Bridger Aerospace Group Holdings, Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company, which specializes in aerial wildfire surveillance and firefighting services, experienced a notable increase in revenues, with total revenues for Q3 2024 reaching $64.5 million, a 20% increase from $53.6 million in Q3 2023. For the nine-month period, revenues rose to $83.0 million, up 27% from $65.6 million in the prior year. This growth was primarily driven by increased flight hours for its Super Scooper aircraft and an earlier start to the wildfire season.
The company's gross income for Q3 2024 was $41.5 million, compared to $37.6 million in Q3 2023, while operating income surged to $32.9 million from $22.6 million year-over-year. However, despite these gains, Bridger reported a net income of $27.3 million for Q3 2024, contrasting with a net loss of $2.7 million for the nine-month period, an improvement from a loss of $46.2 million in the same period of 2023.
Total assets increased to $307.3 million as of September 30, 2024, up from $273.5 million at the end of 2023, with cash and cash equivalents rising to $33.3 million from $22.9 million. The company also reported a significant increase in accounts receivable, which rose to $27.3 million from $4.1 million, reflecting improved collection efforts.
Strategically, Bridger completed two acquisitions in 2023 and 2024, acquiring Ignis Technologies, Inc. for $11.6 million and Flight Test & Mechanical Solutions, Inc. for $21.2 million. These acquisitions contributed to an increase in goodwill, which rose to $24.8 million as of September 30, 2024, from $13.2 million at the end of 2023.
Despite these positive developments, the company faces challenges, including non-compliance with its Debt Service Coverage Ratio (DSCR) covenant, which requires a minimum ratio of 1.25x. Management has initiated a cost reduction plan to address potential covenant breaches and is exploring additional funding avenues. The company also reported material weaknesses in its internal controls over financial reporting, which it is actively working to remediate.
Overall, while Bridger Aerospace has shown strong revenue growth and improved profitability in the latest quarter, it must navigate financial covenant compliance and operational challenges moving forward.
About Bridger Aerospace Group Holdings, Inc.
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