Prospectus Supplement No. 3 (to Prospectus dated April 19, 2023) | Filed Pursuant to Rule 424(b)(3) |
Bridger Aerospace Group Holdings, Inc.
120,277,192 Shares of Common Stock
Up to 26,650,000 Shares of Common Stock Issuable Upon
Exercise of the Warrants
Up to 9,400,000 Warrants
This prospectus supplement updates and supplements the prospectus dated April 19, 2023 (the “Prospectus”), which forms a part of our Registration Statement on Form S-1, as amended (Registration No. 333-269456). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Quarterly Report on Form 10-Q for the period ended September 30, 2023, filed with the U.S. Securities and Exchange Commission on November 13, 2023 (the “Quarterly Report”), which is attached to this prospectus supplement.
The Prospectus and this prospectus supplement relate to the offer and sale from time to time by the selling securityholders named in the Prospectus, or their permitted transferees, of (a) up to 120,277,192 shares of our common stock, $0.0001 par value (“Common Stock”), consisting of (i) up to 102,322,388 shares of Common Stock issued or issuable to the direct and indirect equityholders of Legacy Bridger (as defined in the Prospectus) in connection with the Business Combination (as defined in the Prospectus) at an implied equity consideration value of $10.00 per share of Common Stock, inclusive of up to 63,240,644 shares of Common Stock that may be issuable upon the conversion of shares of Series A Preferred Stock (as defined in the Prospectus); (ii) up to 5,951,615 shares of Common Stock issuable to the holders of certain restricted stock units that were issued by Legacy Bridger and assumed by us in connection with the closing (the “Closing”) of the Business Combination, which were granted at no cost to the recipients thereof; (iii) up to 2,488,189 shares of Common Stock that were originally issued in a private placement to JCIC Sponsor (as defined in the Prospectus) prior to the JCIC IPO (as defined in the Prospectus) (75,000 of which were subsequently transferred by the JCIC Sponsor to independent directors of JCIC), which were acquired at a purchase price equivalent to approximately $0.003 per share; (iv) up to 115,000 shares of Common Stock originally issued at the Closing to JCIC Sponsor in full consideration of the outstanding $1,150,000 loan balance under the Promissory Note (as defined in the Prospectus) for an equivalent purchase price of $10.00 per share; and (v) up to 9,400,000 shares of Common Stock issuable upon the exercise, at an exercise price of $11.50 per share, of the private placement warrants originally issued in connection with the JCIC IPO (the “Private Placement Warrants”) and (b) up to 9,400,000 Private Placement Warrants originally acquired by JCIC Sponsor in connection with the JCIC IPO for $1.00 per Private Placement Warrant.
The Prospectus and this prospectus supplement also relate to the issuance by us of up to an aggregate of 26,650,000 shares of Common Stock that may be issued upon exercise of the Warrants (as defined in the Prospectus), including 9,400,000 Private Placement Warrants and 17,250,000 Public Warrants (as defined in the Prospectus).
This prospectus supplement should be read in conjunction with the Prospectus. This prospectus supplement updates and supplements the information in the Prospectus. If there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.
Our Common Stock and Public Warrants are listed on The Nasdaq Global Market under the symbols “BAER” and “BAERW,” respectively. On November 14, 2023, the closing price of our Common Stock was $4.63 and the closing price for our Public Warrants was $0.1995.
See the section entitled “Risk Factors” beginning on page 8 of the Prospectus and under similar headings in any further amendments or supplements to the Prospectus to read about factors you should consider before buying our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful of complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is November 15, 2023.
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 88-3599336 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
90 Aviation Lane Belgrade, MT | 59714 | ||||
(Address of Principal Executive Offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.0001 par value per share | BAER | The Nasdaq Stock Market LLC | ||||||||||||
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share | BAERW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||
Emerging growth company | ☒ |
Page | ||||||||
Item 5. | ||||||||
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 19,378,525 | $ | 30,162,475 | ||||||||||
Restricted cash | 12,292,731 | 12,297,151 | ||||||||||||
Investments in marketable securities | 2,249,068 | 54,980,156 | ||||||||||||
Accounts and note receivable | 25,401,837 | 28,902 | ||||||||||||
Aircraft support parts | 488,145 | 1,761,270 | ||||||||||||
Prepaid expenses and other current assets | 3,968,810 | 1,835,032 | ||||||||||||
Deferred offering costs | — | 5,800,144 | ||||||||||||
Total current assets | 63,779,116 | 106,865,130 | ||||||||||||
Property, plant and equipment, net | 198,472,301 | 192,091,413 | ||||||||||||
Intangible assets, net | 1,428,956 | 208,196 | ||||||||||||
Goodwill | 13,134,371 | 2,457,937 | ||||||||||||
Other noncurrent assets1 | 13,896,708 | 4,356,225 | ||||||||||||
Total assets | $ | 290,711,452 | $ | 305,978,901 | ||||||||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,351,970 | $ | 3,170,354 | ||||||||||
Accrued expenses and other current liabilities | 10,536,129 | 18,669,572 | ||||||||||||
Operating right-of-use current liability2 | 1,531,567 | 21,484 | ||||||||||||
Current portion of long-term debt, net of debt issuance costs | 1,940,914 | 2,445,594 | ||||||||||||
Total current liabilities | 15,360,580 | 24,307,004 | ||||||||||||
Long-term accrued expenses and other noncurrent liabilities | 12,821,049 | 45,659 | ||||||||||||
Operating right-of-use noncurrent liability3 | 6,764,776 | 754,673 | ||||||||||||
Long-term debt, net of debt issuance costs4 | 205,219,737 | 205,471,958 | ||||||||||||
Total liabilities | $ | 240,166,142 | $ | 230,579,294 | ||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
MEZZANINE EQUITY | ||||||||||||||
Series A Preferred Stock, $0.0001 par value; 315,789.473684 shares authorized, issued and outstanding at September 30, 2023 | 348,786,994 | — | ||||||||||||
Legacy Bridger Series C Preferred Shares, $0.001 par value; 315,789.473684 shares authorized, issued and outstanding at December 31, 2022 | — | 489,021,545 | ||||||||||||
STOCKHOLDERS’ DEFICIT | ||||||||||||||
Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 44,776,926 shares issued and outstanding at September 30, 2023; 39,081,744 shares issued and outstanding at December 31, 2022 | 4,949 | 3,908 | ||||||||||||
Additional paid-in capital | 82,776,619 | — | ||||||||||||
Accumulated deficit | (382,566,331) | (415,304,343) | ||||||||||||
Accumulated other comprehensive income | 1,543,079 | 1,678,497 | ||||||||||||
Total stockholders’ deficit | (298,241,684) | (413,621,938) | ||||||||||||
Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 290,711,452 | $ | 305,978,901 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues1 | $ | 53,619,117 | $ | 32,452,593 | $ | 65,599,770 | $ | 45,275,556 | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Flight operations | 9,673,769 | 7,120,107 | 19,706,152 | 16,635,021 | ||||||||||||||||||||||
Maintenance | 5,534,423 | 5,498,105 | 13,260,850 | 11,932,078 | ||||||||||||||||||||||
Total cost of revenues | 15,208,192 | 12,618,212 | 32,967,002 | 28,567,099 | ||||||||||||||||||||||
Gross income | 38,410,925 | 19,834,381 | 32,632,768 | 16,708,457 | ||||||||||||||||||||||
Selling, general and administrative expense2 | 15,826,474 | 18,058,418 | 64,242,773 | 28,635,304 | ||||||||||||||||||||||
Operating income (loss) | 22,584,451 | 1,775,963 | (31,610,005) | (11,926,847) | ||||||||||||||||||||||
Interest expense3 | (5,970,547) | (6,984,901) | (17,175,959) | (12,993,129) | ||||||||||||||||||||||
Other income (expense) | 559,992 | (441,788) | 2,253,320 | (166,634) | ||||||||||||||||||||||
Income (loss) before income taxes | 17,173,896 | (5,650,726) | (46,532,644) | (25,086,610) | ||||||||||||||||||||||
Income tax benefit | 314,080 | — | 314,080 | — | ||||||||||||||||||||||
Net income (loss) | $ | 17,487,976 | $ | (5,650,726) | $ | (46,218,564) | $ | (25,086,610) | ||||||||||||||||||
Series A Preferred Stock – adjustment for deemed dividend upon Closing | $ | — | $ | — | $ | (48,300,000) | $ | — | ||||||||||||||||||
Series A Preferred Stock – adjustment to eliminate 50% multiplier | $ | — | $ | — | $ | 156,362,598 | $ | — | ||||||||||||||||||
Series A Preferred Stock – adjustment to maximum redemption value | $ | (6,048,025) | $ | — | $ | (16,128,047) | $ | — | ||||||||||||||||||
Legacy Bridger Series A Preferred Shares – adjustment for redemption, extinguishment, accrued interest, and change in fair value | $ | — | $ | — | $ | — | $ | (85,663,336) | ||||||||||||||||||
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value | $ | — | $ | (5,643,337) | $ | — | $ | (196,884,119) | ||||||||||||||||||
Net income (loss) attributable to Common stockholders - basic and diluted | $ | 11,439,951 | $ | (11,294,063) | $ | 45,715,987 | $ | (307,634,065) | ||||||||||||||||||
Net income (loss) per Common Stock - basic | $ | 0.25 | $ | (0.29) | $ | 1.02 | $ | (7.93) | ||||||||||||||||||
Net income (loss) per Common Stock - diluted | $ | 0.15 | $ | (0.29) | $ | 0.59 | $ | (7.93) | ||||||||||||||||||
Weighted average Common Stock outstanding – basic | 45,905,962 | 38,770,646 | 44,936,629 | 38,770,646 | ||||||||||||||||||||||
Weighted average Common Stock outstanding – diluted | 78,895,759 | 38,770,646 | 77,903,350 | 38,770,646 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) | $ | 17,487,976 | $ | (5,650,726) | $ | (46,218,564) | $ | (25,086,610) | ||||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||
Foreign currency translation adjustment | (43,687) | (96) | (43,281) | (359) | ||||||||||||||||||||||
Unrealized gain on derivative instruments | 180,525 | 459,150 | 112,191 | 1,443,185 | ||||||||||||||||||||||
Unrealized (loss) gain on investments in marketable securities | (12,942) | 28,212 | 277,402 | 28,212 | ||||||||||||||||||||||
Reclassification of realized gains on investments in marketable securities to earnings | (100,388) | — | (481,730) | — | ||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 23,508 | 487,266 | (135,418) | 1,471,038 | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 17,511,484 | $ | (5,163,460) | $ | (46,353,982) | $ | (23,615,572) |
Legacy Bridger Series A Preferred Shares | Legacy Bridger Series B Preferred Shares | Legacy Bridger Series C Preferred Shares / Series A Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share | Value | Share | Value | Share | Value | Share | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 10,500,000 | $ | 1,050 | 60,000,000 | $ | 6,000 | — | $ | — | 39,081,744 | $ | 3,908 | $ | — | $ | (84,843,803) | $ | 24,706 | $ | (84,815,189) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidation preference on Legacy Bridger Series A Preferred Shares | — | — | — | — | — | — | — | — | — | (4,339,767) | — | (4,339,767) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | — | — | —�� | — | 674,381 | 674,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | (287) | (287) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation attributable to Legacy Bridger holders prior to reverse recapitalization | — | — | — | — | — | — | — | — | — | 2,558 | — | 2,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (14,873,009) | — | (14,873,009) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 10,500,000 | $ | 1,050 | 60,000,000 | $ | 6,000 | — | $ | — | 39,081,744 | $ | 3,908 | $ | — | $ | (104,054,021) | $ | 698,800 | $ | (103,351,313) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Bridger Series A Preferred Shares adjustment for redemption, extinguishment and revaluation | — | — | — | — | — | — | — | — | — | (81,323,569) | — | (81,323,569) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Bridger Series C Preferred Shares adjustment to maximum redemption value | — | — | — | — | — | — | — | — | — | (191,240,782) | — | (191,240,782) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | — | — | — | — | 309,654 | 309,654 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | 24 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation attributable to Legacy Bridger holders prior to reverse recapitalization | — | — | — | — | — | — | — | — | — | 2,222 | — | 2,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (4,562,875) | — | (4,562,875) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 10,500,000 | $ | 1,050 | 60,000,000 | $ | 6,000 | — | $ | — | 39,081,744 | $ | 3,908 | $ | — | $ | (381,179,025) | $ | 1,008,478 | $ | (380,166,639) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Bridger Series C Preferred Shares adjustment to maximum redemption value | — | — | — | — | — | — | — | — | — | (5,643,337) | — | (5,643,337) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | — | — | — | — | 459,150 | 459,150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on investments in marketable securities | — | — | — | — | — | — | — | — | — | — | 28,212 | 28,212 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | (96) | (96) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation attributable to Legacy Bridger holders prior to reverse recapitalization | — | — | — | — | — | — | — | — | — | 2,223 | — | 2,223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (5,650,726) | — | (5,650,726) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 10,500,000 | $ | 1,050 | 60,000,000 | $ | 6,000 | — | $ | — | 39,081,744 | $ | 3,908 | $ | — | $ | (392,470,865) | $ | 1,495,744 | $ | (390,971,213) |
Legacy Bridger Series A Preferred Shares | Legacy Bridger Series B Preferred Shares | Legacy Bridger Series C Preferred Shares / Series A Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share | Value | Share | Value | Share | Value | Share | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | $ | — | — | $ | — | 315,789 | $ | 489,021,545 | 39,081,744 | $ | 3,908 | $ | — | $ | (415,304,343) | $ | 1,678,497 | $ | (413,621,938) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | — | — | — | — | — | — | — | — | — | — | (271,801) | (271,801) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on investment in marketable securities | — | — | — | — | — | — | — | — | — | — | 318,645 | 318,645 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of realized gains on investments in marketable securities to earnings | — | — | — | — | — | — | — | — | — | — | (173,152) | (173,152) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | 192 | 192 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (44,684,938) | — | (44,684,938) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of the Closing | — | — | — | — | — | (156,362,597) | 4,687,546 | 684 | 52,084,522 | 78,956,576 | — | 131,041,782 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock adjustment to maximum redemption value | — | — | — | — | — | 4,274,439 | — | — | (4,274,439) | — | — | (4,274,439) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation after reverse recapitalization | — | — | — | — | — | — | 2,400,354 | 240 | 25,596,776 | — | — | 25,597,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | — | $ | — | — | $ | — | 315,789 | $ | 336,933,387 | 46,169,644 | $ | 4,832 | $ | 73,406,859 | $ | (381,032,705) | $ | 1,552,381 | $ | (306,068,633) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | — | — | — | — | 203,467 | 203,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on investment in marketable securities | — | — | — | — | — | — | — | — | — | — | (28,301) | (28,301) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of realized gains on investments in marketable securities to earnings | — | — | — | — | — | — | — | — | — | — | (208,190) | (208,190) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | 214 | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (19,021,602) | — | (19,021,602) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock adjustment to maximum redemption value | — | — | — | — | — | 5,805,582 | — | — | (5,805,582) | — | — | (5,805,582) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonuses paid in Class A Common Stock | — | — | — | — | — | — | 736,554 | 74 | 4,927,546 | — | 4,927,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation after reverse recapitalization | — | — | — | — | — | — | — | — | 6,448,568 | — | — | 6,448,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | — | $ | — | — | $ | — | 315,789 | $ | 342,738,969 | 46,906,198 | $ | 4,906 | $ | 78,977,391 | $ | (400,054,307) | $ | 1,519,571 | $ | (319,552,439) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | — | — | — | — | 180,525 | 180,525 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on investment in marketable securities | — | — | — | — | — | — | — | — | — | — | (12,942) | (12,942) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of realized gains on investments in marketable securities to earnings | — | — | — | — | — | — | — | — | — | — | (100,388) | (100,388) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | (43,687) | (43,687) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | 17,487,976 | — | 17,487,976 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock adjustment to maximum redemption value | — | — | — | — | — | 6,048,025 | — | — | (6,048,025) | — | — | (6,048,025) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock issued in Acquisition | — | — | — | — | — | — | 426,531 | 43 | 3,241,957 | — | — | 3,242,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation after reverse recapitalization | — | — | — | — | — | — | — | — | 6,605,296 | — | — | 6,605,296 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | — | $ | — | — | $ | — | 315,789 | $ | 348,786,994 | 47,332,729 | $ | 4,949 | $ | 82,776,619 | $ | (382,566,331) | $ | 1,543,079 | $ | (298,241,684) |
For the Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net loss | $ | (46,218,564) | $ | (25,086,610) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities, net of acquisitions | ||||||||||||||
Loss on sale/disposal of fixed assets | 423,187 | 1,588,361 | ||||||||||||
Depreciation and amortization | 10,233,947 | 8,561,926 | ||||||||||||
Impairment of long-lived assets | 626,848 | — | ||||||||||||
Stock based compensation expense | 38,650,880 | 7,003 | ||||||||||||
Loss on extinguishment of debt | — | 844,925 | ||||||||||||
Change in fair value of the Warrants | 1,865,500 | — | ||||||||||||
Change in fair value of freestanding derivative | 50,559 | (59,309) | ||||||||||||
Amortization of debt issuance costs | 725,524 | 288,853 | ||||||||||||
Interest accrued on Legacy Bridger Series B Preferred Shares | — | 3,586,586 | ||||||||||||
Change in fair value of Legacy Bridger Series C Preferred Shares | — | 3,918,636 | ||||||||||||
Change in fair value of Series A Preferred Stock | (45,378) | — | ||||||||||||
Realized gain on investments in marketable securities | (561,905) | — | ||||||||||||
Changes in operating assets and liabilities | ||||||||||||||
Accounts and note receivable | (25,372,935) | (10,885,879) | ||||||||||||
Aircraft support parts | 1,273,125 | 183,390 | ||||||||||||
Prepaid expense and other current and noncurrent assets | (4,057,674) | (305,096) | ||||||||||||
Accounts payable, accrued expenses and other liabilities | (19,084,478) | 9,398,500 | ||||||||||||
Net cash used in operating activities | (41,491,364) | (7,958,714) | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Investments in construction in progress – buildings | — | (7,739,841) | ||||||||||||
Proceeds from sales and maturities of marketable securities | 53,088,665 | — | ||||||||||||
Sale of property, plant and equipment | 817,000 | 286,400 | ||||||||||||
Purchases of property, plant and equipment | (18,054,137) | (23,818,386) | ||||||||||||
Purchases of marketable securities | — | (38,508,475) | ||||||||||||
Net cash provided by (used in) investing activities | 35,851,528 | (69,780,302) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Payment to Legacy Bridger Series A Preferred Shares members | — | (236,250,000) | ||||||||||||
Payment to Legacy Bridger Series B Preferred Shares members | — | (69,999,223) | ||||||||||||
Borrowing from Legacy Bridger Series C Preferred shares members, net of issuance costs | — | 288,684,675 | ||||||||||||
Borrowings from 2022 Taxable Industrial Revenue bond | — | 160,000,000 | ||||||||||||
Extinguishment of 2021 Taxable Industrial Revenue bond | — | (7,549,900) | ||||||||||||
Payment of finance lease liability | (22,790) | — | ||||||||||||
Proceeds from the Closing | 3,193,536 | — | ||||||||||||
Costs incurred related to the Closing | (6,793,574) | — | ||||||||||||
Borrowings from various First Interstate Bank vehicle loans | — | 202,216 | ||||||||||||
Payment of debt issuance costs | — | (4,417,806) | ||||||||||||
Payment of offering costs | — | (896,108) | ||||||||||||
Repayments on debt | (1,482,425) | (1,463,862) | ||||||||||||
Net cash (used in) provided by financing activities | (5,105,253) | 128,309,992 | ||||||||||||
Effects of exchange rate changes | (43,281) | (359) | ||||||||||||
Net change in cash, cash equivalents and restricted cash | (10,788,370) | 50,570,617 | ||||||||||||
Cash, cash equivalents and restricted cash – beginning of the period | 42,459,626 | 17,261,132 | ||||||||||||
Cash, cash equivalents and restricted cash – end of the period | $ | 31,671,256 | $ | 67,831,749 | ||||||||||
Less: Restricted cash – end of the period | 12,292,731 | 12,224,970 | ||||||||||||
Cash and cash equivalents – end of the period | $ | 19,378,525 | $ | 55,606,779 | ||||||||||
Supplemental disclosure of non-cash operating and financing activities | ||||||||||||||
Assumption of Jack Creek liabilities | $ | 7,463,673 | $ | — | ||||||||||
Recognition of warrant liabilities | $ | 5,863,000 | $ | — | ||||||||||
Recognition of Deferred underwriting fee | $ | 1,500,000 | $ | — | ||||||||||
Recognition of new right-of-use asset and corresponding operating lease liability | $ | 7,940,044 | $ | — | ||||||||||
Bonuses paid in Class A Common Stock | $ | 4,927,620 | $ | — | ||||||||||
Purchase consideration of Ignis acquisition paid in Class A Common Stock | $ | 3,242,000 | $ | — | ||||||||||
Deferred offering costs included in accrued expenses and other current liabilities | $ | — | $ | 3,762,322 | ||||||||||
Issuance costs on Legacy Bridger Series C Preferred Shares | $ | — | $ | 5,000,000 | ||||||||||
Supplemental cash flow information | ||||||||||||||
Interest paid1 | $ | 21,995,073 | $ | 11,936,730 | ||||||||||
Fixed assets in accounts payable | $ | 16,847 | $ | 448,850 | ||||||||||
Conversion of Promissory Note to Common Stock | $ | 897,400 | $ | — | ||||||||||
Series A Preferred Stock – adjustment for deemed dividend upon Closing | $ | 48,300,000 | $ | — | ||||||||||
Series A Preferred Stock – adjustment to eliminate 50% multiplier | $ | 156,362,597 | $ | — | ||||||||||
Series A Preferred Stock - adjustment to maximum redemption value | $ | 16,128,046 | $ | — | ||||||||||
Legacy Bridger Series A Preferred Shares – adjustment for redemption, extinguishment and accrued interest | $ | — | $ | 85,663,336 | ||||||||||
Legacy Bridger Series C Preferred Shares - adjustment for maximum redemption value | $ | — | $ | 196,884,119 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Fire suppression | $ | 46,153,645 | $ | 26,550,505 | $ | 56,603,073 | $ | 38,232,768 | ||||||||||||||||||
Aerial surveillance | 7,355,172 | 5,831,625 | 8,478,925 | 6,833,650 | ||||||||||||||||||||||
Other services | 110,300 | 70,463 | 517,772 | 209,138 | ||||||||||||||||||||||
Total revenues | $ | 53,619,117 | $ | 32,452,593 | $ | 65,599,770 | $ | 45,275,556 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Flight revenue | $ | 28,322,994 | $ | 18,167,660 | $ | 34,117,309 | $ | 24,585,180 | ||||||||||||||||||
Standby revenue | 25,006,298 | 14,094,682 | 30,142,235 | 20,305,658 | ||||||||||||||||||||||
Other revenue | 289,825 | 190,251 | 1,340,226 | 384,718 | ||||||||||||||||||||||
Total revenues | $ | 53,619,117 | $ | 32,452,593 | $ | 65,599,770 | $ | 45,275,556 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Carrying Value | ||||||||||||||
Cash equivalents | ||||||||||||||
Commercial paper | $ | — | $ | 29,890,313 | ||||||||||
Money market fund | 6,893,438 | 12,640 | ||||||||||||
Total cash equivalents | $ | 6,893,438 | $ | 29,902,953 | ||||||||||
Restricted cash | ||||||||||||||
Money market fund | $ | 9,251,919 | $ | 9,284,362 |
As of September 30, 2023 | ||||||||||||||||||||||||||
Purchase Price | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||||
Investment in marketable securities | ||||||||||||||||||||||||||
Commercial paper | $ | 1,908,494 | $ | 90,606 | $ | — | $ | 1,999,100 | ||||||||||||||||||
Corporate bonds and notes | 246,465 | 3,503 | — | 249,968 | ||||||||||||||||||||||
Total marketable securities | $ | 2,154,959 | $ | 94,109 | $ | — | $ | 2,249,068 |
As of December 31, 2022 | ||||||||||||||||||||||||||
Purchase Price | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||||
Investment in marketable securities | ||||||||||||||||||||||||||
Commercial paper | $ | 32,635,849 | $ | 277,674 | $ | — | $ | 32,913,523 | ||||||||||||||||||
Corporate bonds and notes | 15,413,122 | 3,668 | — | 15,416,790 | ||||||||||||||||||||||
Government securities | 6,658,634 | — | (8,791) | 6,649,843 | ||||||||||||||||||||||
Total marketable securities | $ | 54,707,605 | $ | 281,342 | $ | (8,791) | $ | 54,980,156 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Trade accounts receivable | $ | 22,383,983 | $ | 28,902 | ||||||||||
Note receivable | 3,000,000 | — | ||||||||||||
Other receivables | 17,854 | — | ||||||||||||
Total accounts and note receivable | $ | 25,401,837 | $ | 28,902 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Repairables and expendables | $ | 488,145 | $ | 1,734,292 | ||||||||||
Other support parts | — | 26,978 | ||||||||||||
Total aircraft support parts | $ | 488,145 | $ | 1,761,270 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Prepaid insurance | $ | 1,491,823 | $ | 968,721 | ||||||||||
Deposits | 1,206,769 | 65,641 | ||||||||||||
Prepaid subscriptions | 1,207,655 | 770,724 | ||||||||||||
Other current assets | 62,563 | 29,946 | ||||||||||||
Total prepaid expenses and other current assets | $ | 3,968,810 | $ | 1,835,032 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Aircraft | $ | 188,595,020 | $ | 160,113,061 | ||||||||||
Less: Accumulated depreciation | (25,368,693) | (16,783,360) | ||||||||||||
Aircraft, net | 163,226,327 | 143,329,701 | ||||||||||||
Construction-in-progress—Aircraft | — | 16,992,010 | ||||||||||||
Buildings | 34,779,836 | 16,519,231 | ||||||||||||
Vehicles and equipment | 2,922,163 | 2,810,560 | ||||||||||||
Construction-in-progress - Buildings | 4,500 | 13,780,316 | ||||||||||||
Finance lease right-of-use asset | 130,378 | 130,378 | ||||||||||||
Licenses | 234,682 | 234,682 | ||||||||||||
Less: Accumulated depreciation | (2,825,585) | (1,705,465) | ||||||||||||
Buildings and equipment, net | 35,245,974 | 31,769,702 | ||||||||||||
Total property, plant and equipment, net | $ | 198,472,301 | $ | 192,091,413 |
Common Stock | $ | 11,561,000 | ||||||
Aggregate purchase price | 11,561,000 | |||||||
Cash and cash equivalents | 2,542 | |||||||
Intangible assets (Weighted average useful life of 5.0 years) | 1,300,000 | |||||||
Accounts payable | (36,716) | |||||||
Long-term accrued expenses and other noncurrent liabilities | (67,180) | |||||||
Deferred tax liability | (314,080) | |||||||
Net assets acquired | 884,566 | |||||||
Goodwill | $ | 10,676,434 |
As of December 31, 2022 | $ | 2,457,937 | ||||||
Addition from acquisition | 10,676,434 | |||||||
As of September 30, 2023 | $ | 13,134,371 |
As of September 30, 2023 | ||||||||||||||||||||||||||
Estimated Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Licenses | 10 | $ | 67,623 | $ | (52,249) | $ | 15,374 | |||||||||||||||||||
Internal-use software | 3 | 296,675 | (183,093) | 113,582 | ||||||||||||||||||||||
In-process research and development (“IPR&D”) | 5 | $ | 1,300,000 | $ | — | $ | 1,300,000 | |||||||||||||||||||
Total intangible assets | $ | 1,664,298 | $ | (235,342) | $ | 1,428,956 |
As of December 31, 2022 | ||||||||||||||||||||||||||
Estimated Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||
Licenses | 10 | $ | 67,623 | $ | (47,177) | $ | 20,446 | |||||||||||||||||||
Internal-use software | 3 | 296,675 | (108,925) | 187,750 | ||||||||||||||||||||||
Total intangible assets | $ | 364,298 | $ | (156,102) | $ | 208,196 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Investment in Overwatch | $ | 1,000,000 | $ | 1,000,000 | ||||||||||
Operating lease right-of-use asset | 8,119,086 | 671,054 | ||||||||||||
Prepaid subscriptions | 3,226,388 | 1,246,128 | ||||||||||||
Interest rate swap | 1,519,326 | 1,407,135 | ||||||||||||
Other assets | 31,908 | 31,908 | ||||||||||||
Total other noncurrent assets | $ | 13,896,708 | $ | 4,356,225 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Accrued salaries, wages, and bonuses | $ | 1,661,912 | $ | 6,515,774 | ||||||||||
Finance right-of-use liability | 50,903 | 68,310 | ||||||||||||
Accrued professional fees | 259,764 | 2,291,469 | ||||||||||||
Embedded derivative of Legacy Bridger Series C Preferred Shares | — | 1,039,330 | ||||||||||||
Embedded derivative of Series A Preferred Stock | 993,952 | — | ||||||||||||
Warrant liabilities | 7,728,464 | — | ||||||||||||
Deferred underwriting fee payable | 1,500,000 | — | ||||||||||||
Freestanding derivative on Legacy Bridger Series C Preferred Shares | — | 2,186,283 | ||||||||||||
Contingent consideration | 8,319,000 | — | ||||||||||||
Accrued interest expense and other accrued liabilities | 2,843,183 | 6,614,065 | ||||||||||||
Total accrued expenses and other liabilities | 23,357,178 | 18,715,231 | ||||||||||||
Less: Current accrued expenses and other current liabilities | (10,536,129) | (18,669,572) | ||||||||||||
Total long-term accrued expenses and other noncurrent liabilities | $ | 12,821,049 | $ | 45,659 |
As of September 30, 2023 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Fair Value | Pay Fixed | Receive Rate | |||||||||||||||||||||||||||
4/15/2020 | 3/15/2030 | $10,627,419 | $1,519,326 | 3.887% | 1 Month SOFR + 2.5% | |||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Fair Value | Pay Fixed | Receive Rate | |||||||||||||||||||||||||||
4/15/2020 | 3/15/2030 | $11,110,484 | $1,407,135 | 3.887% | 1 Month LIBOR + 2.5% |
As of September 30, 2023 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | 19,378,525 | $ | — | $ | — | ||||||||||||||
Restricted cash: | ||||||||||||||||||||
Money market fund | 9,251,919 | — | — | |||||||||||||||||
Other restricted cash | 3,040,812 | — | — | |||||||||||||||||
Total Restricted cash | 12,292,731 | — | — | |||||||||||||||||
Investments in marketable securities | — | 2,249,068 | — | |||||||||||||||||
Interest rate swap | — | 1,519,326 | — | |||||||||||||||||
Total assets | $ | 31,671,256 | $ | 3,768,394 | $ | — | ||||||||||||||
Liabilities | ||||||||||||||||||||
Warrant liabilities – Public Warrants | $ | 5,002,000 | $ | — | $ | — | ||||||||||||||
Warrant liabilities – Private Placement Warrants | — | 2,726,000 | — | |||||||||||||||||
Contingent consideration | — | — | 8,319,000 | |||||||||||||||||
Embedded derivative of Series A Preferred Stock | — | — | 993,952 | |||||||||||||||||
Total liabilities | $ | 5,002,000 | $ | 2,726,000 | $ | 9,312,952 |
As of December 31, 2022 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | 259,522 | $ | — | $ | — | ||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | — | 29,890,313 | — | |||||||||||||||||
Money market fund | 12,640 | — | — | |||||||||||||||||
Total Cash and cash equivalents | 272,162 | 29,890,313 | — | |||||||||||||||||
Restricted cash: | ||||||||||||||||||||
Money market fund | 9,284,362 | — | — | |||||||||||||||||
Other restricted cash | 3,012,789 | — | — | |||||||||||||||||
Total Restricted cash | 12,297,151 | — | — | |||||||||||||||||
Investments in marketable securities | — | 54,980,156 | — | |||||||||||||||||
Interest rate swap | — | 1,407,135 | — | |||||||||||||||||
Total assets | $ | 12,569,313 | $ | 86,277,604 | $ | — | ||||||||||||||
Liabilities | ||||||||||||||||||||
Freestanding derivative on Legacy Bridger Series C Preferred Shares | $ | — | $ | — | $ | 2,186,283 | ||||||||||||||
Embedded derivative of Legacy Bridger Series C Preferred Shares | — | — | 1,039,330 | |||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 3,225,613 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||
Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 2035 | $ | 18,592,258 | $ | 18,852,476 | ||||||||||
Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 2035 | 18,655,670 | 18,924,229 | ||||||||||||
Term loan agreement dated September 30, 2019, LIBOR + 2.5%, maturing March 15, 2030 | 10,627,419 | 11,110,484 | ||||||||||||
Term loan agreement dated February 3, 2020, LIBOR + 2.5%, maturing February 3, 2027 | 3,952,500 | 4,371,000 | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rates, maturing September 1, 2027 | 160,000,000 | 160,000,000 | ||||||||||||
Various term loan agreements, with earliest start at September 9, 2021, 5-5.5% interest rates, latest maturation on November 17, 2027 | 264,988 | 317,073 | ||||||||||||
Loans payable | 212,092,835 | 213,575,262 | ||||||||||||
Less: noncurrent debt issuance costs | (3,936,819) | (4,664,552) | ||||||||||||
Less: current debt issuance costs | (995,365) | (993,157) | ||||||||||||
Less: current portion of long-term debt, net of debt issuance costs | (1,940,914) | (2,445,595) | ||||||||||||
Total long-term debt, net of debt issuance costs | $ | 205,219,737 | $ | 205,471,958 |
Dividend yield (%) | 0 | |||||||
Expected volatility (%) | 46.5 | |||||||
Risk-free interest rate (%) | 1.26 | |||||||
Term (in years) | 5.00 | |||||||
Discount for lack of marketability (%) | 30 |
Time-Vesting Incentive Units | Exit-Vesting Incentive Units | |||||||||||||||||||||||||
Number of Awards | Weighted average grant date fair value | Number of Awards | Weighted average grant date fair value | |||||||||||||||||||||||
Unvested as of January 1, 2022 | 242,424 | $ | 0.15 | 80,808 | $ | 0.11 | ||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||
Vested | 80,808 | 0.11 | — | — | ||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||
Unvested as of December 31, 2022 | 161,616 | $ | 0.17 | 80,808 | $ | 0.11 | ||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||
Vested | — | — | — | — | ||||||||||||||||||||||
Forfeited | (121,212) | 0.22 | (40,404) | 0.22 | ||||||||||||||||||||||
Unvested as of September 30, 2023 | 40,404 | $ | 0.01 | 40,404 | $ | 0.01 |
Management Awards | Employee Awards | Non-Employee Director | ||||||||||||||||||||||||||||||||||||
Number of Awards | Weighted average grant date fair value | Number of Awards | Weighted average grant date fair value | Number of Awards | Weighted average grant date fair value | |||||||||||||||||||||||||||||||||
Unvested as of December 31, 2022 | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||
Granted | 6,581,496 | 9.76 | 2,234,750 | 4.56 | 194,436 | 7.59 | ||||||||||||||||||||||||||||||||
Forfeited | — | — | (135,875) | 4.56 | — | — | ||||||||||||||||||||||||||||||||
Vested | (2,400,354) | 9.00 | — | — | — | — | ||||||||||||||||||||||||||||||||
Unvested as of September 30, 2023 | 4,181,142 | $ | 10.19 | 2,098,875 | $ | 4.56 | 194,436 | $ | 7.59 |
Redeemable Series A Preferred Stock | ||||||||||||||
Shares | Amounts | |||||||||||||
Issued as of the Closing Date | 315,789.473684 | $ | 332,658,947 | |||||||||||
Adjustment to maximum redemption value | — | 16,128,047 | ||||||||||||
Balance as of September 30, 2023 | 315,789.473684 | $ | 348,786,994 |
Redeemable Legacy Bridger Series C Preferred Shares | ||||||||||||||
Shares | Amounts | |||||||||||||
Issuance of Legacy Bridger Series C Preferred Shares | 315,789.473684 | $ | 286,332,735 | |||||||||||
Adjustment to maximum redemption value | — | 202,688,810 | ||||||||||||
Balance as of December 31, 2022 | 315,789.473684 | $ | 489,021,545 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
(in USD, except share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Numerator—basic and diluted | ||||||||||||||||||||||||||
Net income (loss) | $ | 17,487,976 | $ | (5,650,726) | $ | (46,218,564) | $ | (25,086,610) | ||||||||||||||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | — | — | (48,300,000) | — | ||||||||||||||||||||||
Legacy Bridger Series A Preferred Shares—adjustment for redemption, extinguishment and accrued interest | — | — | — | (85,663,336) | ||||||||||||||||||||||
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value | — | (5,643,337) | — | (196,884,119) | ||||||||||||||||||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | — | — | 156,362,598 | — | ||||||||||||||||||||||
Series A Preferred Stock—adjustment to maximum redemptions value | (6,048,025) | — | (16,128,047) | — | ||||||||||||||||||||||
Net income (loss) attributable to Common Stockholders – basic and diluted | $ | 11,439,951 | $ | (11,294,063) | $ | 45,715,987 | $ | (307,634,065) | ||||||||||||||||||
Denominator—basic | ||||||||||||||||||||||||||
Weighted average Common Stock outstanding—Legacy Bridger shareholders | 38,848,420 | 38,770,646 | 38,848,420 | 38,770,646 | ||||||||||||||||||||||
Weighted average Common Stock outstanding—Public shareholders | 2,084,357 | — | 1,908,752 | — | ||||||||||||||||||||||
Weighted average Common Stock outstanding—Sponsor and independent directors of JCIC | 1,748,189 | — | 1,600,906 | — | ||||||||||||||||||||||
Weighted average vested restricted stock units outstanding | 2,400,354 | — | 2,198,126 | — | ||||||||||||||||||||||
Weighted average Class A Common Stock outstanding - bonus paid to executives | 736,554 | — | 350,740 | — | ||||||||||||||||||||||
Weighted average Class A Common Stock outstanding - Ignis acquisition | 88,088 | — | 29,685 | — | ||||||||||||||||||||||
Weighted average Common Stock outstanding—basic | 45,905,962 | 38,770,646 | 44,936,629 | 38,770,646 | ||||||||||||||||||||||
Denominator—diluted | ||||||||||||||||||||||||||
Weighted average Common Stock outstanding—basic | 45,905,962 | 38,770,646 | 44,936,629 | 38,770,646 | ||||||||||||||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||||||||||||||
Series A Preferred Stock | 31,158,962 | — | 31,158,962 | — | ||||||||||||||||||||||
Unvested Restricted Stock Units | 895,923 | — | 945,295 | — | ||||||||||||||||||||||
Unvested Legacy Bridger Incentive Units | 79,912 | — | 79,497 | — | ||||||||||||||||||||||
Sponsor Earnout Shares | 855,000 | — | 782,967 | — | ||||||||||||||||||||||
Weighted average Common Stock outstanding—diluted | 78,895,759 | 38,770,646 | 77,903,350 | 38,770,646 | ||||||||||||||||||||||
Basic and diluted net income (loss) per share | ||||||||||||||||||||||||||
Basic net income (loss) per Common Stock | $ | 0.25 | $ | (0.29) | $ | 1.02 | $ | (7.93) | ||||||||||||||||||
Diluted net income (loss) per Common Stock | $ | 0.15 | $ | (0.29) | $ | 0.59 | $ | (7.93) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Shares excluded from diluted net income (loss) per share | ||||||||||||||||||||||||||
Series A Preferred Stock | 315,789 | — | — | — | ||||||||||||||||||||||
Legacy Series C Preferred Shares | — | 315,789 | — | 315,789 | ||||||||||||||||||||||
Unvested Restricted Stock Units | 6,280,017 | — | — | — | ||||||||||||||||||||||
Public Warrants | 17,250,000 | — | 17,250,000 | — | ||||||||||||||||||||||
Private Placement Warrants | 9,400,000 | — | 9,400,000 | — | ||||||||||||||||||||||
Unvested Legacy Bridger Incentive Units | 77,775 | 323,232 | — | 323,232 | ||||||||||||||||||||||
Sponsor Earnout Shares | 855,000 | — | — | — |
As of December 31, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Balance Sheets: | |||||||||||||||||
Total assets | $ | 305,978,901 | $ | — | $ | 305,978,901 | |||||||||||
Accrued expenses and other current liabilities | 16,483,289 | 2,186,283 | 18,669,572 | ||||||||||||||
Total current liabilities | 22,120,721 | 2,186,283 | 24,307,004 | ||||||||||||||
Total liabilities | 228,393,011 | 2,186,283 | 230,579,294 | ||||||||||||||
Legacy Bridger Series C Preferred Shares | 489,021,545 | — | 489,021,545 | ||||||||||||||
Accumulated deficit | (413,118,060) | (2,186,283) | (415,304,343) | ||||||||||||||
Total members’ deficit | (411,435,655) | (2,186,283) | (413,621,938) | ||||||||||||||
Total liabilities, mezzanine equity and members’ deficit | $ | 305,978,901 | $ | — | $ | 305,978,901 |
For the year ended December 31, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Operations: | |||||||||||||||||
Interest expense | $ | (20,017,177) | $ | (2,709) | $ | (20,019,886) | |||||||||||
Net loss | $ | (42,121,959) | $ | (2,709) | $ | (42,124,668) | |||||||||||
Legacy Bridger Series C Preferred Shares adjustment for maximum redemption value | (200,505,236) | (2,183,574) | (202,688,810) | ||||||||||||||
Net loss attributable to common shareholders | $ | (328,290,531) | $ | (2,186,283) | $ | (330,476,814) | |||||||||||
Net loss per share attributable to common shareholders – basic and diluted | $ | (8.15) | $ | (0.05) | $ | (8.20) |
For the year ended December 31, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Members’ Equity: | |||||||||||||||||
Legacy Bridger Series C Preferred Shares adjustment for maximum redemption value | $ | (200,505,236) | $ | (2,183,574) | $ | (202,688,810) | |||||||||||
Net loss | (42,121,959) | (2,709) | (42,124,668) | ||||||||||||||
Accumulated deficit | (413,118,060) | (2,186,283) | (415,304,343) | ||||||||||||||
Accumulated other comprehensive income | 1,678,497 | — | 1,678,497 | ||||||||||||||
Total members’ deficit | $ | (411,435,655) | $ | (2,186,283) | $ | (413,621,938) | |||||||||||
For the year ended December 31, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Cash Flows: | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net loss | $ | (42,121,959) | $ | (2,709) | $ | (42,124,668) | |||||||||||
Change in fair value of freestanding derivative | — | 2,709 | 2,709 | ||||||||||||||
Net cash used in operating activities | (9,917,608) | — | (9,917,608) | ||||||||||||||
Net change in cash, cash equivalents, and restricted cash | 25,198,494 | — | 25,198,494 | ||||||||||||||
Cash, cash equivalents and restricted cash and cash equivalents – end of period | $ | 42,459,626 | $ | — | $ | 42,459,626 | |||||||||||
Cash and cash equivalents – end of period | $ | 30,162,475 | $ | — | $ | 30,162,475 |
As of September 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Balance Sheets: | |||||||||||||||||
Total assets | $ | 320,554,139 | $ | — | $ | 320,554,139 | |||||||||||
Accrued expenses and other current liabilities | 12,355,584 | 2,124,265 | 14,479,849 | ||||||||||||||
Total current liabilities | 19,472,020 | 2,124,265 | 21,596,285 | ||||||||||||||
Total liabilities | $ | 226,008,817 | $ | 2,124,265 | $ | 228,133,082 | |||||||||||
Series C Preferred shares | 483,385,214 | — | 483,385,214 | ||||||||||||||
Accumulated deficit | (390,307,424) | (2,124,265) | (392,431,689) | ||||||||||||||
Total members’ deficit | (388,839,892) | (2,124,265) | (391,036,037) | ||||||||||||||
Total liabilities, mezzanine equity and members’ deficit | $ | 320,554,139 | $ | — | $ | 320,554,139 |
For the nine months ended September 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Operations: | |||||||||||||||||
Interest expense | $ | (13,052,438) | $ | 59,309 | $ | (12,993,129) | |||||||||||
Net loss | $ | (25,117,707) | $ | 59,309 | $ | (25,058,398) | |||||||||||
Legacy Bridger Series C Preferred Shares adjustment for maximum redemption value | (194,700,545) | (2,183,574) | (196,884,119) | ||||||||||||||
Net loss attributable to common shareholders | $ | (305,481,588) | $ | (2,124,265) | $ | (307,605,853) | |||||||||||
Net loss per share attributable to common shareholders – basic and diluted | $ | (7.58) | $ | (0.06) | $ | (7.64) | |||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Members’ Equity: | |||||||||||||||||
Legacy Bridger Series C Preferred Shares adjustment for maximum redemption value | $ | (194,700,545) | $ | (2,183,574) | $ | (196,884,119) | |||||||||||
Net loss | (25,117,707) | 59,309 | (25,058,398) | ||||||||||||||
Accumulated deficit | (390,307,424) | (2,124,265) | (392,431,689) | ||||||||||||||
Total members’ deficit | $ | (388,839,892) | $ | (2,124,265) | $ | (390,964,157) | |||||||||||
For the nine months ended September 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Cash Flows: | |||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net loss | $ | (25,117,707) | $ | 59,309 | $ | (25,058,398) | |||||||||||
Change in fair value of freestanding derivative | — | (59,309) | (59,309) | ||||||||||||||
Net cash used in by operating activities | (7,930,502) | — | (7,930,502) | ||||||||||||||
Net change in cash, cash equivalents, and restricted cash | 89,107,304 | — | 89,107,304 | ||||||||||||||
Cash, cash equivalents and restricted cash and cash equivalents – end of period | $ | 106,368,436 | $ | — | $ | 106,368,436 | |||||||||||
Cash and cash equivalents – end of period | $ | 94,143,466 | $ | — | $ | 94,143,466 | |||||||||||
As of June 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Balance Sheets: | |||||||||||||||||
Total assets | $ | 309,603,293 | $ | — | $ | 309,603,293 | |||||||||||
Accrued expenses and other current liabilities | 10,359,417 | 2,183,574 | 12,542,991 | ||||||||||||||
Total current liabilities | 32,207,636 | 2,183,574 | 34,391,210 | ||||||||||||||
Total liabilities | 209,837,425 | 2,183,574 | 212,020,999 | ||||||||||||||
Series C Preferred shares | 477,741,883 | — | 475,558,309 | ||||||||||||||
Accumulated deficit | (378,984,493) | (2,183,574) | (381,168,067) | ||||||||||||||
Total members’ deficit | (377,976,015) | (2,183,574) | (380,159,589) | ||||||||||||||
Total liabilities, mezzanine equity and members’ deficit | $ | 309,603,293 | $ | — | $ | 309,603,293 |
For the six months ended June 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Operations: | |||||||||||||||||
Net loss | $ | (19,435,884) | $ | — | $ | (19,435,884) | |||||||||||
Legacy Bridger Series C Preferred Shares adjustment for maximum redemption value | (189,057,208) | (2,183,574) | (191,240,782) | ||||||||||||||
Net loss attributable to common shareholders | $ | (294,156,428) | $ | (2,183,574) | $ | (296,340,002) | |||||||||||
Net loss per share attributable to common shareholders – basic and diluted | $ | (7.30) | $ | (0.06) | $ | (7.36) | |||||||||||
For the six months ended June 30, 2022 | |||||||||||||||||
As Previously Reported | Impact of Revision | As Revised | |||||||||||||||
Statements of Members’ Equity: | |||||||||||||||||
Legacy Bridger Series C Preferred Shares adjustment for maximum redemption value | $ | (189,057,208) | $ | (2,183,574) | $ | (191,240,782) | |||||||||||
Net loss | (19,435,884) | — | (19,435,884) | ||||||||||||||
Accumulated deficit | (378,984,493) | (2,183,574) | (381,168,067) | ||||||||||||||
Accumulated other comprehensive income | 1,008,478 | — | 1,008,478 | ||||||||||||||
Total members’ deficit | $ | (377,976,015) | $ | (2,183,574) | $ | (380,159,589) |
(All amounts in U.S. dollars) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Revenues | $ | 53,619,117 | $ | 32,452,593 | $ | 21,166,524 | 65 | % | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Flight operations | 9,673,769 | 7,120,107 | 2,553,662 | 36 | % | |||||||||||||||||||||
Maintenance | 5,534,423 | 5,498,105 | 36,318 | 1 | % | |||||||||||||||||||||
Total cost of revenues | 15,208,192 | 12,618,212 | 2,589,980 | 21 | % | |||||||||||||||||||||
Gross income | 38,410,925 | 19,834,381 | 18,576,544 | 94 | % | |||||||||||||||||||||
Selling, general and administrative expense | 15,826,474 | 18,058,418 | (2,231,944) | (12 | %) | |||||||||||||||||||||
Operating income | 22,584,451 | 1,775,963 | 20,808,488 | 1172 | % | |||||||||||||||||||||
Interest expense | (5,970,547) | (6,984,901) | 1,014,354 | (15 | %) | |||||||||||||||||||||
Other income (expense) | 559,992 | (441,788) | 1,001,780 | (227 | %) | |||||||||||||||||||||
Income (loss) before income taxes | 17,173,896 | (5,650,726) | 22,824,622 | (404 | %) | |||||||||||||||||||||
Income tax benefit | 314,080 | — | 314,080 | 100 | % | |||||||||||||||||||||
Net income (loss) | $ | 17,487,976 | $ | (5,650,726) | $ | 23,138,702 | (409 | %) |
(All amounts in U.S. dollars) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||||
Series A Preferred Stock – adjustment to maximum redemption value | $ | (6,048,025) | $ | — | ||||||||||
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value | $ | — | $ | (5,643,337) | ||||||||||
Net income (loss) attributable to Common stockholders - basic and diluted | $ | 11,439,951 | $ | (11,294,063) | ||||||||||
Net income (loss) per Common Stock - basic | $ | 0.25 | $ | (0.29) | ||||||||||
Net income (loss) per Common Stock - diluted | $ | 0.15 | $ | (0.29) |
(All amounts in U.S. dollars) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Fire suppression | $ | 46,153,645 | $ | 26,550,505 | $ | 19,603,140 | 74 | % | ||||||||||||||||||
Aerial surveillance | 7,355,172 | 5,831,625 | 1,523,547 | 26 | % | |||||||||||||||||||||
Other services | 110,300 | 70,463 | 39,837 | 57 | % | |||||||||||||||||||||
Total revenues | $ | 53,619,117 | $ | 32,452,593 | $ | 21,166,524 | 65 | % |
(All amounts in U.S. dollars) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Flight revenue | $ | 28,322,994 | $ | 18,167,660 | $ | 10,155,334 | 56 | % | ||||||||||||||||||
Standby revenue | 25,006,298 | 14,094,682 | 10,911,616 | 77 | % | |||||||||||||||||||||
Other revenue | 289,825 | 190,251 | 99,574 | 52 | % | |||||||||||||||||||||
Total revenues | $ | 53,619,117 | $ | 32,452,593 | $ | 21,166,524 | 65 | % |
(All amounts in U.S. dollars) | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Revenues | $ | 65,599,770 | $ | 45,275,556 | $ | 20,324,214 | 45 | % | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Flight operations | 19,706,152 | 16,635,021 | 3,071,131 | 18 | % | |||||||||||||||||||||
Maintenance | 13,260,850 | 11,932,078 | 1,328,772 | 11 | % | |||||||||||||||||||||
Total cost of revenues | 32,967,002 | 28,567,099 | 4,399,903 | 15 | % | |||||||||||||||||||||
Gross income | 32,632,768 | 16,708,457 | 15,924,311 | 95 | % | |||||||||||||||||||||
Selling, general and administrative expense | 64,242,773 | 28,635,304 | 35,607,469 | 124 | % | |||||||||||||||||||||
Operating loss | (31,610,005) | (11,926,847) | (19,683,158) | 165 | % | |||||||||||||||||||||
Interest expense | (17,175,959) | (12,993,129) | (4,182,830) | 32 | % | |||||||||||||||||||||
Other income (expense) | 2,253,320 | (166,634) | 2,419,954 | (1452 | %) | |||||||||||||||||||||
Loss before income taxes | (46,532,644) | (25,086,610) | (21,446,034) | 85 | % | |||||||||||||||||||||
Income tax benefit | 314,080 | — | 314,080 | 100 | % | |||||||||||||||||||||
Net loss | $ | (46,218,564) | $ | (25,086,610) | $ | (21,131,954) | 84 | % |
(All amounts in U.S. dollars) | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||
Series A Preferred Stock – adjustment for deemed dividend upon Closing | $ | (48,300,000) | $ | — | ||||||||||
Series A Preferred Stock – adjustment to eliminate 50% multiplier | $ | 156,362,598 | $ | — | ||||||||||
Series A Preferred Stock – adjustment to maximum redemption value | $ | (16,128,047) | $ | — | ||||||||||
Legacy Bridger Series A Preferred Shares – adjustment for redemption, extinguishment and accrued interest | $ | — | $ | (85,663,336) | ||||||||||
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value | $ | — | $ | (196,884,119) | ||||||||||
Net income (loss) attributable to Common Stockholders – basic and diluted | $ | 45,715,987 | $ | (307,634,065) | ||||||||||
Net income (loss) per Common Stock—basic | $ | 1.02 | $ | (7.93) | ||||||||||
Net income (loss) per Common Stock—diluted | $ | 0.59 | $ | (7.93) |
(All amounts in U.S. dollars) | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Fire suppression | $ | 56,603,073 | $ | 38,232,768 | $ | 18,370,305 | 48 | % | ||||||||||||||||||
Aerial surveillance | 8,478,925 | 6,833,650 | 1,645,275 | 24 | % | |||||||||||||||||||||
Other services | 517,772 | 209,138 | 308,634 | 148 | % | |||||||||||||||||||||
Total revenues | $ | 65,599,770 | $ | 45,275,556 | $ | 20,324,214 | 45 | % |
(All amounts in U.S. dollars) | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Flight revenue | $ | 34,117,309 | $ | 24,585,180 | $ | 9,532,129 | 39 | % | ||||||||||||||||||
Standby revenue | 30,142,235 | 20,305,658 | 9,836,577 | 48 | % | |||||||||||||||||||||
Other revenue | 1,340,226 | 384,718 | 955,508 | 248 | % | |||||||||||||||||||||
Total revenues | $ | 65,599,770 | $ | 45,275,556 | $ | 20,324,214 | 45 | % |
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | |||||||||||||||||||||||
Net income (loss) | $ | 17,487,976 | $ | (5,650,726) | $ | 23,138,702 | (409 | %) | ||||||||||||||||||
Income tax benefit | (314,080) | — | (314,080) | (100 | %) | |||||||||||||||||||||
Depreciation and amortization | 5,247,755 | 4,467,072 | 780,683 | 17 | % | |||||||||||||||||||||
Interest expense | 5,970,547 | 6,984,901 | (1,014,354) | (15 | %) | |||||||||||||||||||||
EBITDA | 28,392,198 | 5,801,247 | 22,590,951 | 389 | % | |||||||||||||||||||||
Loss on disposals and non-cash impairment charges(i) | — | 806,869 | (806,869) | (100) | % | |||||||||||||||||||||
Offering costs(ii) | 662,149 | 1,336,102 | (673,953) | (50 | %) | |||||||||||||||||||||
Stock-based compensation(iii) | 9,003,786 | 2,222 | 9,001,564 | NM | ||||||||||||||||||||||
Business development & integration expenses(iv) | 680,021 | 193,039 | 486,982 | 252 | % | |||||||||||||||||||||
Loss on extinguishment of debt(v) | — | 844,925 | (844,925) | (100 | %) | |||||||||||||||||||||
Discretionary bonuses to employees and executives(vi) | — | 10,136,530 | (10,136,530) | (100 | %) | |||||||||||||||||||||
Adjusted EBITDA | $ | 38,738,154 | $ | 19,120,934 | $ | 19,617,220 | 103 | % | ||||||||||||||||||
Net income (loss) margin(vii) | 33 | % | (17) | % | ||||||||||||||||||||||
Adjusted EBITDA margin(vii) | 72 | % | 59 | % |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | |||||||||||||||||||||||
Net loss | $ | (46,218,564) | $ | (25,086,610) | $ | (21,131,954) | 84 | % | ||||||||||||||||||
Income tax benefit | (314,080) | — | (314,080) | (100 | %) | |||||||||||||||||||||
Depreciation and amortization | 10,233,947 | 8,561,926 | 1,672,021 | 20 | % | |||||||||||||||||||||
Interest expense | 17,175,959 | 12,993,129 | 4,182,830 | 32 | % | |||||||||||||||||||||
EBITDA | (19,122,738) | (3,531,555) | (15,591,183) | 441 | % | |||||||||||||||||||||
Loss on disposals and non-cash impairment charges(i) | 1,052,407 | 1,588,361 | (535,954) | (34) | % | |||||||||||||||||||||
Offering costs(ii) | 3,929,756 | 2,549,300 | 1,380,456 | 54 | % | |||||||||||||||||||||
Stock-based compensation(iii) | 41,614,316 | 7,002 | 41,607,314 | NM | ||||||||||||||||||||||
Business development & integration expenses(iv) | 1,553,298 | 585,015 | 968,283 | 166 | % | |||||||||||||||||||||
Loss on extinguishment of debt(v) | — | 844,925 | (844,925) | (100 | %) | |||||||||||||||||||||
Discretionary bonuses to employees and executives(vi) | — | 10,136,530 | (10,136,530) | (100 | %) | |||||||||||||||||||||
Adjusted EBITDA | $ | 29,027,039 | $ | 12,179,578 | $ | 16,847,461 | 138 | % | ||||||||||||||||||
Net loss margin(vii) | (70) | % | (55) | % | ||||||||||||||||||||||
Adjusted EBITDA margin(vii) | 44 | % | 27 | % |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||
Net cash used in operating activities | $ | (41,491,364) | $ | (7,958,714) | ||||||||||
Net cash provided by (used in) investing activities | 35,851,528 | 35,851,528 | (69,780,302) | |||||||||||
Net cash (used in) provided by financing activities | (5,105,253) | 128,309,992 | ||||||||||||
Effects of exchange rate changes | (43,281) | (359) | ||||||||||||
Net change in cash and cash equivalents | $ | (10,788,370) | $ | 50,570,617 |
Payments Due by Period | ||||||||||||||||||||
Total | Current | Noncurrent | ||||||||||||||||||
Lease obligations | 8,330,268 | 1,552,885 | 6,777,383 | |||||||||||||||||
Debt obligations | 187,022,896 | 2,924,528 | 184,098,368 | |||||||||||||||||
Total | $ | 195,353,164 | $ | 4,477,413 | $ | 190,875,751 |
Dividend yield (%) | 0 | ||||
Expected volatility (%) | 46.5 | ||||
Risk-free interest rate (%) | 1.26 | ||||
Term (in years) | 5.00 | ||||
Discount for lack of marketability (%) | 30 |
Estimated useful life | |||||
Aircraft, engines and rotable parts | 1,500 –6,000 flight hours | ||||
Unmanned aerial vehicles | 5 – 10 years | ||||
Vehicles and equipment | 3 – 5 years | ||||
Buildings | 40 years |
Exhibit Number | Description | |||||||
2.1† | Purchase and Sale Agreement, dated as of July 21, 2023, by and among Bridger Bighorn, LLC, Bridger Aerospace Group Holdings, Inc. (solely for purposes of the limited provisions set forth therein), Robert Eisele and Christopher Eisele | |||||||
3.1 | Amended and Restated Certificate of Incorporation of Bridger Aerospace Group Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 27, 2023). | |||||||
3.2 | Amended and Restated Bylaws of Bridger Aerospace Group Holdings, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on January 27, 2023). | |||||||
10.1 | Aircraft Operating Lease Agreement, dated July 10, 2023, by and between Element Aviation Services, LLC and Bridger Aerospace Group, LLC (incorporated by reference to Exhibit 10.39 to the Company's Registration Statement on Form S-1 (File No. 333-275051) filed with the SEC on October 17, 2023). | |||||||
10.2 | Aircraft Operating Lease Agreement, dated July 10, 2023, by and between Element Aviation Services, LLC and Bridger Aerospace Group, LLC (incorporated by reference to Exhibit 10.40 to the Company's Registration Statement on Form S-1 (File No. 333-275051) filed with the SEC on October 17, 2023). | |||||||
31.1* | Certification of the Company’s Chief Executive Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 7241). | |||||||
31.2* | Certification of the Company’s Chief Financial Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 7241). | |||||||
32.1** | Certification of the Company’s Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 1350). | |||||||
101.INS* | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104* | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
Date: November 13, 2023 | ||||||||
BRIDGER AEROSPACE GROUP HOLDINGS, INC. | ||||||||
By: | /s/ Timothy Sheehy | |||||||
Name: | Timothy Sheehy | |||||||
Title: | Chief Executive Officer and Director | |||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Eric Gerratt | |||||||
Name: | Eric Gerratt | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Accounting and Financial Officer) |