BELGRADE, Mont. - Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER, BAERW), a leading aerial firefighting company, announced today the appointment of Dan Drohan to its Board of Directors. The addition of Drohan brings the board's membership to nine.
Dan Drohan, an aviation industry veteran with over 35 years of experience, joins the board with a history of entrepreneurial success in aviation. He founded Sunset Aviation in 1992, which quickly became known for its safety and service before its sale in 2007. Drohan is also the founder of Solairus Aviation, where he has grown the company into a prominent player in private aviation asset management with a sizeable fleet serving clients globally.
The board of Bridger Aerospace now includes notable industry figures such as Beth Fascitelli, a former Goldman Sachs executive with a 37-year tenure; David Schellenberg, ex-CEO of Conair Group and its subsidiary Cascade Aerospace; and Anne Hayes, who has significant audit and accounting experience with growth-stage companies in the U.S. and international markets.
Bridger Aerospace, headquartered in Belgrade, Montana, specializes in aerial firefighting and wildfire management services. The company serves federal and state government agencies, including the United States Forest Service, and operates both nationally and internationally.
The information in this article is based on a press release statement from Bridger Aerospace Group Holdings, Inc.
In other recent news, Bridger Aerospace has been the subject of noteworthy developments.
Bridger Aerospace has expanded its operational scope, now providing services in regions beyond the U.S., including Canada and Europe. This expansion is in response to the increasing demand for aerial firefighting services, with the National Interagency Coordination Center reporting that approximately 35% of multi-engine air tanker requests for wildfire response in the U.S. were unmet in 2022.
Bridger Aerospace has also refuted claims of financial instability, attributing its 2023 net loss to non-cash, stock-based compensation expenses and one-off costs related to becoming a public company and fleet investments. In 2023, the company reported its highest revenue to date, totaling $67 million, and projects an adjusted EBITDA of $35 million to $51 million for 2024.
Furthermore, the company reported a record first-quarter revenue of $5.5 million for fiscal 2024, a significant increase from the previous year. Despite this growth, the company reported a net loss of $20.1 million but showed an improved adjusted EBITDA of negative $6.9 million. Bridger Aerospace is expanding its services to Canada and Europe and raised approximately $9.2 million in net proceeds from a registered direct offering in April 2024.
Canaccord Genuity initiated coverage on the company, assigning a Buy rating and setting a price target of $5.50.
InvestingPro Insights
Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER, BAERW) has recently expanded its Board of Directors, aiming to leverage the extensive industry experience of its members to navigate a dynamic market landscape. InvestingPro data and tips provide a deeper look into the company's financial health and market performance, which may be of interest to investors considering the impact of these board changes.
InvestingPro data indicates that Bridger Aerospace has a market capitalization of 175.83 million USD, reflecting the company's current valuation in the market. Despite notable revenue growth over the last twelve months, with an impressive increase of 53.91%, the company's P/E ratio stands at -2.3, signaling that it has not been profitable during this period. Moreover, Bridger Aerospace has experienced a significant price drop of 45.88% year-to-date, trading near its 52-week low, which could present a potential opportunity for investors looking for undervalued stocks.
Among the InvestingPro Tips, it's highlighted that analysts anticipate sales growth in the current year for Bridger Aerospace, which could suggest a positive outlook for the company's revenue stream. Additionally, the stock has been noted to often move in the opposite direction of the market. This contrarian behavior might appeal to investors seeking to diversify their portfolio with stocks that do not necessarily follow broader market trends.
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With the company's focus on growth and the strategic strengthening of its board, Bridger Aerospace's future developments will be closely watched by the market. Investors should consider both the opportunities and risks presented by the company's financial data and industry position.
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