BELGRADE, Mon., May 20, 2024 (Globe Newswire) — Bridger Aerospace Group Holdings, Inc. (“Bridger,” the “Company,” or “Bridger Aerospace”) (NASDAQ: BAER, BAERW) is one of the nation's leading is one of the companies in The largest aviation firefighting company today answered questions from a variety of constituents following recent politically motivated attacks on its operations by some media outlets.
In recent weeks, candidates for political office and their political allies have written defamatory articles and launched partisan attacks against us. They have assembled a mosaic of publicly available information, uncontextualized corporate statements, negative legal risk factors and disclaimers to weave an unflattering narrative of media coverage of Bridger's financial health. There is.
These statements highlight Bridger's 2023 “net loss” as a key weakness, although the majority of this “loss” is related to non-cash equity grants to Bridger's team members. It does not mention that it is related to base compensation costs. All full-time Bridger employees are granted stock and become shareholders in the company. This is a core leadership philosophy of the company's board and management team to ensure all team members participate in the company's success. In addition, the 2023 net loss also includes costs associated with Bridger's investments in its fleet and related assets, as well as significant, mostly one-time costs of becoming a publicly traded company. These costs represented a structural investment in the future and long-term health of the company. Additionally, these media reports fail to recognize the seasonality of our business and its largely fixed cost structure. As a result, Bridger typically generates positive adjusted EBITDA in the second and third quarters of each year during the majority of the wildfire season, while generating negative adjusted EBITDA in the second quarter. During the first and fourth quarters, vehicle maintenance will occur and revenue will decrease. Because Bridger's public filings highlight these losses and highlight risk factors, these reports do not accurately depict Bridger Aerospace's future.
As a matter of fact, Bridger has had success in Montana. Bridger was founded in 2014 by an all-veteran group to adapt military close air support techniques and tactics to combat global wildfires, generating hundreds of millions of dollars in revenue for Montana's economy. , create hundreds of jobs, and return to our communities. The company has grown significantly since its inception, posting record sales of $67 million, adjusted EBITDA and the largest regional operating year in history in 2023. Bridger, one of Montana's few publicly traded companies, recently celebrated its one-year anniversary on the Nasdaq. Today, our more than 150 employees and contractors actively protect Americans, homes, property, and communities from wildfires, most recently during the Smokehouse Creek Fire, the largest fire in Texas history. contributes to mapping, imaging, and suppression.
With a first-quarter start to the season and strong fundamentals, Bridger is well-positioned to report another record year in 2024, and recently announced its 2024 adjusted EBITDA of $35 million to $51 million. We reiterated our positive outlook. We look forward to continuing to protect our communities and benefit our shareholders and employees.
About Bridger Aerospace
Bridger Aerospace Group Holdings, Inc., based in Belgrade, Montana, is one of the nation's largest aviation fire suppression companies. Bridger provides aerial fire suppression and wildfire management services to federal and state government agencies (including the U.S. Forest Service) throughout the United States and abroad. For more information about Bridger Aerospace, please visit https://www.bridgeraerospace.com.
Investor Contact
Alison Ziegler
Darrow Associates
201-220-2678
aziegler@darrowir.com
Forward-looking statements
Certain statements contained in this press release are not historical facts, but are forward-looking statements, including for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally involve language such as the following: “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “are” “will”, “plan”, “project”, “predict”, “anticipate”, “prepared”, “positioned”, “could”, “seems”, “seek”, “future”, “outlook”, “target” and similar expressions that predict or indicate future events or trends. is not a historical statement, but the absence of these words does not mean that the statement is not forward-looking. These forward-looking statements include, but are not limited to: (1) The anticipated expansion of Bridger's operations and increased deployment of Bridger's aircraft fleet, including reference to Bridger's acquisition and/or use rights of four Super Scoopers, including the anticipated timing of closure; (including) the anticipated benefits therefrom, the ultimate structure of any such acquisition and/or royalty arrangement; (2) Bridger's business plans, growth plans, and future financial performance (including Bridger's anticipated 2024 Adjusted EBITDA range); (3) current and future demands on aerial firefighting operations, including the duration and severity of domestic or international wildfire seasons; (4) the scale, timing, and benefits of cost reduction activities; (5) consideration, need for, or completion of future financing by Bridger; and (6) expectations for additional aircraft, capital resources, and research and development. investments made and the effects of these investments. These statements are based on various assumptions and estimates and Bridger management's current expectations, whether or not identified in this press release, and are not predictive of actual results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and may not be relied upon as, a guarantee, confirmation, prediction, or conclusive statement of fact or probability by any investor. You must not. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond Bridger's control. These forward-looking statements are subject to a number of risks and uncertainties, including: Bridger's ability to identify and effectively implement current or anticipated future cost savings, including the impact on Bridger's business and operations resulting therefrom; the duration or severity of domestic or international wildfire seasons; changes in domestic and international business, market, financial, political and legal conditions; Bridger failed to realize the expected benefits from the acquisition. Bridger's successful aircraft integration, including achieving synergies and cost savings; Bridger's ability to successfully and timely develop, market and expand its services and execute other growth strategies; risks associated with Bridger's operations and business, including information technology and cybersecurity risks, loss of required licenses, flight safety risks, loss of major customers and deterioration of relationships between Bridger and its employees; risks related to increased competition; risks related to potential disruption to Bridger's current plans, operations and infrastructure, including as a result of the completion of the acquisition; the risk that Bridger may be unable to secure or protect its intellectual property; the risk that Bridger will experience difficulties managing its growth and expansion; Bridger's ability to compete with existing or new companies; This could result in downward pricing pressure, reduced customer orders, reduced profit margins, inability to take advantage of new business opportunities and loss of market share. the ability to select, execute or integrate future acquisitions into Bridger's business; This could have a material adverse effect on our business and financial condition. and the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” contained in Bridger's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 20. The factors described in the section entitled. 2024. If any of these risks materialize or Bridger management's assumptions prove incorrect, actual results could differ materially from those suggested by these forward-looking statements . The risks and uncertainties described above are not exhaustive, and there may be additional risks that Bridger is not currently aware of or that Bridger currently believes are immaterial, which may cause actual It is also possible that actual results may differ from those contained in the forward-looking statements. Additionally, forward-looking statements reflect Bridger's expectations, plans or projections regarding future events and beliefs as of the date of this press release. Bridger expects that subsequent events and developments will change his assessment of Bridger. However, although Bridger may elect to update these forward-looking statements at some point in the future, Bridger specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Bridger's evaluation as of any date subsequent to the date of this press release. Accordingly, you should not place undue reliance on the forward-looking statements contained in this press release.
