Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER, BAERW), one of the largest aerial firefighting companies in the United States, has reported record financial results for the fourth quarter and full year ending December 31, 2024. The company achieved a significant milestone with $98.6 million in revenue for the full year and $15.6 million in the fourth quarter alone. This surge in revenue was driven by the deployment of multiple Super Scoopers and surveillance aircraft into November, following an early start to the 2024 wildfire season.
In addition to its record revenue, Bridger Aerospace also saw a substantial reduction in its net loss, which improved by 80% to $15.6 million for 2024, compared to a much higher loss in the previous year. The company also doubled its Adjusted EBITDA to $37.3 million, reflecting a strong financial performance driven by operational efficiency and effective cost management.
Cash flow from operating activities totaled $9.4 million for the year, and the company ended 2024 with $39.3 million in cash and cash equivalents. Bridger also secured a five-year, $20.1 million contract with the U.S. Department of the Interior in January 2025 to support the state of Alaska, further cementing its position in the aerial firefighting industry. Additionally, work on the return-to-service project for Spanish Super Scoopers remains on track.
Looking ahead to 2025, the company has provided optimistic guidance, forecasting revenue growth of 9%, with expected revenue ranging between $105 million and $111 million. Adjusted EBITDA is projected to grow by 20%, with a range of $42 million to $48 million, and Bridger anticipates continued improvement in cash flow from operations.
In the fourth quarter of 2024, Bridger’s revenue reached $15.6 million, a significant increase from just $1.1 million in the same period of 2023. The company’s cost of revenues also rose to $15.4 million, primarily due to $4.8 million in expenses related to the return-to-service work for the Spanish Super Scoopers and costs associated with the acquisition of Flight Test & Mechanical Solutions, Inc. (FMS). Selling, general, and administrative expenses were reduced to $7.7 million, down from $18.6 million in Q4 2023, thanks to lower stock-based compensation and professional services expenses. Despite the increase in expenses, Bridger’s net loss for the quarter narrowed to $12.8 million, or $0.36 per diluted share, compared to a much larger loss of $31.1 million in Q4 2023.
Sam Davis, CEO of Bridger Aerospace, commented on the company’s strong performance, highlighting the 48% increase in revenue, which combined with cost rationalization efforts and operational leverage, led to record results and improved financial metrics. Davis expressed confidence that Bridger is now better positioned to handle year-round wildfire activity, with opportunities to expand contracted revenue streams as states secure access to aerial firefighting assets to enhance preparedness and reduce property damage.
With its strong financial foundation and strategic initiatives in place, Bridger Aerospace is poised for continued success in 2025, continuing to lead the charge in aerial firefighting and solidifying its position in the industry.
