Bridger Aerospace Reports 48% Revenue Growth to $98.6 Million for Fiscal Year 2024

Bridger Aerospace Group Holdings, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $98.6 million, a 48% rise from $66.7 million in 2023. This growth was primarily driven by heightened demand for its aerial firefighting services, particularly in fire suppression, which generated $66.8 million, up 19% from the previous year. The company attributed this increase to a more intense wildfire season and an earlier start to operations in March and April 2024. Additionally, revenues from aerial surveillance and maintenance, repair, and overhaul (MRO) services also saw substantial increases, contributing to the overall revenue growth.

In terms of profitability, Bridger reported a net loss of $15.6 million for 2024, a notable improvement from the $77.4 million loss in 2023. The reduction in losses was aided by a decrease in selling, general, and administrative expenses, which fell by 57% to $35.8 million, largely due to a significant reduction in stock-based compensation expenses. The company’s operating income was $5.3 million, contrasting with an operating loss of $57.5 million in the prior year, indicating a recovery in operational efficiency.

Strategically, Bridger has made significant moves to expand its capabilities and market presence. The company completed the acquisition of Flight Test & Mechanical Solutions, Inc. in June 2024, enhancing its service offerings in integration solutions for government and commercial customers. Additionally, Bridger entered into agreements to facilitate the purchase and return to service of four Canadair CL-215T Amphibious Aircraft, known as Spanish Scoopers, which are expected to bolster its firefighting fleet. The company also acquired Ignis Technologies in September 2023, aimed at developing advanced technology solutions for firefighting organizations.

Operationally, Bridger's workforce has grown to 191 employees as of December 31, 2024, reflecting its commitment to scaling operations in response to increasing demand. The company has maintained strong relationships with government agencies, which account for a significant portion of its revenue, and has contracts covering 100% of the U.S. market. However, the company faces challenges related to the seasonality of its business, with revenues heavily concentrated in the second and third quarters due to the North American wildfire season.

Looking ahead, Bridger anticipates continued growth driven by the increasing demand for aerial firefighting services amid changing climate conditions. The company is focused on expanding its fleet and capabilities while addressing operational challenges and maintaining compliance with financial covenants related to its debt obligations. Management remains optimistic about the long-term outlook, despite the inherent risks associated with the volatility of wildfire seasons and the broader economic environment.