Prospectus Supplement No. 6 (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 Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on March 20, 2024 (the “Annual 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 March 25, 2024, the closing price of our Common Stock was $5.11. On March 21, 2024, the closing price for our Public Warrants was $0.1975.
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 March 26, 2024.
☒ | ANNUAL 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 Symbols | 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 | |||||
Volume | Weight | |||||||||||||||||||||||||||||||
Liters | Imp Gal | U.S. Gal | Kg | Lbs | ||||||||||||||||||||||||||||
Each tank | 2,673 | 588 | 706 | 2,722 | 6,000 | |||||||||||||||||||||||||||
Total both tanks | 5,346 | 1,176 | 1,412 | 5,443 | 12,000 |
$s in thousands | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Revenues | $ | 66,708 | $ | 46,388 | $ | 20,320 | 44% | |||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Flight operations | 24,412 | 18,762 | 5,650 | 30% | ||||||||||||||||||||||
Maintenance | 16,928 | 15,124 | 1,804 | 12% | ||||||||||||||||||||||
Total cost of revenues | 41,340 | 33,886 | 7,454 | 22% | ||||||||||||||||||||||
Gross income | 25,368 | 12,502 | 12,866 | 103% | ||||||||||||||||||||||
Selling, general and administrative expense | 82,863 | 35,128 | 47,735 | 136% | ||||||||||||||||||||||
Operating loss | (57,495) | (22,626) | (34,869) | 154% | ||||||||||||||||||||||
Interest expense | (23,218) | (20,020) | (3,198) | 16% | ||||||||||||||||||||||
Other income | 3,053 | 521 | 2,532 | 486% | ||||||||||||||||||||||
Loss before income taxes | (77,660) | (42,125) | (35,535) | 84% | ||||||||||||||||||||||
Income tax benefit | 302 | — | 302 | n/a | ||||||||||||||||||||||
Net loss | $ | (77,358) | $ | (42,125) | $ | (35,233) | 84% |
$s in thousands | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Fire suppression | $ | 56,022 | $ | 38,845 | $ | 17,177 | 44% | |||||||||||||||||||
Aerial surveillance | 9,730 | 7,216 | 2,514 | 35% | ||||||||||||||||||||||
Other services | 956 | 327 | 629 | 192% | ||||||||||||||||||||||
Total revenues | $ | 66,708 | $ | 46,388 | $ | 20,320 | 44% |
$s in thousands | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Flight revenue | $ | 34,171 | $ | 25,105 | $ | 9,066 | 36% | |||||||||||||||||||
Standby revenue | 30,650 | 20,772 | 9,878 | 48% | ||||||||||||||||||||||
Other revenue | 1,887 | 511 | 1,376 | 269% | ||||||||||||||||||||||
Total revenues | $ | 66,708 | $ | 46,388 | $ | 20,320 | 44% |
$s in thousands | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
United States | $ | 49,534 | $ | 46,388 | $ | 3,146 | 7% | |||||||||||||||||||
Canada | 17,174 | — | 17,174 | n/a | ||||||||||||||||||||||
Total revenues | $ | 66,708 | $ | 46,388 | $ | 20,320 | 44% |
($s in thousands) | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Net loss | $ | (77,358) | $ | (42,125) | $ | (35,233) | 84% | |||||||||||||||||||
Income tax benefit | (302) | — | (302) | n/a | ||||||||||||||||||||||
Depreciation and amortization | 11,089 | 9,091 | 1,998 | 22% | ||||||||||||||||||||||
Interest expense | 23,218 | 20,020 | 3,198 | 16% | ||||||||||||||||||||||
EBITDA | (43,353) | (13,014) | (30,339) | 233% | ||||||||||||||||||||||
Stock-based compensation1 | 47,796 | 9 | 47,787 | 530,967% | ||||||||||||||||||||||
Business development & integration expenses2 | 5,687 | 954 | 4,733 | 496% | ||||||||||||||||||||||
Offering costs3 | 5,773 | 2,962 | 2,811 | 95% | ||||||||||||||||||||||
Loss on disposals and non-cash impairment charges4 | 2,869 | 1,770 | 1,099 | 62% | ||||||||||||||||||||||
Change in fair value of earnout consideration5 | 167 | — | 167 | n/a | ||||||||||||||||||||||
Change in fair value of Warrants6 | (266) | — | (266) | n/a | ||||||||||||||||||||||
Loss on extinguishment of debt7 | — | 845 | (845) | n/a | ||||||||||||||||||||||
Discretionary bonuses to employees and executives8 | — | 10,137 | (10,137) | n/a | ||||||||||||||||||||||
Adjusted EBITDA | $ | 18,673 | $ | 3,663 | $ | 15,010 | 410% | |||||||||||||||||||
Net loss margin9 | (116) | % | (91) | % | ||||||||||||||||||||||
Adjusted EBITDA margin9 | 28 | % | 8 | % |
$s in thousands | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||
Net cash used in operating activities | $ | (26,808) | $ | (9,918) | ||||||||||
Net cash provided by (used in) investing activities | 27,158 | (89,813) | ||||||||||||
Net cash (used in) provided by financing activities | (5,831) | 124,930 | ||||||||||||
Effects of exchange rate changes | (42) | — | ||||||||||||
Net change in cash and cash equivalents | $ | (5,523) | $ | 25,199 |
Payments Due by Period | ||||||||||||||||||||
$s in thousands | Total | Current | Noncurrent | |||||||||||||||||
Lease obligations | $ | 11,155 | $ | 2,179 | $ | 8,976 | ||||||||||||||
Debt obligations | 211,374 | 2,993 | 208,381 | |||||||||||||||||
Total | $ | 222,529 | $ | 5,172 | $ | 217,357 |
Estimated useful life | ||||||||
Aircraft, engines and rotable parts | 1,500 – 6,000 flight hours | |||||||
Vehicles and equipment | 3 – 5 years | |||||||
Buildings | 40 years |
Report of Independent Registered Public Accounting Firm (PCAOB ID 173) | |||||
As of December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 22,956 | $ | 30,163 | ||||||||||
Restricted cash | 13,981 | 12,297 | ||||||||||||
Investments in marketable securities | 1,009 | 54,980 | ||||||||||||
Accounts and note receivable | 4,113 | 29 | ||||||||||||
Aircraft support parts | 488 | 1,761 | ||||||||||||
Prepaid expenses and other current assets | 2,648 | 1,835 | ||||||||||||
Deferred offering costs | — | 5,800 | ||||||||||||
Total current assets | 45,195 | 106,865 | ||||||||||||
Property, plant and equipment, net | 196,611 | 192,092 | ||||||||||||
Intangible assets, net | 1,730 | 208 | ||||||||||||
Goodwill | 13,163 | 2,458 | ||||||||||||
Other noncurrent assets1 | 16,771 | 4,356 | ||||||||||||
Total assets | $ | 273,470 | $ | 305,979 | ||||||||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable2 | $ | 3,978 | $ | 3,170 | ||||||||||
Accrued expenses and other current liabilities3 | 17,168 | 18,670 | ||||||||||||
Operating right-of-use current liability4 | 2,153 | 21 | ||||||||||||
Current portion of long-term debt, net of debt issuance costs | 2,099 | 2,446 | ||||||||||||
Total current liabilities | 25,398 | 24,307 | ||||||||||||
Long-term accrued expenses and other noncurrent liabilities | 10,777 | 46 | ||||||||||||
Operating right-of-use noncurrent liability5 | 5,779 | 755 | ||||||||||||
Long-term debt, net of debt issuance costs6 | 204,585 | 205,471 | ||||||||||||
Total liabilities | 246,539 | 230,579 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
MEZZANINE EQUITY | ||||||||||||||
Series A Preferred Stock, $0.0001 par value; 315,789.473684 shares authorized, issued and outstanding at December 31, 2023 | 354,840 | — | ||||||||||||
Legacy Bridger Series C Preferred Shares, $0.001 par value; 315,789.473684 shares authorized, issued and outstanding at December 31, 2022 | — | 489,022 | ||||||||||||
STOCKHOLDERS’ DEFICIT | ||||||||||||||
Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 44,776,926 shares issued and outstanding at December 31, 2023; 39,081,744 shares issued and outstanding at December 31, 2022 | 5 | 4 | ||||||||||||
Additional paid-in capital | 84,771 | — | ||||||||||||
Accumulated deficit | (413,672) | (415,304) | ||||||||||||
Accumulated other comprehensive income | 987 | 1,678 | ||||||||||||
Total stockholders’ deficit | (327,909) | (413,622) | ||||||||||||
Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 273,470 | $ | 305,979 |
For the years ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenues1 | $ | 66,708 | $ | 46,388 | ||||||||||
Cost of revenues: | ||||||||||||||
Flight operations2 | 24,412 | 18,762 | ||||||||||||
Maintenance | 16,928 | 15,124 | ||||||||||||
Total cost of revenues | 41,340 | 33,886 | ||||||||||||
Gross income | 25,368 | 12,502 | ||||||||||||
Selling, general and administrative expense | 82,863 | 35,128 | ||||||||||||
Operating loss | (57,495) | (22,626) | ||||||||||||
Interest expense3 | (23,218) | (20,020) | ||||||||||||
Other income | 3,053 | 521 | ||||||||||||
Loss before income taxes | (77,660) | (42,125) | ||||||||||||
Income tax benefit | 302 | — | ||||||||||||
Net loss | $ | (77,358) | $ | (42,125) | ||||||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | (48,300) | — | ||||||||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 156,363 | — | ||||||||||||
Series A Preferred Stock—adjustment to maximum redemptions value | (22,181) | — | ||||||||||||
Legacy Bridger Series A Preferred Shares—adjustment for redemption, extinguishment and accrued interest | — | (85,663) | ||||||||||||
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value | — | (202,689) | ||||||||||||
Net income (loss) attributable to Common stockholders - basic and diluted | $ | 8,524 | $ | (330,477) | ||||||||||
Net income (loss) per Common Stock - basic | $ | 0.19 | $ | (8.20) | ||||||||||
Net income (loss) per Common Stock - diluted | $ | 0.11 | $ | (8.20) | ||||||||||
Weighted average Common Stock outstanding – basic | 45,269,201 | 40,287,478 | ||||||||||||
Weighted average Common Stock outstanding – diluted | 78,908,017 | 40,287,478 |
For the years ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net loss | $ | (77,358) | $ | (42,125) | ||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||
Foreign currency translation adjustment | (42) | — | ||||||||||||
Unrealized (loss) gain on derivative instruments | (290) | 1,381 | ||||||||||||
Unrealized gain on investments in marketable securities | 247 | 272 | ||||||||||||
Reclassification of realized gains on investments in marketable securities to earnings | (606) | — | ||||||||||||
Total other comprehensive (loss) income, net of tax | (691) | 1,653 | ||||||||||||
Comprehensive loss | $ | (78,049) | $ | (40,472) |
Legacy Bridger Series A Preferred Shares | Legacy Bridger Series B Preferred Shares | Legacy Bridger Series C Preferred Shares / Series A Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share | Value | Share | Value | Share | Value | Share | Value | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 10,500,000 | $ | 1 | 60,000,000 | $ | 6 | — | $ | — | 39,081,744 | $ | 4 | $ | — | $ | (84,844) | $ | 25 | $ | (84,815) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (42,125) | — | (42,125) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | — | — | — | — | 1,381 | 1,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on investments on marketable securities | — | — | — | — | — | — | — | — | — | — | 272 | 272 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Bridger Series A Preferred Shares adjustment for redemption, extinguishment and revaluation | (10,500,000) | (1) | — | — | — | — | — | — | — | (85,663) | — | (85,663) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Bridger Series B Preferred Shares redemption | — | — | (60,000,000) | (6) | — | — | — | — | — | 6 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Bridger Series C Preferred shares adjustment to maximum redemption value | — | — | — | — | 315,789 | 489,022 | — | — | — | (202,689) | — | (202,689) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation attributable to Legacy Bridger holders prior to Reverse Recapitalization | — | — | — | — | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | $ | — | — | $ | — | 315,789 | $ | 489,022 | 39,081,744 | $ | 4 | $ | — | $ | (415,304) | $ | 1,678 | $ | (413,622) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (77,358) | — | (77,358) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | (42) | (42) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | — | — | — | — | — | — | — | — | — | — | (290) | (290) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on investments in marketable securities | — | — | — | — | — | — | — | — | — | — | 247 | 247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of realized gains on investments in marketable securities to earnings | — | — | — | — | — | — | — | — | — | — | (606) | (606) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of the Closing | — | — | — | — | — | (156,363) | 4,687,546 | 1 | 52,085 | 78,990 | — | 131,076 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock adjustment to maximum redemption value | — | — | — | — | — | 22,181 | — | — | (22,181) | — | — | (22,181) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonuses paid in Class A Common Stock | — | — | — | — | — | — | 736,554 | — | 3,829 | — | — | 3,829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock issued in Acquisition | — | — | — | — | — | — | 426,531 | — | 3,242 | — | — | 3,242 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation after Reverse Recapitalization | — | — | — | — | — | — | 2,268,129 | — | 47,796 | — | — | 47,796 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | — | $ | — | — | $ | — | 315,789 | $ | 354,840 | 47,200,504 | $ | 5 | $ | 84,771 | $ | (413,672) | $ | 987 | $ | (327,909) |
For the years ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net loss | $ | (77,358) | $ | (42,125) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities, net of acquisitions: | ||||||||||||||
Depreciation and amortization | 11,089 | 9,091 | ||||||||||||
Stock-based compensation expense | 47,796 | 9 | ||||||||||||
Impairment of long-lived assets | 2,529 | — | ||||||||||||
Amortization of debt issuance costs | 968 | 601 | ||||||||||||
Loss on disposal of fixed assets | 1,183 | 1,770 | ||||||||||||
Change in fair value of Warrants | (267) | — | ||||||||||||
Change in fair value of embedded derivative | (155) | 1,039 | ||||||||||||
Change in fair value of freestanding derivative | 51 | 3 | ||||||||||||
Change in fair value of earnout consideration | 167 | — | ||||||||||||
Realized gain on investments in marketable securities | (794) | — | ||||||||||||
Deferred tax benefit | (342) | — | ||||||||||||
Loss on extinguishment of debt | — | 845 | ||||||||||||
Change in fair value of Legacy Bridger Series A Preferred Shares | — | 3,919 | ||||||||||||
Interest accrued on Legacy Bridger Series B Preferred Shares | — | 3,587 | ||||||||||||
Changes in operating assets and liabilities, net: | ||||||||||||||
Accounts receivable | (1,085) | 6 | ||||||||||||
Aircraft support parts | 1,273 | 183 | ||||||||||||
Prepaid expense and other current and noncurrent assets | (2,381) | (372) | ||||||||||||
Accounts payable, accrued expenses and other liabilities | (9,482) | 11,526 | ||||||||||||
Net cash used in operating activities | (26,808) | (9,918) | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Proceeds from sales and maturities of marketable securities | 55,406 | 5,500 | ||||||||||||
Purchases of marketable securities | (999) | (60,207) | ||||||||||||
Investment in equity securities | (4,000) | — | ||||||||||||
Purchases of property, plant and equipment1 | (20,738) | (25,582) | ||||||||||||
Sale of property, plant and equipment | 817 | 286 | ||||||||||||
Expenditures for capitalized software | (328) | — | ||||||||||||
Issuance of note receivable | (3,000) | — | ||||||||||||
Investments in construction in progress - buildings | — | (9,810) | ||||||||||||
Net cash provided by (used in) investing activities | 27,158 | (89,813) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Costs incurred related to the Closing | (6,794) | — | ||||||||||||
Proceeds from the Closing | 3,194 | — | ||||||||||||
Repayments on debt | (2,201) | (2,036) | ||||||||||||
Payment of finance lease liability | (30) | (27) | ||||||||||||
Payment to Legacy Bridger Series A Preferred Shares members | — | (236,250) | ||||||||||||
Payment to Legacy Bridger Series B Preferred Shares members | — | (69,999) | ||||||||||||
Borrowings from Legacy Bridger Series C Preferred Shares members, net of issuance costs | — | 288,517 | ||||||||||||
Borrowings from 2022 taxable industrial revenue bond2 | — | 160,000 | ||||||||||||
Extinguishment of 2021 Taxable Industrial Revenue Bond | — | (7,550) | ||||||||||||
Borrowings from vehicle loans | — | 202 | ||||||||||||
Payment of debt issuance costs | — | (4,418) | ||||||||||||
Payment of offering costs | — | (3,509) | ||||||||||||
Net cash (used in) provided by financing activities | (5,831) | 124,930 | ||||||||||||
Effects of exchange rate changes | (42) | — | ||||||||||||
Net change in cash, cash equivalents and restricted cash | (5,523) | 25,199 | ||||||||||||
Cash, cash equivalents and restricted cash – beginning of the year | 42,460 | 17,261 | ||||||||||||
Cash, cash equivalents and restricted cash – end of the year | $ | 36,937 | $ | 42,460 | ||||||||||
Less: Restricted cash – end of the year | 13,981 | 12,297 | ||||||||||||
Cash and cash equivalents – end of the year | $ | 22,956 | $ | 30,163 |
Estimated Useful Life | |||||
Aircraft, engines and rotable parts | 1,500 – 6,000 flight hours | ||||
Vehicles and equipment | 3 – 5 years | ||||
Buildings | 40 years |
For the Years Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Fire suppression | $ | 56,022 | $ | 38,845 | ||||||||||
Aerial surveillance | 9,730 | 7,216 | ||||||||||||
Other services | 956 | 327 | ||||||||||||
Total revenues | $ | 66,708 | $ | 46,388 |
For the Years Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Flight revenue | $ | 34,171 | $ | 25,105 | ||||||||||
Standby revenue | 30,650 | 20,772 | ||||||||||||
Other revenue | 1,887 | 511 | ||||||||||||
Total revenues | $ | 66,708 | $ | 46,388 |
For the Years Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
United States | $ | 49,534 | $ | 46,388 | ||||||||||
Canada | 17,174 | — | ||||||||||||
Total revenues | $ | 66,708 | $ | 46,388 |
For the Years Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Interest paid | $ | 23,220 | $ | 12,747 | ||||||||||
Fixed assets in accounts payable | 205 | 911 | ||||||||||||
Conversion of Promissory Note to Common Stock | 897 | — | ||||||||||||
Series A Preferred Stock - adjustment for deemed dividend upon Closing | 48,300 | — | ||||||||||||
Series A Preferred Stock - adjustment to eliminate 50% multiplier | 156,363 | — | ||||||||||||
Series A Preferred Stock - adjustment to maximum redemption value | 22,181 | — | ||||||||||||
Legacy Bridger Series A Preferred Shares - adjustment for redemption, extinguishment and accrued interest | — | 85,663 | ||||||||||||
Legacy Bridger Series C Preferred Shares - adjustment for maximum redemption value | — | (202,689) | ||||||||||||
Non-cash operating and financing activities: | ||||||||||||||
Assumption of Jack Creek liabilities | $ | 7,464 | $ | — | ||||||||||
Recognition of warrant liabilities | 5,863 | — | ||||||||||||
Cancellation of Deferred underwriting fee | 1,500 | — | ||||||||||||
Recognition of new right-of-use asset and corresponding operating lease liability | 7,940 | 130 | ||||||||||||
Bonuses paid in Class A Common Stock | 3,829 | — | ||||||||||||
Purchase consideration of Ignis acquisition paid in Class A Common Stock | 3,242 | — | ||||||||||||
Deferred offering costs included in accrued expenses and other current liabilities | — | 2,291 | ||||||||||||
As of December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
$s in thousands | Carrying Value | |||||||||||||
Cash equivalents: | ||||||||||||||
Commercial paper | $ | 1,974 | $ | 29,890 | ||||||||||
Money market fund | 11,208 | 13 | ||||||||||||
Total cash equivalents | $ | 13,182 | $ | 29,903 | ||||||||||
Restricted cash: | ||||||||||||||
Money market fund | $ | 13,981 | $ | 9,284 |
As of December 31, 2023 | ||||||||||||||||||||||||||
$s in thousands | Purchase Price | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||
Investments in marketable securities: | ||||||||||||||||||||||||||
Government securities | 999 | 10 | — | 1,009 | ||||||||||||||||||||||
Total investments in marketable securities | $ | 999 | $ | 10 | $ | — | $ | 1,009 |
As of December 31, 2022 | ||||||||||||||||||||||||||
$s in thousands | Purchase Price | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||
Investments in marketable securities: | ||||||||||||||||||||||||||
Commercial paper | $ | 32,636 | $ | 278 | $ | — | $ | 32,914 | ||||||||||||||||||
Corporate bonds and notes | 15,413 | 3 | — | 15,416 | ||||||||||||||||||||||
Government securities | 6,659 | — | (9) | 6,650 | ||||||||||||||||||||||
Total investments in marketable securities | $ | 54,708 | $ | 281 | $ | (9) | $ | 54,980 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Trade accounts receivable | $ | 681 | $ | 29 | ||||||||||
Note receivable | 3,000 | — | ||||||||||||
Other | 432 | — | ||||||||||||
Total accounts and note receivable | $ | 4,113 | $ | 29 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Repairables and expendables | $ | 488 | $ | 1,734 | ||||||||||
Other | — | 27 | ||||||||||||
Total aircraft support parts | $ | 488 | $ | 1,761 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Prepaid insurance | $ | 1,324 | $ | 969 | ||||||||||
Deposits | 120 | 65 | ||||||||||||
Prepaid subscriptions | 1,115 | 771 | ||||||||||||
Other | 89 | 30 | ||||||||||||
Total prepaid expenses and other current assets | $ | 2,648 | $ | 1,835 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Aircraft | $ | 186,167 | $ | 160,113 | ||||||||||
Less: Accumulated depreciation | (25,656) | (16,783) | ||||||||||||
Aircraft, net | 160,511 | 143,330 | ||||||||||||
Construction-in-progress - Aircraft | — | 16,992 | ||||||||||||
Buildings | 35,941 | 16,519 | ||||||||||||
Vehicles and equipment | 2,993 | 2,811 | ||||||||||||
Construction-in-progress - Buildings | 5 | 13,780 | ||||||||||||
Finance lease right-of-use-asset | 121 | 130 | ||||||||||||
Licenses | 235 | 235 | ||||||||||||
Less: Accumulated depreciation | (3,195) | (1,705) | ||||||||||||
Buildings and equipment, net | 36,100 | 31,770 | ||||||||||||
Total property, plant and equipment, net | $ | 196,611 | $ | 192,092 |
$s in thousands | Purchase Price Allocation | |||||||
Cash and cash equivalents | $ | 3 | ||||||
Intangible assets | 1,300 | |||||||
Accounts payable | (37) | |||||||
Long-term accrued expenses and other noncurrent liabilities | (67) | |||||||
Deferred tax liability | (314) | |||||||
Total identifiable net assets | 885 | |||||||
Goodwill | 10,676 | |||||||
Total purchase price | $ | 11,561 |
$s in thousands | Goodwill | |||||||
As of December 31, 2022 | $ | 2,458 | ||||||
Ignis acquisition | 10,676 | |||||||
Measurement period adjustment | 29 | |||||||
As of December 31, 2023 | $ | 13,163 |
As of December 31, 2023 | ||||||||||||||||||||||||||
$s in thousands | Estimated Life (Years) | Cost | Accumulated Amortization | Net | ||||||||||||||||||||||
Licenses | 10 | $ | 67 | $ | (54) | $ | 13 | |||||||||||||||||||
Internal-use software | 3 | 297 | (208) | 89 | ||||||||||||||||||||||
IPR&D | 5 | 1,628 | — | 1,628 | ||||||||||||||||||||||
Total intangible assets | $ | 1,992 | $ | (262) | $ | 1,730 |
As of December 31, 2022 | ||||||||||||||||||||||||||
$s in thousands | Estimated Life (Years) | Cost | Accumulated Amortization | Net | ||||||||||||||||||||||
Licenses | 10 | $ | 67 | $ | (47) | $ | 20 | |||||||||||||||||||
Internal-use software | 3 | 297 | (109) | 188 | ||||||||||||||||||||||
Total intangible assets | $ | 364 | $ | (156) | $ | 208 |
$s in thousands | Expected Amortization | |||||||
2024 | $ | 96 | ||||||
2025 | 6 | |||||||
2026 | — | |||||||
2027 | — | |||||||
2028 | — | |||||||
Thereafter | — | |||||||
Total | $ | 102 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Operating lease right-of-use asset | $ | 7,777 | $ | 671 | ||||||||||
Investment in MAB Funding, LLC | 4,000 | — | ||||||||||||
Prepaid subscriptions | 2,877 | 1,246 | ||||||||||||
Interest rate swap | 1,117 | 1,407 | ||||||||||||
Investment in Overwatch Imaging, Inc. | 1,000 | 1,000 | ||||||||||||
Other | — | 32 | ||||||||||||
Total other noncurrent assets | $ | 16,771 | $ | 4,356 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Contingent consideration | $ | 8,486 | $ | — | ||||||||||
Accrued interest expense | 6,448 | 6,435 | ||||||||||||
Warrant liabilities | 5,596 | — | ||||||||||||
Accrued foreign tax | 2,707 | — | ||||||||||||
Deferred underwriting fee payable | 1,500 | — | ||||||||||||
Accrued salaries, wages and bonuses | 1,099 | 6,516 | ||||||||||||
Embedded derivative of Series A Preferred Stock | 885 | — | ||||||||||||
Accrued professional fees | 851 | 2,291 | ||||||||||||
Finance right-of-use liability | 46 | 68 | ||||||||||||
Freestanding derivative on Legacy Bridger Series C Preferred Shares | — | 2,186 | ||||||||||||
Embedded derivative of Legacy Bridger Series C Preferred Shares | — | 1,040 | ||||||||||||
Other | 327 | 180 | ||||||||||||
Total accrued expenses and other liabilities | 27,945 | 18,716 | ||||||||||||
Less: Current accrued expenses and other current liabilities | (17,168) | (18,670) | ||||||||||||
Total long-term accrued expenses and other noncurrent liabilities | $ | 10,777 | $ | 46 |
$s in thousands | Contingent Consideration | |||||||
As of December 31, 2022 | $ | — | ||||||
Ignis acquisition | 8,319 | |||||||
Change in fair value of contingent consideration | 167 | |||||||
As of December 31, 2023 | $ | 8,486 |
As of December 31, 2023 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Fair Value | Pay Fixed | Receive Rate | |||||||||||||||||||||||||||
4/15/2020 | 3/15/2030 | $ | 10,466 | $ | 1,117 | 3.887 | % | 1 Month SOFR + 2.61448% |
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 | $ | 1,407 | 3.887 | % | 1 Month LIBOR + 2.5% |
As of December 31, 2023 | ||||||||||||||||||||
$s in thousands | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | 22,956 | $ | — | $ | — | ||||||||||||||
Restricted cash: | ||||||||||||||||||||
Money market fund | 13,981 | — | — | |||||||||||||||||
Total restricted cash | 13,981 | — | — | |||||||||||||||||
Investments in marketable securities | — | 1,009 | — | |||||||||||||||||
Interest rate swap | — | 1,117 | — | |||||||||||||||||
Total assets | $ | 36,937 | $ | 2,126 | $ | — | ||||||||||||||
Liabilities | ||||||||||||||||||||
Warrant liabilities - Public Warrants | 3,622 | — | — | |||||||||||||||||
Warrant liabilities - Private Placement Warrants | — | 1,974 | — | |||||||||||||||||
Contingent consideration | — | — | 8,486 | |||||||||||||||||
Embedded derivative of Series A Preferred Stock | — | — | 885 | |||||||||||||||||
Total liabilities | $ | 3,622 | $ | 1,974 | $ | 9,371 |
As of December 31, 2022 | ||||||||||||||||||||
($s in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | 260 | $ | — | $ | — | ||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | — | 29,890 | — | |||||||||||||||||
Money market fund | 13 | — | — | |||||||||||||||||
Total cash and cash equivalents | 273 | 29,890 | — | |||||||||||||||||
Restricted cash: | ||||||||||||||||||||
Money market fund | 9,284 | — | — | |||||||||||||||||
Other restricted cash | 3,013 | — | — | |||||||||||||||||
Total restricted cash | 12,297 | — | — | |||||||||||||||||
Investments in marketable securities | — | 54,980 | ||||||||||||||||||
Interest rate swap | — | 1,407 | — | |||||||||||||||||
Total assets | $ | 12,570 | $ | 86,277 | $ | — | ||||||||||||||
Liabilities | ||||||||||||||||||||
Freestanding derivative on Legacy Bridger Series Preferred Shares | $ | — | $ | — | $ | 2,186 | ||||||||||||||
Embedded derivative of Legacy Bridger Series C Preferred Shares | — | — | 1,040 | |||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 3,226 |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 20271 | $ | 160,000 | $ | 160,000 | ||||||||||
Permanent loan agreement, dated August 21, 2020, greater of Prime +1.5% or 4.75% interest rate, maturing August 21, 20352 | 18,391 | 18,852 | ||||||||||||
Permanent loan agreement, dated October 1, 2020, greater of Prime +1.5% or 4.75% interest rate, maturing October 1, 20352 | 18,457 | 18,924 | ||||||||||||
Term loan agreement dated September 30, 2019, SOFR +2.61448% interest rate, maturing March 15, 20303 | 10,466 | 11,111 | ||||||||||||
Term loan agreement dated February 3, 2020, SOFR +2.61448% interest rate, maturing February 3, 20274 | 3,813 | 4,371 | ||||||||||||
Various term loan agreements, earliest start at September 9, 2021, 3.89-5.5% interest rates, latest maturation on November 17, 20275 | 247 | 317 | ||||||||||||
Loans payable | 211,374 | 213,575 | ||||||||||||
Less: noncurrent debt issuance costs | (3,695) | (4,665) | ||||||||||||
Less: current debt issuance costs | (995) | (993) | ||||||||||||
Less: current portion of long-term debt, net of debt issuance costs | (2,099) | (2,446) | ||||||||||||
Total long-term debt, net of debt issuance costs | $ | 204,585 | $ | 205,471 |
$ in thousands | Maturities | |||||||
2024 | $ | 2,993 | ||||||
2025 | 3,193 | |||||||
2026 | 3,396 | |||||||
2027 | 165,149 | |||||||
2028 | 3,232 | |||||||
Thereafter | 33,411 | |||||||
Total | $ | 211,374 |
As of December 31, | ||||||||||||||||||||
$s in thousands | Financial Statement Line Item | 2023 | 2022 | |||||||||||||||||
Assets | ||||||||||||||||||||
Operating lease right-of-use asset | Other noncurrent assets | $ | 7,777 | $ | 671 | |||||||||||||||
Finance lease right-of-use asset, net | Property, plant and equipment, net | 40 | 62 | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Operating lease right-of-use liabilities (current) | Operating right-of-use liability (current) | $ | 2,153 | $ | 21 | |||||||||||||||
Finance lease right-of-use liabilities (current) | Accrued expenses and other current liabilities | 22 | 23 | |||||||||||||||||
Operating lease right-of-use liabilities (non-current) | Operating right-of-use liability (noncurrent) | 5,779 | 755 | |||||||||||||||||
Finance lease right-of-use liabilities (non-current) | Accrued expenses and other noncurrent liabilities | 24 | 46 |
Year Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 1,208 | $ | 58 | ||||||||||
Operating cash flows from finance leases | 22 | 27 | ||||||||||||
Financing cash flows from finance leases | 6 | 9 | ||||||||||||
Right-of-use assets obtained in exchange for lease liabilities: | ||||||||||||||
Operating leases | $ | 7,940 | $ | 130 |
$s in thousands | Operating Leases | Finance Leases | ||||||||||||
Year Ending December 31: | ||||||||||||||
2024 | $ | 2,153 | $ | 26 | ||||||||||
2025 | 2,153 | 21 | ||||||||||||
2026 | 1,843 | 4 | ||||||||||||
2027 | 1,742 | — | ||||||||||||
2028 | 906 | — | ||||||||||||
Thereafter | 2,307 | — | ||||||||||||
Total lease payments | 11,104 | 51 | ||||||||||||
Less: interest | (3,172) | (5) | ||||||||||||
Total lease liabilities | $ | 7,932 | $ | 46 | ||||||||||
Weighted average remaining lease term: | 8.8 years | 2.0 years | ||||||||||||
Weighted average discount rate: | 9.4 | % | 10.6 | % |
Dividend yield | 0 | % | ||||||
Expected volatility | 46.5 | % | ||||||
Risk-free interest rate | 1.26 | % | ||||||
Term | 5.00 years | |||||||
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 | |||||||||||||||||||||||
Outstanding as of December 31, 2022 | 161,616 | $ | 0.17 | 80,808 | $ | 0.11 | ||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||
Vested | (40,404) | 0.01 | — | — | ||||||||||||||||||||||
Forfeited | (121,212) | 0.22 | (40,404) | 0.22 | ||||||||||||||||||||||
Outstanding as of December 31, 2023 | — | $ | — | 40,404 | $ | 0.01 |
Number of Awards | Weighted average grant date fair value | |||||||||||||
Outstanding as of December 31, 2022 | — | $ | — | |||||||||||
Granted | 9,481,469 | 8.34 | ||||||||||||
Vested | (2,423,578) | 8.97 | ||||||||||||
Forfeited/Cancelled | (433,432) | 5.50 | ||||||||||||
Outstanding as of December 31, 2023 | 6,624,459 | $ | 8.30 |
Redeemable Series A Preferred Stock | ||||||||||||||
$s in thousands | Shares | Amounts | ||||||||||||
Issued as of closing date | 315,789.473684 | $ | 332,659 | |||||||||||
Adjustment to maximum redemption value | — | 22,181 | ||||||||||||
Balance as of December 31, 2023 | 315,789.473684 | $ | 354,840 |
Redeemable Legacy Bridger Series C Preferred Shares | ||||||||||||||
$s in thousands | Shares | Amounts | ||||||||||||
Issuance of Legacy Bridger Series C Preferred shares | 315,789.473684 | $ | 286,333 | |||||||||||
Adjustment to maximum redemption value | — | 202,689 | ||||||||||||
Balance as of December 31, 2022 | 315,789.473684 | $ | 489,022 |
For the Years Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Domestic | $ | (77,659) | $ | (42,125) | ||||||||||
Foreign | (1) | — | ||||||||||||
Loss before income taxes | $ | (77,660) | $ | (42,125) |
For the Years Ended December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Current tax provision: | ||||||||||||||
U.S. Federal | $ | — | $ | — | ||||||||||
State and local | 40 | — | ||||||||||||
Foreign | — | — | ||||||||||||
Total current tax provision | 40 | — | ||||||||||||
Deferred tax benefit: | ||||||||||||||
U.S. Federal | (273) | — | ||||||||||||
State and local | (69) | — | ||||||||||||
Foreign | — | — | ||||||||||||
Total deferred tax benefit | (342) | — | ||||||||||||
Income tax benefit | $ | (302) | $ | — |
For the Years Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Income tax - at U.S. statutory tax rate | 21.0 | % | — | % | ||||||||||
State and local taxes - net of federal | 3.3 | % | — | % | ||||||||||
Nondeductible officer compensation | (7.5) | % | — | % | ||||||||||
Tax credits | — | % | — | % | ||||||||||
Valuation allowance | (15.5) | % | — | % | ||||||||||
Other | (0.9) | % | — | % | ||||||||||
Effective rate of tax | 0.4 | % | — | % |
As of December 31, | ||||||||||||||
$s in thousands | 2023 | 2022 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Partnership | $ | 17,750 | $ | — | ||||||||||
Stock compensation | 6,282 | — | ||||||||||||
Interest expense limitation - 163(j) | 5,690 | — | ||||||||||||
Net operating losses | 21,400 | — | ||||||||||||
Other | 743 | — | ||||||||||||
Total deferred tax assets | 51,865 | — | ||||||||||||
Valuation allowance for deferred tax assets | (51,523) | — | ||||||||||||
Net deferred tax assets | 342 | — | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Intangibles - Ignis | (342) | — | ||||||||||||
Total deferred tax liabilities | (342) | — | ||||||||||||
Net deferred tax assets (liabilities) | $ | — | $ | — |
For the years ended December 31, | ||||||||||||||
($s in thousands, except per share amounts) | 2023 | 2022 | ||||||||||||
Net loss | $ | (77,358) | $ | (42,125) | ||||||||||
Adjustments to Net loss: | ||||||||||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | (48,300) | — | ||||||||||||
Legacy Bridger Series A Preferred Shares—adjustment for redemption, extinguishment and accrued interest | — | (85,663) | ||||||||||||
Legacy Bridger Series C Preferred Shares - adjustment to maximum redemption value | — | (202,689) | ||||||||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 156,363 | — | ||||||||||||
Series A Preferred Stock—adjustment to maximum redemptions value | (22,181) | — | ||||||||||||
Earnings (loss) attributable to Common Stockholders – Basic and Diluted | $ | 8,524 | $ | (330,477) | ||||||||||
Weighted average Common Stock outstanding—Basic | 45,269,201 | 40,287,478 | ||||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Series A Preferred Stock | 32,258,180 | — | ||||||||||||
Unvested Restricted Stock Units | 540,713 | — | ||||||||||||
Unvested Legacy Bridger Incentive Units | 38,800 | — | ||||||||||||
Sponsor Earnout Shares | 801,123 | — | ||||||||||||
Weighted average Common Stock outstanding - Diluted | 78,908,017 | 40,287,478 | ||||||||||||
Earnings (loss) per share - Basic | $ | 0.19 | $ | (8.20) | ||||||||||
Earnings (loss) per share - Diluted | $ | 0.11 | $ | (8.20) |
For the years ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Legacy Bridger Series C Preferred Shares | — | 25,611,505 | ||||||||||||
Public Warrants | 17,249,874 | — | ||||||||||||
Private Placement Warrants | 9,400,000 | — | ||||||||||||
Unvested Legacy Bridger Incentive Units | — | 242,424 |
Exhibit Number | Description | |||||||
2.1+ | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4# | ||||||||
10.5# | ||||||||
Exhibit Number | Description | |||||||
10.6# | ||||||||
10.7# | ||||||||
10.8# | ||||||||
10.9++# | ||||||||
10.10 | ||||||||
10.11++ | ||||||||
10.12++ | ||||||||
10.13++ | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
Exhibit Number | Description | |||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 | ||||||||
10.29 | ||||||||
10.30++ | ||||||||
10.31++ | ||||||||
Exhibit Number | Description | |||||||
10.32++ | ||||||||
10.33++ | ||||||||
10.34++ | ||||||||
10.35++ | ||||||||
10.36++ | ||||||||
10.37++ | ||||||||
10.38++ | ||||||||
10.39 | ||||||||
10.40 | ||||||||
10.41*+ | ||||||||
10.42* | ||||||||
17.1 | ||||||||
21.1* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
97.1* | ||||||||
Exhibit Number | Description | |||||||
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) |
BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||||||
By: | /s/ Timothy Sheehy | ||||||||||
Name: | Timothy Sheehy | ||||||||||
Title: | Chief Executive Officer |
Signatures | Title | Date | ||||||||||||
/s/ Timothy Sheehy | Chief Executive Officer and Director (Principal Executive Officer) | March 20, 2024 | ||||||||||||
Timothy Sheehy | ||||||||||||||
/s/ Eric Gerratt | Chief Financial Officer (Principal Accounting and Financial Officer) | March 20, 2024 | ||||||||||||
Eric Gerratt | ||||||||||||||
/s/ Jeffrey Kelter | Director and Non-Executive Chairman of the Board | March 20, 2024 | ||||||||||||
Jeffrey Kelter | ||||||||||||||
/s/ Elizabeth Fascitelli | Director | March 20, 2024 | ||||||||||||
Elizabeth Fascitelli | ||||||||||||||
/s/ Anne Hayes | Director | March 20, 2024 | ||||||||||||
Anne Hayes | ||||||||||||||
/s/ Dean Heller | Director | March 20, 2024 | ||||||||||||
Dean Heller | ||||||||||||||
/s/ Todd Hirsch | Director | March 20, 2024 | ||||||||||||
Todd Hirsch | ||||||||||||||
/s/ Wyman Howard | Director | March 20, 2024 | ||||||||||||
Wyman Howard | ||||||||||||||
/s/ McAndrew Rudisill | Chief Investment Officer and Director | March 20, 2024 | ||||||||||||
McAndrew Rudisill | ||||||||||||||
/s/ Robert Savage | Director | March 20, 2024 | ||||||||||||
Robert Savage | ||||||||||||||
/s/ David Schellenberg | Director | March 20, 2024 | ||||||||||||
David Schellenberg | ||||||||||||||
/s/ Matthew Sheehy | Director | March 20, 2024 | ||||||||||||
Matthew Sheehy |
1 |
2 |
Subsidiary | Jurisdiction of Organization | |||||||||||||
1. | AE Côte-Nord Canada Bioenergy Inc. | Canada | ||||||||||||
2. | Albacete Aero, Sociedad Limitada | Spain | ||||||||||||
3. | Bridger Aerospace Australia Pty Ltd | Australia | ||||||||||||
4. | Bridger Aerospace Defense Services, LLC | Montana | ||||||||||||
5. | Bridger Aerospace Europe, Sociedad Limitada | Spain | ||||||||||||
6. | Bridger Aerospace Group Holdings, LLC | Delaware | ||||||||||||
7. | Bridger Aerospace Group, LLC | Delaware | ||||||||||||
8. | Bridger Aerospace Products and Services, LLC | Montana | ||||||||||||
9. | Bridger Aerospace, LLC | Montana | ||||||||||||
10. | Bridger Air Tanker, LLC | Montana | ||||||||||||
11. | Bridger Air Tanker 1, LLC | Montana | ||||||||||||
12. | Bridger Air Tanker 2, LLC | Montana | ||||||||||||
13. | Bridger Air Tanker 3, LLC | Montana | ||||||||||||
14. | Bridger Air Tanker 4, LLC | Montana | ||||||||||||
15. | Bridger Air Tanker 5, LLC | Montana | ||||||||||||
16. | Bridger Air Tanker 6, LLC | Montana | ||||||||||||
17. | Bridger Air Tanker 7, LLC | Montana | ||||||||||||
18. | Bridger Air Tanker 8, LLC | Montana | ||||||||||||
19. | Bridger Aviation Repair, LLC | Montana | ||||||||||||
20. | Bridger Aviation Services, LLC | Delaware | ||||||||||||
21. | Bridger Bighorn, LLC | Montana | ||||||||||||
22. | Bridger Ground Support, LLC | Montana | ||||||||||||
23. | Bridger Merger Corp. | Cayman Islands | ||||||||||||
24. | Bridger Software, LLC | Montana | ||||||||||||
25. | Bridger Solutions International, LLC | Montana | ||||||||||||
26. | Bridger Solutions International 1, LLC | Montana | ||||||||||||
27. | Bridger Solutions International 2, LLC | Montana | ||||||||||||
28. | Bridger Tanker, LLC | Montana | ||||||||||||
29. | Bridger Training Services, LLC | Montana | ||||||||||||
30. | BTOF (Grannus Feeder) - NQ L.P. | Delaware | ||||||||||||
31. | Ensyn BioEnergy Canada, Inc. | Canada | ||||||||||||
32. | Firetrac.com, LLC | Montana | ||||||||||||
33. | Ignis Technologies, Inc. | Montana | ||||||||||||
34. | Mountain Air, LLC (d/b/a Bridger Aerospace) | Arkansas | ||||||||||||
35. | Northern Fire Management Services, LLC | Montana | ||||||||||||
36. | Whitepeak BioEnergy, LLC | Delaware | ||||||||||||
37. | Wildfire GP Sub IV, LLC | Delaware |
Dated: March 20, 2024 | ||||||||
By: | /s/ Timothy Sheehy | |||||||
Name: Timothy Sheehy | ||||||||
Title: Chief Executive Officer |
Dated: March 20, 2024 | ||||||||
By: | /s/ Eric Gerratt | |||||||
Name: Eric Gerratt | ||||||||
Title: Chief Financial Officer |
Dated: March 20, 2024 | ||||||||
By: | /s/ Timothy Sheehy | |||||||
Name: Timothy Sheehy | ||||||||
Title: Chief Executive Officer | ||||||||
Dated: March 20, 2024 | ||||||||
By: | /s/ Eric Gerratt | |||||||
Name: Eric Gerratt | ||||||||
Title: Chief Financial Officer |