The following is a summary of the Bridger Aerospace Group Holdings, Inc. (BAER) Q4 2023 Earnings Call Transcript:
Financial Performance:
Bridger Aerospace reported a record revenue growth of 44%, amounting to $66.7 million in 2023.
Gross margin increased to 38% in 2023 from 27% in 2022.
Despite an increased net loss of $77.4 million, up from $42.1 million in 2022, the company saw a substantial rise in Adjusted EBITDA from $3.7 million to $18.7 million.
Bridger Aerospace reported cash, restricted cash, and short-term investments of $37.9 million, against an outstanding long-term debt of under $207 million.
Business Progress:
Despite a late start to the US wildfire season in 2023, increased usage of the Super Scooper fleet was reported from Q3 onwards, leading to record utilization.
Two additions were made to the Super Scooper Aircraft fleet in September 2022 and February 2023.
The firm plans to phase out certain old aircraft from their aerial surveillance operations.
For 2024, it is projected that Bridger's standalone operations, inclusive of six scoopers, will generate adjusted EBITDA of $35 million to $51 million, with revenues projected between $70 million to $86 million.
Q1 of 2024 is expected to register a negative adjusted EBITDA, to be compensated with positive adjusted EBITDA in the subsequent two quarters.
More details: Bridger Aerospace IR
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