Business
Bridger Aerospace Announces Second Quarter 2023 Results
Affirms guidance due to rapid acceleration of the North American wildfire season BELGRADE, Mont., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Bridger Aerospace Group
About this update from Bridger Aerospace Group Holdings, Inc.
[{"type":"text","content":"Affirms guidance due to rapid acceleration of the North American wildfire season\nBELGRADE, Mont., Aug. 10, 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 second quarter ended June 30, 2023. Highlights: First international deployment of Super Scoopers and Air Attack aircraft into Canada5-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 operationsAcquisition of Bighorn Airways announced with an expected closing late in the third quarterRevenue 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 fle...