BELGRADE, Mont., May 20, 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 responded to questions from various constituencies as a result of recent politically-motivated attacks on its business in certain media outlets. In recent weeks, candidates for political office and their allied political organizations have written disparaging articles and launched pa ...

Financial Data and Key Metrics Changes - The company reported record revenue of $5.5 million for Q1 2024, a significant increase from $365,000 in Q1 2023, driven by early deployments of Super Scooper and surveillance aircraft [12] - Cost of revenues increased to $9.2 million in Q1 2024, up 27% from $7.2 million in Q1 2023, primarily due to higher flight operation and maintenance expenses [13] - Selling, general and administrative expenses decreased to $11.6 million in Q1 2024 from $33.2 million in Q1 2023, mainly due to lower noncash stock-based compensation [14] - The net loss for Q1 2024 was $20.1 million, an improvement from a net loss of $44.7 million in Q1 2023, while adjusted EBITDA improved to negative $6.9 million from negative $10.7 million [15] Business Line Data and Key Metrics Changes - The early deployment of aircraft for wildfire management led to the highest first quarter revenue in the company's history, indicating strong operational performance [8] - The company’s multi-mission aircraft program is critical for incident planning and firefighting, with two aircraft deployed under a five-year contract with the Department of Interior and Bureau of Indian Affairs [7] Market Data and Key Metrics Changes - The company anticipates a more active wildfire season in 2024 due to drier and warmer conditions, which is expected to drive long-term demand for aerial surveillance and suppression services [8] - Wildfire risk in Canada is predicted to be above average in 2024, with the company looking to expand operations there following successful regulatory processes [9] Company Strategy and Development Direction - The company aims to offset fluctuations in wildfire activity by expanding aerial firefighting services to new critical areas and geographies [8] - Plans to expand into Europe are underway, with the acquisition of four Super Scoopers from the Spanish government, positioning the company for future growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for a record year in 2024, supported by a profitable business model and a more efficient operating structure [18] - The company reiterated its guidance for adjusted EBITDA of $35 million to $51 million on revenue of $70 million to $86 million for the year [17] Other Important Information - The company ended Q1 2024 with total cash and restricted cash of $16.1 million, which improved to $26.5 million by the end of April 2024 following a direct offering [16] - Two new seasoned executives joined the Board, expected to contribute to the company's growth and value creation [18] Q&A Session Summary - The Q&A session details were not provided in the transcript, thus no specific questions and answers can be summarized.

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________ FORM 10-Q ___________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________to___________ Commission file number: 001-41603 ___________________________ BRIDGER A ...

[Bridger Aerospace Announces First Quarter 2024 Results](index=1&type=section&id=Bridger%20Aerospace%20Announces%20First%20Quarter%202024%20Results) [Highlights and CEO Commentary](index=1&type=section&id=Highlights) Bridger Aerospace achieved record first-quarter revenue in Q1 2024 through early aircraft deployment, completed a **$9.8 million** equity financing, and improved Adjusted EBITDA by **35%** year-over-year, setting the stage for significant growth - Earliest seasonal deployment of Super Scooper and surveillance aircraft in company history, leading to highest first quarter revenue and positioning the company for another record year[2](index=2&type=chunk) - Completed a **$9.8 million** equity financing in April 2024 with participation and support from existing investors as well as members of the management team and Board of Directors[2](index=2&type=chunk) | Metric | Q1 2024 (Millions USD) | Q1 2023 (Millions USD) | | :----- | :------ | :------ | | Adjusted EBITDA | ($6.9) | ($10.7) | - CEO Tim Sheehy commented that with the recent capital infusion, the earliest fleet deployment, and a more efficient operational structure, the company is well positioned to achieve **record growth in 2024**, with two Super Scoopers deployed to Texas and Oklahoma for over six weeks[2](index=2&type=chunk) [First Quarter 2024 Financial Performance](index=1&type=section&id=First%20Quarter%202024%20Results) [Consolidated Statements of Operations](index=1&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Bridger Aerospace significantly increased Q1 2024 revenue to **$5.5 million** from **$0.365 million** in Q1 2023, driven by early aircraft deployment, and reduced its net loss to **$20.1 million** from **$44.7 million** year-over-year, primarily due to lower SG&A expenses | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (YoY) | | :----- | :--------------------- | :--------------------- | :----------- | | Revenues | $5,507 | $365 | +1408.8% | | Cost of revenues | $9,206 | $7,248 | +27.0% | | Gross loss | ($3,699) | ($6,883) | -46.3% | | Selling, general and administrative expense | $11,610 | $33,229 | -65.0% | | Operating loss | ($15,309) | ($40,112) | -61.8% | | Interest expense | ($5,923) | ($5,665) | +4.5% | | Other income | $1,159 | $1,092 | +6.1% | | Net loss | ($20,087) | ($44,685) | -55.1% | - The increase in revenue was attributed to the earliest deployment of Super Scooper and surveillance aircraft to Texas and Oklahoma, and revenue from return-to-service work performed on the Spanish Super Scoopers[3](index=3&type=chunk) - The decrease in SG&A expenses was primarily attributable to lower non-cash stock-based compensation expense and reduced professional service fees in Q1 2024 compared to Q1 2023, which included fees incurred in conjunction with the January 2023 business combination[5](index=5&type=chunk) [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, Bridger Aerospace's total assets decreased to **$252.4 million** from **$273.5 million** at year-end 2023, mainly due to reduced cash, while total liabilities also decreased and the stockholders' deficit widened | Metric | As of March 31, 2024 (in thousands) | As of December 31, 2023 (in thousands) | Change | | :----- | :---------------------------------- | :------------------------------------- | :----- | | Cash and cash equivalents | $6,776 | $22,956 | ($16,180) | | Restricted cash | $9,289 | $13,981 | ($4,692) | | Total current assets | $25,207 | $45,195 | ($19,988) | | Total assets | $252,431 | $273,470 | ($21,039) | | Total current liabilities | $20,068 | $25,398 | ($5,330) | | Total liabilities | $240,070 | $246,539 | ($6,469) | | Total stockholders' deficit | ($348,668) | ($327,909) | ($20,759) | - The Company's cash and restricted cash balance was **$26.5 million** as of April 30, 2024[6](index=6&type=chunk) [Consolidated Statements of Cash Flows](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2024, Bridger Aerospace significantly improved net cash used in operating activities to **$19.8 million** from **$36.7 million** in Q1 2023, with investing activities using **$0.2 million** and financing activities using **$0.9 million**, resulting in a net **$20.9 million** decrease in cash and equivalents | Cash Flow Activity | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :----------------- | :--------------------- | :--------------------- | | Net cash used in operating activities | ($19,762) | ($36,653) | | Net cash (used in) provided by investing activities | ($214) | $12,959 | | Net cash used in financing activities | ($896) | ($4,077) | | Net change in cash, cash equivalents and restricted cash | ($20,872) | ($27,771) | | Cash, cash equivalents and restricted cash – end of period | $16,065 | $14,689 | - Adjustments to reconcile net loss to net cash used in operating activities included **$5.873 million** in stock-based compensation and **$1.290 million** in depreciation and amortization for Q1 2024[18](index=18&type=chunk) [Business Outlook and Strategic Initiatives](index=2&type=section&id=Business%20Outlook) [2024 Guidance](index=2&type=section&id=2024%20Guidance) Bridger Aerospace reiterated its 2024 guidance, projecting Adjusted EBITDA between **$35 million** and **$51 million** on revenues of **$70 million** to **$86 million**, consistent with prior statements and excluding Spanish Super Scooper contributions | Metric | 2024 Guidance (Millions USD) | | :----- | :------------ | | Adjusted EBITDA | $35 to $51 | | Revenue | $70 to $86 | - Adjusted EBITDA margins are projected to benefit from the recent reductions to the Company's largely fixed cost structure[7](index=7&type=chunk) - International expansion into Spain, which commenced in the fourth quarter of 2023, is on schedule and is expected to provide **meaningful operational and revenue growth for future years**[7](index=7&type=chunk) [Operational Strategy and Seasonality](index=2&type=section&id=Operational%20Strategy%20and%20Seasonality) The company's operational strategy addresses business seasonality, with positive Adjusted EBITDA typically generated in Q2 and Q3 during peak wildfire season, while Q1 and Q4 usually incur net losses and negative EBITDA due to fleet maintenance and minimal revenue - Bridger typically generates **positive Adjusted EBITDA** in the second and third quarters each year, during the bulk of the wildfire season[8](index=8&type=chunk) - The first and fourth quarters of each year are budgeted to be in a net loss and negative EBITDA position, with the first quarter typically the most working capital constrained due to fleet maintenance in the winter months coupled with minimal revenue[6](index=6&type=chunk)[8](index=8&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Results%20and%20Reconciliations) [EBITDA and Adjusted EBITDA Definitions](index=6&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) Bridger Aerospace utilizes EBITDA and Adjusted EBITDA as key non-GAAP profitability measures, with EBITDA excluding interest, taxes, depreciation, and amortization, and Adjusted EBITDA further adjusting for non-cash items to provide a clearer view of operational trends - EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of interest expense, income tax expense (benefit), and depreciation and amortization, aiming to eliminate potential differences in performance caused by variations in capital structures and asset costs[25](index=25&type=chunk) - Adjusted EBITDA further adjusts EBITDA by excluding items such as non-cash stock-based compensation, business development and integration expenses, offering costs, gains on disposals of fixed assets, and non-cash fair value adjustments for earnout consideration and warrants[26](index=26&type=chunk) - These non-GAAP measures are used to illustrate underlying trends, establish budgets, and evaluate performance, but should not be considered in isolation or as substitutes for GAAP results[21](index=21&type=chunk)[22](index=22&type=chunk) [EBITDA and Adjusted EBITDA Reconciliation](index=7&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) For Q1 2024, Bridger Aerospace reported an Adjusted EBITDA of negative (**$6.9 million**), a significant improvement from negative (**$10.7 million**) in Q1 2023, primarily driven by a reduced net loss and lower stock-based compensation expenses | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :----- | :--------------------- | :--------------------- | | Net loss | ($20,087) | ($44,685) | | Income tax expense | $14 | - | | Depreciation and amortization | $1,290 | $1,751 | | Interest expense | $5,923 | $5,665 | | **EBITDA** | **($12,860)** | **($37,269)** | | Stock-based compensation | $5,871 | $25,597 | | Business development & integration expenses | $312 | $519 | | Offering costs | - | $2,083 | | Gain on disposal | - | ($2) | | Change in fair value of earnout consideration | $15 | - | | Change in fair value of Warrants | ($266) | ($1,599) | | **Adjusted EBITDA** | **($6,928)** | **($10,671)** | - The improvement in Adjusted EBITDA was primarily due to a lower net loss and a substantial decrease in stock-based compensation expense from **$25.597 million** in Q1 2023 to **$5.871 million** in Q1 2024[6](index=6&type=chunk)[28](index=28&type=chunk) [Additional Company Information](index=2&type=section&id=Additional%20Information) [Conference Call Information](index=2&type=section&id=Conference%20Call) Bridger Aerospace held an investor conference call on May 13, 2024, to discuss Q1 results, financial position, and business outlook, with replay information available via phone and on the company's investor relations website - An investor conference call was held on Monday, May 13, 2024, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results, its current financial position and business outlook[9](index=9&type=chunk) - An audio replay will be available through May 20, 2024, by calling 844-512-2921 or 412-317-6671 (passcode 11155860) and will also be accessible at https://ir.bridgeraerospace.com[9](index=9&type=chunk) [About Bridger Aerospace](index=2&type=section&id=About%20Bridger%20Aerospace) Bridger Aerospace Group Holdings, Inc., based in Belgrade, Montana, is one of the largest aerial firefighting companies in the U.S., providing wildfire management services to federal, state, and international government agencies - Bridger Aerospace Group Holdings, Inc. is one of the nation's **largest aerial firefighting companies**, based in Belgrade, Montana[10](index=10&type=chunk) - The company 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[10](index=10&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) The report includes forward-looking statements on operational expansion, future financial performance, and demand for services, which are based on current expectations and assumptions but are subject to risks and uncertainties, and should not be unduly relied upon - Forward-looking statements include anticipated expansion of operations, increased aircraft fleet deployment, business and growth plans, future financial performance, demand for aerial firefighting services, cost reduction actions, future financings, and anticipated investments[11](index=11&type=chunk)[12](index=12&type=chunk) - These statements are based on various assumptions and estimates and are subject to a number of risks and uncertainties, including those discussed in the sections entitled 'Risk Factors' and 'Cautionary Statement Regarding Forward-Looking Statements' in Bridger's Annual Report on Form 10-K[12](index=12&type=chunk) - Bridger specifically disclaims any obligation to update these forward-looking statements, and undue reliance should not be placed upon them[12](index=12&type=chunk)

BELGRADE, Mont., May 13, 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 first quarter ended March 31, 2024. The Company also reiterated its 2024 revenue and adjusted EBITDA guidance supported by the earliest seasonal deployment in company history. Highlights: Earliest seasonal deployment of Super Scooper and surveillance aircraf ...

Core Viewpoint - Bridger Aerospace Group Holdings, Inc. will release its financial results for Q1 2024 on May 13, 2024, after market close, and will hold an investor conference call to discuss these results and the business outlook [1]. Group 1: Financial Results Announcement - The financial results for the first quarter ended March 31, 2024, will be announced on May 13, 2024 [1]. - An investor conference call is scheduled for May 13, 2024, at 5:00 p.m. Eastern Time to discuss the results [1]. - The conference call can be accessed by dialing 800-274-8461 or 203-518-9783, and will also be available via live broadcast on the company's Investor Relations website [1]. Group 2: Company Overview - Bridger Aerospace is one of the largest aerial firefighting companies in the United States, based in Belgrade, Montana [2]. - The company provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service [2]. - Bridger Aerospace also offers its services internationally [2].

Core Viewpoint - Bridger Aerospace Group Holdings, Inc. is set to release its financial results for Q1 2024 on May 13, 2024, after market close, indicating ongoing transparency and engagement with investors [1]. Group 1: Financial Results Announcement - The financial results for the first quarter ended March 31, 2024, will be announced on May 13, 2024, after market close [1]. - An investor conference call will be held on the same day at 5:00 p.m. Eastern Time to discuss the results and business outlook [1]. - Interested parties can access the conference call via phone or through the company's Investor Relations website [1]. Group 2: Company Overview - Bridger Aerospace is one of the largest aerial firefighting companies in the United States, based in Belgrade, Montana [2]. - The company provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service [2]. - Bridger Aerospace also offers its services internationally, highlighting its operational reach beyond the domestic market [2].

BELGRADE, Mont., April 17, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. ("Bridger" or "the Company") (NASDAQ:BAER) today announced the closing of a registered direct offering of 2,183,366 shares of common stock, resulting in gross proceeds of approximately $9.8 million, before deducting placement agent commissions and other offering expenses. 808,080 of the shares sold in the offering were acquired by certain directors and executive officers of Bridger. Tim Sheehy, Bridger's Chief Executi ...

Table of Contents BAERW The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-K ______________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41603 ______________________ BRIDG ...

Bridger Aerospace Group Holdings, Inc. (NASDAQ:BAER) Q4 2023 Earnings Conference Call March 19, 2024 5:00 PM ET Company Participants Eric Gerratt - CFO Tim Sheehy - CEO Conference Call Participants Operator Good afternoon, everyone. Welcome to today's Bridger Aerospace Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Also, today's call is being recorded and I will be standing by if anyone should need any assistance. Now, at this time, I would like to tu ...