Business
Bridger Aerospace Announces Full Year 2022 Results; Provides Outlook for 2023 Growth
BOZEMAN, Mont., March 20, 2023 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of
About this update from Bridger Aerospace Group Holdings, Inc.
[{"type":"text","content":"BOZEMAN, Mont., March 20, 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 fourth quarter and year ended December 31, 2022. Highlights: Business combination with Jack Creek Investment Corp. (“JCIC”) completed on January 24, 2023, and trading on Nasdaq under BAER began on January 25, 2023Delivery of latest Super Scooper in February 2023 expands Super Scooper fleet to sixPositioned to significantly grow revenue in 2023 by over 80% with current fleetBridger 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 mi...