Bridger Aerospace responds to concerns over ‘politically motivated’ attacks

Bridger Aerospace Group responded to questions from various constituencies as a result of recent politically-motivated attacks on its business in certain media outlets. The company said, “In recent weeks, candidates for political office and their allied political organizations have written disparaging articles and launched partisan attacks against the Company. They have assembled a mosaic of publicly available information, out of context corporate statements and negative legal risk factors and disclaimers to weave together an unflattering narrative in media reports regarding the financial health of Bridger. These statements highlight Bridger’s 2023 ‘net loss’ as a major weakness without mentioning that a large portion of this ‘loss’ related to non-cash, stock-based compensation expenses associated with equity grants to Bridger team members. Every full-time employee of Bridger is granted equity and is a stockholder of the Company. This is a core leadership philosophy of the Company’s Board of Directors and executive team to ensure that all team members participate in the success of the Company. Furthermore, the 2023 net loss also included costs associated with investments in Bridger’s fleet and related assets as well as significant, largely one-time costs of becoming a public company. These costs represented a structural investment in the future and long-term health of the Company. These media reports also fail to recognize the seasonality of the Company’s business and its largely fixed cost structure, which typically leads Bridger to generate positive Adjusted EBITDA in the second and third quarters each year during the bulk of the wildfire season, and negative Adjusted EBITDA in the first and fourth quarters when it performs fleet maintenance and generates less revenue. By highlighting these losses and emphasizing risk factors in Bridger’s public filings, these reports do not paint an accurate picture of the future of Bridger Aerospace. The fact is that Bridger has been a Montana success story. Founded by an all-veteran group in 2014 to adapt the technology and tactics of military close air support to the global fight against wildfires, Bridger has helped to contribute hundreds of millions of dollars of revenue to the Montana economy, created hundreds of jobs and given back to our community. The Company has grown significantly since its inception, reporting its highest revenue of $67 million in 2023 as well as its highest adjusted EBITDA and largest geographic operating year in its history. Bridger, one of the few publicly traded companies in Montana, recently celebrated the first anniversary of its listing on NASDAQ. Our over 150 employees and contractors today are actively protecting American people, homes, property and communities from wildfire, most recently helping to map, image and suppress the Smokehouse Creek Fire, the largest fire in Texas history. With a jump start to the season in the first quarter and strong fundamentals, Bridger is well- positioned to report another record year in 2024 and recently reiterated its outlook for positive 2024 Adjusted EBITDA of $35 million to $51 million. We look forward to many more years of protecting our communities and generating returns for our stockholders and employees.”