AI Earnings Predictions for Bridger Aerospace Group Holdings Inc. (BAER)

baer-20260806

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

Bridger Aerospace Group Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware001-4160388-3599336

(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

90 Aviation Lane

Belgrade MT

59714

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (406) 813-0079

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, par value $0.0001 per shareBAERThe Nasdaq Stock Market LLC

Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per shareBAERWThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02Results of Operations and Financial Condition.

On August 6, 2026, Bridger Aerospace Group Holdings, Inc. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

Exhibit No.Description

99.1 Press Release, dated August 6, 2026

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRIDGER AEROSPACE GROUP HOLDINGS, INC.

Dated: August 6, 2026By:/s/ Anne Hayes

Anne Hayes

Chief Financial Officer

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Exhibit 99.1

May 6, 2026

Bridger Aerospace Reports First Quarter 2026 Results

First quarter 2026 revenue of $8.5 million, in line with guidance as the Company prepares for fire season

Based on current weather and environmental conditions, Bridger anticipates a highly active fire season

The Company reiterates 2026 guidance, including revenue expectations of $135 million to $145 million

BELGRADE, Mont.—(BUSINESS WIRE)— Bridger Aerospace Group Holdings, Inc. (“Bridger,” or “Bridger Aerospace” the “Company”) (NASDAQ: BAER, BAERW), one of the nation’s leading aerial firefighting companies, today reported financial results for the first quarter ended March 31, 2026.

Q1 2026 Financial Highlights:

•

Results reflected normal winter maintenance costs and seasonal flight activity while Bridger readies the fleet for flight activity during fire season

•

Continued progress on fleet expansion, including modification of additional surveillance aircraft with next-generation technology to support increased deployment capacity

•

First quarter 2026 revenue of $8.5 million compared to $15.6 million in the prior-year period, reflecting a return to typical seasonal trends due to an unusually strong prior-year period driven by the Palisades fire and lower Super Scooper aircraft deployment ahead of peak fire season

•

Net loss for the first quarter of 2026 was $(31.3) million, with Adjusted EBITDA of $(14.5) million, driven by normal winter maintenance costs and seasonal flight activity. First quarter 2025 net loss of $(15.5) million and Adjusted EBITDA of $(5.1) million was driven by increased revenue reflecting an unusually strong period driven by the Palisades fire

•

Active pursuit of wildfire contracting opportunities for Spanish Super Scoopers in Europe and in the U.S.

•

Reiterating full year 2026 guidance:

•

Revenue expected to be between $135 million and $145 million, representing 14% growth at the midpoint of the range and growth of 29% when excluding non-recurring return to service work on the Spanish Super Scoopers in 2025

•

Adjusted EBITDA expected to be between $55 million and $60 million, representing 27% growth at the midpoint of the range

“We entered 2026 focused on ensuring our industry-leading fleet was fully prepared for what we expect to be a very active fire season. We achieved our earliest-ever mobilization of a multi-mission aircraft, with flight activity beginning in February in Oklahoma. Our continued emphasis on year-round readiness drove typical first-quarter investments in winter maintenance and flight training, positioning us to ramp revenue as fire activity increases,” said Sam Davis, Chief Executive Officer of Bridger Aerospace.

Mr. Davis continued, “Looking ahead, early indicators point to elevated wildfire risk, driven by historically low snowpack in the West and widespread drought conditions across much of the country. We believe these dynamics have yet to fully manifest, as fuel build-up and fire severity continue to develop. March was the warmest on record in the U.S. in 132 years, underscoring the urgency of the environment we are operating in. Against this backdrop, Bridger stands ready to protect lives, property, and the environment.”

Q1 2026 and Recent Operational Highlights:

•

Secured a five-year, $18.6 million Indefinite Delivery Indefinite Quantity contract with the U.S. Department

of the Interior to provide on-call fixed-wing transportation services in Alaska, supporting personnel and cargo transport to remote locations; contract runs from April 2026 through March 2031 and is expected to increase utilization of the Company’s expanded light fixed-wing fleet

•

Appointed Bill Andrews as Chief Operating Officer, effective March 2026, bringing more than 30 years of aerospace and aviation leadership experience to oversee fleet operations, maintenance, and mission support, with a focus on enhancing operational readiness, safety, and scalable growth

•

Appointed Justin Mogford as General Counsel and Corporate Secretary, effective April 2026, bringing extensive public company legal and aviation experience to lead the Company’s legal, compliance, and governance functions and support continued growth

•

Earliest deployment in Company history with federal multi-mission sensor aircraft indicates active management of

year-round wildfire threats and positioning for peak activity

•

Millions of acres flown with sensor aircraft to map and live-stream situational awareness to fire teams in states

seeing early and intense fire activity such as Nebraska, Florida, Oklahoma, Texas, Arizona and North Carolina

First Quarter 2026 Results

Revenue for the first quarter of 2026 was $8.5 million compared to $15.6 million in the first quarter of 2025, a decrease of 46%. Excluding a decrease in the return-to-service work performed on the Spanish Scoopers in connection with our partnership agreement with MAB Funding, LLC, the decrease in reve

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Bridger Aerospace Announces Record 2025 Results: Revenue Grows 25%, Adjusted EBITDA up 21% Year-Over-Year and Delivers Positive Net Income

Initiates 2026 guidance, anticipating another record year

BELGRADE, Mont., March 05, 2026 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported financial results for the fourth quarter and year ended December 31, 2025, including positive net income for the full year.

Highlights:

Revenue for 2025 grew 25% to $122.8 million, surpassing the company’s increased guidance range Positive Net Income for 2025 was $4.1 million, with adjusted EBITDA increasing 21% from 2024 to $45.3 million Completed $331.5 million financing package, including debt refinancing and a $100.0 million delayed draw facility, to bolster financial flexibility and fund strategic fleet expansion amid rising demand for aerial firefighting services Fleet expansion program advanced with the addition of the first two Spanish Scoopers to the operational fleet and four additional air surveillance aircraft added to the balance sheet Initiating 2026 guidance: Revenue expected to be between $135 million and $145 million, representing 14% growth at the midpoint of the range and growth of 29% when excluding non-recurring return to service work on the Spanish Scoopers in 2025 Adjusted EBITDA range of $55 million to $60 million representing growth of 27% at the midpoint of the range

Summary Financial Results

(In thousands) For the three months ended December 31, For the year ended December 31,

2025   2024   2025   2024

Revenues $8,547  $15,585  $122,830   98,613

Net (loss) income  (15,149)  (12,845)  4,140   (15,567)

Adjusted EBITDA  (9,543)  (2,901)  45,278   37,336

Net cash provided by operating activities      16,732   9,355

Cash and cash equivalents     $31,381  $39,336

“Our record financial performance in 2025, during a statistically below-average fire year, underscores the strength of our business model, growing diversification of our revenue stream and the benefits of longer-term contacts for our aircraft,” shared Sam Davis, Bridger’s Chief Executive Officer. “Our customers’ growing emphasis on early detection, combined with our outstanding team, helped drive the increased prepositioning and enhanced utilization of our fleet in 2025. As we complete fleet maintenance to ensure our year-round readiness, we are well positioned for another record year, both operationally and financially. Our new credit facility, including a $100 million Draw Down, further enables us to acquire new aircraft to better fight against the growing threat of wildfire, fulfill customer requests, and advance our mission to protect lives, property, critical infrastructure, and the environment.”

Fourth Quarter 2025 Results Revenue for the fourth quarter of 2025 was $8.5 million compared to $15.6 million in the fourth quarter of 2024. Excluding $0.8 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC (“MAB”) in the fourth quarter of 2025, revenue was $7.7 million, compared to $10.5 million in the fourth quarter of 2024 after excluding $5.1 million of revenue for return to service work performed under the MAB agreement. The reduction in revenue year over year was also related to later deployment of Super Scoopers in the fourth quarter of 2024, into November.

Cost of revenues was $14.1 million in the fourth quarter of 2025 compared to $15.4 million in the fourth quarter of 2024.

Selling, general and administrative expenses (“SG&A”) were $13.4 million in the fourth quarter of 2025 compared to $7.7 million in the fourth quarter of 2024, primarily reflecting an increase in the fair value of our warrants and an increase in earnout consideration compared to the fourth quarter of 2024.

Interest expense for the fourth quarter of 2025 was $6.0 million compared to $5.9 million in the fourth quarter of 2024.

Other income was $10.0 million in the fourth quarter of 2025 compared to $0.3 million in the fourth quarter of 2024. The increase was primarily attributable to a gain of $16.9 million related to the sale-leaseback transaction partially offset by a loss of $7.8 million on the extinguishment of debt in conjunction with our debt refinancing in the fourth quarter of 2025.

Net loss was $15.1 million, or ($0.40) per diluted share, in the fourth quarter of 2025 compared to a net loss of $12.8 million, or (0.36) per diluted share, in the fourth quarter of 2024. Adjusted EBITDA was negative ($9.5) million in the fourth quarter of 2025, compared to negative ($2.9) million in the fourth quarter of 2024.

Definitions and reconciliations of net (loss) income to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

As of

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Bridger Aerospace Achieves Another Record Third Quarter

Recent Federal Wildfire Initiatives and Financing Transaction to Accelerate Growth

BELGRADE, Mont., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the third quarter ended September 30, 2025.

Third Quarter and Recent Highlights:

Record third quarter revenue of $67.9 million brings nine-month revenue to $114.3 million Third quarter net income jumps 26% to $34.5 million, adjusted EBITDA increases 4% to $49.1 million compared to the third quarter of 2024 Closing of $49 million sale leaseback and $331 million financing package in late October to provide financial flexibility and growth capital for fleet expansion On track to hit the higher end of 2025 Adjusted EBITDA guidance of $42-$48 million Task order extensions that keep a portion of our fleet ready for deployment through October, underscore growing year-round wildfire activity Establishment of the Wildland Fire Service Plan and passage of the Fire Ready Nation Act helps the country focus its efforts on preparedness and aggressive wildfire suppression “2025 has been a defining year for Bridger so far,” shared Sam Davis, Bridger’s Chief Executive Officer. Throughout the year, we have seen more strategic prepositioning and utilization of our aircraft. Statistically, this was a below average fire year; yet our focus on diversifying revenue streams and obtaining long-term contracts has positioned us to outperform. Our strong third quarter results and the completion of our debt refinancing, with the delayed drawn down facility, equips us with the opportunity to acquire new aircraft as we pursue new contracts to serve our customers – whether federal, state, local, or defense. As the threat of wildfire continues to grow, so does our commitment to year-round readiness. This quarter has demonstrated that commitment. For Bridger, financial resilience and a strong balance sheet are not ends in themselves, they are prerequisites for delivering on our mission to protect lives, property, critical infrastructure, and the environment.”

Summary Financial Results

(In thousands) For the three months ended September 30, For the nine months ended September 30,

2025  2024  2025  2024

Revenues $67,886 $64,507 $114,283  83,028

Operating income  39,030  32,865  34,406  12,801

Net income (loss)  34,519  27,346  19,289- (2,722)

Adjusted EBITDA  49,075  46,974  54,821  40,237

Net cash provided by (used in) operating activities      24,761  (2,834)

Cash and cash equivalents     $55,118 $33,328

Third Quarter 2025 Results Revenue for the third quarter of 2025 was $67.9 million compared to $64.5 million in the third quarter of 2024, an increase of 5%. Excluding $2.1 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC (“MAB”), in the third quarter of 2025, revenue was $65.7 million, up 5% compared to $62.4 million in the third quarter of 2024 after excluding $2.1 million of revenue for return to service work performed under the MAB agreement. The increase in revenue was driven by higher activity with multiple Super Scoopers and surveillance aircraft deployed throughout the third quarter of 2025.

Cost of revenues was $21.1 million in the third quarter of 2025 compared to $23.0 million in the third quarter of 2024.

Selling, general and administrative expenses (“SG&A”) were $7.7 million in the third quarter of 2025 compared to $8.6 million in the third quarter of 2024 reflecting lower non-cash stock-based compensation expense and a decrease in earnout consideration partially offset by an increase in the fair value of our warrants compared to the third quarter of 2024.

Interest expense for the third quarter of 2025 was $5.8 million compared to $6.0 million in the third quarter of 2024.

Net income was $34.5 million in the third quarter of 2025 compared to net income of $27.3 million, in the third quarter of 2024. Earnings per diluted share was $0.37 for the third quarter of 2025 compared to $0.31 per diluted share in the third quarter of 2024. Adjusted EBITDA was $49.1 million in the third quarter of 2025, compared to $47.0 million in the third quarter of 2024.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

As of September 30, 2025, cash and cash equivalents were $55.1 million compared to $39.3 million as of December 31, 2024. The increase in cash from year end is due to the strong fire season activity.

Year to Date Results Revenue for the first nine months of 2025 was $114.3 million compared to $83.0 million in the first nine months of 2024, representing an increase of 38%. Excluding $13.1 million of

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Bridger Aerospace Announces Strongest Second Quarter in Company History

Expanded Contracts and Increased Fire Activity Drive Record Revenue and Earnings

BELGRADE, Mont., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the second quarter ended June 30, 2025.

Second Quarter Highlights:

Record-setting revenue of $30.8 million, more than double last year’s Q2 revenue of $13.0 million

Net income swings positive with a $10+ million year-over-year boost to $0.3 million, adjusted EBITDA jumps to $10.8 million 100% deployment of the fleet with earliest call-outs in Company history Historic 120-day Super Scooper task orders secured, ensuring deployment through at least through October, underscoring year-round wildfire activity $46 million sale leaseback deal signed for hangar and campus HQ - closing expected in Q3 2025 - proceeds set to reduce interest expense and fortify the balance sheet June Wildfire Prevention and Response Executive Order poised to reshape wildland firefighting and drive growth through increased federal funding On track to hit higher end of 2025 guidance: $42-$48 million Adjusted EBITDA on $105- $111 million in revenue

Summary Financial Results

(in thousands)For the three months ended June 30, For the six months ended June 30,

2025   2024   2025   2024

Revenues$30,751  $13,014  $46,397   18,521

Operating income (loss) 5,527   (4,755)  (4,624)  (20,064)

Net income (loss) 308   (9,981)  (15,230)  (30,068)

Adjusted EBITDA 10,819   191   5,744   (6,737)

Net cash used in operating activities     (16,215)  (25,558)

Cash and cash equivalents    $17,036  $8,526

“We are extremely proud of our entire team for their dedication and long hours during what has already been a very active wildfire year-to-date,” commented Sam Davis, Bridger’s Chief Executive Officer. “The early deployment of our Super Scoopers amidst record 120-day task orders for four of our Scoopers further guarantees our utilization this year and ensures our fleet remains dedicated to critical wildfire response efforts. We continue to expect more year-round revenue while we focus on maximizing daily availability and flight hours. With continued high wildfire activity early in the third quarter, we are actively supporting our state and federal customers with our Super Scooper fleet and significant Air Attack assets, positioning Bridger for another record year while executing on our mission of protecting lives, property and the environment with our modern technology and our safe and reliable service.”

Second Quarter 2025 Results Revenue for the second quarter of 2025 was $30.8 million compared to $13.0 million in the second quarter of 2024, an increase of 136%. Excluding $5.1 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC (“MAB”), in the second quarter of 2025, revenue was $25.7 million, more than double revenue of $11.2 million in the second quarter of 2024 after excluding $1.8 million of revenue for return to service work performed under the MAB agreement. The increase in revenue was driven by significantly higher activity with multiple Super Scoopers and surveillance aircraft deployed earlier in the second quarter of 2025.

Cost of revenues was $18.7 million in the second quarter of 2025 compared to $9.9 million in the second quarter of 2024. Cost of revenues for the second quarter of 2025 included an increase of $3.9 million of expenses associated with the return-to-service work for the Spanish Super Scoopers.

Selling, general and administrative expenses (“SG&A”) were $6.5 million in the second quarter of 2025 compared to $7.9 million in the second quarter of 2024 reflecting lower non-cash stock-based compensation expense and a decrease in earnout consideration partially offset by an increase in the market value of our warrants.

Interest expense for the second quarter of 2025 was $5.7 million compared to $5.9 million in the second quarter of 2024.

Net income was $0.3 million, in the second quarter of 2025 compared to a net loss of $10.0 million, in the second quarter of 2024. Loss per diluted share was $0.12 for the second quarter of 2025 compared to $0.33 per diluted share in the second quarter of 2024. Adjusted EBITDA was $10.8 million in the second quarter of 2025, compared to $0.2 million in the second quarter of 2024.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

As of June 30, 2025, cash and cash equivalents were $17.0 million compared to $39.3 million as of December 31, 2024. The decline in cash from year end is due to the expenses related to the bulk of winter maintenance and training activ

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Bridger Aerospace Announces Record First Quarter; Reiterates 2025 Guidance

BELGRADE, Mont., May 08, 2025 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the first quarter ended March 31, 2025.

First Quarter Highlights:

Record revenue of $15.6 million for Q1 2025 Earliest deployment of Super Scoopers in Company history in January 2025 to California followed by Oklahoma and North Carolina in March as well as deployment of MMA aircraft, reinforcing the trend of year-round wildfire activity Higher revenues from increased operations drove improvement in net loss to $15.5 million and negative Adjusted EBITDA to $5.1 million in Q1 2025 First of its kind, exclusive-use contract with the state of Montana to provide wildfire detection and mapping using a specially modified Daher Kodiak 100 aircraft New five-year $20.1 million contract with the U.S. Department of the Interior to support the state of Alaska Appointment of Meghan Pasricha as an independent director On track to meet 2025 Adjusted EBITDA guidance of $42 million to $48 million on revenue of $105 million to $111 million

Summary Financial Results

(in thousands)For the three months ended March 31,

2025 2024

Revenues$15,646 $5,507

Operating loss (10,151)  (15,309)

Net loss (15,538)  (20,087)

Adjusted EBITDA (5,077)  (6,928)

Net cash used in operating activities (17,656)  (22,762)

Cash and cash equivalents 22,349  6,776

“With our Super Scoopers deployed to California in January followed by Oklahoma and North Carolina in March, we saw a significant increase in our first quarter suppression and surveillance related revenues which provides increased confidence in meeting our growth objectives in 2025,” commented Sam Davis, Bridger’s Chief Executive Officer. “These deployments reinforce the growing trend of year-round wildfire activity and our efforts to obtain more opportunities by having our fleet ready and available throughout the year. In addition, with the recent contract award with the State of Montana and our MMA fleet being deployed, nearly all of Bridger’s air attack and sensor-equipped fleet are either committed or operational for 2025. With winter maintenance and training activities nearly complete, we are well prepared to assist state, federal and international customers in protecting lives and property from the increasingly year-round threat of wildfire.”

First Quarter 2025 Results Revenue for the first quarter of 2025 was $15.6 million compared to $5.5 million in the first quarter of 2024. Excluding the $5.9 million of revenue for return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC, in the first quarter of 2025 and $1.0 million in the first quarter of 2024, revenue was approximately $9.7 million compared to approximately $4.5 million in the first quarter of 2024. First quarter 2025 revenue benefitted from higher revenue as multiple Scoopers and surveillance aircraft were deployed in the first quarter as well as approximately $1.9 million from the Company’s acquisition of Flight Test & Mechanical Solutions, Inc. (“FMS”) in June 2024.

Cost of revenues was $17.2 million in the first quarter of 2025 compared to $9.2 million in the first quarter of 2024. Cost of revenues for the first quarter of 2025 included an increase of approximately $5.6 million of expenses associated with the return-to-service work for the Spanish Super Scoopers compared to the first quarter of 2024. The acquisition of FMS in June of 2024 also contributed to the increase in cost of revenues.

Selling, general and administrative expenses (“SG&A”) were $8.6 million in the first quarter of 2025 compared to $11.6 million in the first quarter of 2024 reflecting lower non-cash stock-based compensation expense partially offset by an increase in the market value of our warrants.

Interest expense for the first quarter of 2025 was $5.7 million compared to $5.9 million in the first quarter of 2024.

Net loss was $15.5 million, or $0.41 per diluted share, in the first quarter of 2025 compared to a net loss of $20.1 million, or $0.55 per diluted share, in the first quarter of 2024. Adjusted EBITDA was negative ($5.1) million in the first quarter of 2025, compared to negative ($6.9) million in the first quarter of 2024.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

At March 31, 2025, cash and cash equivalents was $22.3 million compared to $39.3 million at December 31, 2024. The decline in cash from year end is due to the expenses related to the bulk of winter maintenance and training activities that occurred in the first quarter.

Business Outlook With the early deployment of Super Scoopers amidst

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Bridger Aerospace Announces Record Fourth Quarter and Full Year 2024 Results; Initiates 2025 Guidance

BELGRADE, Mont., March 13, 2025 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the fourth quarter and year ended December 31, 2024.

Highlights:

Record revenue of $98.6 million for 2024 and $15.6 million in the fourth quarter with multiple Super Scoopers and surveillance aircraft flying into November after an early start to the 2024 wildfire season Earliest deployment of Super Scoopers in January 2025 to the Palisades Fire and current deployment of MMA aircraft and Super Scoopers to Oklahoma, reinforcing the trend of year-round wildfire activity 80% improvement in net loss to $15.6 million in 2024 compared to 2023 Doubling of Adjusted EBITDA to $37.3 million in 2024 compared to 2023 Cash provided by operating activities of $9.4 million in 2024 and cash and cash equivalents at year-end of $39.3 million Five-year $20.1 million contract with the U.S. Department of the Interior in January 2025 to support the state of Alaska Return-to-service work for the Spanish Super Scoopers on track Initiating 2025 guidance: Revenue expected to increase to between $105 million and $111 million, representing 9% growth over 2024 at the midpoint of the range Adjusted EBITDA range of $42 million to $48 million representing growth of 20% at the midpoint of the range Expect continued improvement in cash provided by operating activities in 2025

Summary Financial Results

(in thousands)For the three months Ended December 31, For the year ended December 31,

2024   2023   2024   2023

Revenues$15,585  $1,108  $98,613  $66,708

Operating (loss) income (7,483)  (25,885)  5,318   (57,495)

Net Loss (12,845)  (31,139)  (15,567)  (77,358)

Adjusted EBITDA (2,901)  (10,355)  37,336   18,672

Net cash provided by (used in) operating activities     9,355   (26,808)

Cash and cash equivalents    $39,336  $22,956

“With our Scoopers and MMA aircraft deployed into November, we saw a 48% increase in 2024 revenue which, combined with our cost rationalization efforts and operational leverage, contributed to our record performance, reduced net loss and improved Adjusted EBITDA margins and positive cash flow from operations,” commented Sam Davis, Bridger’s Chief Executive Officer. “As we build on the progress we made in 2024, we are better positioned for year-round wildfire activity. We also see opportunities to drive higher contracted levels of revenue and further diversify our revenue stream, particularly as states look to secure access to limited aerial firefighting assets to increase preparedness and ultimately limit property damage and save lives.”

Fourth Quarter 2024 Results Revenue for the fourth quarter of 2024 was $15.6 million compared to $1.1 million in the fourth quarter of 2023. Fourth quarter 2024 revenue benefitted from higher revenue as multiple Scoopers were deployed into November as well as approximately $5.1 million related to return-to-service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC and approximately $1.4 million from the Company’s June acquisition of Flight Test & Mechanical Solutions, Inc. (“FMS”).

Cost of revenues was $15.4 million in the fourth quarter of 2024 compared to $8.4 million in the fourth quarter of 2023. Cost of revenues for the fourth quarter of 2024 included approximately $4.8 million of expenses associated with the return-to-service work for the Spanish Super Scoopers. The acquisition of FMS in June of 2024 also contributed to the increase in cost of revenues.

Selling, general and administrative expenses (“SG&A”) were $7.7 million in the fourth quarter of 2024 compared to $18.6 million in the fourth quarter of 2023 reflecting lower non-cash stock-based compensation expense and lower professional services expenses.

Interest expense for the fourth quarter of 2024 was $5.9 million compared to $6.0 million in the fourth quarter of 2023.

Net loss was $12.8 million, or $0.36 per diluted share, in the fourth quarter of 2024 compared to a net loss of $31.1 million, or $0.67 per diluted share, in the fourth quarter of 2023. Adjusted EBITDA was negative ($2.9) million in the fourth quarter of 2024, compared to negative ($10.4) million in the fourth quarter of 2023.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

At December 31, 2024, cash and cash equivalents rose to $39.3 million from $33.3 million at September 31, 2024, benefiting from cash flow related to the strong third quarter performance that was received in the fourth quarter.

Full Year Results Revenue grew 48% for the year ended December 31, 2024, to $98.6 million from $66.7 mi

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PRESS RELEASE

Exhibit 99.1

Bridger Aerospace Announces Record Third Quarter 2024 Results; Raises Revenue Guidance and Narrows Adjusted EBITDA Estimates

BELGRADE, MT, November 11, 2024 – Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the third quarter ended September 30, 2024, raising its 2024 revenue guidance and narrowing its Adjusted EBITDA guidance.

Highlights:

•Achieved record quarterly revenue, net income, and Adjusted EBITDA of $64.5 million, $27.3 million and $47.0 million, respectively, in the third quarter of 2024, representing growth over the third quarter of 2023 of approximately 20%, 56% and 21%, respectively.

•The Company expects to generate positive free cash flow for 2024

•Bridger’s Super Scooper fleet experienced its highest level of utilization during the third quarter with multiple Super Scoopers flying into November

•Recently acquired FMS Aerospace (“FMS”) contributed $1.6 million of revenue in the third quarter and is pursuing new business opportunities expected to benefit 2025 and 2026 results

•International expansion into Spain on track with the first two Super Scoopers nearing completion of their return-to-service work

•Raising 2024 revenue guidance by over 35% to $90 million to $95 million and narrowing 2024 adjusted EBITDA guidance to a range of $35 million to $40 million

•The Company anticipates 2024 adjusted EBITDA to grow by over 85% from 2023 adjusted EBITDA

Third Quarter 2024 Results

“Bridger’s Super Scooper fleet was in strong demand during the 2024 wildfire season, driving record revenue, net income and adjusted EBITDA in the third quarter,” commented Sam Davis, Bridger’s Chief Executive Officer. “This strong performance of our six Super Scoopers and six Air Attack aircraft during the 2024 wildfire season validates our business model and, with some of our aircraft still deployed, positions us for a record year, including an approximate doubling of Adjusted EBITDA from 2023 and the generation of positive free cash flow after maintenance capital expenditures and debt service.”

Revenue for the third quarter of 2024 increased approximately 20% to $64.5 million from $53.6 million in the third quarter of 2023. Revenue in the third quarter of 2024 benefitted from higher flight revenue as well as approximately $2.2 million related to return-to-service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding LLC and approximately $1.6 million from the Company’s June acquisition of

FMS.

Cost of revenues was $23.0 million in the third quarter of 2024 and was comprised of flight operations expenses of $15.1 million and maintenance expenses of $7.9 million. This compares to $16.0 million in the third quarter of 2023, which included $10.2 million of flight operations expenses and $5.7 million of maintenance expenses. Due primarily to greater flight hours in the third quarter of 2024 compared to the third quarter of 2023, higher cost of revenues reflect increased depreciation, maintenance and travel expenses tied to higher utilization in the field. Also reflected were the expenses associated with the return to service work for the Spanish Scoopers, the addition of FMS and inflationary pressures.

1

Selling, general and administrative expenses (“SG&A”) were $8.6 million in the third quarter of 2024 compared to $15.1 million in the third quarter of 2023. The decrease was primarily due to a decline in the fair value of outstanding warrants as of the end of the third quarter of 2024 compared to the third quarter of 2023. The decrease was also partially attributable to lower non-cash stock-based compensation expense in the third quarter of 2024 compared to the third quarter of 2023.

Interest expense for the third quarter of 2024 was $6.0 million compared to $6.0 million in the third quarter of 2023. Bridger also reported Other Income of $0.5 million for the third quarter of 2024, compared to $0.6 million for the third quarter of 2023.

Bridger reported net income of $27.3 million, or $0.31 per diluted share, in the third quarter of 2024 compared to net income of $17.5 million, or $0.22 per diluted share, in the third quarter of 2023. The increase in net income was primarily driven by increased fleet utilization in the third quarter of 2024. Adjusted EBITDA was $47.0 million in the third quarter of 2024, compared to $38.7 million in the third quarter of 2023. Adjusted EBITDA excludes interest expense, depreciation and amortization, income tax expense or benefit, gains and losses on disposals of assets, offering costs related to financing and other transactions, stock-based compensation, business development and integration expenses, the change in the fair value of earnout consideration and the change in the fair value of outstanding warrants.

Defin

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EXHIBIT 99.1

Bridger Aerospace Announces Second Quarter 2024 Results

Fleet Fully Deployed as Wildfire Activity Escalates Across the Western U.S.

BELGRADE, Mt., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the second quarter ended June 30, 2024.

Highlights:

Fleet is fully deployed in July as National Interagency Fire Center (NIFC) elevated the National Preparedness Level (NPL) to 5, its highest level Acquired FMS Aerospace which brings year-around revenue as well as additional capabilities in house to grow in mission critical areas including emergency air services, aerospace modifications and defense systems engineering Spanish Scooper maintenance work on schedule Reiterated 2024 revenue and adjusted EBITDA guidance, supported by increased wildfire activity across multiple geographic areas “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,” stated Sam Davis, Interim Chief Executive Officer. “For the first time in our history, we have secured exclusive-use task orders for four out of our six Air Attack aircraft, two Multi-Mission aircraft, and four out of our six Super Scoopers. These aircraft are committed for a guaranteed minimum period, ensuring they remain dedicated to critical wildfire response efforts. Additionally, the task orders for both of our Pilatus PC-12 Multi-Mission Aircraft (“MMA”) have been extended into the fall, marking a record 200+ days of deployment this year, up from the originally scheduled 150 days. Furthermore, all of our Daher Kodiak 100s are under multi-day exclusive-use task orders and are actively deployed in Washington and Alaska. The remaining two light fixed wing aircraft and two Super Scoopers, operating on call-when-needed contracts, have been called out and are actively flying missions. As a result, we remain on budget through the first half of 2024 and are on track to meet our published guidance for the year.”

Davis added, “The Bridger team is a critical piece of the nation’s aerial firefighting responder network, and we are grateful for the hard work and dedication of our aircrews and ground support teams as they fight to protect communities affected by wildfires.”

Second Quarter 2024 Results Revenue for the second quarter of 2024 was $13.0 million compared to $11.6 million in the second quarter of 2023, representing an increase of approximately 12%. Revenue in the second quarter of 2024 benefitted from $1.8 million related to return-to-service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding LLC. The increase was partially offset by lower flight revenue in the second quarter of 2024 compared to the second quarter of 2023.

Cost of revenues was $9.9 million in the second quarter of 2024 and was comprised of flight operations expenses of $5.1 million and maintenance expenses of $4.8 million. This compares to $10.5 million in the second quarter of 2023, which included $6.3 million of flight operations expenses and $4.2 million of maintenance expenses. The decrease is due to lower flight operation expenses related to fewer flight hours in the second quarter of 2024 compared to the second quarter of 2023 which were primarily the result of the Company’s deployment to Canada in June 2023.

Selling, general and administrative expenses (“SG&A”) were $7.9 million in the second quarter of 2024 compared to $15.2 million in the second quarter of 2023. The decrease was primarily attributable to a decrease in the fair value of outstanding warrants in the second quarter of 2024 compared to the second quarter of 2023. The decrease was also partially attributable to lower non-cash stock-based compensation expense in the second quarter of 2024 compared to the second quarter of 2023.

Interest expense for the second quarter of 2024 increased to $5.9 million from $5.5 million in the second quarter of 2023. Bridger also reported Other Income of $0.1 million for the second quarter of 2024 compared to $0.6 million for the second quarter of 2023.

Income tax benefit increased to $0.5 million for the second quarter of 2024, from zero for the second quarter of 2023. The increase was attributable to a discrete benefit generated from the FMS Acquisition in June 2024.

For the second quarter of 2024, Bridger reported a net loss of $10.0 million compared to a net loss of $19.0 million in the second quarter of 2023. The decrease in net loss was primarily driven by the decreases in SG&A and cost of revenues described above. Adjusted EBITDA was $0.2 million in the second quarter of 2024, compared to $1.0 million in the second quarter of 2023. Adjusted EBITDA excludes interest expense, depreciation and amo

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EXHIBIT 99.1

Bridger Aerospace Announces First Quarter 2024 Results

Earliest Seasonal Deployment Positions the Company for Record Growth

BELGRADE, Mont., May 13, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the first quarter ended March 31, 2024. The Company also reiterated its 2024 revenue and adjusted EBITDA guidance supported by the earliest seasonal deployment in company history.

Highlights:

Earliest seasonal deployment of Super Scooper and surveillance aircraft in company history leads to highest first quarter revenue and positions the company for another record year Completed a $9.8 million equity financing in April 2024 with participation and support from existing investors as well as members of the management team and Board of Directors Spanish Scooper maintenance work on schedule First quarter 2024 adjusted EBITDA improvement of 35% to negative ($6.9 million) compared to the first quarter of 2023 On track to grow 2024 Adjusted EBITDA by over 80% from 2023 to between $35 million to $51 million, consistent with previously issued guidance “With the recent capital infusion, the earliest fleet deployment in company history and a more efficient operational structure, we are well positioned to achieve record growth in 2024,” commented Tim Sheehy, Bridger Aerospace’s Chief Executive Officer. “Two of our Super Scoopers were deployed in early March for over six weeks to support Texas and Oklahoma during their largest wildfires on record. Our remaining four Scoopers are completing maintenance, training, and other contracted activities as we prepare for the seasonal start to the wildfire season. In addition, our multi-mission and Air Attack aircraft have already been deployed in support of dozens of fires nationwide. With this full spectrum of aviation resources, we are uniquely positioned to assist our state, federal and international customers in protecting lives and property from the growing threat of wildfires.”

First Quarter 2024 Results Bridger is proud to report record first quarter revenue and activity with revenue of $5.5 million in the first quarter of 2024 compared to $365,000 in the first quarter of 2023. First quarter revenue, while seasonally lower as Bridger schedules annual fleet maintenance activities in preparation for the U.S. wildfire season, benefitted from the earliest deployment in the Company’s history of its Super Scooper and surveillance aircraft to Texas and Oklahoma and revenue from return to service work performed on the Spanish Super Scoopers as part of our partnership agreement.

Cost of revenues in the first quarter of 2024 increased 27% to $9.2 million and was comprised of flight operations expenses of $5.0 million and maintenance expenses of $4.2 million. This compares to $7.2 million in the first quarter of 2023, which included $3.7 million of flight operations expenses and $3.5 million of maintenance expenses. The increase is due to higher flight operation expenses related to the earlier than typical fleet deployment as well as higher employee labor and other expenses associated with an additional aircraft.

Selling, general and administrative expenses were $11.6 million in the first quarter of 2024 compared to $33.2 million in the first quarter of 2023. The decrease was primarily attributable to lower non-cash stock-based compensation expense in the first quarter of 2024 compared to the first quarter of 2023 as a result of the restricted stock units (“RSUs”) issued in connection with the January 2023 business combination with Jack Creek Investment Corp. The decrease was also partially attributable to lower professional service fees in the first quarter of 2024 compared to the first quarter of 2023 which included professional fees incurred in conjunction with the business combination.

Interest expense for the first quarter of 2024 increased to $5.9 million from $5.7 million in the first quarter of 2023. Bridger also reported Other Income of $1.2 million for the first quarter of 2024 compared to $1.1 million for the first quarter of 2023.

For the first quarter of 2024, Bridger reported a net loss of $20.1 million compared to a net loss of $44.7 million in the first quarter of 2023. The lower net loss in the first quarter of 2024 was primarily driven by reduced SG&A as described above. Adjusted EBITDA improved to negative ($6.9) million in the first quarter of 2024, compared to negative ($10.7) million in the first quarter of 2023. Given the seasonal nature of Bridger’s current business, the first and fourth quarters of each year are budgeted to be in a net loss and negative EBITDA position.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

As of April 30, 2024, the Company’s

EX-99.1

2 exh_991.htm BRIDGER AEROSPACE ANNOUNCES RECORD 2023 RESULTS; PROVIDES OUTLOOK FOR 2024 GROWTH

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EXHIBIT 99.1

Bridger Aerospace Announces Record 2023 Results; Provides Outlook for 2024 Growth

BELGRADE, Mont., March 19, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the fourth quarter and fiscal year ended December 31, 2023. The Company also reiterated its 2024 revenue and adjusted EBITDA guidance.

Highlights:

Record 2023 revenue of nearly $67 million despite slowest fire season in 20 years Record contract awards in 2023 including a 5-year $60 million exclusive use fire surveillance and technology contract in support of the Department of Interior First international deployment leads to the most territory covered in the history of the Company Joint Venture Partnership completed purchase of four Super Scoopers from the Spanish Government Established Spanish subsidiary, Albacete Aero, to oversee the return to service of the four Spanish Scoopers and acquired a hangar in Spain Recent software and surveillance contracts ensure we will have a unique and differentiated offering in the marketplace Earliest seasonal deployment of Super Scooper and surveillance aircraft to Texas and Oklahoma sets the company up for another record year of growth Adjusted EBITDA poised to grow over 80% in 2024 to between $35 million to $51 million, consistent with our previously issued 2024 guidance “Bridger accomplished a great deal in the fourth quarter including the contracted deployment of our Multi-Misson Aircraft and the completion of the purchase of four Super Scoopers from the Government of Spain through our externally financed Joint Venture Partnership,” commented Tim Sheehy, Bridger Aerospace’s Chief Executive Officer. “The Spanish transaction took multiple years to execute and positions the Company to meaningfully expand our Scooper fleet, providing growth for years to come. This fleet growth, a lean cost structure as well as the earliest deployment in the company’s history has us well positioned for 2024. With wildfires continuing to burn underneath the snow in Canada, and the wildfires in the Texas Panhandle being driven by arid conditions in the central United States; Bridger is monitoring conditions in North America and readying the balance of its fleet for service.”

Full Year 2023 Results Revenue for 2023 grew 44% to $66.7 million compared to $46.4 million in 2022. After the later start to the 2023 U.S. wildfire season, fire activity increased in the third quarter in the U.S. driving record utilization of the Company’s growing Super Scooper fleet despite a shorter-than-average North American wildfire season.

Cost of revenues increased 22% to $41.3 million in 2023 and was comprised of flight operations expenses of $24.4 million and maintenance expenses of $16.9 million. This compares to $33.9 million in 2022 which included $18.8 million of flight operations expenses and $15.1 million of maintenance expenses. The increase primarily relates to higher employee labor and depreciation expenses related to the two additional Super Scooper aircraft that were placed into service in September 2022 and February 2023, respectively.

Gross margin increased to 38% in 2023 up from 27% in 2022 driven primarily by record utilization of the Company’s growing Super Scooper fleet in 2023.

Selling, general and administrative expenses were $82.9 million in 2023, compared to $35.1 million in 2022. The increase was primarily attributable to $45.7 million of non-cash stock-based compensation related to restricted stock units (“RSUs”) granted to management and employees in 2023. The remaining increase was primarily attributable to an increase in business development, insurance, professional services, and other expenses associated with operating as a publicly traded company in 2023 and impairment charges of $2.4 million associated with our plan to phase out our use of certain aging aircraft platforms in our aerial surveillance operations. The increase was partially offset by $10.1 million of transaction related bonuses for employees recorded in the third quarter of 2022 in connection with the business combination and preparation of becoming a public company.

Interest expense for 2023 was $23.2 million compared to $20.0 million in 2022. The increase was driven by a full year of interest expense in 2023 related to the bonds issued in the third quarter of 2022.

For 2023, Bridger reported a net loss of $77.4 million compared to a net loss of $42.1 million in 2022. Adjusted EBITDA was $18.7 million in 2023 compared to $3.7 million in 2022. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with o

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UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 6, 2024

Bridger Aerospace Group Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-41603

88-3599336

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

90 Aviation Lane

Belgrade, MT

59714

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (406) 813-0079

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share

BAER

The NASDAQ Stock Market LLC

Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share

BAERW

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On February 6, 2024, Bridger Aerospace Group Holdings, Inc. (the “Company” or “Bridger”) disclosed the following preliminary unaudited 2023 financial information to investors:

Preliminary Unaudited 2023 Results

For the year ended December 31, 2023, Bridger’s revenue is expected to be approximately $66 million to $67 million, within the $66 million to $68 million range disclosed in the Company’s third quarter earnings release on November 13, 2023. Adjusted EBITDA for the year ended December 31, 2023 is expected to be within or above its previously disclosed range of $18 million to $19 million. While 2023 was the shortest North American wildfire season in the past 20 years, Bridger’s fleet of Super Scooper aircraft experienced its highest level of utilization in the Company’s history, and 2023 is expected to be a record year in terms of total Bridger revenue and Adjusted EBITDA. See “Non-GAAP Financial Measures” below for a definition of Adjusted EBITDA and additional information regarding its use.

As of December 31, 2023, Bridger had approximately $38 million of cash and short term investments, including approximately $14 million in restricted cash and approximately $207 million of total outstanding debt, net of debt issuance costs.

The unaudited preliminary estimated financial results as of and for the year ended December 31, 2023 are preliminary and subject to change, and such changes may be material. These preliminary estimates represent Bridger’s management’s unaudited estimates as of the date of this Current Report on Form 8-K and are based upon a number of assumptions that are inherently uncertain. Bridger’s normal reporting processes with respect to the foregoing preliminary estimates have not been fully completed. During the course of Bridger’s and its independent auditors’ review of these preliminary estimates, Bridger and its independent auditors could identify items that would require Bridger to make adjustments that could affect its subsequently reported results. Any such adjustments could be material. In light of the foregoing, investors are urged to put Bridger’s preliminary estimates in context and not to place undue reliance upon such preliminary estimates.

Item 8.01 Other Information.

The information set forth under Item 2.02 above is incorporated herein by reference.

Non-GAAP Financial Measures

Although Bridger believes that net income or loss, as determined in accordance with U.S. generally accepted accounting principles (“GAAP”), is the most appropriate earn

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Bridger Aerospace Announces Record Third Quarter 2023 Results and Establishes Initial 2024 Guidance

BELGRADE, Mont., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the third quarter ended September 30, 2023 and an update on guidance including the establishment of initial 2024 Revenue and Adjusted EBITDA estimates.

Highlights:

Achieved record quarterly revenue, net income, and Adjusted EBITDA of $53.6 million, $17.5 million and $38.7 million, respectively, in the third quarter of 2023 Bridger’s Super Scooper fleet experienced its highest level of utilization ever during the third quarter despite a shorter-than-average North American wildfire season In the process of acquiring four Spanish Super Scoopers won at auction by the Spanish government in September 2023, positioning Bridger for revenue and cash flow growth for the next several years

Third Quarter 2023 Results “Bridger’s Super Scooper fleet experienced its highest level of utilization in Bridger’s history during the third quarter of 2023, driving record results, including Adjusted EBITDA of $38.7 million,” commented Tim Sheehy, Bridger’s Chief Executive Officer. “This is a testament to the rapid adoption of our initial attack platform enabled by the Super Scooper’s superior capabilities to suppress wildfires. We continue to pursue opportunities to further expand our fleet both in the U.S and abroad and while the fire season will always remain unpredictable, we see continued demand for our services and look forward to supporting the needs of our state and federal customers.”

Revenue for the third quarter of 2023 was $53.6 million compared to $32.5 million in the third quarter of 2022, up approximately 65%. After the later start to the 2023 U.S. wildfire season, fire activity increased in the third quarter in the U.S. driving record utilization of the Company’s growing Super Scooper fleet despite a shorter-than-average North American wildfire season.

Cost of revenues was $15.2 million in the third quarter of 2023 and was comprised of flight operations expenses of $9.7 million and maintenance expenses of $5.5 million. This compares to $12.6 million in the third quarter of 2022, which included $7.1 million of flight operations expenses and $5.5 million of maintenance expenses. The increase primarily relates to higher depreciation, maintenance and other expenses related to the two additional Super Scooper aircraft that were placed into service in September 2022 and February 2023, respectively.

Selling, general and administrative expenses (“SG&A”) were $15.8 million in the third quarter of 2023 compared to $18.1 million in the third quarter of 2022. The decrease in SG&A compared to the third quarter of 2022 was primarily due to transaction related bonuses for employees and executives and higher offering related costs recorded in the third quarter of 2022. These decreases were partially offset by higher stock-based compensation in the third quarter of 2023 compared to the same period in 2022.

Interest expense for the third quarter of 2023 decreased to $6.0 million from $7.0 million in the third quarter of 2022 was primarily due to lower interest expense for the Series A preferred stock in the third quarter of 2023 compared to the third quarter of 2022. The decrease was partially offset by additional interest expense for the Gallatin municipal bond that closed in the third quarter of 2022. Bridger also reported Other Income of $0.6 million for the quarter ended September 30, 2023, primarily comprised of interest income for the embedded derivative of its preferred equity of $0.4 million.

Bridger reported net income of $17.5 million in the third quarter of 2023 compared to a net loss of $5.7 million in the third quarter of 2022. Net income was driven by strong fleet utilization in the third quarter of 2023. Adjusted EBITDA was $38.7 million in the third quarter of 2023, compared to $19.1 million in the third quarter of 2022. Adjusted EBITDA excludes interest expense, depreciation and amortization, income tax benefit, gains and losses on disposals of assets, offering costs related to financing and other transactions, stock-based compensation, business development and integration expenses, loss on extinguishment of debt and one-time discretionary bonuses to employees and executives.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

At September 30, 2023, cash and short term investments rose to $33.9 million from $25.7 million at June 30, 2023 driven by seasonality and the strong third quarter performance.

Year to Date Results Revenue for the first nine months of 2023 was $65.6 million compared to $45.3 million in the first nine mont

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PRESS RELEASE, DATED OCTOBER 17, 2023

Exhibit 99.1

Bridger Aerospace Announces $70 Million Proposed Public

Follow-On Offering to Fund Growth Initiatives

BELGRADE, MT, October 17, 2023 – Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”) (NASDAQ: BAER) today announced the commencement of a proposed underwritten public offering by Bridger of $70 million of shares of its common stock, par value $0.0001 per share (“Common Stock”). Bridger intends to grant the underwriters a 30-day option to purchase up to an additional $10.5 million of shares of its Common Stock at the public offering price less the underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Bridger intends to use the net proceeds of the offering to finance the cash purchase price for four additional Super Scooper aircraft from the Spanish government and for the previously announced acquisition of Bighorn Airways, Inc., and the remainder for general corporate purposes, including funding the upgrade costs for the acquired Super Scoopers and other working capital needs.

Stifel, Nicolaus & Company, Incorporated is acting as the lead book-running manager for the offering and BTIG LLC and Canaccord Genuity LLC are also acting as joint book-runners for the offering.

The offering will be made only by means of a prospectus forming part of a registration statement on Form S-1 on file with the Securities and Exchange Commission (the “SEC”). A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. A copy of the preliminary prospectus relating to the offering may be obtained by sending a request to Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate Department, 1 South Street, 15th Floor, Baltimore, MD 21202, or by telephone at (855) 300-7136, or by email at syndprospectus@stifel.com. The preliminary prospectus and the final prospectus, when available, may also be obtained on the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bridger Aerospace

Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation’s largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally.

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Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “poised,” “positioned,” “potential,” “seem,” “seek,” “future,” “outlook,” “target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, (1) market conditions and the satisfaction of closing conditions related to the proposed public offering; (2) the intended use of proceeds from the offering; (3) references to the anticipated acquisition of Super Scoopers from the Spanish government and of Bighorn Airways, Inc., including the ultimate outcome and benefits of such acquisitions; and (4) planned upgrades for the new Super Scoopers to be acquired. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risk

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EARNINGS RELEASE, DATED AUGUST 10, 2023

Exhibit 99.1

Bridger Aerospace Announces Second Quarter 2023 Results

Affirms guidance due to rapid acceleration of the North American wildfire season

BELGRADE, MT, August 10, 2023– Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the second quarter ended June 30, 2023.

Highlights:

•First international deployment of Super Scoopers and Air Attack aircraft into Canada

•5-Year exclusive use and call when needed contracts awarded by the U.S. Department of the Interior for up to $68 million for advanced fire intelligence services to include specialized infrared fire mapping software analytics and data services in support of firefighting operations

•Acquisition of Bighorn Airways announced with an expected closing late in the third quarter

•Revenue and Adjusted EBITDA guidance affirmed due to rapid acceleration of the North American wildfire season

“Each fire season has its own complexion; this year is no different. While the considerable winter snowpack and wet spring conditions pushed out the start of the U.S. wildfire season by approximately six weeks, the resulting vegetation growth and current extreme hot and dry conditions through the Western U.S. has contributed to an acceleration of wildfire activity beginning late in the second quarter,” commented Tim Sheehy, Bridger Aerospace’s Chief Executive Officer. “Our entire fleet is currently deployed in the U.S. supporting active fire incidents from Washington State to Texas and many places in between. Previous years with later starts oftentimes push the core wildfire season into the fourth quarter, thus our 2023 guidance remains achievable. We also look forward to the addition of Bighorn Airways later this year which will expand our aerial firefighting services to new mission critical areas as we strive to support the needs of our state and federal customers.”

Business Outlook

As reiterated on May 12, 2023, Bridger’s growing fleet and portfolio of services, is projected to generate revenue of $84 million to $96 million and Adjusted EBITDA of $37 million to $45 million for 2023.

Bridger is excited to add Bighorn to our fleet and anticipates incremental revenue opportunities on these new assets as well as cost synergies in 2024. Bridger will continue to see additional opportunities to further expand our fleet both in the U.S and abroad. With the potential for a long and aggressive fire season, combined with cost savings initiatives put in place to maximize earnings, 2023 should be a record year for the company.

Second Quarter 2023 Results

Revenue for the second quarter of 2023 was $11.6 million compared to $12.8 million in the second quarter of 2022, down approximately 9%. The decrease was the result of a later start to the 2023 U.S. wildfire season. The Company actively worked to partially offset the impact of wet spring weather in the U.S. by expanding its aerial firefighting operations into Canada where wildfire activity began early. This enabled the Company to increase utilization of our fleet in the second quarter of 2023 and highlights the benefits of the geographic flexibility of our business model and reinforces our strategy for continued exploration of international expansion to cover more territory and wildfire seasons.

Cost of revenues was $10.5 million in the second quarter of 2023 and was comprised of flight operations expenses of $6.3 million and maintenance expenses of $4.2 million. This compares to $9.4 million in the second quarter of 2022, which included $5.8 million of flight operations expenses and $3.6 million of maintenance expenses. The increase primarily relates to higher depreciation, maintenance and other expenses related to the two additional Super Scooper aircraft that were placed into service in September 2022 and February 2023, respectively.

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Selling, general and administrative expenses (“SG&A”) were $15.2 million in the second quarter of 2023 compared to $5.7 million in the second quarter of 2022. The increase was primarily driven by non-cash stock-based compensation of $7.9 million for restricted stock units (“RSUs”) granted to employees and $1.1 million in loss on disposal and non-cash asset impairment charges on aging surveillance aircraft.

Interest expense for the second quarter of 2023 increased to $5.5 million from $2.3 million in the second quarter of 2022 due to additional interest expense related to the Gallatin municipal bond issuances of $160 million that closed in the third quarter of 2022. Bridger also reported Other Income of $0.6 million for the period ended June 30, 2023, comprised of interest income for the embedded derivative of its preferred equity of $0.2 million and realized gains from available-for-sale securities of $0.3 million.

Bridger reported a net loss of $19.0 million in the second qu

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EXHIBIT 99.1

EdgarFiling

EXHIBIT 99.1

Bridger Aerospace Announces First Quarter 2023 Results

Prepared to Meet the Growing Demand for Aerial Firefighting

BOZEMAN, Mont., May 12, 2023 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the first quarter ended March 31, 2023.

Highlights:

All aircraft including Super Scoopers and Air Attack are operational and ready to perform in the 2023 wildfire season First quarter 2023 operating expenses in line with management’s expectations Bridger’s receipt of its sixth Super Scooper in February 2023 creates world’s largest privately owned Super Scooper fleet On track to grow 2023 Adjusted EBITDA to between $37 million to $45 million “During the first quarter, we wrapped up our winter maintenance, flight training and carding as we prepare for the 2023 wildfire season,” commented Tim Sheehy, Bridger Aerospace’s Chief Executive Officer. “As several states look to secure aerial firefighting capabilities to respond to wildfires more rapidly and efficiently, Bridger is particularly well positioned with a full spectrum of aviation resources, including the world’s largest privately owned Super Scooper fleet, to protect property and human life as the population expands into wildfire prone areas. In addition to leveraging the infrastructure we have in place; we also see opportunities to expand into new verticals and markets to support our state and federal customers more fully.”

First Quarter 2023 Results Revenue for the first quarter of 2023 was $365 thousand, compared to $69 thousand in the first quarter of 2022. Revenue is typically lower in the first quarter as Bridger schedules annual fleet maintenance activities in preparation for the U.S. wildfire season, which historically occurs during the second and third quarters of the fiscal year.

Cost of revenues increased 11% to $7.2 million in the first quarter of 2023 and was comprised of flight operations expenses of $3.7 million and maintenance expenses of $3.5 million. This compares to $6.5 million in the first quarter of 2022, which included $3.7 million of flight operations expenses and $2.9 million of maintenance expenses. The increase primarily relates to higher personnel and other expenses related to the two additional Super Scooper aircraft that were placed into service in September 2022 and February 2023, respectively.

Selling, general and administrative expenses (“SG&A”) were $33.2 million in the first quarter of 2023 and included planned operating SG&A expenses of $6.0 million, $3.2 million of professional service fees primarily associated with becoming a public company, and $24.0 million of non-cash stock-based compensation expense for restricted stock units (“RSUs”) issued to executives and senior management of Bridger in connection with the business combination with Jack Creek Investment Corp., which closed in January 2023. The operating SG&A expenses of $6.0 million increased $1.2 million from $4.8 million in the first quarter of 2022 and were in-line with management’s expectations, driven by both higher insurance costs and higher operating costs primarily associated with the recent addition of the two latest Super Scoopers.

Interest expense for the first quarter of 2023 increased to $5.7 million from $3.7 million in the first quarter of 2022 due to additional interest expense related to the Gallatin municipal bond issuances totaling $160 million of gross proceeds that closed in the third quarter of 2022. Bridger also reported Other Income of $1.1 million for the period ended March 31, 2023, comprised of interest income for the embedded derivative of its preferred equity of $0.8 million and realized gains from available-for-sale securities of $0.2 million.

Bridger reported a net loss of $44.7 million in the first quarter of 2023 compared to a net loss of $14.9 million in the first quarter of 2022. The increase in net loss in the first quarter of 2023 was primarily driven by the increases in SG&A described above. Adjusted EBITDA was negative ($10.7) million in the first quarter of 2023, compared to negative ($9.1) million in the first quarter of 2022. Adjusted EBITDA excludes interest expense, depreciation and amortization, stock-based compensation, gains, and losses on disposals of assets, legal fees and offering costs related to financing and other transactions and business development and integration expenses. As a reminder, Bridger historically generates negative Adjusted EBITDA in the first quarter of each year with positive Adjusted EBITDA generated primarily in the second and third quarters of each year coinciding with the U.S. wildfire season.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

Business Outlook As previously announced on March 20, 2023, Bri

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EX-99.1

EX-99.1

Exhibit 99.1

Bridger Aerospace Announces Full Year 2022 Results;

Provides Outlook for 2023 Growth

BOZEMAN,

MT, March 20, 2023– Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the fourth quarter and year ended December 31, 2022.

Highlights:

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Business combination with Jack Creek Investment Corp. (“JCIC”) completed on January 24, 2023, and trading on Nasdaq under BAER began on January 25, 2023

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Delivery of latest Super Scooper in February 2023 expands Super Scooper fleet to six

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Positioned to significantly grow revenue in 2023 by over 80% with current fleet

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Bridger Adjusted EBITDA poised to grow to between $37 million to $45 million in 2023, before any potential fleet additions

“This past year has been one of preparation as we positioned Bridger for its public debut,” commented Tim Sheehy, Bridger Aerospace’s Chief Executive Officer. “We added significant infrastructure and personnel to support the recent expansion of our fleet, including two new Super Scoopers, the most recent of which was delivered in February. As we look ahead to 2023, we are well positioned to leverage the infrastructure we have in place to help provide the aviation resources necessary to grow and support our federal and state government clients in the growing battle against wildfires.”

Business Outlook

Bridger’s current fleet of over 20 aircraft, including six Super Scoopers is projected to generate revenue of $84 million to $96 million in 2023. This revenue growth does not include any potential fleet additions which had been included in estimates prior to the business combination. With much of the costs to support the two latest Super Scoopers already embedded in the cost structure, Adjusted EBITDA margins are projected to improve from 8% in 2022 to over 40% in 2023. As a result, Adjusted EBITDA is projected to range from $37 million to $45 million for 2023. We expect to add Adjusted EBITDA from potential future fleet expansion, if any, to our guidance upon transaction closings.

“With the completion of the business combination and delivery of our latest Super Scoopers, as well as a growing number of opportunities to further expand our fleet through M&A, we are well positioned to see significant growth and drive shareholder returns,” added Sheehy.

Full Year 2022 Results

Revenue for 2022 grew 18% to $46.4 million compared to $39.4 million in 2021. Fire suppression revenue for 2022 was $38.8 million, up 28% from $30.4 million in 2021 driven by two additional Super Scooper aircraft in service for the full fire season in 2022. Aerial surveillance revenue declined to $7.2 million in 2022 from $8.6 million in 2021 due to a decreased number of fires with high-incident levels. Standby revenue as a percentage of total revenue was 45% in 2022 compared to 47% in 2021.

Cost of revenues increased 27% to $33.9 million in 2022 and was comprised of flight operations expenses of $18.8 million and maintenance expenses of $15.1 million. This compares to $26.6 million in 2021 which included $15.8 million of flight operations expenses and $10.8 million maintenance expenses. The increase primarily relates to costs added during the year in anticipation of the delivery of additional Super Scooper aircraft which were ultimately delivered later than expected and therefore did not contribute meaningfully to anticipated revenue during the 2022 fire season.

Selling, general and administrative expenses were $35.1 million in 2022, compared to $11.2 million in 2021. The increase was primarily driven by higher personnel expenses and professional services fees of $15.4 million in connection with the business combination and preparation of becoming a public company.

Interest expense for 2022 was $20.0 million compared to $9.3 million in 2021.

For 2022, Bridger reported a net loss of $42.1 million compared to a net loss of $6.5 million in 2021. Adjusted EBITDA was $3.7 million in 2022 compared to $9.8 million in 2021. Adjusted EBITDA excludes interest expense, depreciation and amortization, stock-based compensation, losses on disposals of assets, legal fees related to financing transactions and business development expenses as well as nonrecurring items such as gain/loss on extinguishment of debt, one-time discretionary bonus payments and transaction costs related to the business combination.

Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.

Fourth Quarter 2022 Results

Revenue was $1.1 million in the fourth quarter of 2022 compared to $0.7 million in the fourth quarter of 2021. The increase was due to higher deployment of aircraft early in the fourth quarter of 2022 compared to the same period in 2021.

Cost of Revenues in the fourth quarter of 2022 was $5.3 million compared to $4.4 million in the f