Bridger Aerospace(BAER) - 2025 Q1 - Quarterly Results

Financial & Operational Highlights Bridger Aerospace achieved record Q1 2025 revenue of $15.6 million, improved profitability, and reaffirmed full-year guidance Key Financial Highlights | Metric (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $ 15,646 | $ 5,507 | | Operating loss | $ (10,151) | $ (15,309) | | Net loss | $ (15,538) | $ (20,087) | | Adjusted EBITDA | $ (5,077) | $ (6,928) | - The company achieved its earliest Super Scooper deployment in history, sending aircraft to California in January, followed by Oklahoma and North Carolina in March, reinforcing the trend of year-round wildfire activity[3][4] - Secured a new exclusive-use contract with the State of Montana for wildfire detection and a five-year, $20.1 million contract with the U.S. Department of the Interior to support Alaska[4] - The company is on track to meet its 2025 guidance, with projected revenue of $105 million to $111 million and Adjusted EBITDA of $42 million to $48 million[4][10] Detailed Financial Performance Q1 2025 saw strong revenue growth from deployments and acquisitions, with reduced SG&A expenses narrowing operating and net losses Revenue Q1 2025 revenue surged to $15.6 million, primarily driven by Spanish Super Scooper work, increased deployments, and the FMS acquisition Revenue Breakdown | Revenue Component | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | Total Revenue | $15.6 | $5.5 | | Revenue from Spanish Super Scoopers | $5.9 | $1.0 | | Revenue from FMS Acquisition | $1.9 | - | | Core & Other Revenue | $7.8 | $4.5 | Costs and Expenses Cost of revenues increased to $17.2 million due to Spanish Super Scooper work, while SG&A expenses decreased to $8.6 million - Cost of revenues rose to $17.2 million in Q1 2025, up from $9.2 million in Q1 2024, with a significant portion of the increase attributed to return-to-service work for Spanish Super Scoopers[6] - SG&A expenses fell to $8.6 million in Q1 2025 from $11.6 million in Q1 2024, primarily due to reduced non-cash stock-based compensation expense[7] - Interest expense remained relatively stable at $5.7 million for Q1 2025 compared to $5.9 million in the prior-year quarter[7] Profitability Q1 2025 profitability improved, with net loss narrowing to $15.5 million and Adjusted EBITDA improving to negative $5.1 million Profitability Overview | Profitability Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss | $(15.5) million | $(20.1) million | | Loss per Diluted Share | $(0.41) | $(0.55) | | Adjusted EBITDA | $(5.1) million | $(6.9) million | Financial Position and Cash Flow Bridger Aerospace held $22.3 million in cash as of March 31, 2025, with improved operating cash flow despite seasonal winter expenses - Cash and cash equivalents stood at $22.3 million at the end of Q1 2025, down from $39.3 million at December 31, 2024, due to expenses for winter maintenance and training activities[9][19] Cash Flow Summary | Cash Flow Activity (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $ (17,656) | $ (22,762) | | Net cash (used in) provided by investing activities | $ (2,643) | $ 2,786 | | Net cash used in financing activities | $ (1,159) | $ (896) | Business Outlook Bridger Aerospace reiterated its full-year 2025 guidance, confident in continued operational improvements and stabilizing revenue streams 2025 Full Year Guidance | 2025 Full Year Guidance | Range (in millions) | | :--- | :--- | | Revenue | $105 - $111 | | Adjusted EBITDA | $42 - $48 | - Confidence in guidance is supported by the early deployment of Super Scoopers, the 2024 acquisition of FMS, and state contracts that provide standby revenue, helping to stabilize quarterly results[10] - The company expects continued improvement in cash provided by operating activities in 2025[10] Appendix: Financial Statements and Non-GAAP Reconciliation This appendix provides unaudited consolidated financial statements for Q1 2025, including operations, balance sheets, cash flows, and non-GAAP reconciliations Consolidated Statements of Operations Presents the unaudited consolidated statements of operations for Q1 2025 and Q1 2024 Consolidated Statements of Operations | (in thousands, except per share) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $ 15,646 | $ 5,507 | | Gross loss | $ (1,561) | $ (3,699) | | Operating loss | $ (10,151) | $ (15,309) | | Net loss | $ (15,538) | $ (20,087) | | Loss per share - diluted | $ (0.41) | $ (0.55) | Consolidated Balance Sheets Presents the unaudited consolidated balance sheets as of March 31, 2025 and December 31, 2024 Consolidated Balance Sheets | (in thousands) | As of March 31, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $ 22,349 | $ 39,336 | | Total current assets | $ 46,387 | $ 63,809 | | Total assets | $ 275,602 | $ 290,809 | | Total current liabilities | $ 21,197 | $ 23,392 | | Total liabilities | $ 236,230 | $ 237,332 | | Total stockholders' deficit | $ (347,368) | $ (326,702) | Consolidated Statements of Cash Flows Presents the unaudited consolidated statements of cash flows for Q1 2025 and Q1 2024 Consolidated Statements of Cash Flows | (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $ (17,656) | $ (22,762) | | Net cash (used in) provided by investing activities | $ (2,643) | $ 2,786 | | Net cash used in financing activities | $ (1,159) | $ (896) | | Net change in cash, cash equivalents and restricted cash | $ (21,490) | $ (20,872) | Non-GAAP Reconciliation Provides a reconciliation of non-GAAP measures, including EBITDA and Adjusted EBITDA, to the GAAP net loss Non-GAAP Reconciliation to Adjusted EBITDA | Reconciliation to Adjusted EBITDA (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $ (15,538) | $ (20,087) | | Income tax expense | 251 | 14 | | Depreciation and amortization | 1,980 | 1,290 | | Interest expense | 5,735 | 5,923 | | EBITDA | $ (7,572) | $ (12,860) | | Stock-based compensation | 1,991 | 5,871 | | Other adjustments | 504 | 62 | | Adjusted EBITDA | $ (5,077) | $ (6,928) |