Bridger Aerospace Achieves Another Record Third Quarter
Bridger Aerospace (NASDAQ: BAER) reported a record third quarter ended September 30, 2025 with Q3 revenue $67.9M and Q3 net income $34.5M (up 26% vs. 2024). Nine‑month revenue was $114.3M (up 38% YoY) and Adjusted EBITDA was $54.8M year‑to‑date. The company closed a $49M sale‑leaseback and a $331M financing package in late October to fund fleet expansion and liquidity. Management reaffirmed reaching the high end of 2025 Adjusted EBITDA guidance ($42M–$48M) and raised full‑year revenue expectations to $118M–$122M. Cash and equivalents were $55.1M as of Sept. 30, 2025.
Bridger Aerospace (NASDAQ: BAER) ha riportato un trimestre record chiuso al 30 settembre 2025 con fatturato del Q3 di 67,9 mln di dollari e utile netto del Q3 di 34,5 mln di dollari (in aumento del 26% rispetto al 2024). Il fatturato dei nove mesi è stato 114,3 mln di dollari (in aumento del 38% anno su anno) e l'EBITDA rettificato è stato 54,8 mln di dollari da inizio anno. L'azienda ha chiuso un'operazione di sale-leaseback da 49 mln di dollari e un pacchetto di finanziamento da 331 mln di dollari alla fine di ottobre per finanziare l'espansione della flotta e la liquidità. Il management ha riaffermato di mirare alla fascia alta della guidance EBITDA rettificata 2025 (42-48 mln) e ha innalzato le stime di fatturato annuo a 118-122 mln. Le disponibilità di cassa ed equivalenti erano di 55,1 mln di dollari al 30 settembre 2025.
Bridger Aerospace (NASDAQ: BAER) informó un trimestre récord cerrado el 30 de septiembre de 2025 con ingresos del Q3 de $67.9M y una utilidad neta del Q3 de $34.5M (un 26% más que en 2024). Los ingresos de los primeros nueve meses fueron de $114.3M (un 38% interanual más) y el EBITDA ajustado fue de $54.8M año a la fecha. La empresa cerró un acuerdo de sale-leaseback por $49M y un paquete de financiamiento de $331M a finales de octubre para financiar la expansión de la flota y la liquidez. La dirección reafirmó alcanzar el extremo superior de la guía de EBITDA ajustado para 2025 ($42M–$48M) y elevó las perspectivas de ingresos para el año completo a $118M–$122M. La caja y equivalentes eran de $55.1M al 30 de septiembre de 2025.
Bridger Aerospace (NASDAQ: BAER)가 2025년 9월 30일에 종료된 기록적 3분기를 보고했습니다. Q3 매출은 $67.9M, Q3 순이익은 $34.5M로 2024년 대비 26% 증가했습니다. 9개월 누적 매출은 $114.3M로 YoY 38% 증가했으며 조정 EBITDA는 연초 이후 $54.8M였습니다. 이 회사는 10월 말에 $49M의 매각-리스백과 $331M의 재무 패키지를 체결해 함대 확장과 유동성을 확보했습니다. 경영진은 2025년 조정 EBITDA 가이드의 상단($42M–$48M) 달성 의지를 재확인했고 연간 매출 전망을 $118M–$122M로 상향했습니다. 현금 및 현금성 자산은 2025년 9월 30일 기준 $55.1M였습니다.
Bridger Aerospace (NASDAQ: BAER) a annoncé un trimestre record clos le 30 septembre 2025 avec un chiffre d'affaires du T3 de 67,9 M$ et un bénéfice net du T3 de 34,5 M$ (en hausse de 26 % par rapport à 2024). Le chiffre d'affaires sur neuf mois s'élève à 114,3 M$ (en hausse de 38 % sur un an) et l'EBITDA ajusté est de 54,8 M$ à ce jour. L'entreprise a conclu à la fin octobre une opération de vente-bail à 49 M$ et un paquet de financement de 331 M$ pour financer l'expansion de la flotte et la liquidité. La direction a réaffirmé viser le haut de la fourchette de guidance EBITDA ajusté 2025 (42–48 M$) et a relevé les prévisions de chiffre d'affaires annuel à 118–122 M$. La trésorerie et équivalents s'élevaient à 55,1 M$ au 30 septembre 2025.
Bridger Aerospace (NASDAQ: BAER) meldete ein Rekord-Drittquartal, das am 30. September 2025 endete, mit Q3-Umsatz von 67,9 Mio. USD und Q3-Nettoeinkommen von 34,5 Mio. USD (bei +26% gegenüber 2024). Der Umsatz in den ersten neun Monaten betrug 114,3 Mio. USD (plus 38% YoY) und das bereinigte EBITDA lag year-to-date bei 54,8 Mio. USD. Das Unternehmen schloss im späten Oktober eine Sale-and-leaseback-Transaktion über 49 Mio. USD und ein Finanzierungspaket über 331 Mio. USD ab, um die Flotte zu erweitern und Liquidität zu sichern. Das Management bekräftigte, das obere Ende der 2025er EBITDA-Guidance (42–48 Mio. USD) zu erreichen, und hob die Umsatzprognose für das Gesamtjahr auf 118–122 Mio. USD an. Die liquiden Mittel betrugen zum 30. September 2025 55,1 Mio. USD.
Bridger Aerospace (NASDAQ: BAER) أبلغت عن ربع ثالث قياسي انتهى في 30 سبتمبر 2025 مع إيرادات الربع الثالث 67.9 مليون دولار و صافي الدخل للربع الثالث 34.5 مليون دولار (ارتفاع 26% مقارنة بـ 2024). بلغت إيرادات الأشهر التسعة حتى الآن 114.3 مليون دولار وبلغ EBITDA المعدل 54.8 مليون دولار منذ بداية العام حتى تاريخه. أغلقت الشركة صفقة بيع-إعادة تأجير بقيمة 49 مليون دولار وحزمة تمويل بقيمة 331 مليون دولار في أواخر أكتوبر لتمويل توسيع الأسطول والسيولة. أكدت الإدارة الوصول إلى الحد الأعلى من توجيه EBITDA المعدل لعام 2025 (42–48 مليون دولار) ورفعت توقعات الإيرادات للسنة الكاملة إلى 118–122 مليون دولار. كانت السيولة النقدية وما يعادلها 55.1 مليون دولار حتى 30 سبتمبر 2025.
- Q3 revenue record of $67.9M
- Q3 net income up 26% to $34.5M
- Nine‑month revenue +38% to $114.3M
- Closed $49M sale‑leaseback and $331M financing for fleet expansion
- Cash balance of $55.1M at September 30, 2025
- Nine‑month cost of revenues increased to $57.0M from $42.1M
- Return‑to‑service work added $9.6M of expenses year‑to‑date
Insights
Bridger reported record Q3 revenue and profits and closed large financing to fund fleet growth; guidance upgraded for 2025.
Bridger Aerospace delivered third quarter revenue of
Operationally, higher utilization of Super Scoopers and surveillance aircraft drove revenue growth while cost of revenues and SG&A trends narrowed or improved in the periods disclosed. The company now expects full‑year revenue to be between
Watch the timing and drawdown terms of the
Recent Federal Wildfire Initiatives and Financing Transaction to Accelerate Growth
BELGRADE, Mont., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported record results for the third quarter ended September 30, 2025.
Third Quarter and Recent Highlights:
- Record third quarter revenue of
$67.9 million brings nine-month revenue to$114.3 million - Third quarter net income jumps
26% to$34.5 million , adjusted EBITDA increases4% to$49.1 million compared to the third quarter of 2024 - Closing of
$49 million sale leaseback and$331 million financing package in late October to provide financial flexibility and growth capital for fleet expansion - On track to hit the higher end of 2025 Adjusted EBITDA guidance of
$42 -$48 million - Task order extensions that keep a portion of our fleet ready for deployment through October, underscore growing year-round wildfire activity
- Establishment of the Wildland Fire Service Plan and passage of the Fire Ready Nation Act helps the country focus its efforts on preparedness and aggressive wildfire suppression
“2025 has been a defining year for Bridger so far,” shared Sam Davis, Bridger’s Chief Executive Officer. Throughout the year, we have seen more strategic prepositioning and utilization of our aircraft. Statistically, this was a below average fire year; yet our focus on diversifying revenue streams and obtaining long-term contracts has positioned us to outperform. Our strong third quarter results and the completion of our debt refinancing, with the delayed drawn down facility, equips us with the opportunity to acquire new aircraft as we pursue new contracts to serve our customers – whether federal, state, local, or defense. As the threat of wildfire continues to grow, so does our commitment to year-round readiness. This quarter has demonstrated that commitment. For Bridger, financial resilience and a strong balance sheet are not ends in themselves, they are prerequisites for delivering on our mission to protect lives, property, critical infrastructure, and the environment.”
Summary Financial Results
| (In thousands) | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues | $ | 67,886 | $ | 64,507 | $ | 114,283 | 83,028 | ||||||
| Operating income | 39,030 | 32,865 | 34,406 | 12,801 | |||||||||
| Net income (loss) | 34,519 | 27,346 | 19,289 | - | (2,722 | ) | |||||||
| Adjusted EBITDA | 49,075 | 46,974 | 54,821 | 40,237 | |||||||||
| Net cash provided by (used in) operating activities | 24,761 | (2,834 | ) | ||||||||||
| Cash and cash equivalents | $ | 55,118 | $ | 33,328 | |||||||||
Third Quarter 2025 Results
Revenue for the third quarter of 2025 was
Cost of revenues was
Selling, general and administrative expenses (“SG&A”) were
Interest expense for the third quarter of 2025 was
Net income was
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
As of September 30, 2025, cash and cash equivalents were
Year to Date Results
Revenue for the first nine months of 2025 was
Cost of revenues was
SG&A expenses were
Interest expense for the first nine months of 2025 decreased to
Net income was
Business Outlook
With the continued strong fleet utilization in the third quarter supported by record task orders for our Super Scoopers, we remain on track to end 2025 at the higher end of our previously issued 2025 guidance of Adjusted EBITDA of
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
Conference Call
Bridger Aerospace will hold an investor conference call on Thursday, November 6, 2025, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results and its business outlook. Interested parties can access the conference call by dialing 800-343-4136 or 203-518-9843. The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com. An audio replay will be available through November 13, 2025, by calling 844-512-2921 or 412-317-6671 and using the passcode 11160179. The replay will also be accessible at https://ir.bridgeraerospace.com.
About Bridger Aerospace
Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation’s largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com.
Investor Contacts
Alison Ziegler
Darrow Associates
201-220-2678
aziegler@darrowir.com
Forward Looking Statements Certain statements included in this press release that are not historical facts (including any statements concerning plans and objectives of management for future operations of economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “poised,” “positioned,” “potential,” “seem,” “seek,” “future,” “outlook,” “target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a 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, the anticipated benefits therefrom and the ultimate structure of such acquisitions and/or right to use arrangements; (2) Bridger’s business and growth plans and future financial performance; (3) current and future demand for aerial firefighting services, including the duration or severity of any domestic or international wildfire seasons; (4) the magnitude, timing and benefits from any cost reduction actions; (5) Bridger’s exploration of, need for, or completion of any future financings; (6) Bridger’s potential sources of liquidity and capital resources; (7) Bridger’s remediation plan for its material weaknesses in Bridger’s internal control over financial reporting; and (8) anticipated investments in additional aircraft, capital resources and research and development and the effect of these investments. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: the ability of Bridger to successfully implement the benefits from the financing transactions; Bridger’s ability to identify and effectively implement any current or future anticipated cost reductions, including any resulting impacts to Bridger’s business and operations therefrom; the duration or severity of any domestic or international wildfire seasons; changes in domestic and foreign business, market, financial, political and legal conditions; Bridger’s failure to realize the anticipated benefits of any acquisitions; Bridger’s successful integration of any aircraft (including achievement of synergies and cost reductions); Bridger’s ability to successfully and timely develop, sell and expand its services, and otherwise implement its growth strategy; risks relating to Bridger’s operations and business, including information technology and cybersecurity risks, loss of requisite licenses, flight safety risks, loss of key customers and deterioration in relationships between Bridger and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of Bridger, including as a result of the consummation of any acquisition; risks that Bridger is unable to secure or protect its intellectual property; risks that Bridger experiences difficulties managing its growth and expanding operations; Bridger's ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share; the ability to successfully select, execute or integrate future acquisitions into Bridger's business, which could result in material adverse effects to operations and financial conditions; and those factors discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included in Bridger’s Annual Report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 14, 2025 for the fiscal year ended December 31, 2024 and in subsequent filings made by Bridger with the SEC from time to time. If any of these risks materialize or Bridger management's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that Bridger presently does not know or that Bridger currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bridger’s expectations, plans or forecasts of future events and views as of the date of this press release. Bridger anticipates that subsequent events and developments will cause Bridger’s assessments to change. However, while 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 assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements contained in this press release.
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 67,886 | $ | 64,507 | $ | 114,283 | $ | 83,028 | ||||||||
| Cost of revenues: | ||||||||||||||||
| Flight operations | 12,118 | 15,122 | 26,226 | 25,237 | ||||||||||||
| Maintenance | 9,015 | 7,879 | 30,814 | 16,837 | ||||||||||||
| Total cost of revenues | 21,133 | 23,001 | 57,040 | 42,074 | ||||||||||||
| Gross profit | 46,753 | 41,506 | 57,243 | 40,954 | ||||||||||||
| Selling, general and administrative expense | 7,723 | 8,641 | 22,837 | 28,153 | ||||||||||||
| Operating income | 39,030 | 32,865 | 34,406 | 12,801 | ||||||||||||
| Interest expense | (5,802 | ) | (5,989 | ) | (17,274 | ) | (17,766 | ) | ||||||||
| Other income | 451 | 470 | 1,750 | 1,773 | ||||||||||||
| Income (loss) before income taxes | 33,679 | 27,346 | 18,882 | (3,192 | ) | |||||||||||
| Income tax benefit | 840 | - | 407 | 470 | ||||||||||||
| Net income (loss) | $ | 34,519 | $ | 27,346 | $ | 19,289 | $ | (2,722 | ) | |||||||
| Series A preferred stock – adjustment to maximum redemptions value | (6,939 | ) | (6,476 | ) | (20,136 | ) | (18,861 | ) | ||||||||
| Earnings (loss) attributable to Common stockholders - basic and diluted | $ | 27,580 | $ | 20,870 | $ | (847 | ) | $ | (21,583 | ) | ||||||
| Dilutive adjustments to Earnings (loss) attributable to Common stockholders - basic | 6,939 | 6,476 | - | - | ||||||||||||
| Earnings (loss) attributable to Common stockholders - diluted | $ | 34,519 | $ | 27,346 | $ | (847 | ) | $ | (21,583 | ) | ||||||
| Earnings (loss) per share - basic | $ | 0.50 | $ | 0.39 | $ | (0.02 | ) | $ | (0.43 | ) | ||||||
| Earnings (loss) per share - diluted | $ | 0.37 | $ | 0.31 | $ | (0.02 | ) | $ | (0.43 | ) | ||||||
| Weighted average Common stock outstanding – basic | 54,637 | 52,935 | 54,113 | 49,633 | ||||||||||||
| Weighted average Common stock outstanding – diluted | 92,113 | 87,956 | 54,113 | 49,633 | ||||||||||||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| As of September 30, 2025 | As of December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 55,118 | $ | 39,336 | |||
| Restricted cash | 9,257 | 13,747 | |||||
| Accounts and note receivable | 17,730 | 5,945 | |||||
| Aircraft support parts | 1,043 | 857 | |||||
| Prepaid expenses and other current assets | 5,045 | 3,924 | |||||
| Total current assets | 88,193 | 63,809 | |||||
| Property, plant and equipment, net | 179,701 | 183,769 | |||||
| Intangible assets, net | 6,000 | 6,076 | |||||
| Goodwill | 20,888 | 20,749 | |||||
| Other noncurrent assets | 16,204 | 16,406 | |||||
| Total assets | $ | 310,986 | $ | 290,809 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,473 | $ | 5,330 | |||
| Accrued expenses and other current liabilities | 11,049 | 14,057 | |||||
| Operating right-of-use current liability | 2,274 | 1,835 | |||||
| Current portion of long-term debt, net of debt issuance costs | 2,553 | 2,170 | |||||
| Total current liabilities | 22,349 | 23,392 | |||||
| Long-term accrued expenses and other noncurrent liabilities | 4,094 | 5,388 | |||||
| Operating right-of-use noncurrent liability | 6,225 | 6,083 | |||||
| Long-term debt, net of debt issuance costs | 200,396 | 202,469 | |||||
| Total liabilities | $ | 233,064 | $ | 237,332 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| MEZZANINE EQUITY | |||||||
| Series A preferred stock | 400,315 | 380,179 | |||||
| STOCKHOLDERS’ DEFICIT | |||||||
| Common stock | 6 | 6 | |||||
| Additional paid-in capital | 86,988 | 101,495 | |||||
| Accumulated deficit | (409,950 | ) | (429,239 | ) | |||
| Accumulated other comprehensive income | 563 | 1,036 | |||||
| Total stockholders’ deficit | (322,393 | ) | (326,702 | ) | |||
| Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 310,986 | $ | 290,809 | |||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| For the nine months ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net income (loss) | $ | 19,289 | $ | (2,722 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities, net of acquisition: | |||||||
| Depreciation and amortization | 14,196 | 14,759 | |||||
| Stock based compensation expense | 4,829 | 13,719 | |||||
| Deferred tax benefit | - | (490 | ) | ||||
| Amortization of debt issuance costs | 752 | 692 | |||||
| (Gain) loss on disposal of fixed assets | (119 | ) | 251 | ||||
| Change in fair value of the Warrants | 1,066 | (3,997 | ) | ||||
| Change in fair value of earnout consideration | (2,781 | ) | 479 | ||||
| Realized gain on investments in marketable securities | - | (16 | ) | ||||
| Change in fair value of embedded derivative | - | (885 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (11,785 | ) | (23,453 | ) | |||
| Aircraft support parts | (186 | ) | (46 | ) | |||
| Prepaid expense and other current and noncurrent assets | 2,848 | 1,303 | |||||
| Accounts payable, accrued expenses and other liabilities | (3,348 | ) | (2,428 | ) | |||
| Net cash provided by (used in) operating activities | 24,761 | (2,834 | ) | ||||
| Cash Flows from Investing Activities: | |||||||
| Proceeds from sales of property, plant and equipment | 976 | 505 | |||||
| Purchases of property, plant and equipment | (10,570 | ) | (3,099 | ) | |||
| Expenditures for capitalized software | (923 | ) | (973 | ) | |||
| Collection of note receivable | - | 3,000 | |||||
| Cash acquired through acquisition | - | 2,592 | |||||
| Proceeds from sales and maturities of marketable securities | - | 1,055 | |||||
| Net cash (used in) provided by investing activities | (10,517 | ) | 3,080 | ||||
| Cash Flows from Financing Activities: | |||||||
| Repayments on debt | (2,442 | ) | (2,210 | ) | |||
| Restricted stock units settled in cash | (391 | ) | (694 | ) | |||
| Payment of finance lease liability | (24 | ) | (20 | ) | |||
| Proceeds from issuance of Common Stock in the registered direct offering | - | 9,169 | |||||
| Proceeds from issuance of Common Stock in the at-the-market offering | - | 168 | |||||
| Payment of issuance costs for Common Stock in offerings | - | (1,006 | ) | ||||
| Net cash (used in) provided by financing activities | (2,857 | ) | 5,407 | ||||
| Effects of exchange rate changes | (95 | ) | - | ||||
| Net change in cash, cash equivalents and restricted cash | 11,292 | 5,653 | |||||
| Cash, cash equivalents and restricted cash – beginning of the period | 53,083 | 36,937 | |||||
| Cash, cash equivalents and restricted cash – end of the period | $ | 64,375 | $ | 42,590 | |||
| Less: Restricted cash – end of the period | 9,257 | 9,262 | |||||
| Cash and cash equivalents – end of the period | $ | 55,118 | $ | 33,328 | |||
| EXHIBIT A Non-GAAP Results and Reconciliations |
Although Bridger believes that net income or loss, as determined in accordance with GAAP, is the most appropriate earnings measure, we use EBITDA and Adjusted EBITDA as key profitability measures to assess the performance of our business. Bridger believes these measures help illustrate underlying trends in our business and use the measures to establish budgets and operational goals, and communicate internally and externally, in managing our business and evaluating its performance. Bridger also believes these measures help investors compare our operating performance with its results in prior periods in a way that is consistent with how management evaluates such performance.
Each of the profitability measures described below is not recognized under GAAP and does not purport to be an alternative to net income or loss determined in accordance with GAAP as a measure of our performance. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. EBITDA and Adjusted EBITDA exclude items that can have a significant effect on our profit or loss and should, therefore, be used only in conjunction with our GAAP profit or loss for the period. Bridger’s management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these measures may not be comparable to other similarly titled measures of other companies.
Bridger does not provide a reconciliation of forward-looking measures where Bridger believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts, such as acquisition costs, integration costs and loss on the disposal or obsolescence of aging aircraft. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Bridger’s control or cannot be reasonably predicted. For the same reasons, Bridger is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the interest expense, income tax expense (benefit) and depreciation and amortization of property, plant and equipment and intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense).
Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we exclude from Adjusted EBITDA offering costs related to financing and other transactions, which include costs that are required to be expensed in accordance with GAAP. In addition, we exclude from Adjusted EBITDA non-cash stock-based compensation, business development and integration expenses, the change in the fair value of earnout consideration and the change in the fair value of warrants. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
The following table reconciles net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2025, and 2024.
| (In thousands) | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | 34,519 | $ | 27,346 | $ | 19,289 | $ | (2,722 | ) | ||||||
| Income tax benefit | (840 | ) | - | (407 | ) | (470 | ) | ||||||||
| Depreciation and amortization | 8,196 | 11,471 | 14,196 | 14,759 | |||||||||||
| Interest expense | 5,802 | 5,989 | 17,274 | 17,766 | |||||||||||
| EBITDA | 47,677 | 44,806 | 50,352 | 29,333 | |||||||||||
| Stock-based compensation(1) | 1,101 | 3,369 | 4,829 | 13,718 | |||||||||||
| Business development & integration expenses(2) | 331 | 287 | 918 | 748 | |||||||||||
| Offering costs(3) | - | 105 | 437 | (44 | ) | ||||||||||
| Change in fair value of earnout consideration(4) | (34 | ) | 272 | (2,781 | ) | 479 | |||||||||
| Change in fair value of Warrants(5) | - | (1,865 | ) | 1,066 | (3,997 | ) | |||||||||
| Adjusted EBITDA | $ | 49,075 | $ | 46,974 | $ | 54,821 | $ | 40,237 | |||||||
| 1 | Represents non-cash stock-based compensation expense associated with employee and non-employee equity awards. |
| 2 | Represents expenses related to integration costs for completed acquisitions and potential acquisition targets and additional business lines. |
| 3 | Represents one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period. |
| 4 | Represents non-cash fair value adjustment for earnout consideration issued in connection with the acquisition of Ignis Technologies, Inc. and Flight Test & Mechanical Solutions, Inc. |
| 5 | Represents the non-cash fair value adjustment for the outstanding warrants. |
FAQ
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