Bridger Aerospace Restates Q1 2023 Financials

TL;DR

Bridger Aerospace (BAER) restating Q1 2023 financials. Check the footnotes.

AI Summary

Bridger Aerospace Group Holdings, Inc. filed an amendment (10-Q/A) on July 12, 2024, to restate its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2023. This amendment revises previously issued financial information and related footnote disclosures from the original Form 10-Q filed on May 14, 2024.

Why It Matters

Restatements can indicate accounting errors or changes in financial reporting, potentially impacting investor confidence and the perceived accuracy of past financial performance.

Risk Assessment

Risk Level: medium — Financial restatements, even for prior periods, can signal internal control weaknesses or accounting issues that may affect future reporting.

Key Players & Entities

• Bridger Aerospace Group Holdings, Inc. (company) — Filer of the 10-Q/A amendment
• May 14, 2024 (date) — Original filing date of the Form 10-Q
• July 12, 2024 (date) — Filing date of the 10-Q/A amendment
• March 31, 2023 (date) — Period for which financial statements were restated

FAQ

Key Financial Figures

• $0.0001 — ange 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

Filing Documents

• baer-20240331.htm (10-Q/A) — 1436KB
• baer-20240331x10qaxex311.htm (EX-31.1) — 11KB
• baer-20240331x10qaxex312.htm (EX-31.2) — 10KB
• baer-20240331x10qaxex321.htm (EX-32.1) — 8KB
• 0001628280-24-031789.txt ( ) — 10179KB
• baer-20240331.xsd (EX-101.SCH) — 89KB
• baer-20240331_cal.xml (EX-101.CAL) — 89KB
• baer-20240331_def.xml (EX-101.DEF) — 531KB
• baer-20240331_lab.xml (EX-101.LAB) — 891KB
• baer-20240331_pre.xml (EX-101.PRE) — 730KB
• baer-20240331_htm.xml (XML) — 1391KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Loss 6 Condensed Consolidated Statements of Stockholders' Deficit 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54 Part II Other Information 56 Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Other Information

Item 5. Other Information 58 Item 6. Exhibits 59 EXPLANATORY NOTE General Bridger Aerospace Group Holdings, Inc's ("Bridger" or the "Company") is filing this Amendment No. 1 on Form 10-Q/A (this "Amendment") to amend and restate certain financial information and related footnote disclosures in the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, originally filed with the U.S. Securities and Exchange Commission ("SEC") on May 14, 2024 (the "Original Filing"). In filing this Amendment, the Company is restating its previously issued unaudited interim condensed consolidated financial statements for the quarterly period ended March 31, 2023 (the "Previously Issued Condensed Consolidated Financial Statements"). 1 Table of Contents Background of Restatement On June 25, 2024, the Audit Committee (the "Audit Committee") of the Board of Directors of the Company, based on the recommendation of Bridger's management, and after consultation with the Company's independent registered public accounting firm and third party advisory accounting firm, concluded that the Company's previously issued audited consolidated financial statements as of and for the year ended December 31, 2023 and its previously issued unaudited interim condensed consolidated financial statements for each of the first three quarters in the year ended December 31, 2023 (collectively, the "Affected Financials") had a material misstatement in the presentation of diluted EPS and, accordingly, should no longer be relied upon. Similarly, related reports filed with the Securities Exchange Commission ("SEC"), earnings releases, press releases, shareholder communications, investor presentations or other communications describing relevant portions of the Affected Financials should no longer be relied upon. The Company is restating the Affected Financials within this Amendment and the Company's amended Annual Report on Form 10-K/A for the year ended December 31, 2023 filed on Ju

– Item 1. Financial Statements (Unaudited);

Part I – Item 1. Financial Statements (Unaudited);

– Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations;

Part I – Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations;

– Item 4. Controls and Procedures;

Part I – Item 4. Controls and Procedures;

– Item 1A. Risk Factors; and

Part II – Item 1A. Risk Factors; and

- Item 6. Exhibits

Part II - Item 6. Exhibits. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this Amendment includes new certifications specified in Rule 13a-14 under the Exchange Act, from the Company's Chief Executive Officer and Chief Financial Officer dated as of the date of this Amendment. Except as described above, this Amendment does not amend, update or change any other disclosures in the Original Filing. In addition, the information contained in this Amendment does not reflect events occurring after the Original Filing and does not modify or update the disclosures therein, except to reflect the effects of the restatement. Accordingly, forward-looking statements included in this Amendment may represent Bridger management's views as of the date of the Original Filing and should not be assumed to be accurate as of any date thereafter. This Amendment should be read in conjunction with the Company's other filings with the SEC subsequent to the filing of the Original Filing. 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BRIDGER AEROSPACE GROUP HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ($s in thousands, except par value amounts) As of March 31, 2024 As of December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 6,776 $ 22,956 Restricted cash 9,289 13,981 Investments in marketable securities — 1,009 Accounts and note receivable 1 4,926 4,113 Aircraft support parts 476 488 Prepaid expenses and other current assets 3,740 2,648 Total current assets 25,207 45,195 Property, plant and equipment, net 195,871 196,611 Intangible assets, net 2,016 1,730 Goodwill 13,163 13,163 Other noncurrent assets 2 16,174 16,771 Total assets $ 252,431 $ 273,470 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable 3 $ 3,932 $ 3,978 Accrued expenses and other current liabilities 4 11,955 17,168 Operating right-of-use current liability 5 2,153 2,153 Current portion of long-term debt, net of debt issuance costs 2,028 2,099 Total current liabilities 20,068 25,398 Long-term accrued expenses and other noncurrent liabilities 10,492 10,777 Operating right-of-use noncurrent liability 6 5,395 5,779 Long-term debt, net of debt issuance costs 7 204,115 204,585 Total liabilities $ 240,070 $ 246,539 COMMITMENTS AND CONTINGENCIES MEZZANINE EQUITY Series A Preferred Stock, $ 0.0001 par value; 315,789.473684 shares authorized, issued and outstanding at March 31, 2024 and December 31, 2023 361,029 354,840 STOCKHOLDERS' DEFICIT Common Stock, $ 0.0001 par value; 1,000,000,000 shares authorized; 44,842,587 shares issued and outstanding at March 31, 2024; 44,776,926 shares issued and outstanding at December 31, 2023 5 5 Additional paid-in capital 83,953 84,771 Accumulated deficit ( 433,759 ) ( 413,672 ) Accumulated other comprehensive income 1,133 987 Total stockholders' deficit ( 348,668 ) ( 327,909 ) Total liabilities, mezzanine equity, and stockholders' deficit $ 252,431

View Full Filing

View this 10-Q/A filing on SEC EDGAR