Bridger Aerospace Group Holdings, Inc. Q4 FY2023 earnings call

• Bridger achieved record revenue of nearly $67 million and record adjusted EBITDA of $18.7 million in 2023 despite a slow U.S. fire season. - Expanded aerial firefighting operations to Canada for the first time in 2023, covering the most territory in the company's history. - Entered a joint venture partnership with Marathon Asset Management LP and Avenue Sustainable Solutions Fund to purchase four Spanish Coopers and established a new Spanish subsidiary, Albacete Aero. - Acquired Ignis Technologies in September 2023, which was integrated with fire surveillance intelligence SaaS assets. - Saw earliest seasonal deployment of scooper and surveillance aircraft in 2024 to Texas and Oklahoma due to early wildfire start in the Central U.S.

In 2023, Bridger Aerospace achieved record revenue of nearly $67 million and record adjusted EBITDA of $18.7 million. Revenue grew 44% from $46.4 million in 2022 to $66.7 million in 2023. For the fourth quarter of 2023, revenue was $1.1 million, same as the fourth quarter of 2022. Cost of revenues in the fourth quarter of 2023 was $8.4 million, compared to $5.3 million in the same period of 2022. SG&A expenses in the fourth quarter of 2023 were $18.6 million versus $6.5 million in 2022. Adjusted EBITDA for 2023 was $18.7 million compared to $3.7 million in 2022, and negative $10.4 million in the fourth quarter of 2023 compared to negative $8.5 million in the same period of 2022.

• For 2024 standalone operations including six Scoopers, adjusted EBITDA is anticipated to range from $35 million to $51 million on revenues of $70 million to $86 million, in line with prior guidance from November 2023. - Excludes impact of Spanish Coopers acquired by the joint venture. - Expected negative adjusted EBITDA in the first quarter of 2024, with positive adjusted EBITDA anticipated in the second and third quarters.

• Forward-looking statements are subject to various assumptions, risks, and uncertainties where actual results may differ materially. - Spanish Coopers not included in current 2024 guidance as they are undergoing maintenance work. - Factors affecting results include those discussed in the company's SEC filings, such as expectations regarding financial results for 2024.