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Bridger Aerospace Group Holdings Inc Com (BAER+0.90%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $98.6 million for 2024, an increase of 48% from $66.7 million in 2023. This growth was driven by increased demand for fire suppression services, which contributed $66.8 million to total revenues, up from $56.0 million in the previous year.
The company's cost of revenues increased by 39% to $57.5 million, primarily due to higher expenses in flight operations and maintenance. Flight operations costs rose by 27%, while maintenance costs increased by 56%.
Bridger reported a net loss of $15.6 million for the year, compared to a net loss of $77.4 million in 2023. The improvement was partially due to a decrease in selling, general, and administrative expenses, which fell by 57% to $35.8 million.
Interest expense for the year was $23.7 million, a slight increase from $23.2 million in 2023. The company also recorded other income of $2.1 million, down from $3.1 million in the previous year.
The company continues to invest in its fleet, with property, plant, and equipment valued at $183.8 million as of December 31, 2024. This includes significant investments in aircraft, which are central to Bridger's operations.
Bridger's liquidity position improved, with cash and cash equivalents totaling $39.3 million at year-end, up from $23.0 million in 2023. The company also reported compliance with all financial covenants related to its Series 2022 Bonds.
The company completed the acquisition of Flight Test & Mechanical Solutions, Inc. in June 2024 for $21.2 million, expanding its capabilities in integration solutions for government and commercial customers.
Bridger's report highlights the impact of seasonality on its operations, with the majority of revenues generated during the North American fire season, which typically occurs in the second and third quarters of the fiscal year.
The company identified two material weaknesses in its internal control over financial reporting, which it is in the process of remediating. These relate to the accounting for complex transactions and maintaining user access to IT systems.
Looking forward, Bridger anticipates continued demand for its services driven by the increasing frequency and severity of wildfires, although it acknowledges the potential impact of macroeconomic factors and climate conditions on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bridger Aerospace Group Holdings Inc Com annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.