Bridger Aerospace(BAER) - 2024 Q4 - Annual Results

Revenue Growth - Record revenue of $98.6 million for the year 2024, a 48$66.7 million in 2023, with fourth quarter revenue of $15.6 million compared to$1.1 million in Q4 2023[6][12][7] - Revenues for the year ended December 31, 2024, increased to $98,613 million, up from$66,708 million in 2023, representing a growth of 47.8%[22] Net Loss Improvement - Net loss improved by 80% to $15.6 million in 2024 from a net loss of$77.4 million in 2023, with a fourth quarter net loss of $12.8 million compared to$31.1 million in Q4 2023[14][10] - Net loss for the year ended December 31, 2024, was $15,567 million, a decrease from a net loss of$77,358 million in 2023, indicating an improvement of 79.9%[22] - For the three months ended December 31, 2024, the net loss was $12,845 thousand, compared to a net loss of$31,139 thousand for the same period in 2023, indicating a significant improvement[38] Adjusted EBITDA - Adjusted EBITDA doubled to $37.3 million in 2024 from$18.7 million in 2023, with a fourth quarter Adjusted EBITDA of negative $2.9 million compared to negative$10.4 million in Q4 2023[14][10] - The adjusted EBITDA for the year ended December 31, 2024, was $37,336 thousand, a substantial increase from$18,672 thousand in 2023[38] - Adjusted EBITDA for 2025 is projected to range from $42 million to$48 million, indicating a growth of 20% at the midpoint compared to 2024[6][15] Cash Flow and Assets - Cash provided by operating activities was $9.4 million in 2024, with cash and cash equivalents at year-end totaling$39.3 million, up from $22.9 million in 2023[11][6] - Cash and cash equivalents at the end of the period increased to$39,336 million from $22,956 million, representing a growth of 71.1$63,809 million, compared to $45,195 million as of December 31, 2023, marking an increase of 41.2$57.5 million, up from $41.3 million in 2023, with fourth quarter costs at$15.4 million compared to $8.4 million in Q4 2023[12][8] - Selling, general and administrative expenses decreased to$35.8 million in 2024 from $82.9 million in 2023, reflecting lower non-cash stock-based compensation[13] - Stock-based compensation for the three months ended December 31, 2024, was$2,442 thousand, down from $8,048 thousand in the same period of 2023[38] - Business development and integration expenses for the three months ended December 31, 2024, were$392 thousand, significantly lower than $4,133 thousand in the same period of 2023[38] Future Guidance - The company initiated 2025 guidance with expected revenue between$105 million and $111 million, representing a 9$20.1 million contract with the U.S. Department of the Interior in January 2025 to support firefighting efforts in Alaska[6] Asset Management - Total liabilities decreased to $237,332 million as of December 31, 2024, from$246,539 million in 2023, a reduction of 3.4%[26] - The company’s total assets increased to $290,809 million as of December 31, 2024, up from$273,470 million in 2023, reflecting a growth of 6.4%[25] - The Series A Preferred Stock value increased to $380,179 million as of December 31, 2024, compared to$354,840 million in 2023, an increase of 7.1%[26] Operating Income - Operating income for the year ended December 31, 2024, was $5,318 million, a significant recovery from an operating loss of$57,495 million in 2023[22] Depreciation and Interest - Depreciation and amortization expenses for the year ended December 31, 2024, totaled $17,451 thousand, compared to$11,089 thousand in 2023, reflecting increased asset utilization[38] - Interest expense for the year ended December 31, 2024, was $23,714 thousand, slightly higher than$23,218 thousand in 2023[38] Other Financial Metrics - The company reported a basic loss per share of $0.36 for the year ended December 31, 2024, compared to a loss of$0.81 in 2023, showing an improvement of 55.6%[23] - The EBITDA for the year ended December 31, 2024, was $24,836 thousand, a significant recovery from$(43,353) thousand in 2023[38] - The loss on disposal and non-cash impairment charges for the year ended December 31, 2024, was $0 thousand, down from$2,869 thousand in 2023, indicating improved asset management[38] - The company reported a change in fair value of earnout consideration of $(872) thousand for the three months ended December 31, 2024, compared to$167 thousand in 2023[39] - The company incurred offering costs of $167 thousand for the three months ended December 31, 2024, compared to$1,843 thousand in the same period of 2023[38]