Bridger Aerospace Group Holdings, Inc. Q1 FY2024 earnings call

• First quarter is capital intensive for winter maintenance, flight training, and agency carding to prepare for wildfire season. • Early deployment of aircraft in Oklahoma and Texas due to dry weather; highest first quarter revenue in company history at $5.5 million. • MMA program leverages proprietary data platform and sensor capabilities, with two multi-mission aircraft under contract. • Received Task Order for CL-415EAF Super Scoopers for Texas wildfire, earliest seasonal deployment of Scoopers. • 2024 wildfire season expected to be active due to drier and warmer conditions. • Plan to expand aerial firefighting services to new areas, including Canada (wildfire risk above average) and Europe (partnership with Marathon Asset Management and Avenue Sustainable Solutions Fund for Super Scoopers). • Ignis Technologies' mobile and web platform enhances firefighter situational awareness.

In the first quarter of 2024, revenue was a record $5.5 million, compared to $365,000 in the first quarter of 2023. Cost of revenues was $9.2 million in Q1 2024, up 27% from $7.2 million in Q1 2023. Flight operation expenses were $5 million and maintenance expenses were $4.2 million in Q1 2024, compared to $3.7 million and $3.5 million respectively in Q1 2023. Selling, general and administrative expenses were $11.6 million in Q1 2024, down from $33.2 million in Q1 2023. Interest expense increased to $5.9 million in Q1 2024 from $5.7 million in Q1 2023. Net loss was $20.1 million in Q1 2024 vs $44.7 million in Q1 2023. Adjusted EBITDA improved to negative $6.9 million in Q1 2024 from negative $10.7 million in Q1 2023.

• Bridger is projected to generate adjusted EBITDA of $35 million to $51 million on revenue of $70 million to $86 million. • Guidance includes impact of recent cost structure reductions and excludes impact from Spanish Super Scoopers undergoing maintenance.