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Bridger Aerospace (BAER) Q2 Earnings Rise Y/Y, Gross Margin Up
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Bridger Aerospace Group Holdings, Inc. (BAER - Free Report) reported a loss per share of 33 cents in the second quarter of 2024, narrower than the year-ago quarter’s loss of 55 cents per share.
Revenues in Detail
Bridger Aerospace registered revenues of $13 million in the second quarter, up 12% year over year.
Revenues in the reported quarter benefited from $1.8 million related to return-to-service work performed on the four Spanish Super Scoopers as part of the company’s partnership agreement with MAB Funding LLC. However, the increase was partially offset by lower flight revenues in the second quarter of 2024 year over year.
Bridger Aerospace Group Holdings, Inc. Price, Consensus and EPS Surprise
In the quarter under review, Bridger Aerospace’s gross profit surged 184.8% to $3.1 million. The gross margin expanded 1467 basis points to 24.2%.
Operating Expenses Analysis
Selling, general and administrative expenses declined 47.9% to $7.9 million.
Profitability
Operating loss totaled $4.8 million compared with the prior-year quarter’s operating loss of $14.1 million.
In the second quarter, Bridger Aerospace’s net loss was $9.9 million compared with the prior-year quarter’s net loss of $19 million.
Adjusted EBITDA during the reported quarter was $0.2 million, down 80.1% from the year-ago quarter.
Liquidity & Debt Management
Bridger Aerospace exited second-quarter 2024 with cash and cash equivalents of $8.5 million compared with $6.8 million at the first-quarter end. Total debt at the end of second-quarter 2024 was $205.7 million compared with $206.1 million at the first-quarter end.
Cumulative net cash used in operating activities at the end of second-quarter 2024 was $22.6 million compared with $53.4 million a year ago.
Guidance
Bridger Aerospace has reiterated its full-year guidance.
For 2024, total revenues are expected to be between $70 million and $86 million.
Adjusted EBITDA for 2024 is projected to lie between $35 million and $51 million.
Our Take
Bridger Aerospace exited the second quarter of 2024 with encouraging top-line and bottom-line results. During the reported quarter, the gross margin expanded, which bodes well. Management confirmed that the company’s fleet was fully deployed in July. It also acquired FMS Aerospace, which brings year-around revenue, as well as additional capabilities in-house to grow in mission-critical areas, including emergency air services, aerospace modifications and defense systems engineering. These look promising for the stock.
However, the company incurred a loss per share in the reported quarter, which is disappointing. Lower flight revenues in the second quarter are also discouraging. The company continued to incur operating loss during the quarter, raising our apprehension.
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Bridger Aerospace (BAER) Q2 Earnings Rise Y/Y, Gross Margin Up
Bridger Aerospace Group Holdings, Inc. (BAER - Free Report) reported a loss per share of 33 cents in the second quarter of 2024, narrower than the year-ago quarter’s loss of 55 cents per share.
Revenues in Detail
Bridger Aerospace registered revenues of $13 million in the second quarter, up 12% year over year.
Revenues in the reported quarter benefited from $1.8 million related to return-to-service work performed on the four Spanish Super Scoopers as part of the company’s partnership agreement with MAB Funding LLC. However, the increase was partially offset by lower flight revenues in the second quarter of 2024 year over year.
Bridger Aerospace Group Holdings, Inc. Price, Consensus and EPS Surprise
Bridger Aerospace Group Holdings, Inc. price-consensus-eps-surprise-chart | Bridger Aerospace Group Holdings, Inc. Quote
Bridger Aerospace Gross Margin
In the quarter under review, Bridger Aerospace’s gross profit surged 184.8% to $3.1 million. The gross margin expanded 1467 basis points to 24.2%.
Operating Expenses Analysis
Selling, general and administrative expenses declined 47.9% to $7.9 million.
Profitability
Operating loss totaled $4.8 million compared with the prior-year quarter’s operating loss of $14.1 million.
In the second quarter, Bridger Aerospace’s net loss was $9.9 million compared with the prior-year quarter’s net loss of $19 million.
Adjusted EBITDA during the reported quarter was $0.2 million, down 80.1% from the year-ago quarter.
Liquidity & Debt Management
Bridger Aerospace exited second-quarter 2024 with cash and cash equivalents of $8.5 million compared with $6.8 million at the first-quarter end. Total debt at the end of second-quarter 2024 was $205.7 million compared with $206.1 million at the first-quarter end.
Cumulative net cash used in operating activities at the end of second-quarter 2024 was $22.6 million compared with $53.4 million a year ago.
Guidance
Bridger Aerospace has reiterated its full-year guidance.
For 2024, total revenues are expected to be between $70 million and $86 million.
Adjusted EBITDA for 2024 is projected to lie between $35 million and $51 million.
Our Take
Bridger Aerospace exited the second quarter of 2024 with encouraging top-line and bottom-line results. During the reported quarter, the gross margin expanded, which bodes well. Management confirmed that the company’s fleet was fully deployed in July. It also acquired FMS Aerospace, which brings year-around revenue, as well as additional capabilities in-house to grow in mission-critical areas, including emergency air services, aerospace modifications and defense systems engineering. These look promising for the stock.
However, the company incurred a loss per share in the reported quarter, which is disappointing. Lower flight revenues in the second quarter are also discouraging. The company continued to incur operating loss during the quarter, raising our apprehension.