Bridger Aerospace Announces Record First Quarter; Reiterates 2025 Guidance
Bridger Aerospace (NASDAQ: BAER), a leading aerial firefighting company, reported record Q1 2025 results with revenue of $15.6 million, up from $5.5 million in Q1 2024. The company's net loss improved to $15.5 million, with negative Adjusted EBITDA of $5.1 million. Bridger achieved earliest-ever Super Scooper deployment in January 2025 to California, followed by Oklahoma and North Carolina in March.
Key developments include an exclusive contract with Montana for wildfire detection using a modified Daher Kodiak 100 aircraft and a new five-year $20.1 million contract with the U.S. Department of the Interior for Alaska operations. The company maintains its 2025 guidance of $42-48 million in Adjusted EBITDA on revenue of $105-111 million. Cash position stood at $22.3 million as of March 31, 2025.
Bridger Aerospace (NASDAQ: BAER), una società leader nel settore della lotta aerea agli incendi, ha riportato risultati record nel primo trimestre del 2025 con ricavi di 15,6 milioni di dollari, in aumento rispetto ai 5,5 milioni di dollari del primo trimestre 2024. La perdita netta dell'azienda è migliorata a 15,5 milioni di dollari, con un EBITDA rettificato negativo di 5,1 milioni di dollari. Bridger ha effettuato il dispiegamento più anticipato di sempre del Super Scooper a gennaio 2025 in California, seguito da Oklahoma e North Carolina a marzo.
Tra gli sviluppi chiave si annovera un contratto esclusivo con il Montana per il rilevamento degli incendi boschivi utilizzando un aereo Daher Kodiak 100 modificato e un nuovo contratto quinquennale da 20,1 milioni di dollari con il Dipartimento degli Interni degli Stati Uniti per le operazioni in Alaska. L'azienda conferma le previsioni per il 2025 con un EBITDA rettificato tra 42 e 48 milioni di dollari su ricavi compresi tra 105 e 111 milioni di dollari. La posizione di cassa al 31 marzo 2025 era di 22,3 milioni di dollari.
Bridger Aerospace (NASDAQ: BAER), una empresa líder en extinción aérea de incendios, reportó resultados récord en el primer trimestre de 2025 con ingresos de 15,6 millones de dólares, frente a 5,5 millones en el primer trimestre de 2024. La pérdida neta de la compañía mejoró a 15,5 millones de dólares, con un EBITDA ajustado negativo de 5,1 millones. Bridger logró el despliegue más temprano de su Super Scooper en enero de 2025 en California, seguido por Oklahoma y Carolina del Norte en marzo.
Entre los desarrollos clave se incluye un contrato exclusivo con Montana para la detección de incendios forestales utilizando una aeronave Daher Kodiak 100 modificada y un nuevo contrato quinquenal de 20,1 millones de dólares con el Departamento del Interior de EE.UU. para operaciones en Alaska. La empresa mantiene su guía para 2025 con un EBITDA ajustado de 42 a 48 millones de dólares sobre ingresos de 105 a 111 millones de dólares. La posición de efectivo al 31 de marzo de 2025 fue de 22,3 millones de dólares.
Bridger Aerospace (NASDAQ: BAER)는 항공 소방 분야의 선도 기업으로, 2025년 1분기 매출이 1,560만 달러로 2024년 1분기 550만 달러에서 크게 증가하며 사상 최고 실적을 기록했습니다. 회사의 순손실은 1,550만 달러로 개선되었고, 조정 EBITDA는 마이너스 510만 달러를 기록했습니다. Bridger는 2025년 1월 캘리포니아에 역대 가장 이른 Super Scooper 배치를 완료했으며, 3월에는 오클라호마와 노스캐롤라이나에도 배치했습니다.
주요 발전 사항으로는 수정된 Daher Kodiak 100 항공기를 사용한 산불 감지를 위한 몬태나주와의 독점 계약과 미국 내무부와 체결한 알래스카 운영을 위한 5년간 2,010만 달러 계약이 포함됩니다. 회사는 2025년 매출 1억 500만 달러에서 1억 1,100만 달러, 조정 EBITDA 4,200만 달러에서 4,800만 달러 달성 전망을 유지하고 있습니다. 2025년 3월 31일 기준 현금 보유액은 2,230만 달러였습니다.
Bridger Aerospace (NASDAQ : BAER), une entreprise de premier plan dans la lutte aérienne contre les incendies, a annoncé des résultats records pour le premier trimestre 2025 avec un chiffre d'affaires de 15,6 millions de dollars, en hausse par rapport à 5,5 millions de dollars au premier trimestre 2024. La perte nette de la société s'est améliorée à 15,5 millions de dollars, avec un EBITDA ajusté négatif de 5,1 millions de dollars. Bridger a réalisé le déploiement le plus précoce jamais enregistré du Super Scooper en janvier 2025 en Californie, suivi de l'Oklahoma et de la Caroline du Nord en mars.
Les développements clés incluent un contrat exclusif avec le Montana pour la détection des incendies de forêt utilisant un avion Daher Kodiak 100 modifié, ainsi qu'un nouveau contrat de cinq ans d'une valeur de 20,1 millions de dollars avec le Département de l'Intérieur des États-Unis pour les opérations en Alaska. L'entreprise maintient ses prévisions pour 2025 avec un EBITDA ajusté entre 42 et 48 millions de dollars sur un chiffre d'affaires compris entre 105 et 111 millions de dollars. La trésorerie s'élevait à 22,3 millions de dollars au 31 mars 2025.
Bridger Aerospace (NASDAQ: BAER), ein führendes Unternehmen im Bereich der luftgestützten Brandbekämpfung, meldete Rekordergebnisse für das erste Quartal 2025 mit einem Umsatz von 15,6 Millionen US-Dollar, gegenüber 5,5 Millionen US-Dollar im ersten Quartal 2024. Der Nettoverlust des Unternehmens verbesserte sich auf 15,5 Millionen US-Dollar, mit einem negativen bereinigten EBITDA von 5,1 Millionen US-Dollar. Bridger erreichte den frühesten Einsatz des Super Scooper im Januar 2025 in Kalifornien, gefolgt von Einsätzen in Oklahoma und North Carolina im März.
Zu den wichtigsten Entwicklungen gehört ein exklusiver Vertrag mit Montana zur Waldbrandüberwachung mit einem modifizierten Daher Kodiak 100 Flugzeug sowie ein neuer fünfjähriger Vertrag über 20,1 Millionen US-Dollar mit dem US-Innenministerium für Einsätze in Alaska. Das Unternehmen hält an seiner Prognose für 2025 fest, mit einem bereinigten EBITDA von 42 bis 48 Millionen US-Dollar bei einem Umsatz von 105 bis 111 Millionen US-Dollar. Die Barreserve betrug zum 31. März 2025 22,3 Millionen US-Dollar.
- Record Q1 revenue of $15.6 million, nearly tripling from $5.5 million in Q1 2024
- Secured new five-year $20.1 million contract with U.S. Department of the Interior
- Net loss improved from $20.1 million to $15.5 million year-over-year
- Obtained exclusive-use contract with Montana for wildfire detection
- On track to meet 2025 guidance of $105-111 million revenue
- Operating loss of $10.1 million in Q1 2025
- Negative Adjusted EBITDA of $5.1 million
- Cash and equivalents decreased from $39.3 million to $22.3 million since December 2024
- Cost of revenues increased significantly to $17.2 million from $9.2 million year-over-year
Insights
Bridger Aerospace tripled Q1 revenue to $15.6M, narrowed losses amid early fire season deployments, and maintained strong 2025 guidance despite significant cash burn.
Bridger Aerospace's Q1 results reveal a remarkable
The financial improvements extend beyond the top line, with operating loss narrowing from
Cash management warrants attention, as the
The new contracts secured – including the exclusive-use agreement with Montana and a five-year
Management's maintained full-year guidance of
The interest expense of
BELGRADE, Mont., May 08, 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 first quarter ended March 31, 2025.
First Quarter Highlights:
- Record revenue of
$15.6 million for Q1 2025 - Earliest deployment of Super Scoopers in Company history in January 2025 to California followed by Oklahoma and North Carolina in March as well as deployment of MMA aircraft, reinforcing the trend of year-round wildfire activity
- Higher revenues from increased operations drove improvement in net loss to
$15.5 million and negative Adjusted EBITDA to$5.1 million in Q1 2025 - First of its kind, exclusive-use contract with the state of Montana to provide wildfire detection and mapping using a specially modified Daher Kodiak 100 aircraft
- New five-year
$20.1 million contract with the U.S. Department of the Interior to support the state of Alaska - Appointment of Meghan Pasricha as an independent director
- On track to meet 2025 Adjusted EBITDA guidance of
$42 million to$48 million on revenue of$105 million to$111 million
Summary Financial Results
| (in thousands) | For the three months ended March 31, | ||||
| 2025 | 2024 | ||||
| Revenues | $ | 15,646 | $ | 5,507 | |
| Operating loss | (10,151) | (15,309) | |||
| Net loss | (15,538) | (20,087) | |||
| Adjusted EBITDA | (5,077) | (6,928) | |||
| Net cash used in operating activities | (17,656) | (22,762) | |||
| Cash and cash equivalents | 22,349 | 6,776 | |||
“With our Super Scoopers deployed to California in January followed by Oklahoma and North Carolina in March, we saw a significant increase in our first quarter suppression and surveillance related revenues which provides increased confidence in meeting our growth objectives in 2025,” commented Sam Davis, Bridger’s Chief Executive Officer. “These deployments reinforce the growing trend of year-round wildfire activity and our efforts to obtain more opportunities by having our fleet ready and available throughout the year. In addition, with the recent contract award with the State of Montana and our MMA fleet being deployed, nearly all of Bridger’s air attack and sensor-equipped fleet are either committed or operational for 2025. With winter maintenance and training activities nearly complete, we are well prepared to assist state, federal and international customers in protecting lives and property from the increasingly year-round threat of wildfire.”
First Quarter 2025 Results
Revenue for the first quarter of 2025 was
Cost of revenues was
Selling, general and administrative expenses (“SG&A”) were
Interest expense for the first quarter of 2025 was
Net loss was
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
At March 31, 2025, cash and cash equivalents was
Business Outlook
With the early deployment of Super Scoopers amidst firefighting activity in California, Oklahoma and North Carolina in the first quarter, we continue to see a lengthening of the wildfire year beyond the seasonally strong third quarter. In addition, the 2024 acquisition of FMS, non-aerial firefighting activity, and state contracts that place our planes on standby are helping to stabilize revenues quarter to quarter. This has resulted in increased confidence in our 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, May 8, 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 800-717-1738 or 646-307-1865. 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 May 15, 2025, by calling 844-512-2921 or 412-317-6671 and using the passcode 1128402. 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 are not historical facts but are forward-looking statements, including for purposes of the safe harbor provisions under the United States 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: 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 on March 14, 2025. 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 March 31, | |||||||
| 2025 | 2024 | ||||||
| Revenues | $ | 15,646 | $ | 5,507 | |||
| Cost of revenues: | |||||||
| Flight operations | 6,252 | 5,009 | |||||
| Maintenance | 10,955 | 4,197 | |||||
| Total cost of revenues | 17,207 | 9,206 | |||||
| Gross loss | (1,561 | ) | (3,699 | ) | |||
| Selling, general and administrative expense | 8,590 | 11,610 | |||||
| Operating loss | (10,151 | ) | (15,309 | ) | |||
| Interest expense | (5,735 | ) | (5,923 | ) | |||
| Other income | 599 | 1,159 | |||||
| Loss before income taxes | (15,287 | ) | (20,073 | ) | |||
| Income tax expense | (251 | ) | (14 | ) | |||
| Net loss | $ | (15,538 | ) | $ | (20,087 | ) | |
| Series A preferred stock – adjustment to maximum redemptions value | (6,561 | ) | (6,189 | ) | |||
| Loss attributable to Common stockholders - basic and diluted | $ | (22,099 | ) | $ | (26,276 | ) | |
| Loss per share - basic | $ | (0.41 | ) | $ | (0.55 | ) | |
| Loss per share - diluted | $ | (0.41 | ) | $ | (0.55 | ) | |
| Weighted average Common stock outstanding – basic | 53,815 | 47,602 | |||||
| Weighted average Common stock outstanding – diluted | 53,815 | 47,602 | |||||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| As of March 31, 2025 | As of December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 22,349 | $ | 39,336 | |||
| Restricted cash | 9,244 | 13,747 | |||||
| Accounts and note receivable | 10,239 | 5,945 | |||||
| Aircraft support parts | 869 | 857 | |||||
| Prepaid expenses and other current assets | 3,686 | 3,924 | |||||
| Total current assets | 46,387 | 63,809 | |||||
| Property, plant and equipment, net | 184,546 | 183,769 | |||||
| Intangible assets, net | 6,046 | 6,076 | |||||
| Goodwill | 20,888 | 20,749 | |||||
| Other noncurrent assets | 17,735 | 16,406 | |||||
| Total assets | $ | 275,602 | $ | 290,809 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,949 | $ | 5,330 | |||
| Accrued expenses and other current liabilities | 9,768 | 14,057 | |||||
| Operating right-of-use current liability | 2,258 | 1,835 | |||||
| Current portion of long-term debt, net of debt issuance costs | 2,222 | 2,170 | |||||
| Total current liabilities | 21,197 | 23,392 | |||||
| Long-term accrued expenses and other noncurrent liabilities | 5,802 | 5,388 | |||||
| Operating right-of-use noncurrent liability | 7,374 | 6,083 | |||||
| Long-term debt, net of debt issuance costs | 201,857 | 202,469 | |||||
| Total liabilities | $ | 236,230 | $ | 237,332 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| MEZZANINE EQUITY | |||||||
| Series A preferred stock | 386,740 | 380,179 | |||||
| STOCKHOLDERS’ DEFICIT | |||||||
| Common stock | 6 | 6 | |||||
| Additional paid-in capital | 96,583 | 101,495 | |||||
| Accumulated deficit | (444,777 | ) | (429,239 | ) | |||
| Accumulated other comprehensive income | 820 | 1,036 | |||||
| Total stockholders’ deficit | (347,368 | ) | (326,702 | ) | |||
| Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 275,602 | $ | 290,809 | |||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| For the three months ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net loss | $ | (15,538 | ) | $ | (20,087 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisition: | |||||||
| Depreciation and amortization | 1,979 | 1,290 | |||||
| Stock based compensation expense | 1,991 | 5,873 | |||||
| Amortization of debt issuance costs | 252 | 192 | |||||
| (Gain) loss on disposal of fixed assets | (111 | ) | 255 | ||||
| Change in fair value of the Warrants | 266 | (266 | ) | ||||
| Change in fair value of earnout consideration | (152 | ) | 15 | ||||
| Realized gain on investments in marketable securities | - | (16 | ) | ||||
| Change in fair value of embedded derivative | - | (885 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (4,294 | ) | (3,813 | ) | |||
| Aircraft support parts | (12 | ) | 12 | ||||
| Prepaid expense and other current and noncurrent assets | 1,024 | (379 | ) | ||||
| Accounts payable, accrued expenses and other liabilities | (3,061 | ) | (4,953 | ) | |||
| Net cash used in operating activities | (17,656 | ) | (22,762 | ) | |||
| Cash Flows from Investing Activities: | |||||||
| Proceeds from sales of property, plant and equipment | 948 | - | |||||
| Purchases of property, plant and equipment | (3,311 | ) | (957 | ) | |||
| Expenditures for capitalized software | (280 | ) | (312 | ) | |||
| Collection of note receivable | - | 3,000 | |||||
| Proceeds from sales and maturities of marketable securities | - | 1,055 | |||||
| Net cash (used in) provided by investing activities | (2,643 | ) | 2,786 | ||||
| Cash Flows from Financing Activities: | |||||||
| Repayments on debt | (812 | ) | (733 | ) | |||
| Restricted stock units settled in cash | (342 | ) | - | ||||
| Payment of finance lease liability | (5 | ) | (7 | ) | |||
| Proceeds from issuance of Common Stock in the at-the-market offering | - | 168 | |||||
| Payment of issuance costs for Common Stock in offerings | - | (324 | ) | ||||
| Net cash used in financing activities | (1,159 | ) | (896 | ) | |||
| Effects of exchange rate changes | (32 | ) | - | ||||
| Net change in cash, cash equivalents and restricted cash | (21,490 | ) | (20,872 | ) | |||
| Cash, cash equivalents and restricted cash – beginning of the period | 53,083 | 36,937 | |||||
| Cash, cash equivalents and restricted cash – end of the period | $ | 31,593 | $ | 16,065 | |||
| Less: Restricted cash – end of the period | 9,244 | 9,289 | |||||
| Cash and cash equivalents – end of the period | $ | 22,349 | $ | 6,776 | |||
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 loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025, and 2024.
| (in thousands) | For the three months ended March 31, | ||||||
| 2025 | 2024 | ||||||
| Net loss | $ | (15,538 | ) | $ | (20,087 | ) | |
| Income tax (benefit) expense | 251 | 14 | |||||
| Depreciation and amortization | 1,980 | 1,290 | |||||
| Interest expense | 5,735 | 5,923 | |||||
| EBITDA | (7,572 | ) | (12,860 | ) | |||
| Stock-based compensation(1) | 1,991 | 5,871 | |||||
| Business development & integration expenses(2) | 232 | 312 | |||||
| Offering costs(3) | 158 | - | |||||
| Change in fair value of earnout consideration(4) | (152 | ) | 15 | ||||
| Change in fair value of Warrants(5) | 266 | (266 | ) | ||||
| Adjusted EBITDA | $ | (5,077 | ) | $ | (6,928 | ) | |
- Represents non-cash stock-based compensation expense associated with employee and non-employee equity awards.
- Represents expenses related to integration costs for completed acquisitions and potential acquisition targets and additional business lines.
- Represents one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period.
- 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.
- Represents the non-cash fair value adjustment for the outstanding warrants.
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