Zinger Key Points
- Bridger Aerospace's Q3 revenue rose 20% to $64.5M, driven by increased flight revenue and partnerships, beating expectations.
- Raised FY24 revenue guidance to $90M–$95M and expects over 85% EBITDA growth, targeting positive free cash flow.
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Bridger Aerospace Group Holdings, Inc. BAER shares are trading higher after the company reported third-quarter 2024 results on Monday.
Revenue grew around 20% to $64.5 million, exceeding the consensus of $57.5 million.
Revenue growth was led by higher flight revenue, along with approximately $2.2 million from return-to-service work on the four Spanish Super Scoopers under the partnership with MAB Funding LLC, and around $1.6 million from the June acquisition of FMS.
Adjusted EBITDA stood at $47 million vs. $38.7 million a year ago quarter. EPS of $0.31 missed the consensus of 46 cents.
As of Sept. 30, 2024, cash, cash equivalents and restricted cash stood at $42.6 million.
Sam Davis, Bridger’s CEO, said, “This strong performance of our six Super Scoopers and six Air Attack aircraft during the 2024 wildfire season validates our business model and, with some of our aircraft still deployed, positions us for a record year, including an approximate doubling of Adjusted EBITDA from 2023 and the generation of positive free cash flow after maintenance capital expenditures and debt service.”
Outlook: Bridger Aerospace raised FY24 sales guidance from $70 million to $86 million to $95 million (vs. estimate of $82.8 million).
The company expects its 2024 adjusted EBITDA to increase by over 85%, reaching a range of $35 million to $40 million, compared to the initial guidance range of $35 million to $51 million.
Bridger Aerospace expects to generate positive free cash flow in 2024.
Price Action: Bridger shares are up 20% at $4.20 premarket at the last check Tuesday.
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