Q2 2024 Bridger Aerospace Group Holdings Inc Earnings Call Transcript
Key Points
- Revenue increased by 12% to $13 million in Q2 2024 compared to $11.6 million in Q2 2023.
- Cost of revenues decreased by 6% from $10.5 million in Q2 2023 to $9.9 million in Q2 2024.
- Secured exclusive-use task orders for multiple aircraft, ensuring guaranteed minimum periods of deployment.
- Acquisition of FMS Aerospace expected to be immediately accretive to earnings and bring critical capabilities in-house.
- International expansion into Europe on track, with four super scoopers expected to be operational by the 2025 fire season.
- Net loss of $10 million in Q2 2024, although an improvement from a $19 million net loss in Q2 2023.
- Adjusted EBITDA decreased to $0.2 million in Q2 2024 from $1 million in Q2 2023.
- Interest expense increased to $5.9 million in Q2 2024 from $5.5 million in Q2 2023.
- Lower flight revenue compared to last year due to fewer flight hours in Q2 2024.
- High selling, general, and administrative expenses of $7.9 million in Q2 2024, although down from $15.2 million in Q2 2023.
Good day, everyone, and welcome to today's bridger aerospace second quarter 2024 conference call. (Operator Instructions) Please note today's call will be recorded and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to CFO, Eric Gerratt. Please go ahead.
Good afternoon and thank you for joining us today. Joining me on the call this afternoon is Interim Chief Executive Officer, Sam Davis; and John Founders, who has recently joined Bridger as Senior Vice President of Finance and Capital Markets.
Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
Since forward-looking statements are based on various assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. Factors
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