Bridger Aerospace reports record third-quarter results for 2023

November 17, 2023

Bridger Aerospace’s soaring performance

Bridger Aerospace Group Holdings, Inc., one of America’s leading aerial firefighting companies, has announced its record-breaking results for the third quarter of 2023, ending September 30.

The company achieved its highest-ever quarterly revenue, net income, and Adjusted EBITDA, reaching $53.6 million, $17.5 million, and $38.7 million, respectively.

This remarkable performance is attributed to the unprecedented utilization of Bridger’s Super Scooper fleet, even amid a shorter-than-average North American wildfire season​​.

CEO’s insights on success

Tim Sheehy, the CEO of Bridger Aerospace, highlighted the success of their Super Scooper fleet, which saw the highest level of utilization in the company’s history during this quarter.

He stated: “This is a testament to the rapid adoption of our initial attack platform enabled by the Super Scooper’s superior capabilities to suppress wildfires.”

Sheehy also emphasized the company’s ongoing efforts to expand its fleet in the U.S and internationally, anticipating continued demand for their services​​.

Financial highlights of the quarter

The third-quarter revenue of $53.6 million marked a significant increase from the $32.5 million reported in the same quarter of 2022, a jump of approximately 65%.

This surge was driven by increased fire activity in the U.S., which led to record utilization of the company’s expanding Super Scooper fleet.

The cost of revenues stood at $15.2 million, primarily due to higher expenses related to the addition of new Super Scooper aircraft.

Meanwhile, Selling, General, and Administrative (SG&A) expenses saw a decrease to $15.8 million compared to $18.1 million in the third quarter of 2022.

The net income for the quarter was a remarkable $17.5 million, a significant turnaround from a net loss of $5.7 million in the third quarter of 2022​​.

Year-to-date performance and outlook

For the first nine months of 2023, Bridger Aerospace reported revenue of $65.6 million, up from $45.3 million in the same period in 2022.

However, the company experienced a net loss of $46.2 million during this period, compared to a net loss of $25.1 million in the first nine months of 2022.

Adjusted EBITDA for the first nine months was $29.0 million, a significant increase from $12.2 million in the same period last year.

Despite these robust results, the company has revised its annual 2023 revenue guidance down to a range of $66 million to $68 million, citing the expectation of 2023 being the shortest North American wildfire season in the past decade​​​​​​​​​​​​.

Strategic moves and future projections

Bridger Aerospace is in the process of acquiring four Spanish Super Scoopers, a move that is expected to foster revenue and cash flow growth in the coming years.

Additionally, the company has mutually agreed to terminate its existing purchase and sale agreement with Big Horn Airways, Inc., although both companies remain on good terms.

Looking ahead to 2024, Bridger expects Adjusted EBITDA to range from $35 million to $51 million on revenue of $70 million to $86 million, reflecting strategic cost reductions and projected growth​​​​​​.

FSJA Comment

The third-quarter results of Bridger Aerospace for 2023 are a remarkable illustration of resilience and strategic adaptation in a dynamic and challenging industry.

The record-breaking financial performance, driven by the high utilization of their Super Scooper fleet, underscores the effectiveness of Bridger’s aerial firefighting capabilities.

This achievement is particularly noteworthy given the shorter-than-average wildfire season, highlighting the company’s operational efficiency and the growing demand for specialized wildfire management services.

Bridger’s ongoing efforts to expand its fleet and its strategic moves, like the acquisition of Spanish Super Scoopers, signal a commitment to maintaining its competitive edge.

Bridger Aerospace’s performance and outlook reflect significant trends in the aerial firefighting sector, demonstrating how innovation, strategic investment, and adaptability are key to navigating the challenges posed by changing environmental conditions and the evolving demands

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