Bridger Aerospace faces financial challenges amid climate change concerns, reports annual SEC filing

April 29, 2024

Bridger Aerospace challenges detailed in annual SEC report

Bridger Aerospace, the aerial firefighting and surveillance company founded in 2014, has reported facing financial difficulties, as detailed in its latest SEC 10-K filing, as reported by Blair Miller for Daily Montanan.

According to the document, the company is concerned about its ability to meet debt obligations and maintain solvency in the coming year.

This disclosure comes amidst the company’s internal acknowledgment of the significant impacts of climate change on its operations and the broader environment.

The report highlights that despite achieving record revenue in 2023, Bridger Aerospace incurred a net loss of $77 million, an increase from the previous year’s $42 million loss.

The company attributed these losses to a variety of factors, including operational inefficiencies and a challenging economic environment.

It also noted a decrease in its workforce from 166 employees in 2022 to 148 by the end of 2023.

Financial stability and future projections

Bridger Aerospace‘s filing revealed concerns about its liquidity and the risk of failing to comply with financial covenants tied to its substantial long-term debts, which total $204 million.

The company expressed doubts about its ability to continue as a “going concern” without significant changes to its financial strategies.

These include a cost-reduction plan initiated in late 2023 aimed at mitigating the expected covenant violations.

In terms of future outlook, the company remains hopeful.

It projects an increase in revenue to between $70 million and $86 million for 2024, citing an anticipated more active fire season and strategic adjustments to its operations.

Political and environmental commentary

Tim Sheehy, the CEO of Bridger Aerospace and a candidate in the upcoming U.S.

Senate race, has been vocal about his views on climate change and its political implications.

Despite his company’s direct engagement with climate-driven challenges, Sheehy has publicly criticized what he describes as the “climate cult,” attributing negative economic impacts to environmental regulations.

In a statement, a spokesperson for Sheehy’s campaign defended his leadership and business acumen: “Tim’s mission-oriented service as a Navy SEAL, job-creator, and aerial firefighter is a Montana success story that’s celebrated by Montanans but is now being questioned and attacked by cogs in the liberal propaganda machine because Tim Sheehy is a Republican running for office.”

This article, originally published by the Daily Montanan, is republished under the Creative Commons license CC BY-NC-ND 4.0 and has been edited for style and length. Credit to Blair Miller, the original author, and a link to the original article.

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