BELGRADE, Mont., Nov. 11, 2024 (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 third quarter ended September 30, 2024, raising its 2024 revenue guidance and narrowing its Adjusted EBITDA guidance. Highlights: Achieved record quarterly revenue, net income, and Adjusted EBITDA of $64.5 million, $27.3 million and $47.0 million, res ...

BELGRADE, Mont., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. ("Bridger" or "Bridger Aerospace"), (NASDAQ: BAER, BAERW), one of the nation's largest aerial firefighting companies, today announced that it will release financial results for the third quarter ended September 30, 2024 on Monday, November 11, 2024 after the market close. Management will conduct an investor conference call on Monday, November 11, 2024, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss thes ...

Part I Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements detail the company's financial position and performance, noting a substantial doubt about its ability to continue as a going concern [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $281.7 million driven by acquisitions, while cash decreased significantly and a stockholders' deficit persists Condensed Consolidated Balance Sheet Highlights ($s in thousands) | Account | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $8,526 | $22,956 | | Total current assets | $38,914 | $45,195 | | Property, plant and equipment, net | $195,391 | $196,611 | | Goodwill | $24,741 | $13,163 | | **Total assets** | **$281,705** | **$273,470** | | **Liabilities & Equity** | | | | Total current liabilities | $24,926 | $25,398 | | Long-term debt, net | $203,586 | $204,585 | | **Total liabilities** | **$242,480** | **$246,539** | | Series A Preferred Stock (Mezzanine Equity) | $367,225 | $354,840 | | **Total stockholders' deficit** | **$(328,000)** | **$(327,909)** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 revenue grew 12% and net loss improved to $10.0 million, driven by lower selling, general, and administrative expenses Q2 & H1 2024 vs 2023 Operating Results ($s in thousands, except per share amounts) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $13,014 | $11,616 | $18,521 | $11,981 | | Gross income (loss) | $3,147 | $1,105 | $(552) | $(5,778) | | Selling, general and administrative expense | $7,902 | $15,187 | $19,512 | $48,416 | | Operating loss | $(4,755) | $(14,082) | $(20,064) | $(54,194) | | Net loss | $(9,981) | $(19,022) | $(30,068) | $(63,707) | | Loss per share - basic & diluted | $(0.33) | $(0.55) | $(0.89) | $(0.84) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations for H1 2024 was significantly reduced to $22.6 million, supported by financing from a direct offering Six Months Ended June 30 Cash Flow Summary ($s in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(22,558) | $(53,445) | | Net cash provided by investing activities | $1,448 | $28,565 | | Net cash provided by (used in) financing activities | $6,718 | $(4,496) | | **Net change in cash, cash equivalents and restricted cash** | **$(14,392)** | **$(29,375)** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail a going concern warning, the FMS acquisition, debt covenant non-compliance, and recent equity offerings - **Going Concern Warning:** The company has substantial doubt about its ability to continue as a going concern due to non-compliance with the DSCR covenant as of June 30, 2024, and anticipates continued non-compliance[38](index=38&type=chunk)[39](index=39&type=chunk) - **Acquisition Activity:** The company completed the acquisition of Flight Test & Mechanical Solutions, Inc. (FMS) on June 28, 2024, for total consideration of $21.2 million, paid primarily in stock, adding **$11.6 million in goodwill**[84](index=84&type=chunk)[86](index=86&type=chunk) - **Debt Covenants:** The Series 2022 Bonds require a DSCR exceeding 1.25x and minimum liquidity of $8.0 million; the company is **not in compliance with the DSCR covenant**[117](index=117&type=chunk)[119](index=119&type=chunk) - **Equity Offerings:** In H1 2024, the company raised approximately **$9.4 million in net proceeds** from a registered direct offering and an at-the-market (ATM) offering[134](index=134&type=chunk)[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses improved Q2 revenue and a narrowed net loss, while reiterating the going concern warning due to debt covenant breaches [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q2 revenue grew 12% YoY driven by surveillance services, while operating loss narrowed significantly due to lower SG&A expenses Revenue by Service - Q2 2024 vs Q2 2023 ($s in thousands) | Service Offering | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Fire suppression | $7,466 | $10,449 | $(2,983) | (29)% | | Aerial surveillance | $3,514 | $1,124 | $2,390 | 213% | | Other services | $2,034 | $43 | $1,991 | 4,630% | | **Total revenues** | **$13,014** | **$11,616** | **$1,398** | **12%** | - The decrease in Q2 2024 SG&A expense by **$7.3 million (48%)** was primarily due to a $3.0 million decrease in the market value of Warrants and a $2.9 million decrease in stock-based compensation[168](index=168&type=chunk) - For the six months ended June 30, 2024, SG&A expense decreased by **$28.9 million (60%)**, mainly due to a $22.8 million reduction in stock-based compensation related to the Reverse Recapitalization in 2023[183](index=183&type=chunk) [Non-GAAP Financial Measures](index=49&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA for Q2 2024 was $0.2 million, a decrease from the prior year, with adjustments for non-cash and non-recurring items Reconciliation of Net Loss to Adjusted EBITDA ($s in thousands) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(9,981) | $(19,022) | $(30,068) | $(63,707) | | EBITDA | $(2,613) | $(10,246) | $(15,473) | $(47,515) | | Stock-based compensation | $4,477 | $7,547 | $10,350 | $33,144 | | Change in fair value of Warrants | $(1,865) | $1,066 | $(2,132) | $(533) | | **Adjusted EBITDA** | **$191** | **$959** | **$(6,737)** | **$(9,711)** | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is under pressure due to debt covenant breaches, with a low cash balance and a potential $15.0 million contingent liability - The company is **not in compliance with the Debt Service Coverage Ratio (DSCR) covenant** on its Series 2022 Bonds, raising substantial doubt about its ability to continue as a going concern[197](index=197&type=chunk)[204](index=204&type=chunk) - As of June 30, 2024, the company had **$8.5 million in cash and cash equivalents** and $14.0 million in restricted cash[199](index=199&type=chunk) - The company has a contingent commitment related to the Spanish Scoopers agreement, which may result in a **liability of up to $15.0 million**[215](index=215&type=chunk) [Critical Accounting Policies and Estimates](index=56&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting policies involve significant judgment in revenue recognition, business combinations, and impairment testing - Revenue recognition involves contracts on a Call-When-Needed (CWN) or Exclusive Use (EU) basis, with flight and standby revenue recognized as services are rendered[222](index=222&type=chunk) - Business combination accounting requires significant estimates for allocating purchase price to assets and liabilities at fair value, as applied in the FMS Acquisition[223](index=223&type=chunk) - Goodwill is assessed for impairment annually on October 1 or more frequently if indicators exist; the latest assessment indicated **no impairment**[226](index=226&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Bridger Aerospace is not required to provide information for this item - The company is a smaller reporting company and is **not required to provide** quantitative and qualitative disclosures about market risk[241](index=241&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were deemed ineffective due to three material weaknesses in internal control over financial reporting - Disclosure controls and procedures were deemed **ineffective** as of June 30, 2024[242](index=242&type=chunk) - The company identified **three material weaknesses** in internal control over financial reporting related to complex accounting, IT general controls, and period-end review precision[244](index=244&type=chunk) - A remediation plan is in progress, which includes hiring staff, implementing new software, and using third-party experts[244](index=244&type=chunk) Part II Other Information [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material pending legal proceedings, other than routine litigation - There are **no material pending legal proceedings** against the company[246](index=246&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors emphasize substantial debt, covenant non-compliance, and material weaknesses in internal controls - A key risk is the company's substantial debt and its current **non-compliance with the DSCR covenant**, which could result in default and acceleration of debt obligations[247](index=247&type=chunk) - The company's non-compliance with debt covenants raises **substantial doubt about its ability to continue as a going concern**[249](index=249&type=chunk) - The company reiterates the risk posed by its **three identified material weaknesses** in internal control over financial reporting[249](index=249&type=chunk)[251](index=251&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[251](index=251&type=chunk) [Defaults Upon Senior Securities](index=66&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[251](index=251&type=chunk) [Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[251](index=251&type=chunk) [Other Information](index=66&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter - No director or executive officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[251](index=251&type=chunk) [Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the report, including acquisition agreements and officer certifications

Bridger Aerospace Group Holdings, Inc. (BAER) reported a loss per share of 33 cents in the second quarter of 2024, narrower than the year-ago quarter’s loss of 55 cents per share.Revenues in DetailBridger Aerospace registered revenues of $13 million in the second quarter, up 12% year over year.Revenues in the reported quarter benefited from $1.8 million related to return-to-service work performed on the four Spanish Super Scoopers as part of the company’s partnership agreement with MAB Funding LLC. However, ...

Bridger Aerospace Group Holdings, Inc. (NASDAQ:BAER) Q2 2024 Earnings Conference Call August 12, 2024 5:00 PM ET Company Participants Eric Gerratt - Chief Financial Officer Sam Davis - Interim Chief Executive Officer Conference Call Participants Austin Moeller - Canaccord Operator Good day, everyone, and welcome to today's Bridger Aerospace Second Quarter 2024 Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question- ...

EXHIBIT 99.1 Bridger Aerospace Announces Second Quarter 2024 Results Fleet Fully Deployed as Wildfire Activity Escalates Across the Western U.S. BELGRADE, Mt., Aug. 12, 2024 (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 results for the second quarter ended June 30, 2024. Highlights: Fleet is fully deployed in July as National Interagency Fire Center ...

BELGRADE, Mont., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today announced that it will release financial results for the second quarter ended June 30, 2024 on Monday, August 12, 2024 after the market close. Management will conduct an investor conference call on Monday, August 12, 2024, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these result ...

Group 1 - Bridger Aerospace Group Holdings, Inc. will release its financial results for Q2 2024 on August 12, 2024, after market close [1] - An investor conference call is scheduled for August 12, 2024, at 5:00 p.m. Eastern Time to discuss the financial results and business outlook [1] - The company is one of the largest aerial firefighting companies in the U.S., providing services to federal and state agencies [3] Group 2 - Management will participate in the Canaccord Genuity Annual Growth Conference on August 14th and the Gabelli Funds Annual Aerospace & Defense Symposium on September 5th [2] - Webcasts of these events will be available on the Bridger Aerospace website [2] - Investors interested in participating should contact Bridger Aerospace Investor Relations or their respective conference representatives [2]

NEW YORK, Aug. 03, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Bridger Aerospace Group Holdings, Inc. (“Bridger” or the “Company”) (NASDAQ: BAER). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Bridger and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.  [Click here for information about joining the class ac ...

LOS ANGELES, Aug. 2, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Bridger Aerospace Group Holdings, Inc. ("Bridger" or "the Company") (NASDAQ: BAER) for violations of the securities laws.The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Bridger disclosed in a July 1, 2024, SEC filing that, "In re ...