize revenues quarter to quarter. This has resulted in increased confidence in our 2025 guidance of Adjusted EBITDA of $42 million to $48 million on revenue of $105 million to $111 million. The Company also expects continued improvement in cash provided by operating activities in 2025. 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, May 8, 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 800-717-1738 or 646-307-1865. 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 May 15, 2025, by calling 844-512-2921 or 412-317-6671 and using the passcode 1128402. The replay will also be available at https://www.bridgeraerospace.com.
