Bridger Aerospace Group Holdings, Inc. Files 2023 Annual Report

TL;DR

<b>Bridger Aerospace Group Holdings, Inc. has filed its 2023 10-K annual report detailing its financial position and operations.</b>

AI Summary

Bridger Aerospace Group Holdings, Inc. (BAERW) filed a Annual Report (10-K) with the SEC on March 20, 2024. Bridger Aerospace Group Holdings, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 90 Aviation Lane, Belgrade, MT 59714. The filing includes data related to warrants and preferred stock classes. Key dates include the fiscal year end of December 31, 2023, and the filing date of March 20, 2024. The company was formerly known as Wildfire New PubCo, Inc., with a name change on August 5, 2022.

Why It Matters

For investors and stakeholders tracking Bridger Aerospace Group Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bridger Aerospace's financial performance and operational status for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial data, including information on warrants and preferred stock, allows stakeholders to understand the company's capital structure and potential equity dilution.

Risk Assessment

Risk Level: — Bridger Aerospace Group Holdings, Inc. shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but specific financial performance details and future outlook are not yet available in this initial summary, requiring further analysis of the full document.

Analyst Insight

Review the full 10-K filing to analyze Bridger Aerospace's financial statements, management discussion, and risk factors to determine investment potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-20 — Filing Date (Date the report was submitted)
• 2022-08-05 — Date of Name Change (Transition from Wildfire New PubCo, Inc.)

Key Players & Entities

• Bridger Aerospace Group Holdings, Inc. (company) — Filer name
• Wildfire New PubCo, Inc. (company) — Former company name
• Timothy Sheehy (person) — Related party mentioned in relation to financial data

FAQ

Industry Context

Bridger Aerospace Group Holdings, Inc. operates in the business services sector, specifically focusing on aerial firefighting and related services.

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934, requiring public companies to disclose comprehensive financial and operational information annually.

What Investors Should Do

1. Thoroughly review the financial statements (income statement, balance sheet, cash flow statement) within the 10-K.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's performance, strategies, and outlook.
3. Examine the Risk Factors section to understand potential challenges and threats to the company's business.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-20: Filing Date — Date Bridger Aerospace Group Holdings, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This is the initial 10-K filing for Bridger Aerospace Group Holdings, Inc. under its current name, following its name change from Wildfire New PubCo, Inc. in August 2022. Therefore, direct year-over-year comparisons within this filing are limited.

Key Financial Figures

• $0.0001 — ge on which registered Common Stock, $0.0001 par value per share BAER The Nasdaq Sto
• $11.50 — of Common Stock at an exercise price of $11.50 per share BAERW The Nasdaq Stock Market
• $3.5 billion — compound annual growth rate of 7.6% to $3.5 billion in 2022, according to the NIFC Suppress
• $21.9 billion — ted approximately 42.7% of an estimated $21.9 billion firefighting market (defined as the sum
• $3.0 billion — overnment fire suppression spending was $3.0 billion for the five-year period from 2018 to 2
• $2.1 billion — o 2022, an increase of 45%, compared to $2.1 billion of average annual spending for the prev
• $185.0 million — government announced the allocation of $185.0 million to support wildland fire management nat
• $278.0 m — al year 2024. This investment builds on $278.0 million, announced in March 2023 and Dece
• $328.0 million — 023. In 2021, Washington State invested $328.0 million over the five following years to fight

Filing Documents

• baer-20231231.htm (10-K) — 2188KB
• bear-20231231xex1041.htm (EX-10.41) — 178KB
• baer-20231231xex1042.htm (EX-10.42) — 14KB
• baer-20231231xex211.htm (EX-21.1) — 29KB
• baer-20231231xex311.htm (EX-31.1) — 10KB
• baer-20231231xex312.htm (EX-31.2) — 10KB
• baer-20231231xex321.htm (EX-32.1) — 7KB
• baer-20231231xex971.htm (EX-97.1) — 27KB
• baer-20231231_g1.jpg (GRAPHIC) — 84KB
• baer-20231231_g2.jpg (GRAPHIC) — 16KB
• 0001628280-24-012213.txt (&nbsp;) — 13798KB
• baer-20231231.xsd (EX-101.SCH) — 114KB
• baer-20231231_cal.xml (EX-101.CAL) — 147KB
• baer-20231231_def.xml (EX-101.DEF) — 681KB
• baer-20231231_lab.xml (EX-101.LAB) — 1176KB
• baer-20231231_pre.xml (EX-101.PRE) — 931KB
• baer-20231231_htm.xml (XML) — 1708KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 45

Cybersecurity

Item 1C. Cybersecurity. 45

Properties

Item 2. Properties. 47

Legal Proceedings

Item 3. Legal Proceedings. 47

Mine Safety Disclosures

Item 4 Mine Safety Disclosures. 47 PART II 48

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 48

[Reserved]

Item 6. [Reserved] 48

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 49

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 67

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 68

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 111

Controls and Procedures

Item 9A. Controls and Procedures. 111

Other Information

Item 9B. Other Information. 112

Disclosures Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections. 112 PART III 113

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 113

Executive Compensation

Item 11. Executive Compensation. 113

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 113

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 113

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 113 PART IV 114

Exhibits

Item 15. Exhibits. 114

Form 10-K Summary

Item 16. Form 10-K Summary. 118 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about the beliefs and expectations of Bridger Aerospace Group Holdings, Inc. (the "Company," "Bridger," "we" or "us"), are forward-looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "poised," "positioned," "potential," "seem," "seek," "future," "outlook," "target," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, (1) anticipated expansion of Bridger's operations and increased deployment of Bridger's aircraft fleet, including references to Bridger's acquisition of and/or right to use the four Super Scoopers from the Spanish government, including the expected closing timings thereof, the anticipated benefits therefrom, and the ultimate structure of such acquisitions and/or right to use arrangements; (2) Bridger's business and growth plans and future financial performance; (3) current and future demand for aerial firefighting services, including the duration or severity of any domestic or international wildfire seasons; (4) the magnitude, timing, and benefits from any cost reduction actions; (5) Bridger's exploration of, need for, or completion of any future financings; and (6) anticipated investments in additional aircraft, capital resources, and

BUSINESS

ITEM 1. BUSINESS. Business Overview Bridger provides aerial wildfire surveillance, relief and suppression and aerial firefighting services using next-generation technology and environmentally friendly and sustainable firefighting methods primarily throughout the United States. Our mission is to save lives, property and habitats threatened by wildfires, leveraging our high-quality team, specialized aircraft and innovative use of technology and data. We are meeting an underserved and growing need for next-generation full-service aerial firefighting platforms. Bridger was founded by our Chief Executive Officer and former Navy SEAL officer Timothy Sheehy, in Bozeman, Montana in 2014 with one aircraft and a vision to build a global enterprise to fight wildfires. Bridger has since grown into a full-spectrum aerial firefighting service provider in the U.S. and in the field of aerial wildfire management, offering technology and services to provide front-line firefighters and fire suppression decision-makers access to key fire data in order to effectively combat wildfires. On January 24, 2023, Bridger completed a reverse recapitalization (the "Reverse Recapitalization") with Jack Creek Investment Corp ("JCIC"). As a result of the Reverse Recapitalization, Bridger and its subsidiaries prior to the consummation of the Reverse Recapitalization ("Legacy Bridger") and JCIC each became wholly-owned subsidiaries of the Company. As of December 31, 2023, the Company has a team of 148 employees and has developed an ecosystem of solutions, services and technologies supporting firefighting ground crews and the public. The areas in which human development meets or intermingles with undeveloped wildland and vegetative fuels that are both fire-dependent and fire-prone ("wildland-urban interface" or "WUI") have grown by more than 179,000 square kilometers in the U.S. from 1990 to 2020, according to a 2023 article by the United States Forest Service (the "USFS" and the "USFS WUI Increa

View Full Filing

View this 10-K filing on SEC EDGAR