$BAER
Bridger Aerospace Group Holdings, Inc.

2023 Q2 Form 10-Q Financial Statement

#000119312523143476 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $11.62M $365.4K $1.110M
YoY Change
Cost Of Revenue $10.51M $7.249M $5.320M
YoY Change 11.55% 11.05% 20.63%
Gross Profit $1.105M -$6.883M -$4.210M
YoY Change -66.83% 6.59% 12.57%
Gross Profit Margin 9.51% -1883.92% -379.28%
Selling, General & Admin $15.19M $33.23M $7.270M
YoY Change 164.8% 586.36% 120.97%
% of Gross Profit 1374.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.240M $1.751M $530.0K
YoY Change 14.89% 38.21% 3.92%
% of Gross Profit 293.16%
Operating Expenses $15.19M $33.23M $6.310M
YoY Change 608.02% 6869.06% -752.28%
Operating Profit -$14.08M -$40.11M -$10.52M
YoY Change 485.92% 254.99% 279.42%
Interest Expense $5.541M $5.665M -$6.960M
YoY Change 43.74% -34.6% -468.84%
% of Operating Profit
Other Income/Expense, Net $600.0K $1.090M $660.0K
YoY Change 711.91% 739.11% 88.57%
Pretax Income -$19.02M -$44.68M -$17.00M
YoY Change -1166.33% -637.42% -1238.14%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.02M -$44.68M -$22.81M
YoY Change -1166.42% -637.48% -1627.11%
Net Earnings / Revenue -163.76% -12229.95% -2054.95%
Basic Earnings Per Share -$0.55 $1.36
Diluted Earnings Per Share -$0.55 $0.79 -$0.57
COMMON SHARES
Basic Shares Outstanding 43.77M 43.49M
Diluted Shares Outstanding 45.39M shares 74.99M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.40M $32.61M $85.14M
YoY Change 14438.35% 9891.58% 94587.09%
Cash & Equivalents $845.0K $2.290M $30.16M
Short-Term Investments $12.60M $30.32M $54.98M
Other Short-Term Assets $49.21K $103.3K $95.59K
YoY Change -80.63% -71.79% -77.61%
Inventory $400.0K $400.0K $1.800M
Prepaid Expenses
Receivables $11.82M $367.3K $28.90K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.19M $48.89M $106.9M
YoY Change 11796.92% 6959.24% 20578.24%
LONG-TERM ASSETS
Property, Plant & Equipment $203.7M $203.4M $192.1M
YoY Change 17.41%
Goodwill $2.458M $2.458M $2.458M
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000M $1.000M $1.000M
YoY Change -99.71% -99.71% -99.71%
Other Assets $7.584M $6.740M $4.356M
YoY Change 658.36%
Total Long-Term Assets $212.2M $212.8M $199.1M
YoY Change -38.54% -38.33% -42.3%
TOTAL ASSETS
Total Short-Term Assets $41.19M $48.89M $106.9M
Total Long-Term Assets $212.2M $212.8M $199.1M
Total Assets $253.4M $261.7M $306.0M
YoY Change -26.68% -24.32% -11.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.236M $3.503M $3.170M
YoY Change 130.44% 286.13% 320.05%
Accrued Expenses $7.823M $13.06M $18.67M
YoY Change -37.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $2.460M $2.446M $2.446M
YoY Change -15.18%
Total Short-Term Liabilities $16.87M $19.04M $24.31M
YoY Change 462.04% 1390.17% 3120.49%
LONG-TERM LIABILITIES
Long-Term Debt $205.1M $205.2M $205.5M
YoY Change 1328.31%
Other Long-Term Liabilities $8.300M $6.600M $800.0K
YoY Change -41.58% -62.93% -93.37%
Total Long-Term Liabilities $205.1M $205.2M $205.5M
YoY Change 1343.38% 1052.74% 676.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.87M $19.04M $24.31M
Total Long-Term Liabilities $205.1M $205.2M $205.5M
Total Liabilities $230.2M $230.8M $230.6M
YoY Change 1237.94% 1109.65% 747.24%
SHAREHOLDERS EQUITY
Retained Earnings -$400.1M -$381.0M -$415.3M
YoY Change 4.95%
Common Stock $4.906K $4.832K $3.908K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$319.6M -$306.1M -$413.6M
YoY Change
Total Liabilities & Shareholders Equity $253.4M $261.7M $306.0M
YoY Change -26.68% -24.32% -11.46%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$19.02M -$44.68M -$22.81M
YoY Change -1166.42% -637.48% -1627.11%
Depreciation, Depletion And Amortization $3.240M $1.751M $530.0K
YoY Change 14.89% 38.21% 3.92%
Cash From Operating Activities -$16.79M -$36.65M -$1.990M
YoY Change 7068.17% 13808.84% 1142.35%
INVESTING ACTIVITIES
Capital Expenditures $2.750M $11.17M $3.830M
YoY Change -58.58% 353.92% -75.77%
Acquisitions
YoY Change
Other Investing Activities $18.36M $25.18M -$54.71M
YoY Change
Cash From Investing Activities $15.61M $12.96M -$58.54M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -420.0K -4.077M -3.380M
YoY Change -915.48%
NET CHANGE
Cash From Operating Activities -16.79M -36.65M -1.990M
Cash From Investing Activities 15.61M 12.96M -58.54M
Cash From Financing Activities -420.0K -4.077M -3.380M
Net Change In Cash -1.600M -27.77M -63.91M
YoY Change 583.09% -11843.34% 39798.86%
FREE CASH FLOW
Cash From Operating Activities -$16.79M -$36.65M -$1.990M
Capital Expenditures $2.750M $11.17M $3.830M
Free Cash Flow -$19.54M -$47.82M -$5.820M
YoY Change 184.25% 1655.33% -63.56%

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CY2022Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
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CY2023Q1 baer Change In Fair Value Of Freestanding Derivative
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CY2023Q1 us-gaap Amortization Of Financing Costs
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CY2022Q1 us-gaap Amortization Of Financing Costs
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CY2022Q1 baer Adjustment For Temporary Equity Interest Accrued
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CY2023Q1 baer Temporary Equity Change In Fair Value
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CY2023Q1 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
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CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2023Q1 baer Increase Decrease In Aircraft Support Parts
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CY2022Q1 baer Increase Decrease In Aircraft Support Parts
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 baer Payments To Acquire Investments Buildings
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CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 baer Repayment Of Finance Lease Liability
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CY2023Q1 baer Proceeds From The Closing
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CY2023Q1 baer Payment Of Cost Incurred Related To Closing Transactions
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CY2022Q1 us-gaap Proceeds From Bank Debt
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CY2023Q1 us-gaap Repayments Of Debt
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CY2022Q1 us-gaap Repayments Of Debt
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Restricted Cash
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CY2022Q1 us-gaap Restricted Cash
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 baer Assumption Of Jack Creek Liabilities
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CY2023Q1 baer Recognition Of Warrant Liabilities
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CY2023Q1 baer Recognition Of Deferred Underwriting Fee
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CY2022Q1 us-gaap Interest Paid Net
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CY2022Q1 baer Fixed Assets In Accounts Payable
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CY2023Q1 us-gaap Conversion Of Stock Amount Issued1
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CY2023Q1 baer Adjustment For Deemed Dividend Upon Closing For Series A Preferred Stock
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CY2023Q1 baer Redeemable Convertible Preferred Stock Adjustment To Eliminate Fifty Percent Multiplier One
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CY2023Q1 baer Adjustment Of Series A Preferred Stock To Maximum Redemptions Value
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CY2022Q1 baer Redeemable Convertible Preferred Adjustment For Redemption Extinguishement And Accrued Interest One
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CY2023Q1 us-gaap Increase Decrease In Accounts Receivable Related Parties
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Use Of Estimates
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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with US GAAP, requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, disclosure of gain or loss contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from their estimates and such differences could be material to the unaudited condensed consolidated financial statements. Significant items subject to such estimates and assumptions include: (a) excess and aging aircraft support parts reserves, (b) allowance for doubtful accounts, (c) useful lives of property, plant and equipment, net (d) impairment of long-lived assets, goodwill and other intangible assets, (e) disclosure of fair value of financial instruments, (f) variable interest entities, (g) accounting for Series A Preferred Stock and Legacy Bridger Series C Preferred Shares, (h) revenue recognition, (i) estimates and assumptions made in determining the carrying values of goodwill and other intangible assets, (j) incentive units and (k) Public Warrants and Private Placement Warrants. </div></div></div>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Reclassifications </div></div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Certain amounts from prior periods have been reclassified to conform to the current period presentation. The Company previously separately presented General and administrative and Business development operating expenses, which are now presented combined within “Selling, general and administrative expense” on the Unaudited Condensed Consolidated Statement of Operations. The reclassification had no impact on previously reported net loss or accumulated deficit. </div></div></div>
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
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CY2022Q4 us-gaap Deferred Offering Costs
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CY2023Q1 baer Incremental Costs Of Obtaining A Contract
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 baer Current Prepaid Subscriptions
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CY2022Q4 baer Current Prepaid Subscriptions
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;;text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">For the three months ended March 31, 2023, the Company had one customer who individually accounted for 65% of total revenues. As of March 31, 2023, one customer accounted for 83% of accounts <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;"/><div style="letter-spacing: 0px; top: 0px;;display:inline;">receivable. Refer to “<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Note 16 – Related Party Transactions</div></div>” for </div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;"> additional information. </div>For the three months ended March 31, 2022, the Company had one customer who individually accounted for 100% of total revenues. As of December 31, 2022, one customer accounted for 62% of accounts receivable. </div>
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CY2023Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2023Q1 baer Licenses Gross
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CY2022Q4 baer Licenses Gross
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CY2023Q1 baer Buildings And Equipment Accumulated Depreciation
BuildingsAndEquipmentAccumulatedDepreciation
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CY2022Q4 baer Buildings And Equipment Accumulated Depreciation
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CY2023Q1 baer Buildings And Equipment Net
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CY2022Q4 baer Buildings And Equipment Net
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CY2023Q1 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2023Q1 us-gaap Goodwill Impairment Loss
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CY2022Q1 us-gaap Goodwill Impairment Loss
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CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q1 baer Amortization Of Other Noncurrent Assets
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CY2022Q1 baer Amortization Of Other Noncurrent Assets
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CY2023Q1 baer Deferred Underwriting Fee Payable
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CY2022Q4 baer Freestanding Derivative On Legacy Bridger Series C Preferred Shares
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CY2023Q1 baer Embedded Derivative Of Series A Preferred Stock
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CY2023Q1 us-gaap Investments
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CY2022Q4 us-gaap Investments
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CY2023Q1 baer Interest Rate Swap Non Current Assets
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InterestRateSwapNonCurrentAssets
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CY2023Q1 baer Noncurrent Prepaid Subscriptions
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CY2022Q4 baer Noncurrent Prepaid Subscriptions
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CY2023Q1 us-gaap Other Assets Noncurrent
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CY2023Q1 us-gaap Accrued Salaries Current And Noncurrent
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CY2022Q4 us-gaap Finance Lease Liability
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CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
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CY2022Q4 baer Embedded Derivative Of Legacy Bridger Series C Preferredshares
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CY2023Q1 baer Excess Hold Fee Payable On Series A Preferred Stock
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CY2023Q1 baer Accrued Interest Expense And Other Accrued Liabilities
AccruedInterestExpenseAndOtherAccruedLiabilities
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CY2022Q4 baer Accrued Interest Expense And Other Accrued Liabilities
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CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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AccountsPayableAndAccruedLiabilitiesNoncurrent
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
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CY2022Q3 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
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CY2023Q1 us-gaap Accrued Bonuses Current And Noncurrent
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CY2022Q4 baer Freestanding Derivative On Legacy Bridger Series C Preferred Shares
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CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2023Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
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CY2022Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
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CY2023Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
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CY2022Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
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CY2023Q1 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Amortization Of Financing Costs
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CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
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CY2023Q1 us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
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CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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