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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”
About this update from Bridger Aerospace Group Holdings, Inc.
[{"type":"text","content":"Prepared to Meet the Growing Demand for Aerial Firefighting\nBOZEMAN, 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 seasonFirst quarter 2023 operating expenses in line with management’s expectationsBridger’s receipt of its sixth Super Scooper in February 2023 creates world’s largest privately owned Super Scooper fleetOn 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 202...