RESTON, Va., April 16, 2025 (GLOBE NEWSWIRE) -- NextNav Inc. (NASDAQ:NN), a leader in next-generation position, navigation and timing (PNT) and 3D geolocation, today announced that its board of directors has elected Rear Admiral H. Wyman Howard and Rear Admiral Lorin Selby to serve as board members, effective May 1, 2025. "We are honored to welcome Rear Admiral Howard and Rear Admiral Selby to the NextNav Board of Directors," said Mariam Sorond, NextNav's Chief Executive Officer and Board Chair. "Their exte ...

Core Insights - Bridger Aerospace Group Holdings, Inc. has appointed Meghan Pasricha as an independent director, bringing the Board size back to 9 members [1][2]. Company Overview - Bridger Aerospace is one of the largest aerial firefighting companies in the United States, providing services to federal and state government agencies, including the United States Forest Service [3]. Leadership and Expertise - Meghan Pasricha has extensive experience in credit and capital solutions, which will support Bridger's growth plans and capital structure optimization [2]. - Pasricha is currently a Partner at Galvanize Climate Solutions, focusing on decarbonization investment strategies, and has held significant roles at Riverstone Holdings and The Carlyle Group [2]. - She co-founded Women in Climate Investing & Finance and leads a nonprofit focused on youth leadership and community service [2].

Core Insights - Bridger Aerospace Group Holdings, Inc. has been awarded an exclusive-use contract by the State of Montana for wildfire detection and mapping using a modified Daher Kodiak 100 aircraft, with a minimum annual value of $648,000 for at least 120 days of availability [1][2] Group 1: Contract Details - The exclusive-use agreement has an initial term of one year, with two optional extension years subject to continued state funding [1] - The contract includes provisions for additional days and flight hours beyond the minimum annual value [1] Group 2: Operational Impact - Nearly all of Bridger's air attack and sensor-equipped fleet is now committed or operational for the 2025 fire season, enhancing the company's capacity to support firefighting operations [2] - The modification of the Kodiak aircraft integrates advanced sensor systems and operator workstations, enabling rapid identification of wildfire hotspots and precise fire perimeter mapping [2] Group 3: Company Background - Bridger Aerospace is one of the largest aerial firefighting companies in the United States, providing services to federal and state agencies, including the United States Forest Service [3]

Core Points - Bridger Aerospace has entered into a Memorandum of Understanding with Positive Aviation to become the exclusive North American launch customer for the FF72 firefighting aircraft [1][2] - The partnership aims to enhance Bridger's fleet capabilities and solidify its leadership in the aerial firefighting industry [3][4] Group 1: Partnership Details - Bridger will handle sales, marketing, support, modifications, certification, and training for the FF72 aircraft in North America [2] - The MOU allows Bridger to purchase ten FF72 aircraft with an option for an additional ten units [2] - Deliveries of the FF72 are expected to begin in time for the 2029 fire year [2] Group 2: Strategic Importance - The FF72 will complement Bridger's existing fleet of CL-415 EAF Super Scoopers, integrating new technology for improved wildfire response [3] - The partnership is positioned to meet the growing demand for cost-effective wildfire fighting solutions both in the U.S. and globally [4] - Bridger aims to address the increasing year-round challenges of wildfires with the addition of the FF72 to its fleet [4]

Core Insights - Bridger Aerospace has deployed aircraft to support wildfire efforts in Oklahoma and New Mexico, enhancing regional firefighting capabilities [1][2] - The company has sent two CL-415EAF "Super Scooper" aircraft and a Multi-Mission Aircraft (MMA) to assist ground crews and protect communities [1][2] - Bridger Aerospace is committed to supporting wildfire management agencies across the US, providing critical resources for effective response [2] Company Overview - Bridger Aerospace Group Holdings, Inc. is one of the largest aerial firefighting companies in the US, based in Belgrade, Montana [3] - The company provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service [3] - Bridger Aerospace operates both domestically and internationally, showcasing its extensive capabilities in wildfire management [3]

Core Viewpoint - Bridger Aerospace Group Holdings, Inc. (BAER) has experienced significant revenue growth in 2024, driven by increased demand for aerial firefighting services due to prolonged wildfire seasons, despite facing a net loss for the quarter and the year. Earnings Performance and Financial Metrics - Fourth-quarter 2024 revenues reached $15.6 million, a substantial increase from $1.1 million in the prior-year period, primarily due to extended aircraft deployment and $5.1 million from return-to-service work on Spanish Super Scoopers [2] - For the full year, revenues rose 47.8% to $98.6 million from $66.7 million in 2023, including approximately $10.1 million from return-to-service work and $3 million from the acquisition of Flight Test & Mechanical Solutions, Inc. (FMS) [3] Net Loss and Adjusted EBITDA - The company reported a net loss of $12.8 million ($0.36 per diluted share) in the fourth quarter, an improvement from a loss of $31.1 million ($0.67 per diluted share) in the prior-year period [4] - For the full year, net loss narrowed to $15.6 million from $77.4 million in 2023, with adjusted EBITDA rising 99.9% to $37.3 million from $18.7 million in 2023 [4] Cost Management - Cost of revenues increased 83.9% to $15.4 million in fourth-quarter 2024, largely due to higher maintenance costs, including $4.8 million related to the Spanish Super Scoopers [5] - Selling, general, and administrative expenses declined 58.8% to $7.7 million from $18.6 million in fourth-quarter 2023, primarily due to lower stock-based compensation and professional service costs [5] Cash Flow and Financial Position - BAER ended 2024 with cash and cash equivalents of $39.3 million, up from $22.9 million at the end of 2023, marking its first year of positive operating cash flow [6] Management Commentary and Market Dynamics - Interim CEO Sam Davis emphasized record revenues and expanding operations, highlighting the increasing demand for aerial firefighting services due to prolonged wildfire seasons [7] - The company aims to secure multi-year exclusive-use contracts with states and federal agencies to stabilize revenue streams, with ongoing regulatory discussions potentially enhancing long-term opportunities [8] 2025 Guidance and Growth Outlook - For 2025, BAER expects revenues in the range of $105 million to $111 million, representing approximately 9% growth over 2024 at the midpoint, with adjusted EBITDA projected to be in the range of $42 million-$48 million [9] Factors Influencing Results - Record revenue growth in 2024 was driven by extended aircraft deployment, increased wildfire activity, and higher contracted revenues, with wildfires consuming 8.9 million acres in 2024 compared to 2.7 million acres in 2023 [11] - The acquisition of FMS contributed $3 million in revenue over six months, and return-to-service work for the Spanish Super Scoopers added approximately $10.1 million in revenue in 2024 [12] Other Developments - Bridger Aerospace continues to integrate its acquisition of FMS, leveraging its capabilities to enhance aircraft modification and sensor technology [13] - The company secured a five-year, $20.1 million agreement with the U.S. Department of the Interior for wildfire management efforts in Alaska [14] - Progress on the return-to-service work for the Spanish Super Scoopers is on track, with the first aircraft receiving a certificate of airworthiness and expected operational status for the 2025 wildfire season [15]

Group 1 - Bridger Aerospace Group Holdings, Inc. appointed Sam Davis as President and CEO effective March 17, 2025, following the resignation of former CEO Timothy P. Sheehy [1] - Sam Davis has been with Bridger since 2019, previously serving as Controller and Chief of Staff, and has played a key role in the company's transition to a public entity and its expansion efforts [2] - Under Davis's leadership, Bridger has achieved significant milestones, including strong top-line growth, a substantial increase in Adjusted EBITDA, and positive cash flow for the year [2] Group 2 - Davis expressed gratitude for the Board's confidence and emphasized Bridger's readiness to address year-round wildfire threats, highlighting recent operations in Los Angeles and Oklahoma [3] - Bridger Aerospace is one of the largest aerial firefighting companies in the U.S., providing services to federal and state agencies, including the U.S. Forest Service [4]

Financial Performance - Total revenues for 2024 reached $98.613 million, a 47.8% increase from $66.708 million in 2023 [389]. - Gross income improved to $41.138 million in 2024, compared to $25.368 million in 2023, reflecting a gross margin increase [389]. - Net loss for 2024 was $15.567 million, significantly reduced from a net loss of $77.358 million in 2023 [389]. - The net loss for the year ended December 31, 2024, was $15.567 million, a significant improvement compared to a net loss of $77.358 million in 2023, representing an 80% reduction in losses [396]. - Cash provided by operating activities was $9.355 million in 2024, compared to cash used in operating activities of $26.808 million in 2023, indicating a positive cash flow shift [396]. - Selling, general and administrative expenses decreased to $35.820 million in 2024 from $82.863 million in 2023, indicating cost management efforts [389]. - The company’s accumulated deficit increased to $429.239 million in 2024 from $413.672 million in 2023, reflecting ongoing operational challenges [394]. Assets and Liabilities - Total current assets increased to $63.809 million in 2024, up from $45.195 million in 2023, driven by higher cash and cash equivalents [386]. - Total liabilities decreased to $237.332 million in 2024 from $246.539 million in 2023, indicating improved financial stability [386]. - Total assets grew to $290.809 million in 2024, compared to $273.470 million in 2023, showcasing overall growth [386]. - Cash and cash equivalents rose to $39.336 million in 2024, up from $22.956 million in 2023, enhancing liquidity [386]. Compliance and Governance - The company is in compliance with financial covenants as of December 31, 2024, but future compliance is uncertain [177]. - The company has increased legal and financial compliance costs due to public company requirements, which may strain resources and divert management's attention [191]. - The company may face challenges in maintaining effective internal controls and financial reporting as it transitions from a private to a public entity [194]. - The company has identified two material weaknesses in its internal control over financial reporting, specifically related to complex transaction accounting and IT system user access monitoring [199]. - The company is in the process of remediating these material weaknesses and has committed to improving its internal control over financial reporting [201]. - The remediation process may take an indeterminate amount of time, and there are no assurances that future controls will be adequate to prevent errors or irregularities [202]. Shareholder and Stock Information - The Company does not currently intend to pay dividends on Common Stock, limiting returns to stock appreciation [230]. - The company may issue additional shares of Common Stock or other equity securities, which could dilute existing ownership interests and depress market prices [208]. - Significant stockholders, including affiliates of Blackstone Inc. who own 17.3% of the outstanding Common Stock, could influence corporate decisions and operations [224]. - The exercise price for outstanding Warrants is $11.50 per share, with 26,649,874 shares eligible for future resale if exercised [233]. - The Company has 315,789.47 shares of Series A Preferred Stock outstanding, with a conversion price of $11.00 per share and a dividend rate that increases from 7.0% to 11.0% over time [219]. Revenue Recognition and Contracts - The company recognizes revenue from aerial firefighting services under ASC 606, primarily through contracts with government agencies [442]. - The company recognized revenue over time using the cost-to-cost method, reflecting the performance obligations satisfied [448]. - The company has remaining unsatisfied performance obligations of $8.1 million, expected to be recognized as revenue within the next twelve months [455]. - Fire suppression revenue increased to $66.765 million in 2024 from $56.022 million in 2023, representing a 19.8% growth [457]. - The company’s MRO revenue was $13.918 million in 2024, a significant increase from $48,000 in 2023 [457]. Acquisitions and Goodwill - The Company completed the acquisition of Flight Test & Mechanical Solutions, Inc. for a total initially estimated consideration of $21.2 million, with $19.0 million paid in Common Stock at closing [488]. - Goodwill from the FMS Acquisition amounts to $7.6 million, primarily due to the assembled workforce and expected synergies, with none deductible for tax purposes [495]. - The total purchase price for the FMS Acquisition was $21.2 million, adjusted to $16.3 million after purchase price allocation adjustments [494]. - The Ignis Acquisition was completed for a total consideration of $11.6 million, with $3.3 million paid at closing and $8.3 million contingent on operational milestones [496]. - Goodwill from the Ignis Acquisition is $10.7 million, reflecting expected synergies and an assembled workforce, with none deductible for tax purposes [500]. Risks and Uncertainties - The company has incurred significant losses since inception and is not currently profitable, making future operating results difficult to predict [190]. - The company may incur additional debt in the future, which could impair its ability to obtain further financing and increase cash resource demands [178]. - Changes in tax laws, such as the Inflation Reduction Act of 2022, may impose a 1% excise tax on share repurchases and a 15% minimum tax on large corporations, impacting the Company's effective tax rate and operations [245]. - There is a risk of state tax authorities asserting a nexus for state income tax purposes, which could lead to additional tax liabilities and adversely affect the Company's results of operations [246].

Financial Data and Key Metrics Changes - The company reported a fourth quarter revenue of $15.6 million, a 14.5% increase from the previous year, contributing to an annual revenue of $98.6 million, up 48% from 2023 [7][27] - The net loss for the fourth quarter was $12.8 million, improved from a loss of $31.1 million in the same quarter of 2023 [26] - Adjusted EBITDA for 2024 was negative $2.9 million, an improvement from negative $10.4 million in the fourth quarter of 2023 [26][30] Business Line Data and Key Metrics Changes - The acquisition of SMS contributed approximately $3 million in revenue over the first six months of ownership [16] - Revenue from return to service work on Spanish scoopers was about $10.1 million in 2024, expected to decrease by 50% in 2025 [28][35] Market Data and Key Metrics Changes - The wildfire season in 2024 was more active, with 8.9 million acres consumed compared to 2.7 million acres in 2023 [11] - The company has deployed aircraft to various states, including California and Oklahoma, indicating a proactive approach to wildfire management [10][32] Company Strategy and Development Direction - The company aims to maximize exclusive use contracts to ensure revenue stability and increase operational efficiency [13] - There is a focus on diversifying the customer base and enhancing capabilities through partnerships, such as with SMS and Ignis Technologies [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the early start of the wildfire season and the potential for increased year-round revenue [33] - The company anticipates generating positive cash flow from operations in 2025, building on the success of 2024 [9][37] Other Important Information - The company ended 2024 with total cash and cash equivalents of $39.3 million, up from $33.3 million at the end of September 2024 [30] - Compliance with all debt covenants was confirmed, with plans to remove going concern disclosures in the upcoming 10-K filing [40] Q&A Session Summary Question: What can you tell us about the delivery and operational cadence of the Spanish Scoopers in Europe for the fire season relative to your most recent expectation - The first Spanish scooper has received a certificate of airworthiness, and the second is expected to receive it within sixty days, with contracts being negotiated for their deployment [44][45] Question: How do you feel about your cash balance and do you expect it to be sufficient to support working capital and operations in the US and upgrade of the Spanish scoopers and their initial operations in Europe - The company feels confident about its cash position, with over $39 million available, and upgrades for the Spanish scoopers are funded through a partnership rather than available cash [48] Question: Does the revenue guide for 2025 reflect the fact that we are looking at a full year continuing resolution before the fiscal year 2025-2026 budgets are passed - The revenue guidance for 2025 assumes funding at the same level as prior years, with increased interest in contracting opportunities due to recent wildfires [51][52] Question: How would you expect lower fuel prices and travel costs to affect open and flight operations costs and is this reflected in your guidance - The company did not factor lower fuel prices into its guidance but sees it as potential upside if prices decrease throughout the year [55]

Bridger Aerospace Group Holdings, Inc. (NASDAQ:BAER) Q4 2024 Earnings Conference Call March 13, 2025 5:00 PM ET Company Participants Eric Gerratt - Chief Financial Officer Sam Davis - Interim Chief Executive Officer John Founders - Senior Vice President of Finance and Capital Markets Conference Call Participants Operator Greetings, everyone. Welcome to Bridger Aerospace Group Holdings, Inc. Common Stock Fourth Quarter and Fiscal 2024 Investor Conference Call. As a reminder, today's call is being recorded. I ...