Bridger Aerospace Reports Record Q3 2024 Results
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Bridger Aerospace Group Holdings, Inc. reported record Q3 2024 results, with revenue increasing 20% to $64.5 million, net income rising 56% to $27.3 million, and adjusted EBITDA growing 21% to $47.0 million. The company's strong performance was driven by high utilization of its Super Scooper fleet and the acquisition of FMS Aerospace. Bridger Aerospace also reduced its selling, general, and administrative expenses and improved its cash position. The company has raised its revenue guidance and narrowed its EBITDA estimates for the year, expecting 2024 adjusted EBITDA to grow over 85% compared to 2023.
Bridger Aerospace Group Holdings, Inc. ( (BAER) ) has released its Q3 earnings. Here is a breakdown of the information Bridger Aerospace Group Holdings, Inc. presented to its investors.
Bridger Aerospace Group Holdings, Inc., based in Belgrade, Montana, is one of the largest aerial firefighting companies in the United States, providing firefighting and wildfire management services to government agencies domestically and internationally.
Bridger Aerospace recently announced their record-breaking third-quarter results for 2024, reporting substantial increases in revenue, net income, and adjusted EBITDA. The company has also raised its revenue guidance and narrowed its EBITDA estimates for the year.
The third quarter of 2024 saw Bridger achieving a record revenue of $64.5 million, marking a 20% growth from the previous year. Net income rose by 56% to $27.3 million, while adjusted EBITDA increased by 21% to $47.0 million. Significant contributions came from the high utilization of their Super Scooper fleet and the acquisition of FMS Aerospace, which added $1.6 million to the revenue. The expansion into Spain is progressing well, with two Super Scoopers nearing completion for service.
The reduction in selling, general, and administrative expenses from $15.1 million in Q3 2023 to $8.6 million in Q3 2024 was another highlight, attributed mainly to a decrease in the fair value of outstanding warrants. The company’s cash position also improved significantly, with cash, cash equivalents, and restricted cash rising to $42.6 million.
Looking ahead, Bridger Aerospace remains optimistic. The company anticipates a continued positive trajectory, with its 2024 adjusted EBITDA expected to grow by over 85% compared to 2023. Management is confident that the strong demand for its services and strategic expansions will continue to drive financial performance, positioning Bridger for sustained growth and profitability.