Financial Data and Key Metrics Changes - The company reported record first quarter revenue of $15,600,000, an increase of 184% compared to $5,500,000 in the same quarter last year [6][19] - Adjusted EBITDA was negative $5,100,000 for Q1 2025, an improvement from negative $6,900,000 in Q1 2024 [21] - The net loss for Q1 2025 was $15,500,000 or $0.41 per diluted share, compared to a net loss of $20,100,000 or $0.55 per diluted share in Q1 2024 [21] Business Line Data and Key Metrics Changes - Revenue from ongoing operations, including FMS, more than doubled to approximately $9,700,000 compared to approximately $4,500,000 in Q1 2024 [20] - The company signed a five-year $20.1 million IDIQ contract with the U.S. Department of the Interior for two air attack and surveillance aircraft [10] - The exclusive use agreement for wildfire detection and mapping in Montana has a minimum annual value of $648,000 [12] Market Data and Key Metrics Changes - Wildfire activity in 2025 has been above average, with nearly 22,000 fires and close to 1,000,000 acres burned to date [7] - The company anticipates above-normal temperatures and dryer conditions across much of the U.S. through August, which may increase demand for firefighting services [7][8] Company Strategy and Development Direction - The company is focusing on maximizing exclusive use contracts to ensure its fleet is dedicated to wildfire response efforts [26] - Bridger is actively pursuing opportunities with states to provide exclusive use of firefighting assets, indicating a strategic shift towards year-round readiness [10] - The company entered a memorandum of understanding to become the exclusive North American launch customer for the FF72 aircraft, enhancing its fleet capabilities [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about beneficial changes at the federal and state levels that will improve wildfire response efficiency [8][10] - The company expects to generate another year of positive cash from operating activities in 2025, with a projected revenue of $105,000,000 to $111,000,000 [23][25] - The solid start to 2025 has increased confidence in the company's guidance, projecting 20% growth in adjusted EBITDA [23] Other Important Information - The company ended Q1 2025 with total cash and cash equivalents of $22,300,000, up from $6,800,000 at the end of Q1 2024 [22] - The acquisition of FMS contributed $1,900,000 in revenue during the first quarter [13] Q&A Session Summary Question: Regarding DHS and Border Patrol funding - Management confirmed that the PC-12s are currently on contract with high utilization and are looking at new contract opportunities as the budget progresses [30][31] Question: About European contracts - Management indicated ongoing discussions with Turkey and Portugal, as well as other European countries, for potential contracts [34][36]

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]