Bridger Aerospace Announces Strongest Second Quarter in Company History
Bridger Aerospace (NASDAQ: BAER) reported record-breaking Q2 2025 results, with revenue soaring to $30.8 million, more than double the $13.0 million from Q2 2024. The company achieved a significant turnaround with a net income of $0.3 million, marking a $10+ million year-over-year improvement, while Adjusted EBITDA reached $10.8 million.
The aerial firefighting company secured historic 120-day Super Scooper task orders and announced a $46 million sale-leaseback deal for its hangar and campus headquarters. With 100% fleet deployment and earliest call-outs in company history, Bridger expects to hit the higher end of its 2025 guidance: $42-$48 million Adjusted EBITDA on $105-$111 million in revenue.
Bridger Aerospace (NASDAQ: BAER) ha riportato risultati record nel secondo trimestre del 2025, con ricavi che sono saliti a 30,8 milioni di dollari, più del doppio rispetto ai 13,0 milioni di dollari del secondo trimestre 2024. L'azienda ha realizzato una svolta significativa con un utile netto di 0,3 milioni di dollari, segnando un miglioramento di oltre 10 milioni di dollari su base annua, mentre l'EBITDA rettificato ha raggiunto i 10,8 milioni di dollari.
La società specializzata nell'antincendio aereo ha ottenuto ordini storici per 120 giorni di attività Super Scooper e ha annunciato un accordo di sale-leaseback da 46 milioni di dollari per il proprio hangar e sede centrale. Con il 100% della flotta operativa e le chiamate più anticipate nella storia aziendale, Bridger prevede di raggiungere la fascia alta delle stime per il 2025: un EBITDA rettificato tra 42 e 48 milioni di dollari su ricavi compresi tra 105 e 111 milioni di dollari.
Bridger Aerospace (NASDAQ: BAER) reportó resultados récord en el segundo trimestre de 2025, con ingresos que se dispararon a 30,8 millones de dólares, más del doble de los 13,0 millones de dólares del segundo trimestre de 2024. La compañía logró un giro significativo con un ingreso neto de 0,3 millones de dólares, marcando una mejora de más de 10 millones de dólares año tras año, mientras que el EBITDA ajustado alcanzó los 10,8 millones de dólares.
La empresa de lucha aérea contra incendios aseguró órdenes históricas para 120 días de tareas Super Scooper y anunció un acuerdo de venta y arrendamiento por 46 millones de dólares para su hangar y sede central. Con el 100% de la flota desplegada y las llamadas más tempranas en la historia de la compañía, Bridger espera alcanzar el extremo superior de su guía para 2025: un EBITDA ajustado de 42 a 48 millones de dólares sobre ingresos de 105 a 111 millones de dólares.
Bridger Aerospace (NASDAQ: BAER)는 2025년 2분기 실적에서 기록적인 성과를 보고했으며, 매출은 3,080만 달러로 2024년 2분기의 1,300만 달러에서 두 배 이상 증가했습니다. 회사는 순이익 30만 달러를 달성하며 전년 대비 1,000만 달러 이상의 개선을 이루었고, 조정 EBITDA는 1,080만 달러에 달했습니다.
항공 산불 진압 회사는 역사적인 120일간의 슈퍼 스쿠퍼 작업 주문을 확보했으며, 격납고와 본사 캠퍼스에 대해 4,600만 달러 규모의 세일-리스백 계약을 발표했습니다. 100% 함대 배치와 회사 역사상 가장 이른 출동으로 Bridger는 2025년 가이던스 상단인 조정 EBITDA 4,200만~4,800만 달러와 매출 1억 500만~1억 1,100만 달러 달성을 기대하고 있습니다.
Bridger Aerospace (NASDAQ : BAER) a annoncé des résultats record pour le deuxième trimestre 2025, avec un chiffre d'affaires en forte hausse à 30,8 millions de dollars, soit plus du double des 13,0 millions de dollars du deuxième trimestre 2024. L'entreprise a réalisé un retournement significatif avec un résultat net de 0,3 million de dollars, marquant une amélioration de plus de 10 millions de dollars d'une année sur l'autre, tandis que l'EBITDA ajusté a atteint 10,8 millions de dollars.
La société spécialisée dans la lutte aérienne contre les incendies a obtenu des commandes historiques de 120 jours de missions Super Scooper et a annoncé un accord de vente-bail de 46 millions de dollars pour son hangar et son siège. Avec un déploiement à 100 % de sa flotte et les premiers appels les plus précoces de son histoire, Bridger prévoit d'atteindre la partie haute de ses prévisions pour 2025 : un EBITDA ajusté entre 42 et 48 millions de dollars pour un chiffre d'affaires compris entre 105 et 111 millions de dollars.
Bridger Aerospace (NASDAQ: BAER) meldete rekordverdächtige Ergebnisse für das zweite Quartal 2025, mit einem Umsatzanstieg auf 30,8 Millionen US-Dollar, mehr als das Doppelte der 13,0 Millionen US-Dollar im zweiten Quartal 2024. Das Unternehmen erzielte eine bedeutende Wende mit einem Nettoeinkommen von 0,3 Millionen US-Dollar, was eine Verbesserung von über 10 Millionen US-Dollar im Jahresvergleich darstellt, während das bereinigte EBITDA 10,8 Millionen US-Dollar erreichte.
Das Unternehmen für Luftbrandbekämpfung sicherte sich historische 120-tägige Super Scooper-Aufträge und kündigte einen 46-Millionen-Dollar Sale-Leaseback-Deal für seinen Hangar und den Hauptsitz an. Mit 100 % Flotteneinsatz und den frühesten Einsätzen in der Firmengeschichte erwartet Bridger, das obere Ende seiner Prognose für 2025 zu erreichen: ein bereinigtes EBITDA von 42 bis 48 Millionen US-Dollar bei einem Umsatz von 105 bis 111 Millionen US-Dollar.
- Record Q2 revenue of $30.8 million, up 136% year-over-year
- Positive net income swing of $10+ million to $0.3 million
- Adjusted EBITDA increased significantly to $10.8 million from $0.2 million in Q2 2024
- $46 million sale-leaseback deal to reduce interest expense and strengthen balance sheet
- 100% fleet deployment with secured 120-day Super Scooper task orders
- Incoming receivables of $18.3 million expected to boost cash balance
- SG&A expenses decreased to $6.5 million from $7.9 million year-over-year
- Cash and cash equivalents declined to $17.0 million from $39.3 million at year-end 2024
- Loss per diluted share of $0.12 in Q2 2025
- Year-to-date net loss of $15.2 million despite improved performance
- Interest expense remains high at $5.7 million for Q2
Insights
Bridger Aerospace posts record Q2 with 136% revenue growth and return to profitability, driven by early wildfire deployments.
Bridger Aerospace's Q2 results mark a transformative turnaround with revenue soaring to
This performance stems from two strategic advantages: early fleet deployment and securing historic 120-day Super Scooper task orders that guarantee utilization through October. The company's core aerial firefighting operations generated
The
Looking deeper at margins, the core business demonstrates substantial operational leverage. While SG&A expenses decreased by
Management's confidence in achieving the higher end of their
Expanded Contracts and Increased Fire Activity Drive Record Revenue and Earnings
BELGRADE, Mont., Aug. 07, 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 second quarter ended June 30, 2025.
Second Quarter Highlights:
- Record-setting revenue of
$30.8 million , more than double last year’s Q2 revenue of$13.0 million - Net income swings positive with a
$10 + million year-over-year boost to$0.3 million , adjusted EBITDA jumps to$10.8 million 100% deployment of the fleet with earliest call-outs in Company history- Historic 120-day Super Scooper task orders secured, ensuring deployment through at least through October, underscoring year-round wildfire activity
$46 million sale leaseback deal signed for hangar and campus HQ - closing expected in Q3 2025 - proceeds set to reduce interest expense and fortify the balance sheet- June Wildfire Prevention and Response Executive Order poised to reshape wildland firefighting and drive growth through increased federal funding
- On track to hit higher end of 2025 guidance:
$42 -$48 million Adjusted EBITDA on$105 -$111 million in revenue
Summary Financial Results
| (in thousands) | For the three months ended June 30, | For the six months ended June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues | $ | 30,751 | $ | 13,014 | $ | 46,397 | 18,521 | ||||||||
| Operating income (loss) | 5,527 | (4,755 | ) | (4,624 | ) | (20,064 | ) | ||||||||
| Net income (loss) | 308 | (9,981 | ) | (15,230 | ) | (30,068 | ) | ||||||||
| Adjusted EBITDA | 10,819 | 191 | 5,744 | (6,737 | ) | ||||||||||
| Net cash used in operating activities | (16,215 | ) | (25,558 | ) | |||||||||||
| Cash and cash equivalents | $ | 17,036 | $ | 8,526 | |||||||||||
“We are extremely proud of our entire team for their dedication and long hours during what has already been a very active wildfire year-to-date,” commented Sam Davis, Bridger’s Chief Executive Officer. “The early deployment of our Super Scoopers amidst record 120-day task orders for four of our Scoopers further guarantees our utilization this year and ensures our fleet remains dedicated to critical wildfire response efforts. We continue to expect more year-round revenue while we focus on maximizing daily availability and flight hours. With continued high wildfire activity early in the third quarter, we are actively supporting our state and federal customers with our Super Scooper fleet and significant Air Attack assets, positioning Bridger for another record year while executing on our mission of protecting lives, property and the environment with our modern technology and our safe and reliable service.”
Second Quarter 2025 Results
Revenue for the second quarter of 2025 was
Cost of revenues was
Selling, general and administrative expenses (“SG&A”) were
Interest expense for the second 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 June 30, 2025, cash and cash equivalents were
Year to Date Results
Revenue for the first six months of 2025 was
Cost of revenues was
SG&A expenses were
Interest expense for the first six months of 2025 decreased to
Net loss was
Business Outlook
With the continued strong fleet utilization in the second quarter and into the third quarter as well as record task orders for our Super Scoopers, we expect 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, August 7, 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 833-316-1983 or 785-838-9310. 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 August 14, 2025, by calling 844-512-2921 or 412-317-6671 and using the passcode 11159552. 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 Quarterly Report. 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 June 30, | For the six months ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues | $ | 30,751 | $ | 13,014 | $ | 46,397 | $ | 18,521 | |||||||
| Cost of revenues: | |||||||||||||||
| Flight operations | 7,856 | 5,106 | 14,108 | 10,115 | |||||||||||
| Maintenance | 10,844 | 4,761 | 21,799 | 8,958 | |||||||||||
| Total cost of revenues | 18,700 | 9,867 | 35,907 | 19,073 | |||||||||||
| Gross profit (loss) | 12,051 | 3,147 | 10,490 | (552 | ) | ||||||||||
| Selling, general and administrative expense | 6,524 | 7,902 | 15,114 | 19,512 | |||||||||||
| Operating income (loss) | 5,527 | (4,755 | ) | (4,624 | ) | (20,064 | ) | ||||||||
| Interest expense | (5,737 | ) | (5,854 | ) | (11,472 | ) | (11,777 | ) | |||||||
| Other income | 700 | 144 | 1,299 | 1,303 | |||||||||||
| Income (loss) before income taxes | 490 | (10,465 | ) | (14,797 | ) | (30,538 | ) | ||||||||
| Income tax (expense) benefit | (182 | ) | 484 | (433 | ) | 470 | |||||||||
| Net income (loss) | $ | 308 | $ | (9,981 | ) | $ | (15,230 | ) | $ | (30,068 | ) | ||||
| Series A preferred stock – adjustment to maximum redemptions value | (6,636 | ) | (6,196 | ) | (13,197 | ) | (12,385 | ) | |||||||
| Loss attributable to Common stockholders - basic and diluted | $ | (6,328 | ) | $ | (16,177 | ) | $ | (28,427 | ) | $ | (42,453 | ) | |||
| Loss per share - basic | $ | (0.12 | ) | $ | (0.33 | ) | $ | (0.53 | ) | $ | (0.89 | ) | |||
| Loss per share - diluted | $ | (0.12 | ) | $ | (0.33 | ) | $ | (0.53 | ) | $ | (0.89 | ) | |||
| Weighted average Common stock outstanding – basic | 53,879 | 48,327 | 53,847 | 47,964 | |||||||||||
| Weighted average Common stock outstanding – diluted | 53,879 | 48,327 | 53,847 | 47,964 | |||||||||||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| As of June 30, 2025 | As of December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 17,036 | $ | 39,336 | |||
| Restricted cash | 13,837 | 13,747 | |||||
| Accounts and note receivable | 18,325 | 5,945 | |||||
| Aircraft support parts | 1,060 | 857 | |||||
| Prepaid expenses and other current assets | 3,320 | 3,924 | |||||
| Total current assets | 53,578 | 63,809 | |||||
| Property, plant and equipment, net | 181,775 | 183,769 | |||||
| Intangible assets, net | 6,056 | 6,076 | |||||
| Goodwill | 20,888 | 20,749 | |||||
| Other noncurrent assets | 16,741 | 16,406 | |||||
| Total assets | $ | 279,038 | $ | 290,809 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,705 | $ | 5,330 | |||
| Accrued expenses and other current liabilities | 13,165 | 14,057 | |||||
| Operating right-of-use current liability | 2,274 | 1,835 | |||||
| Current portion of long-term debt, net of debt issuance costs | 2,504 | 2,170 | |||||
| Total current liabilities | 24,648 | 23,392 | |||||
| Long-term accrued expenses and other noncurrent liabilities | 4,140 | 5,388 | |||||
| Operating right-of-use noncurrent liability | 6,849 | 6,083 | |||||
| Long-term debt, net of debt issuance costs | 201,015 | 202,469 | |||||
| Total liabilities | $ | 236,652 | $ | 237,332 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| MEZZANINE EQUITY | |||||||
| Series A preferred stock | 393,376 | 380,179 | |||||
| STOCKHOLDERS’ DEFICIT | |||||||
| Common stock | 6 | 6 | |||||
| Additional paid-in capital | 92,843 | 101,495 | |||||
| Accumulated deficit | (444,469 | ) | (429,239 | ) | |||
| Accumulated other comprehensive income | 630 | 1,036 | |||||
| Total stockholders’ deficit | (350,990 | ) | (326,702 | ) | |||
| Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 279,038 | $ | 290,809 | |||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| For the six months ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net loss | $ | (15,230 | ) | $ | (30,068 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisition: | |||||||
| Depreciation and amortization | 5,999 | 3,288 | |||||
| Stock based compensation expense | 3,728 | 10,350 | |||||
| Deferred tax benefit | - | (490 | ) | ||||
| Amortization of debt issuance costs | 501 | 442 | |||||
| (Gain) loss on disposal of fixed assets | (136 | ) | 237 | ||||
| Change in fair value of the Warrants | 1,066 | (2,132 | ) | ||||
| Change in fair value of earnout consideration | (2,748 | ) | 207 | ||||
| Realized gain on investments in marketable securities | - | (16 | ) | ||||
| Change in fair value of embedded derivative | - | (885 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (12,380 | ) | (8,893 | ) | |||
| Aircraft support parts | (203 | ) | 11 | ||||
| Prepaid expense and other current and noncurrent assets | 2,257 | 1,245 | |||||
| Accounts payable, accrued expenses and other liabilities | 931 | 1,146 | |||||
| Net cash used in operating activities | (16,215 | ) | (25,558 | ) | |||
| Cash Flows from Investing Activities: | |||||||
| Proceeds from sales of property, plant and equipment | 973 | 505 | |||||
| Purchases of property, plant and equipment | (4,237 | ) | (1,948 | ) | |||
| Expenditures for capitalized software | (626 | ) | (756 | ) | |||
| 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 | (3,890 | ) | 4,448 | ||||
| Cash Flows from Financing Activities: | |||||||
| Repayments on debt | (1,621 | ) | (1,466 | ) | |||
| Restricted stock units settled in cash | (374 | ) | (466 | ) | |||
| Payment of finance lease liability | (15 | ) | (13 | ) | |||
| 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 | - | (674 | ) | ||||
| Net cash (used in) provided by financing activities | (2,010 | ) | 6,718 | ||||
| Effects of exchange rate changes | (95 | ) | - | ||||
| Net change in cash, cash equivalents and restricted cash | (22,210 | ) | (14,392 | ) | |||
| Cash, cash equivalents and restricted cash – beginning of the period | 53,083 | 36,937 | |||||
| Cash, cash equivalents and restricted cash – end of the period | $ | 30,873 | $ | 22,545 | |||
| Less: Restricted cash – end of the period | 13,837 | 14,019 | |||||
| Cash and cash equivalents – end of the period | $ | 17,036 | $ | 8,526 | |||
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 six months ended June 30, 2025, and 2024.
| (in thousands) | For the three months ended June 30, | For the six months ended June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | 308 | $ | (9,981 | ) | $ | (15,230 | ) | $ | (30,068 | ) | ||||
| Income tax expense (benefit) | 182 | (484 | ) | 433 | (470 | ) | |||||||||
| Depreciation and amortization | 4,019 | 1,998 | 5,999 | 3,288 | |||||||||||
| Interest expense | 5,737 | 5,854 | 11,472 | 11,777 | |||||||||||
| EBITDA | 10,246 | (2,613 | ) | 2,674 | (15,473 | ) | |||||||||
| Stock-based compensation(1) | 1,737 | 4,477 | 3,728 | 10,350 | |||||||||||
| Business development & integration expenses(2) | 355 | 149 | 587 | 460 | |||||||||||
| Offering costs(3) | 279 | (149 | ) | 437 | (149 | ) | |||||||||
| Change in fair value of earnout consideration(4) | (2,597 | ) | 192 | (2,748 | ) | 207 | |||||||||
| Change in fair value of Warrants(5) | 799 | (1,865 | ) | 1,066 | (2,132 | ) | |||||||||
| Adjusted EBITDA | $ | 10,819 | $ | 191 | $ | 5,744 | $ | (6,737 | ) | ||||||
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.
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