Bridger Aerospace Says Reducing Our Previous Annual 2023 Revenue Guidance Range From $84M-$96M To A Range Of $66M-$68M
Portfolio Pulse from Benzinga Newsdesk
Bridger Aerospace has lowered its 2023 revenue guidance from $84M-$96M to $66M-$68M due to an unexpectedly short North American wildfire season. The company expects negative Adjusted EBITDA of $10M-$11M in Q4 2023 and has revised its full-year Adjusted EBITDA projection from $37M-$45M to $18M-$19M. Cost reductions are planned to mitigate the impact, with projected savings of $16M annually. Bridger's 2024 outlook anticipates Adjusted EBITDA of $35M-$51M on revenues of $70M-$86M, excluding the impact of acquiring Super Scoopers from the Spanish government.
November 13, 2023 | 9:57 pm
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Bridger Aerospace, represented by the symbol BAER, has reduced its 2023 revenue guidance and Adjusted EBITDA estimates due to a shorter wildfire season. The company is implementing cost reductions to improve future financial performance.
The reduction in revenue guidance and Adjusted EBITDA projections for Bridger Aerospace is a direct result of the shorter wildfire season, which negatively impacts the company's business. The announcement is likely to lead to a negative short-term impact on the stock price as investors adjust their expectations. However, the company's cost-saving measures and positive outlook for 2024 may mitigate some of the negative sentiment.
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