Bridger Aerospace reported second quarter financial results for 2024, as announced by the company on August 23, 2024.
The company’s fleet was fully deployed by July, following the National Interagency Fire Center’s elevation of the National Preparedness Level to 5 on July 18, 2024, a level not seen since 2021.
Bridger’s acquisition of FMS Aerospace, which is expected to enhance the company’s capabilities in emergency air services, aerospace modifications, and defense systems engineering, was completed during the quarter.
The acquisition is forecasted to contribute to year-round revenue.
The company reiterated its full-year revenue and adjusted EBITDA guidance, attributing this to increased wildfire activity across multiple regions.
As reported by Bridger Aerospace, its fleet has been fully deployed in response to the heightened wildfire activity.
The company secured exclusive-use task orders for four out of six Air Attack aircraft, two Multi-Mission aircraft, and four of six Super Scooper aircraft.
These commitments ensure the planes remain dedicated to critical wildfire response efforts.
Sam Davis, Interim CEO of Bridger Aerospace, said: “With wildfire activity accelerating in July, including reaching NPL 5 on July 18, 2024, a level not seen since 2021, we have our entire fleet fully engaged.” He further highlighted that task orders for the Pilatus PC-12 Multi-Mission Aircraft had been extended, marking a record 200+ days of deployment in 2024.
The company’s second quarter 2024 revenue reached $13.0 million, up from $11.6 million in the second quarter of 2023.
This increase was driven by $1.8 million in return-to-service work on Spanish Super Scoopers, according to the company.
However, revenue growth was offset by a decrease in flight revenue during the quarter compared to the previous year.
Despite a rise in interest expenses and a net loss of $10.0 million for the quarter, Bridger reported a decrease in overall costs, including flight operations and maintenance expenses.
The company saw reductions in selling, general, and administrative expenses, primarily due to lower non-cash stock-based compensation.
For the first six months of 2024, Bridger Aerospace reported revenue of $18.5 million, a 55% increase compared to the same period in 2023.
The company’s outlook remains strong, with anticipated revenue for the year ranging between $70 million and $86 million and an expected adjusted EBITDA of $35 million to $51 million.
Bridger Aerospace anticipates that much of its adjusted EBITDA will be generated in the third quarter, which is the peak of the wildfire season.
The company’s international expansion into Spain, commenced in late 2023, is also expected to contribute to growth in the coming years.
Bridger Aerospace reported a 12% increase in revenue for the second quarter of 2024, totaling $13.0 million.
The company’s fleet was fully deployed in response to heightened wildfire activity across the U.S., following the elevation of the National Preparedness Level to 5 in July.
Bridger secured exclusive-use task orders for multiple aircraft and extended operations through the fall.
The company’s acquisition of FMS Aerospace is expected to enhance capabilities and year-round revenue.
For the first half of 2024, revenue reached $18.5 million, and the company remains on track to achieve its full-year financial guidance of $70 million to $86 million.
