Bridger Aerospace Group (BAER) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $98.6 million, up 48% year-over-year, with Q4 revenue at $15.6 million, driven by extended scooper deployment, acquisitions, and new contracts.

• Net loss for 2024 improved to $12.8 million ($0.36/share), down from $31.1 million ($0.67/share) in Q4 2023, and full-year Adjusted EBITDA doubled to $37.3 million.

• Achieved positive cash flow from operations for the first time, generating $9.4 million in 2024, with year-end cash and equivalents at $39.3 million.

• Completed 652 missions in 16 states, dropping 8.8 million gallons of water on 385 fires, and performed $10.1 million in return-to-service work on Spanish Super Scoopers.

• Secured a five-year, $20–$20.1 million contract with the U.S. Department of the Interior for Alaska support, signed in January 2025.

Financial highlights

• Q4 2024 revenue rose to $15.6 million from $1.1 million in Q4 2023, aided by $5.1 million from Spanish Super Scooper work and $1.4 million from the FMS acquisition.

• Full-year 2024 Adjusted EBITDA reached $37.3 million, up from $18.7 million in 2023, and gross margin was $41.1 million on $98.6 million revenue.

• SG&A expenses declined to $35.8 million in 2024 from $82.9 million in 2023, with Q4 SG&A at $7.7 million, down from $18.6 million in Q4 2023.

• Cost of revenues for 2024 was $57.5 million, up from $41.3 million in 2023; Q4 cost of revenues was $15.4 million, up from $8.4 million in Q4 2023.

• Ended 2024 with $39.3 million in cash and cash equivalents, and total liabilities at $237.3 million.

Outlook and guidance

• 2025 revenue guidance is $105–$111 million, mostly organic, with Adjusted EBITDA expected at $42–$48 million.

• Majority of Adjusted EBITDA expected in Q3 due to seasonality, with further cost rationalization and positive operating cash flow anticipated.

• Guidance assumes no increase in government appropriations; any additional funding would be upside.

• Anticipates continued improvement in cash from operations and more year-round revenue due to acquisitions and new contracts.