Bridger Aerospace Soars with Record Q3 Performance and Outlook

Bridger Aerospace Reports Impressive Q3 Results

Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”) has showcased remarkable achievement with significant milestones for the third quarter. Bridger Aerospace, one of the premier aerial firefighting companies, recently announced record results as the Company raised revenue guidance while narrowing its adjusted EBITDA estimates.

Quarterly Highlights

In the third quarter of 2024, Bridger achieved unprecedented quarterly revenue of $64.5 million, marking a substantial increase of approximately 20% from the same period last year. The net income also rose to $27.3 million, and adjusted EBITDA reached $47.0 million, reflecting growth rates of 56% and 21% respectively compared to Q3 2023. These milestones highlight Bridger’s strong performance during a challenging wildfire season.

Operational Performance

The Company reported exceptional utilization of its Super Scooper fleet, experiencing record demand amid the ongoing wildfire season. Bridger’s CEO, Sam Davis, highlighted how the fleet of six Super Scoopers and supporting aircraft successfully validated the business model through their operation, with some aircraft still deployed into November. This extended operational period illustrates the Company's readiness and determination to support wildfire management efforts.

Financial Overview

The financial outlook for Bridger remains robust. For the full year, the company anticipates revenue growth to leap over 35% compared to prior estimates, now expected to be in the range of $90 to $95 million. The adjusted EBITDA for 2024 could also reflect robust growth, projected to exceed an 85% increase, shifting expectations from a previous range up to $40 million.

Growth Through Acquisition

The recent acquisition of FMS Aerospace will have a pivotal role in pushing revenue growth, contributing $1.6 million during the third quarter. The Company is actively pursuing new business opportunities which are anticipated to yield benefits in upcoming years. Furthermore, plans for international expansion, particularly in Spain, are progressing as new aircraft return to service, fortifying Bridger’s position in the aerial firefighting market.

Cost Management and Financial Strategy

Bridger acknowledged managing costs effectively, with selling, general, and administrative expenses decreasing to $8.6 million from $15.1 million year-over-year, exhibiting the Company's commitment to optimizing operational efficiency. The increased cash reserves, bolstered by strong collections during the wildfire season, have elevated cash and cash equivalents to approximately $42.6 million, setting the stage for continued investment and growth.

Conference Call for Stakeholders

Bridger Aerospace plans to host an investor conference call to discuss these impressive results in detail and expand on future prospects. Engaging with stockholders directly will ensure transparency and foster robust communication about ongoing strategies and performance metrics.

Looking Ahead

Bridger Aerospace is directing its efforts toward maintaining momentum through strategic initiatives and innovations in the aerial firefighting segment. The focus on bolstering financial health while aligning growth strategies gives the Company a solid foundation for navigating the complexities of the market.

The path ahead appears promising, and stakeholder engagement remains a priority. Overall, Bridger Aerospace shows remarkable potential for expanding its operational footprint while effectively managing costs and enhancing profitability, supported by its robust fleet infrastructure and operational strategies.

Frequently Asked Questions

What were the key financial highlights for Bridger Aerospace in Q3 2024?

Bridger Aerospace reported record revenues of $64.5 million, increased net income to $27.3 million, and achieved adjusted EBITDA of $47.0 million.

What is the updated revenue guidance for Bridger Aerospace for the full year?

The Company has raised its revenue guidance to a range of $90 million to $95 million, reflecting an increase of over 35% compared to prior projections.

How did the acquisition of FMS Aerospace impact Bridger's revenue?

The acquisition contributed $1.6 million to revenue for the third quarter and is expected to unlock new business opportunities, enhancing future earnings.

What measures is Bridger taking to manage costs?

Bridger has successfully reduced its SG&A expenses from $15.1 million to $8.6 million year-over-year, showcasing a commitment to efficient operational management.

How does Bridger Aerospace plan for future growth?

The Company is strategically pursuing international expansion and optimizing its fleet operations to enhance its market position and capture new opportunities.

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