QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
(Address of Principal Executive Offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Page | ||||||||
Item 5. | ||||||||
As of March 31, 2024 | As of December 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Investments in marketable securities | ||||||||||||||
Accounts and note receivable1 | ||||||||||||||
Aircraft support parts | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Other noncurrent assets2 | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable3 | $ | $ | ||||||||||||
Accrued expenses and other current liabilities4 | ||||||||||||||
Operating right-of-use current liability5 | ||||||||||||||
Current portion of long-term debt, net of debt issuance costs | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term accrued expenses and other noncurrent liabilities | ||||||||||||||
Operating right-of-use noncurrent liability6 | ||||||||||||||
Long-term debt, net of debt issuance costs7 | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
MEZZANINE EQUITY | ||||||||||||||
Series A Preferred Stock, $ | ||||||||||||||
STOCKHOLDERS’ DEFICIT | ||||||||||||||
Common Stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total stockholders’ deficit | ( | ( | ||||||||||||
Total liabilities, mezzanine equity, and stockholders’ deficit | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 (As Restated) | |||||||||||||
Revenues1 | $ | $ | ||||||||||||
Cost of revenues: | ||||||||||||||
Flight operations | ||||||||||||||
Maintenance | ||||||||||||||
Total cost of revenues | ||||||||||||||
Gross loss | ( | ( | ||||||||||||
Selling, general and administrative expense2 | ||||||||||||||
Operating loss | ( | ( | ||||||||||||
Interest expense3 | ( | ( | ||||||||||||
Other income | ||||||||||||||
Loss before income taxes | ( | ( | ||||||||||||
Income tax expense | ( | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Series A Preferred Stock – adjustment for deemed dividend upon Closing | ( | |||||||||||||
Series A Preferred Stock – adjustment to eliminate 50% multiplier | ||||||||||||||
Series A Preferred Stock – adjustment to maximum redemptions value | ( | ( | ||||||||||||
(Loss) earnings attributable to Common stockholders - basic | $ | ( | $ | |||||||||||
Change in fair value of embedded derivative | ||||||||||||||
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | ( | |||||||||||||
Loss attributable to Common stockholders - diluted | $ | ( | $ | ( | ||||||||||
(Loss) earnings per share - basic | $ | ( | $ | |||||||||||
Loss per share - diluted | $ | ( | $ | ( | ||||||||||
Weighted average Common Stock outstanding – basic | ||||||||||||||
Weighted average Common Stock outstanding – diluted |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||
Unrealized gain (loss) on derivative instruments | ( | |||||||||||||
Unrealized gain on investments in marketable securities | ||||||||||||||
Reclassification of realized loss (gain) on investments in marketable securities to earnings | ( | |||||||||||||
Total other comprehensive income (loss), net of tax | ( | |||||||||||||
Comprehensive loss | $ | ( | $ | ( |
Legacy Bridger Series C Preferred Shares / Series A Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Share | Value | Share | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on investments in marketable securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of realized gain on investments in marketable securities to earnings | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Effect of the Closing | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock adjustment to maximum redemptions value | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of realized loss on investments in marketable securities to earnings | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock adjustment to maximum redemptions value | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sales of Common Stock through the at-the-market offering | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs related to the at-the-market offering | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | ( | $ | $ | ( |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Loss (gain) on disposal of fixed assets | ( | |||||||||||||
Depreciation and amortization | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Change in fair value of the Warrants | ( | ( | ||||||||||||
Change in fair value of freestanding derivative | ||||||||||||||
Amortization of debt issuance costs | ||||||||||||||
Change in fair value of embedded derivative | ( | ( | ||||||||||||
Change in fair value of earnout consideration | ||||||||||||||
Realized gain on investments in marketable securities | ( | ( | ||||||||||||
Changes in operating assets and liabilities | ||||||||||||||
Accounts and note receivable1 | ( | ( | ||||||||||||
Aircraft support parts | ||||||||||||||
Prepaid expense and other current and noncurrent assets | ( | ( | ||||||||||||
Accounts payable, accrued expenses and other liabilities2 | ( | ( | ||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Proceeds from sales and maturities of marketable securities | ||||||||||||||
Purchases of property, plant and equipment | ( | ( | ||||||||||||
Expenditures for capitalized software | ( | |||||||||||||
Investments in construction in progress – leasehold improvements | ( | |||||||||||||
Sale of property, plant and equipment | ||||||||||||||
Net cash (used in) provided by investing activities | ( | |||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Repayments on debt | ( | ( | ||||||||||||
Payment of issuance costs for Common Stock in the at-the-market offering | ( | |||||||||||||
Proceeds from issuance of Common Stock in the at-the-market offering | ||||||||||||||
Payment of finance lease liability | ( | ( | ||||||||||||
Costs incurred related to the Closing | ( | |||||||||||||
Proceeds from the Closing | ||||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Net change in cash, cash equivalents and restricted cash | ( | ( | ||||||||||||
Cash, cash equivalents and restricted cash – beginning of the period | ||||||||||||||
Cash, cash equivalents and restricted cash – end of the period | $ | $ | ||||||||||||
Less: Restricted cash – end of the period | ||||||||||||||
Cash and cash equivalents – end of the period | $ | $ | ||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
$s in thousands | 2024 | 2023 | ||||||||||||
Fire suppression | $ | $ | ||||||||||||
Aerial surveillance | ||||||||||||||
Other services | ||||||||||||||
Total revenues | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
$s in thousands | 2024 | 2023 | ||||||||||||
Flight revenue | $ | $ | ||||||||||||
Standby revenue | ||||||||||||||
Other revenue | ||||||||||||||
Total revenues | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
$s in thousands | 2024 | 2023 | ||||||||||||
Interest paid | $ | $ | ||||||||||||
Fixed assets in accounts payable | ||||||||||||||
Conversion of promissory note to Common Stock | ||||||||||||||
Series A Preferred Stock - adjustment for deemed dividend upon Closing | ||||||||||||||
Series A Preferred Stock - adjustment to eliminate 50% multiplier | ||||||||||||||
Series A Preferred Stock - adjustment to maximum redemption value | ||||||||||||||
Non-cash operating and financing activities: | ||||||||||||||
Issuance costs for ATM offering included in accounts payable, accrued expense and other liabilities | $ | $ | ||||||||||||
Assumption of JCIC liabilities | ||||||||||||||
Recognition of Warrant liabilities | ||||||||||||||
Cancellation of deferred underwriting fee |
As of March 31, 2024 | As of December 31, 2023 | |||||||||||||
($s in thousands) | Carrying Value | |||||||||||||
Cash equivalents: | ||||||||||||||
Commercial paper | $ | $ | ||||||||||||
Money market fund | ||||||||||||||
Total cash equivalents | $ | $ | ||||||||||||
Restricted cash: | ||||||||||||||
Money market fund | $ | $ |
As of December 31, 2023 | ||||||||||||||||||||||||||
$s in thousands | Purchase Price | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||
Investment in marketable securities: | ||||||||||||||||||||||||||
Government securities | $ | $ | $ | $ | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Trade accounts receivable | $ | $ | ||||||||||||
Note receivable | ||||||||||||||
Other | ||||||||||||||
Total accounts and note receivable | $ | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Repairables and expendables | $ | $ | ||||||||||||
Total aircraft support parts | $ | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Prepaid insurance | $ | $ | ||||||||||||
Prepaid subscriptions | ||||||||||||||
Deposits | ||||||||||||||
Other | ||||||||||||||
Total prepaid expenses and other current assets | $ | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Aircraft | $ | $ | ||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
Aircraft, net | ||||||||||||||
Leasehold improvements | ||||||||||||||
Vehicles and equipment | ||||||||||||||
Construction-in-progress - Leasehold improvements | ||||||||||||||
Finance lease right-of-use asset | ||||||||||||||
Licenses | ||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||
Leasehold improvements and equipment, net | ||||||||||||||
Total property, plant and equipment, net | $ | $ |
$s in thousands | Purchase Price Allocation | |||||||
Cash and cash equivalents | $ | |||||||
Intangible assets | ||||||||
Accounts payable | ( | |||||||
Long-term accrued expenses and other noncurrent liabilities | ( | |||||||
Deferred tax liability | ( | |||||||
Total identifiable net assets | ||||||||
Goodwill | ||||||||
Total purchase price | $ |
As of March 31, 2024 | ||||||||||||||||||||||||||
$s in thousands | Estimated Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Licenses | $ | $ | ( | $ | ||||||||||||||||||||||
Internal-use software | ( | |||||||||||||||||||||||||
IPR&D | ||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
As of December 31, 2023 | ||||||||||||||||||||||||||
$s in thousands | Estimated Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Licenses | $ | $ | ( | $ | ||||||||||||||||||||||
Internal-use software | ( | |||||||||||||||||||||||||
IPR&D | ||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Operating lease right-of-use asset | $ | $ | ||||||||||||
Investment in MAB | ||||||||||||||
Prepaid subscriptions | ||||||||||||||
Interest rate swap | ||||||||||||||
Investment in Overwatch Imaging, Inc. | ||||||||||||||
Total other noncurrent assets | $ | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Contingent consideration | $ | $ | ||||||||||||
Warrant liabilities | ||||||||||||||
Accrued interest expense | ||||||||||||||
Accrued salaries, wages and bonuses | ||||||||||||||
Deferred underwriting fee payable | ||||||||||||||
Deferred revenue | ||||||||||||||
Accrued professional fees | ||||||||||||||
Accrued foreign tax | ||||||||||||||
Finance right-of-use liability | ||||||||||||||
Embedded derivative of Series A Preferred Stock | ||||||||||||||
Other | ||||||||||||||
Total accrued expenses and other liabilities | ||||||||||||||
Less: Current accrued expenses and other current liabilities | ( | ( | ||||||||||||
Total long-term accrued expenses and other noncurrent liabilities | $ | $ |
$s in thousands | Contingent Consideration | |||||||
As of December 31, 2023 | $ | |||||||
Change in fair value of contingent consideration | ||||||||
As of March 31, 2024 | $ |
As of March 31, 2024 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Fair Value | Pay Fixed | Receive Rate | |||||||||||||||||||||||||||
4/15/2020 | 3/15/2030 | $ | $ | 1 Month SOFR + 2.61448% | ||||||||||||||||||||||||||||
As of December 31, 2023 | ||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Fair Value | Pay Fixed | Receive Rate | |||||||||||||||||||||||||||
4/15/2020 | 3/15/2030 | $ | $ | 1 Month SOFR + 2.61448% |
As of March 31, 2024 | ||||||||||||||||||||
$s in thousands | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | $ | $ | |||||||||||||||||
Restricted cash: | ||||||||||||||||||||
Money market fund | ||||||||||||||||||||
Total restricted cash | ||||||||||||||||||||
Interest rate swap | ||||||||||||||||||||
Total assets | $ | $ | $ | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Warrant liabilities – Public Warrants | $ | $ | $ | |||||||||||||||||
Warrant liabilities – Private Placement Warrants | ||||||||||||||||||||
Contingent consideration | ||||||||||||||||||||
Total liabilities | $ | $ | $ |
As of December 31, 2023 | ||||||||||||||||||||
$s in thousands | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash | $ | $ | $ | |||||||||||||||||
Restricted cash: | ||||||||||||||||||||
Money market fund | ||||||||||||||||||||
Total restricted cash | ||||||||||||||||||||
Investments in marketable securities | ||||||||||||||||||||
Interest rate swap | ||||||||||||||||||||
Total assets | $ | $ | $ | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Warrant liabilities – Public Warrants | $ | $ | $ | |||||||||||||||||
Warrant liabilities – Private Placement Warrants | ||||||||||||||||||||
Contingent consideration | ||||||||||||||||||||
Embedded derivative of Series A Preferred Stock | ||||||||||||||||||||
Total liabilities | $ | $ | $ |
$s in thousands | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, | $ | $ | ||||||||||||
Permanent loan agreement, dated August 21, 2020, greater of Prime + | ||||||||||||||
Permanent loan agreement, dated October 1, 2020, greater of Prime + | ||||||||||||||
Term loan agreement dated September 30, 2019, SOFR + | ||||||||||||||
Term loan agreement dated February 3, 2020, SOFR + | ||||||||||||||
Various term loan agreements, earliest start at September 9, 2021, | ||||||||||||||
Loans payable | ||||||||||||||
Less: noncurrent debt issuance costs | ( | ( | ||||||||||||
Less: current debt issuance costs | ( | ( | ||||||||||||
Less: current portion of long-term debt, net of debt issuance costs | ( | ( | ||||||||||||
Total long-term debt, net of debt issuance costs | $ | $ |
Redeemable Series A Preferred Stock | ||||||||||||||
$s in thousands | Shares | Amounts | ||||||||||||
Balance as of December 31, 2023 | $ | |||||||||||||
Adjustment to maximum redemptions value | ||||||||||||||
Balance as of March 31, 2024 | $ |
Number of Awards | Weighted average grant date fair value | |||||||||||||
Outstanding as of December 31, 2023 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited/Cancelled | ( | |||||||||||||
Outstanding as of March 31, 2024 | $ |
For the Three Months Ended March 31, | ||||||||||||||
$s in thousands, except per share amounts | 2024 | 2023 (As Restated) | ||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to Net loss: | ||||||||||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | ( | |||||||||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | ||||||||||||||
Series A Preferred Stock—adjustment to maximum redemptions value | ( | ( | ||||||||||||
(Loss) earnings attributable to Common stockholders – basic | $ | ( | $ | |||||||||||
Change in fair value of embedded derivative | ||||||||||||||
Dilutive adjustment to (loss) earnings attributable to Common stockholders - basic | ( | |||||||||||||
Loss attributable to Common stockholders - diluted | $ | ( | $ | ( | ||||||||||
Weighted average Common Stock outstanding - basic | ||||||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Series A Preferred Stock | ||||||||||||||
Weighted average Common Stock outstanding - diluted | ||||||||||||||
(Loss) earnings per share - basic | $ | ( | $ | |||||||||||
Loss per share - diluted | $ | ( | $ | ( |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 (As Restated) | |||||||||||||
Series A Preferred Stock | ||||||||||||||
Unvested Restricted Stock Units | ||||||||||||||
Public Warrants | ||||||||||||||
Private Placement Warrants | ||||||||||||||
Unvested Legacy Bridger Incentive Units | ||||||||||||||
Sponsor Earnout Shares |
For the three months ended March 31, 2023 | ||||||||||||||||||||
($s in thousands, except per share amounts) | As Reported | Adjustment | As Restated | |||||||||||||||||
Revenues | $ | $ | $ | |||||||||||||||||
Cost of revenues: | ||||||||||||||||||||
Flight operations | ||||||||||||||||||||
Maintenance | ||||||||||||||||||||
Total cost of revenues | 7,248 | |||||||||||||||||||
Gross loss | ( | ( | ||||||||||||||||||
Selling, general and administrative expense | ||||||||||||||||||||
Operating loss | ( | ( | ||||||||||||||||||
Interest expense | ( | ( | ||||||||||||||||||
Other income | ||||||||||||||||||||
Net loss | $ | ( | $ | $ | ( | |||||||||||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | ( | ( | ||||||||||||||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | ||||||||||||||||||||
Series A Preferred Stock—adjustment to maximum redemptions value | ( | ( | ||||||||||||||||||
(Loss) attributable to Common stockholders - basic | $ | $ | $ | |||||||||||||||||
Change in fair value of embedded derivative | ||||||||||||||||||||
Dilutive adjustments to Loss attributable to Common stockholders - basic | ( | ( | ||||||||||||||||||
Earnings (loss) attributable to Common stockholders - diluted | $ | $ | ( | $ | ( | |||||||||||||||
Earnings per share - basic | $ | $ | ||||||||||||||||||
Earnings (loss) per share - diluted | $ | $ | ( | ( | ||||||||||||||||
Weighted average Common Stock outstanding – basic | ||||||||||||||||||||
Weighted average Common Stock outstanding – diluted | ( |
For the three months ended March 31, 2023 | ||||||||||||||||||||
($s in thousands, except per share amounts) | As Reported | Adjustment | As Restated | |||||||||||||||||
Net loss | $ | ( | $ | $ | ( | |||||||||||||||
Adjustments to Net loss: | ||||||||||||||||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | ( | ( | ||||||||||||||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | ||||||||||||||||||||
Series A Preferred Stock—adjustment to maximum redemptions value | ( | ( | ||||||||||||||||||
Earnings attributable to Common stockholders – basic | $ | $ | $ | |||||||||||||||||
Change in fair value of embedded derivative | ||||||||||||||||||||
Dilutive adjustments to Earnings attributable to Common stockholders - basic | ( | ( | ||||||||||||||||||
Earnings (loss) attributable to Common stockholders - diluted | $ | $ | ( | $ | ( | |||||||||||||||
Weighted average Common Stock outstanding - basic | ||||||||||||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||
Unvested Legacy Bridger Incentive Units | ( | |||||||||||||||||||
Sponsor Earnout Shares | ( | |||||||||||||||||||
Weighted average Common Stock outstanding - diluted | ( | |||||||||||||||||||
Earnings per share - basic | $ | $ | $ | |||||||||||||||||
Earnings (loss) per share - diluted | $ | $ | ( | $ | ( |
For the three months ended March 31, 2023 | ||||||||||||||||||||
As Reported | Adjustment | As Restated | ||||||||||||||||||
Unvested Restricted Stock Units | ( | |||||||||||||||||||
Public Warrants | ||||||||||||||||||||
Private Placement Warrants | ||||||||||||||||||||
Unvested Legacy Bridger Incentive Units | ||||||||||||||||||||
Sponsor Earnout Shares |
$s in thousands | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Revenues | $ | 5,507 | $ | 365 | $ | 5,142 | 1,409% | |||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Flight operations | 5,009 | 3,733 | 1,276 | 34% | ||||||||||||||||||||||
Maintenance | 4,197 | 3,515 | 682 | 19% | ||||||||||||||||||||||
Total cost of revenues | 9,206 | 7,248 | 1,958 | 27% | ||||||||||||||||||||||
Gross loss | (3,699) | (6,883) | 3,184 | (46%) | ||||||||||||||||||||||
Selling, general and administrative expense | 11,610 | 33,229 | (21,619) | (65%) | ||||||||||||||||||||||
Operating loss | (15,309) | (40,112) | 24,803 | (62%) | ||||||||||||||||||||||
Interest expense | (5,923) | (5,665) | (258) | 5% | ||||||||||||||||||||||
Other income | 1,159 | 1,092 | 67 | 6% | ||||||||||||||||||||||
Loss before income taxes | (20,073) | (44,685) | 24,612 | (55%) | ||||||||||||||||||||||
Income tax expense | (14) | — | (14) | n/a | ||||||||||||||||||||||
Net loss | $ | (20,087) | $ | (44,685) | $ | 24,598 | (55%) |
$s in thousands | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Fire suppression | $ | 3,881 | $ | — | $ | 3,881 | n/a | |||||||||||||||||||
Aerial surveillance | 583 | — | 583 | n/a | ||||||||||||||||||||||
Other services | 1,043 | 365 | 678 | 186% | ||||||||||||||||||||||
Total revenues | $ | 5,507 | $ | 365 | $ | 5,142 | 1,409% |
$s in thousands | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Flight revenue | $ | 913 | $ | — | $ | 913 | n/a | |||||||||||||||||||
Standby revenue | 3,468 | — | 3,468 | n/a | ||||||||||||||||||||||
Other revenue | 1,126 | 365 | 761 | 208% | ||||||||||||||||||||||
Total revenues | $ | 5,507 | $ | 365 | $ | 5,142 | 1,409% |
$s in thousands | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Period Over Period Change ($) | Period Over Period Change (%) | ||||||||||||||||||||||
Net loss | $ | (20,087) | $ | (44,685) | $ | 24,598 | (55%) | |||||||||||||||||||
Income tax expense | 14 | — | 14 | n/a | ||||||||||||||||||||||
Depreciation and amortization | 1,290 | 1,751 | (461) | (26%) | ||||||||||||||||||||||
Interest expense | 5,923 | 5,665 | 258 | 5% | ||||||||||||||||||||||
EBITDA | (12,860) | (37,269) | 24,409 | (65%) | ||||||||||||||||||||||
Stock-based compensation1 | 5,871 | 25,597 | (19,726) | (77)% | ||||||||||||||||||||||
Business development & integration expenses2 | 312 | 519 | (207) | (40)% | ||||||||||||||||||||||
Change in fair value of earnout consideration3 | 15 | — | 15 | n/a | ||||||||||||||||||||||
Change in fair value of Warrants4 | (266) | (1,599) | 1,333 | (83%) | ||||||||||||||||||||||
Offering costs5 | — | 2,083 | (2,083) | (100%) | ||||||||||||||||||||||
Gain on disposal6 | — | (2) | 2 | (100)% | ||||||||||||||||||||||
Adjusted EBITDA | $ | (6,928) | $ | (10,671) | $ | 3,743 | (35%) | |||||||||||||||||||
Net loss margin7 | (365 | %) | (12,242 | %) | ||||||||||||||||||||||
Adjusted EBITDA margin7 | (126 | %) | (2,924 | %) |
$s in thousands | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||||
Net cash used in operating activities | $ | (19,762) | $ | (36,653) | ||||||||||
Net cash (used in) provided by investing activities | (214) | 12,959 | ||||||||||||
Net cash used in financing activities | (896) | (4,077) | ||||||||||||
Net change in cash and cash equivalents | $ | (20,872) | $ | (27,771) |
Payments Due by Period | ||||||||||||||||||||
$s in thousands | Total | Current | Noncurrent | |||||||||||||||||
Lease obligations | $ | 10,613 | $ | 2,194 | $ | 8,419 | ||||||||||||||
Debt obligations | 210,640 | 3,030 | 207,610 | |||||||||||||||||
Total | $ | 221,253 | $ | 5,224 | $ | 216,029 |
Estimated useful life | ||||||||
Aircraft, engines and rotable parts | 1,500 –6,000 flight hours | |||||||
Vehicles and equipment | 3 – 5 years | |||||||
Buildings | 50 years | |||||||
Leasehold improvements | 27 – 29 years |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3++ | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
101.INS* | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104* | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
Date: July 12, 2024 | ||||||||
BRIDGER AEROSPACE GROUP HOLDINGS, INC. | ||||||||
By: | /s/ Sam Davis | |||||||
Name: | Sam Davis | |||||||
Title: | Interim Chief Executive Officer | |||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Eric Gerratt | |||||||
Name: | Eric Gerratt | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Accounting and Financial Officer) |
Dated: July 12, 2024 | |||||||||||
By: | /s/ Sam Davis | ||||||||||
Name: | Sam Davis | ||||||||||
Title: | Interim Chief Executive Officer |
Dated: July 12, 2024 | ||||||||
By: | /s/ Eric Gerratt | |||||||
Name: | Eric Gerratt | |||||||
Title: | Chief Financial Officer |
Dated: July 12, 2024 | |||||||||||
By: | /s/ Sam Davis | ||||||||||
Name: | Sam Davis | ||||||||||
Title: | Interim Chief Executive Officer | ||||||||||
Dated: July 12, 2024 | |||||||||||
By: | /s/ Eric Gerratt | ||||||||||
Name: | Eric Gerratt | ||||||||||
Title: | Chief Financial Officer |
Cover Page - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
May 10, 2024 |
|
Document Information [Line Items] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Entity Central Index Key | 0001941536 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |
Entity File Number | 001-41603 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 90 Aviation Lane | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-3599336 | |
Entity Address, City or Town | Belgrade | |
Entity Address, State or Province | MT | |
Entity Address, Postal Zip Code | 59714 | |
City Area Code | 406 | |
Local Phone Number | 813-0079 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | BAER | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 53,157,874 | |
Amendment Description | 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 three months 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 three months ended March 31, 2023, (the “Previously Issued Condensed Consolidated Financial Statements”). | |
Warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share | |
Trading Symbol | BAERW | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ 6,776,000 | $ 22,956,000 | ||||||||||||||
Restricted cash | 9,289,000 | 13,981,000 | ||||||||||||||
Investments in marketable securities | 0 | 1,009,000 | ||||||||||||||
Accounts and note receivable | [1] | 4,926,000 | 4,113,000 | |||||||||||||
Aircraft support parts | 476,000 | 488,000 | ||||||||||||||
Prepaid expenses and other current assets | 3,740,000 | 2,648,000 | ||||||||||||||
Total current assets | 25,207,000 | 45,195,000 | ||||||||||||||
Property, plant and equipment, net | 195,871,000 | 196,611,000 | ||||||||||||||
Intangible assets, net | 2,016,000 | 1,730,000 | ||||||||||||||
Goodwill | 13,163,000 | 13,163,000 | ||||||||||||||
Other noncurrent assets | [2] | 16,174,000 | 16,771,000 | |||||||||||||
Total assets | 252,431,000 | 273,470,000 | ||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | [3] | 3,932,000 | 3,978,000 | |||||||||||||
Accrued expenses and other current liabilities | [4] | 11,955,000 | 17,168,000 | |||||||||||||
Operating right-of-use current liability | [5] | 2,153,000 | 2,153,000 | |||||||||||||
Current portion of long-term debt, net of debt issuance costs | 2,028,000 | 2,099,000 | ||||||||||||||
Total current liabilities | 20,068,000 | 25,398,000 | ||||||||||||||
Long-term accrued expenses and other noncurrent liabilities | 10,492,000 | 10,777,000 | ||||||||||||||
Operating right-of-use noncurrent liability | [6] | 5,395,000 | 5,779,000 | |||||||||||||
Long-term debt, net of debt issuance costs | [7] | 204,115,000 | 204,585,000 | |||||||||||||
Total liabilities | 240,070,000 | 246,539,000 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
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 | 5,000 | 5,000 | ||||||||||||||
Additional paid-in capital | 83,953,000 | 84,771,000 | ||||||||||||||
Accumulated deficit | (433,759,000) | (413,672,000) | ||||||||||||||
Accumulated other comprehensive income | 1,133,000 | 987,000 | ||||||||||||||
Total stockholders’ deficit | (348,668,000) | (327,909,000) | ||||||||||||||
Total liabilities, mezzanine equity, and stockholders’ deficit | 252,431,000 | 273,470,000 | ||||||||||||||
Series A Preferred Stock | ||||||||||||||||
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 | $ 361,029,000 | $ 354,840,000 | ||||||||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||
Common stock shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||||||||||||||
Common stock shares issued (in shares) | 44,842,587 | 44,776,926 | ||||||||||||||
Common stock, shares, outstanding (in shares) | 44,842,587 | 44,776,926 | ||||||||||||||
Accounts and note receivable | [1] | $ 4,926,000 | $ 4,113,000 | |||||||||||||
Other noncurrent assets | [2] | 16,174,000 | 16,771,000 | |||||||||||||
Accounts payable | [3] | 3,932,000 | 3,978,000 | |||||||||||||
Accrued expenses and other current liabilities | [4] | 11,955,000 | 17,168,000 | |||||||||||||
Operating right-of-use current liability | [5] | 2,153,000 | 2,153,000 | |||||||||||||
Operating right-of-use noncurrent liability | [6] | 5,395,000 | 5,779,000 | |||||||||||||
Long-term debt, net of debt issuance costs | [7] | 204,115,000 | 204,585,000 | |||||||||||||
Related Party | ||||||||||||||||
Accounts and note receivable | 100,000 | |||||||||||||||
Other noncurrent assets | 6,000,000 | 6,300,000 | ||||||||||||||
Accounts payable | 600,000 | 100,000 | ||||||||||||||
Accrued expenses and other current liabilities | 100,000 | 400,000 | ||||||||||||||
Operating right-of-use current liability | 1,700,000 | 1,700,000 | ||||||||||||||
Operating right-of-use noncurrent liability | 4,300,000 | 4,600,000 | ||||||||||||||
Long-term debt, net of debt issuance costs | $ 10,000,000 | $ 10,000,000 | ||||||||||||||
Series A Preferred Stock | ||||||||||||||||
Temporary equity par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||||||||
Temporary equity shares authorized (in shares) | 315,789.473684 | 315,789.473684 | ||||||||||||||
Temporary equity shares issued (in shares) | 315,789.473684 | 315,789.473684 | ||||||||||||||
Temporary equity shares outstanding (in shares) | 315,789.473684 | 315,789.473684 | ||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||||
Income Statement [Abstract] | ||||||||
Revenues | [1] | $ 5,507,000 | $ 365,000 | |||||
Cost of Revenue [Abstract] | ||||||||
Flight operations | 5,009,000 | 3,733,000 | ||||||
Maintenance | 4,197,000 | 3,515,000 | ||||||
Total cost of revenues | 9,206,000 | 7,248,000 | ||||||
Gross loss | (3,699,000) | (6,883,000) | ||||||
Selling, general and administrative expense | [2] | 11,610,000 | 33,229,000 | |||||
Operating loss | (15,309,000) | (40,112,000) | ||||||
Interest expense | [3] | (5,923,000) | (5,665,000) | |||||
Other income | 1,159,000 | 1,092,000 | ||||||
Loss before income taxes | (20,073,000) | (44,685,000) | ||||||
Income tax expense | (14,000) | 0 | ||||||
Net loss | (20,087,000) | (44,685,000) | ||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | 0 | (48,300,000) | ||||||
Series A Preferred Stock – adjustment to eliminate 50% multiplier | 0 | 156,362,000 | ||||||
Series A Preferred Stock—adjustment to maximum redemptions value | (6,189,000) | (4,274,000) | ||||||
(Loss) earnings attributable to Common stockholders - basic | (26,276,000) | 59,103,000 | ||||||
Change in fair value of embedded derivative | 0 | 346,000 | ||||||
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | 0 | (103,788,000) | ||||||
Loss attributable to Common stockholders - diluted | $ (26,276,000) | $ (44,339,000) | ||||||
(Loss) earnings per share—basic (in dollars per share) | $ (0.55) | $ 1.36 | ||||||
(Loss) earnings per share—diluted (in dollars per share) | $ (0.55) | $ (0.60) | ||||||
Weighted average Common Stock outstanding – basic (in shares) | 47,602,241 | 43,488,468 | ||||||
Weighted average Common Stock outstanding – diluted (in shares) | 47,602,241 | 74,112,969 | ||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||||
Revenues | [1] | $ 5,507,000 | $ 365,000 | |||||
Selling, general and administrative expense | [2] | 11,610,000 | 33,229,000 | |||||
Interest expense | [3] | 5,923,000 | 5,665,000 | |||||
Related Party | ||||||||
Revenues | 100,000 | 300,000 | ||||||
Selling, general and administrative expense | 1,000,000 | 100,000 | ||||||
Interest expense | $ 300,000 | $ 300,000 | ||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (20,087) | $ (44,685) |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on derivative instruments | 116 | (272) |
Unrealized gain on investments in marketable securities | 0 | 319 |
Reclassification of realized loss (gain) on investments in marketable securities to earnings | 30 | (173) |
Total other comprehensive income (loss), net of tax | 146 | (126) |
Comprehensive loss | $ (19,941) | $ (44,811) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||
Accounts receivable | [1] | $ 813 | $ 338 | |||
Accounts payable, accrued expenses and other liabilities | [2] | (4,953) | (14,492) | |||
Related Party | ||||||
Accounts receivable | 100 | 300 | ||||
Accounts payable, accrued expenses and other liabilities | $ 1,000 | $ 100 | ||||
|
Organization and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION Nature of Business Bridger Aerospace Group Holdings, Inc. and its subsidiaries (“Bridger”, “the Company,” “we,” “us” or “our”) provide aerial wildfire management, relief and suppression and delivery of firefighting services using next generation technology and sustainable and environmentally safe firefighting methods. As of March 31, 2024, the Company owns fifteen aircraft, including six Viking CL-415EAFs (“Super Scoopers”), four Twin Commander surveillance platforms, four Daher Kodiak 100s (“Daher Kodiaks”) and one Pilatus PC-12 (“Pilatus”). Liquidity and Going Concern In accordance with Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements—Going Concern, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within 12 months after the date that these condensed consolidated financial statements are issued. This evaluation includes considerations related to the covenants contained in the Company’s loan agreements as well as the Company’s liquidity position overall. As detailed in “Note 15 – Long-Term Debt” included in this Quarterly Report on Form 10-Q (the “Quarterly Report”), the Company’s municipal bond issuances by Legacy Bridger that closed in July and August 2022 (the “Series 2022 Bonds”) contain customary covenants and restrictions, including financial and non-financial covenants. The financial covenants require the Company to maintain a debt service coverage ratio (“DSCR”) that exceeds 1.25x, operate in such a manner to produce gross revenues so as to be at all relevant times in compliance with the DSCR covenant and to maintain liquidity of $8.0 million in the form of unrestricted cash or investments (excluding margin accounts and retirement accounts) at all times. Failure to comply with these covenants could result in an event of default, subject to certain exceptions. For the three months ended March 31, 2024, the Company had an operating loss of $15.3 million, net loss of $20.1 million and net cash used in operating activities of $19.8 million. In addition, as of March 31, 2024, the Company had unrestricted cash or investments of $6.8 million. The Company is not in compliance with the DSCR covenant as of March 31, 2024 and management anticipates the Company will continue to not be in compliance with the DSCR covenant at future quarterly measurement periods in the next 12 months, primarily attributable to the seasonal nature of our business and a less intense 2023 wildfire season. In addition, the Company is not in compliance with the $8.0 million minimum liquidity requirement as of March 31, 2024 and management anticipates that it may not be in compliance with the minimum liquidity requirement at future quarterly measurement periods in the next 12 months depending on the cash generated from its seasonal firefighting operations in 2024. The Series 2022 Bonds agreements provide that, with regard to covenant violations, other than non-payment of principal or interest, no event of default shall be deemed to have occurred so long as a reasonable course of action to remedy a violation commences within 30 days of written notice of non-compliance from the trustee and management diligently prosecutes the remediation plan to completion. Management consulted with bond counsel on the impact of covenant violations and proactively developed a cost reduction plan, and began implementing the plan in November 2023, to help remedy the anticipated covenant breaches in 2024. However, this plan is still in progress and there is no assurance that management will be able to diligently prosecute the remediation plan to completion. Additionally, as described in further detail in “Note 22 – Subsequent Events,” the Company raised additional cash through a registered direct equity offering in April 2024 resulting in net cash proceeds of approximately $9.2 million. However, depending on the cash generated from its seasonal firefighting operations in 2024, there may be periods in the next 12 months where the Company may not be in compliance with the $8.0 million minimum liquidity requirement. The Company plans to seek additional cash funding through sales of our common stock through our at-the-market offering, described in further detail in “Note 18 – Stockholders' Deficit” included in this Quarterly Report. Our ability to raise additional funds will depend on, among other factors, financial, economic and market conditions, many of which are outside of our control and there can be no assurance that we will be able to obtain additional funding on satisfactory terms or at all. Current and anticipated noncompliance with financial covenants and uncertainty regarding the Company’s ability to diligently prosecute the cost reduction plan and maintain minimum liquidity requirements raise substantial doubt about the Company’s ability to continue as a going concern within 12 months following the issuance date of the condensed consolidated financial statements as of and for the three months ended March 31, 2024. These condensed consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements include the financial statements of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments necessary to fairly present the financial position of the Company at March 31, 2024 and December 31, 2023, the results of the Company’s operations for the three months ended March 31, 2024 and 2023 and the Company’s cash flows for the three months ended March 31, 2024 and 2023 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after March 31, 2024 up to the date of issuance of these condensed financial statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation. Due to seasonal fluctuations and other factors, the Company’s operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any future period. The condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Reverse Recapitalization On January 24, 2023 (the “Closing Date”), Jack Creek Investment Corp (“JCIC”) completed the reverse recapitalization (the “Closing” and the “Reverse Recapitalization”) with the Company’s predecessor, Bridger Aerospace Group Holdings, LLC and its subsidiaries (collectively, “Legacy Bridger”), which operated the majority of the historical business and was identified as the acquirer and predecessor upon the consummation of the transactions contemplated by the agreement and plan of merger (the “Transaction Agreements”) entered into on August 3, 2022. On the Closing Date, pursuant to the Transaction Agreements, JCIC and Legacy Bridger became wholly owned subsidiaries of a new public entity that was renamed Bridger Aerospace Group Holdings, Inc, and JCIC shareholders and Legacy Bridger equity holders converted their equity ownership in JCIC and Legacy Bridger, respectively, into equity ownership in Bridger. Upon the consummation of the Reverse Recapitalization, Bridger issued Common Stock to the Legacy Bridger equity holders and Series A Preferred Stock (as defined below) as summarized below: •the surrender and exchange of all 606,061 Legacy Bridger incentive units (“Incentive Units”) into 583,308 shares of Bridger’s common stock, par value $0.0001, (“Common Stock”) at a deemed value of $10.00 per share as adjusted by the per share Common Stock consideration of approximately 0.96246 (the “Exchange Ratio”), rounded down to the nearest share for each holder; •the direct or indirect surrender and exchange of the remaining 40,000,000 issued and outstanding shares of Legacy Bridger common shares (excluding Incentive Units) into 38,498,436 shares of Common Stock at a deemed value of $10.00 per share as adjusted by the Exchange Ratio, rounded down to the nearest share for each holder; and •the surrender and exchange of all 315,789.473684 issued and outstanding Series C preferred shares of Legacy Bridger (the “Legacy Bridger Series C Preferred Shares”), which were surrendered and exchanged on a one-to-one basis in connection with the Reverse Recapitalization into 315,789.473684 shares of preferred stock of Bridger that have the rights, powers, designations, preferences and qualifications, limitations and restrictions set forth in Section 4.5 of the Amended and Restated Certificate of Incorporation (the “Series A Preferred Stock”). The Series A Preferred Stock are convertible at the election of the holders into shares of Common Stock, without the payment of additional consideration by the holders into such number of shares of Common Stock as determined by dividing the original issue price, plus accrued interest by a conversion price equal to $11.00 at the time of conversion. Other related events occurred in connection with the Reverse Recapitalization, are summarized below: •the filing and effectiveness of the Amended and Restated Certificate of Incorporation of Bridger and the effectiveness of the Amended and Restated Bylaws of Bridger, each of which occurred immediately prior to the Closing; •the adoption and assumption of the Bridger Aerospace Group Holdings, Inc. 2023 Omnibus Incentive Plan (the “Omnibus Plan”) and any grants or awards issued thereunder and adoption of the 2023 Employee Stock Purchase Plan upon the Closing to grant equity awards to Bridger employees; and •during the period from the Closing until five years following the Closing, JCIC subjected 20% of JCIC’s issued and outstanding common stock (“Sponsor Earnout Shares”), comprised of two separate tranches of 50% of the Sponsor Earnout Shares per tranche, to potential forfeiture to Bridger for no consideration until the occurrence (or deemed occurrence) of certain triggering events. Immediately after giving effect to the Transaction Agreements, the following were outstanding: •43,769,290 shares of Common Stock; •315,789.473684 shares of Bridger Series A Preferred Stock; •9,400,000 private placement warrants (“Private Placement Warrants”) to purchase shares of Common Stock at an exercise price of $11.50 per share; •17,250,000 public warrants (“Public Warrants”) to purchase shares of Common Stock at an exercise price of $11.50 per share; and •6,581,497 restricted stock units issued to the executives and senior management of the Company. In connection with the Reverse Recapitalization, the Company paid transaction costs of $10.3 million as of the Closing. The transactions contemplated by the Transaction Agreements were accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, JCIC was treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Bridger represent a continuation of the financial statements of Legacy Bridger with the Reverse Recapitalization treated as the equivalent of Legacy Bridger issuing stock for the net assets of JCIC, accompanied by a recapitalization. The net assets of JCIC will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization will be those of Legacy Bridger in future reports of Bridger. Legacy Bridger has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances: •Legacy Bridger equity holders have a relative majority of the voting power of Bridger; •Bridger’s board of directors (the “Board”) has eleven members, and representatives or designees of the Legacy Bridger equity holders comprise the majority of the members of the Board; •Legacy Bridger’s senior management comprise the senior management roles and are responsible for the day-to-day operations of Bridger; •Bridger assumed Legacy Bridger’s name of business; •The strategy and operations of Bridger continue Legacy Bridger’s former strategy and operations; and •The Reverse Recapitalization created an operating public company, with management continuing to use Legacy Bridger operations to grow the business. The Sponsor Earnout Shares are determined to be equity classified instruments of Bridger and the Public Warrants and Private Placement Warrants are determined to remain liability classified instruments upon the Closing. In accordance with guidance applicable to these circumstances, the equity structure has been recast in all comparative periods up to the Closing to reflect the number of shares of Common Stock issued to Legacy Bridger’s stockholders in connection with the Reverse Recapitalization. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Bridger’s common stock prior to the Reverse Recapitalization have been retroactively recast as shares of Common Stock using the Exchange Ratio. On January 25, 2023, shares of the Company’s Common Stock began trading on the Nasdaq Global Market under the ticker symbol “BAER.”
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Summary of Significant Accounting Policies |
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Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company consolidates those entities in which it, through the existing owners, has control over significant operating, financial or investing decisions of the entity. All significant intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities The Company follows ASC 810-10-15, Consolidation, guidance with respect to accounting for variable interest entities (“VIE”). These entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support from other parties or whose equity investors lack any of the characteristics of a controlling financial interest. A variable interest is an investment or other interest that will absorb portions of a VIE’s expected losses or receive portions of its expected returns and are contractual, ownership or pecuniary in nature and that change with changes in the fair value of the entity’s net assets. A reporting entity is the primary beneficiary of a VIE and must consolidate it when that party has a variable interest, or combination of variable interests, that provide it with a controlling financial interest. A party is deemed to have a controlling financial interest if it meets both of the power and loss/benefits criteria. The power criterion is the ability to direct the activities of the VIE that most significantly impact its economic performance. The losses/benefits criterion is the obligation to absorb losses from, or right to receive benefits from, the VIE that could potentially be significant to the VIE. The VIE model requires an ongoing reconsideration of whether a reporting entity is the primary beneficiary of a VIE due to changes in the facts and circumstances. Northern Fire Management Services, LLC (“NFMS, LLC”): The Company assisted in designing and organizing NFMS, LLC with a business purpose of employing Canadian aviation professionals to provide services to the Company. A master services agreement exists between NFMS, LLC, the Company, and Bridger Air Tanker, LLC, a wholly-owned subsidiary of the Company, to transfer all annual expenses incurred to the Company in exchange for the Canadian employees to support the Company’s water scooper aircraft. NFMS, LLC is 50% owned by a Canadian citizen, and 50% owned by Bridger Aerospace Group, LLC. NFMS, LLC was determined to be a VIE primarily due to the entity’s lack of sufficient equity investment at risk and the Company was determined to be the primary beneficiary of the VIE primarily attributable to the Company’s responsibility for all decisions related to NFMS, LLC’s expenditures. Accordingly, NFMS, LLC has been consolidated by the Company for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023, and all intercompany expenses associated with NFMS, LLC and its service agreement have been eliminated in consolidation. For the three months ended March 31, 2024 and 2023, NFMS, LLC’s assets and liabilities were immaterial to the Company’s financial statements. Bridger Aerospace Europe, S.L.U. (“BAE”) and MAB Funding, LLC (“MAB”): On November 17, 2023, we entered into a series of agreements designed to facilitate the purchase and return to service of four Canadair CL-215T Amphibious Aircraft (the “Spanish Scoopers”) originally awarded to our wholly-owned subsidiary, BAE, in September 2023 via a public tender process from the Government of Spain for €40.3 million. Under the terms of the agreements, we agreed to sell the entire outstanding equity interest in BAE to MAB and purchase $4.0 million of non-voting Class B units of MAB. We also entered into a services agreement with MAB whereby we will manage the return to service upgrades of the Spanish Scoopers through our wholly-owned Spanish subsidiary, Albacete Aero, S.L., while they are owned and funded by MAB. The service agreement also provides that we have the right, but not the obligation, to acquire each Spanish Scooper as it is ready to be contracted and returned to service. The Company assessed both MAB and BAE for variable interest entity accounting under ASC 810-10-15 and determined that MAB is a voting interest entity and BAE is a variable interest entity. However, neither entity is consolidated in the consolidated financial statements as the Company does not have a controlling financial interest in MAB and the Company is not the primary beneficiary of BAE. Accordingly, neither of these entities have been consolidated in the consolidated financial statements of the Company for the three months ended March 31, 2024 and the year ended December 31, 2023. Refer to “Note 16 – Commitments and Contingencies” included in this Quarterly Report for additional details. Seasonality The Company’s business is generally seasonal, with a significant portion of total revenue occurring during the second and third quarters of the fiscal year due to the North American fire season. However, the weather dependency and seasonal fluctuation in the need to fight wildfires based upon location and the varying intensity of the fire season may lead our operating results to fluctuate significantly from quarter to quarter and year to year. Use of Estimates The preparation of financial statements in conformity with 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 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) allocation of the purchase price to the fair value of assets acquired and liabilities assumed, (e) impairment of long-lived assets, goodwill and other intangible assets, (f) disclosure of fair value of financial instruments, (g) variable interest entities, (h) accounting for Series A Preferred Stock, (i) revenue recognition, (j) estimates and assumptions made in determining the carrying values of goodwill, other intangible assets, and contingent consideration, and (k) Public Warrants and Private Placement Warrants. Accounts and Note Receivable Accounts receivable consist of amounts due from our customers. The Company maintains an allowance for doubtful accounts equal to the estimated losses expected to be incurred based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions. For the three months ended March 31, 2024 and 2023, the Company did not record any bad debt expense as accounts receivable have historically been collected in accordance with the policy and there is no history of write-offs. Note receivable consists of a promissory note to pay a specific sum, with interest, within a defined period. Each reporting period, the Company evaluates the collectability of the outstanding note receivable balance. If the promissory note is deemed uncollectible, the Company will record the value of the note and the accrued interest as bad debt expense. Deferred Offering Costs Deferred offering costs primarily consist of capitalized legal, accounting and other third-party costs incurred that are directly related to the Reverse Recapitalization, which has been accounted for as a reverse recapitalization. These costs were charged to Stockholders’ deficit as a reduction of Additional paid-in capital generated upon the completion of the Reverse Recapitalization. As of March 31, 2024 and December 31, 2023, the Company recorded $18.6 million and $18.0 million to Stockholders’ deficit in the Condensed Consolidated Balance Sheets, respectively. For the three months ended March 31, 2023, the Company recorded $0.5 million to Selling, general and administrative expense in the Condensed Consolidated Statements of Operations. Revenue Recognition Revenues are recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The Company charges daily and hourly rates depending upon the type of firefighting services rendered and under which contract the services are performed. These services are primarily split into flight revenue and standby revenue. Flight revenue is primarily earned at an hourly rate when the engines of the aircraft are started and stopped upon request of the customer, tracked via flight logs for Super Scoopers or a Hobbs meter for other aircraft. Standby revenue is earned primarily as a daily rate when aircraft are available for use at a fire base, awaiting request from the customer for flight deployment. The Company enters into short, medium and long-term contracts with customers, primarily with government agencies during the firefighting season, to deploy aerial fire management assets. Revenue is recognized when performance obligations under the terms of a contract with our customers are satisfied and payment is typically due within 30 days of invoicing. Invoicing occurs as the services are rendered and includes the use of the aircraft, pilot and field maintenance personnel to support the contract. Contracts are based on either a Call-When-Needed (“CWN”) or Exclusive Use (“EU”) basis. Rates established are generally more competitive based on the security of the revenue from the contract (i.e., an EU versus only on an as-needed basis in CWN). These rates are delineated by the type of service, generally flight time or time available for deployment. Once an aircraft is deployed on a contract the fees are earned at these rates, the aircraft cannot be obligated to another customer. Contracts have no financing components and consideration is at pre-determined rates. No variable considerations are constrained within the contracts. The transaction prices are allocated on the service performed and tracked real-time by each operator in a duty log. On at least a monthly basis, the services performed and rates are validated by each customer. Acceptance by the customer is evidenced by their funded task order or accepted invoice. The Company has not incurred incremental costs for obtaining contracts with customers. In addition, the Company evaluates whether or not it should capitalize the costs of fulfilling a contract. Such costs would be capitalized when they are not within the scope of other standards and: (1) are directly related to a contract; (2) generate or enhance resources that will be used to satisfy performance obligations; and (3) are expected to be recovered. The Company has elected to use the practical expedient detailed in ASC 340-40, Other Assets and Deferred Costs—Contracts with Customers, to expense any costs to fulfill a contract as they are incurred when the amortization period would be one year or less. Contract assets are classified as a receivable when the reporting entity’s right to consideration is unconditional, which is when payment is due only upon the passage of time. As the Company invoices customers for performance obligations that have been satisfied, at which point payment is unconditional, contracts do not typically give rise to contract assets. Contract liabilities are recorded when cash payments are received or due in advance of performance and are recorded as deferred revenue within Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. Payment terms vary by customer and type of revenue contract. The Company generally expects that the period of time between payment and transfer of promised goods or services will be less than one year. In such instances, the Company has elected the practical expedient to not evaluate whether a significant financing component exists. As the Company has a right to consideration from customers in an amount that corresponds directly with the value to the customer of the Company’s performance completed to date, the Company has applied the practical expedient to recognize revenue in the amount to which we have the right to invoice. As permitted under the practical expedient available under ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. Other revenue consists of leasing revenues for facilities as well as external repair and return-to-service work performed on customer aircraft. The Company commonly contracts with third-parties to perform certain repair and return-to-service work that we have promised in our customer agreements. The Company considers itself the principal in these arrangements as we control the timing and nature of the services ultimately provided by the third-party to the customer. Other services and Other revenue presented in the tables below for the three months ended March 31, 2024 includes $1.0 million of return-to-service revenue associated with the Spanish Scoopers. This revenue is recognized over time using a cost-to-cost measure because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Revenue Disaggregation The following table presents the disaggregation of revenue by service:
The following table presents the disaggregation of revenue by type:
Concentration Risk For the three months ended March 31, 2024, the Company had two customers who individually accounted for 69% and 19% of total revenues, respectively. For the three months ended March 31, 2023, the Company had two customers who individually accounted for 88% and 12% of total revenues, respectively. As of March 31, 2024, two customers accounted for 82% and 13% of accounts receivable, respectively. As of December 31, 2023, three customers accounted for 39%, 34% and 19% of accounts receivable, respectively. Business Combinations The Company records tangible and intangible assets acquired and liabilities assumed in business combinations under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method of accounting, amounts paid for the acquisition are allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition inclusive of identifiable intangible assets. Acquisition consideration includes contingent consideration with payment terms based on the achievement of certain targets of the acquired business. The estimated fair value of identifiable assets and liabilities, including intangibles, are based on valuations that use information and assumptions available to management. The Company allocates any excess purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed to goodwill. Significant management judgments and assumptions are required in determining the fair value of assets acquired and liabilities assumed, particularly acquired intangible assets, including estimated useful lives. The valuation of purchased intangible assets is based upon estimates of the future performance and discounted cash flows of the acquired business. Each asset acquired or liability assumed is measured at estimated fair value from the perspective of a market participant. Contingent consideration, representing an obligation of the acquirer to transfer additional assets or equity interests to the seller if future events occur or conditions are met, is recognized when probable and reasonably estimable. Contingent consideration recognized is included in the initial cost of the assets acquired and recorded in Accrued expenses and other current liabilities and Long-term accrued expenses and other noncurrent liabilities within the Condensed Consolidated Balance Sheets. Subsequent changes in the estimated fair value of contingent consideration are recognized as Selling, general and administrative expenses within the Condensed Consolidated Statements of Operations. Hedging Transactions and Derivative Financial Instruments The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The Company manages interest rate risk through the use of derivative instruments, such as swap agreements. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. The Company does not enter into derivative financial instruments for trading purposes. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in Accumulated other comprehensive income and are reclassified into the line item on the Condensed Consolidated Statements of Comprehensive Loss in which the hedged items are recorded in the same period the hedged items affect earnings. The Company formally assesses whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized into earnings. The fair value is based on prevailing market data and using standard valuation models based on reasonable estimates about future relevant market conditions. Refer to “Note 15 – Long-Term Debt” included in this Quarterly Report for additional details. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of the Company’s exposure to the financial risks described above. Warrant Liabilities The Company accounts for the Public Warrants and Private Placement Warrants (collectively, the “Warrants”) issued in connection with the Reverse Recapitalization in accordance with ASC 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the Warrants to fair value at each reporting period. The warrant liabilities are subject to remeasurement at each balance sheet date until exercised. Refer to “Note 12 – Accrued Expenses and Other Liabilities” included in this Quarterly Report for additional details. Income Taxes For periods prior to the Reverse Recapitalization, Bridger Aerospace Group Holdings, LLC was a partnership for federal income tax purposes. Consequently, federal income taxes were not payable or provided for by Legacy Bridger. Members were taxed individually on their pro rata ownership share of the Legacy Bridger’s earnings. Legacy Bridger’s net income or loss was allocated among the members in accordance with the Company’s operating agreement. Subsequent to the Reverse Recapitalization, Bridger Aerospace Group Holdings, Inc. became the successor of Legacy Bridger as discussed in “Note 1 – Organization and Basis of Presentation” included in this Quarterly Report. Bridger is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to net taxable income or loss and any related tax credits of the Company. Bridger is also subject to taxes in foreign jurisdictions in which it operates. The Company provides for income taxes and the related accounts under the asset and liability method. Income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes predominantly in the U.S. These tax laws are often complex and may be subject to different interpretations. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities and are measured using the enacted tax rates expected to be in effect during the year in which the basis difference reverses. In evaluating the ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if Bridger determines that it is more likely than not that all or part of the deferred tax asset will become realizable. (Loss) Earnings Per Share Basic loss per share is based on the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share is based on the weighted average number of shares of Common Stock used for the basic loss per share calculation, adjusted for the dilutive effect of restricted stock units (“RSUs”), Warrants and Incentive Units, if any, using the “treasury stock” method, the Series A Preferred Stock that is convertible into shares of Common Stock and the Sponsor Earnout Shares that will fully vest upon certain stock price metrics being achieved. In addition, loss for diluted loss per share is adjusted for the after-tax impact of changes to the fair value of the Warrants, to the extent they are dilutive. As noted above, the Company accounted for the Closing as a reverse recapitalization. (Loss) earnings per share calculations for all periods prior to the Closing have been retrospectively adjusted by the Exchange Ratio for the equivalent number of shares of Common Stock outstanding immediately after the Closing to effect the reverse recapitalization. Subsequent to the Closing, loss per share is calculated based on the weighted average number of shares of Common Stock outstanding. Collaboration Agreements The Company analyzes its collaboration arrangement to assess if it is within the scope of ASC 808, Collaborative Agreements, by determining whether such an arrangement involves joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. If the Company concluded that it has a customer relationship with its collaborator, the collaboration arrangement would be accounted for under ASC 606. Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with provisions of ASC 718, Compensation-Stock Compensation, at the grant date fair value. Legacy Bridger granted Incentive Units which contain service and performance vesting conditions to select board members and an executive officer. Compensation cost for Incentive Units is measured at their grant-date fair value and is equal to the value of the Legacy Bridger’s Class D Common shares, which was estimated using an option pricing model. Compensation cost for service-based units is recognized over the requisite service period on a straight-line basis. For performance related units, expense is recognized when the performance related condition is considered probable. In connection with the Closing, the Company along with the Board established and approved and assumed the Omnibus Plan which allowed the Company to grant RSUs to Bridger employees (the “Participants”). Upon satisfying the vesting conditions, each RSU provides the Participants the right to receive one share of Common Stock. The fair value of RSUs is determined based on the number of shares granted and the quoted market price of the Common Stock on the date of grant. Compensation cost for the RSUs is recognized as the performance condition of the Closing of the transaction was met and over the requisite service period based on the graded-vesting method. The Company accounts for forfeitures as they occur. Stock-based compensation is included in both Cost of revenues and Selling, general and administrative expense in the Condensed Consolidated Statements of Operations. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the codification. The effective date for each amendment will be the date on with the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. The Company is currently evaluating the impact of adopting the new accounting guidance on the Company’s condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update expands annual and interim reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This new guidance is effective for the Company for its fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances the transparency and decision usefulness of income tax disclosures to provide investors information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This new guidance is effective for the Company for its fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting the new accounting guidance on the Company’s condensed consolidated financial statements.
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | NOTE 3 – SUPPLEMENTAL CASH FLOW INFORMATION
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Cash Equivalents and Investments in Marketable Securities |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Investments in Marketable Securities | NOTE 4 – CASH EQUIVALENTS AND INVESTMENTS IN MARKETABLE SECURITIES The investments in marketable securities are classified as available-for-sale debt securities with short-term maturities of less than one year. The fair values, gross unrealized gains and losses of the available-for-sale securities by type are as follows:
The net unrealized gain included in accumulated other comprehensive income for the three months ended March 31, 2024 and 2023 is zero and $0.3 million, respectively. The proceeds from sales of available-for-sale securities and gross realized gains included in earnings for the three months ended March 31, 2024 and 2023 are $1.1 million and $25.1 million, respectively, and $16,000 and $0.3 million, respectively. The Company determines gains and losses using the first-in first-out method. For the three months ended March 31, 2024 and 2023, the Company reclassified out of accumulated other comprehensive income a loss of $30,000 and a gain of $0.2 million, respectively.
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Accounts and Note Receivable |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Note Receivable | NOTE 5 – ACCOUNTS AND NOTE RECEIVABLE Accounts and note receivable consist of the following:
In September 2023, the Company entered into a secured promissory note in the amount of $3.0 million. This note accrued interest at a rate of 8.5% per annum and was paid in January 2024. Other receivables consists primarily of value-added taxes paid in 2023 and expected to be refunded in 2024.
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Aircraft Support Parts |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aircraft Support Parts | NOTE 6 – AIRCRAFT SUPPORT PARTS Aircraft support parts consist of the following:
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Prepaid Expenses and Other Current Assets |
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Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | NOTE 7 – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following:
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Property, Plant and Equipment, Net |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | NOTE 8 – PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consist of the following:
For the three months ended March 31, 2024, the Company recorded $0.9 million and $0.4 million of depreciation expense in Cost of revenues and Selling, general and administrative expense, respectively. For the three months ended March 31, 2023, the Company recorded $1.0 million and $0.7 million of depreciation expense in Cost of revenues and Selling, general and administrative expense, respectively. For the three months ended March 31, 2024 and 2023, capitalized interest to property, plant and equipment from debt financing was zero and $0.4 million, respectively.
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Acquisition Activity |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition Activity | NOTE 9 – ACQUISITION ACTIVITY On September 12, 2023, the Company completed the acquisition of all the outstanding equity interests of Ignis Technologies, Inc. (“Ignis” and the “Acquisition”), a fire technology company developing mission-critical intelligence and technology solutions for firefighting organizations, for total consideration of $11.6 million, payable in unregistered shares of Bridger’s Common Stock, consisting of $3.3 million payable at closing. At closing, 426,531 restricted shares of Common Stock were issued to the Ignis shareholders (determined based upon a volume-weighted average per-share price (“VWAP”) of the Common Stock for the 30 consecutive trading days ended September 11, 2023). The remaining $8.3 million of Common Stock consideration is contingent upon the achievement of certain operational milestones and, assuming achievement of such milestones, will be issued to the Ignis shareholders in 2024, 2025, and 2026, with the price per share determined based upon a trailing 120-day VWAP of the Common Stock at the time of each issuance. The maximum number of shares of Common Stock issuable to the Ignis shareholders as contingent earnout consideration will not exceed 8,399,198 shares in the aggregate. All of the shares of Common Stock to be issued in the Acquisition will be subject to transfer restrictions for a 12-month period after each issuance, with 1/12th of the total shares of Common Stock vesting each month over the -year period after each issuance. None of the shares of Common Stock issued or issuable in connection with the Acquisition were registered under the Securities Act of 1933, as amended (the “Securities Act”), on the Acquisition date in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. Recipients of shares of Common Stock in connection with the Acquisition will have customary resale registration rights with respect to such shares of Common Stock pursuant to the terms and conditions of the Acquisition. The Company accounted for the Acquisition under the acquisition method of accounting and has reported the results of operations of the Acquisition as of the respective date of the Acquisition. The Company based the estimated fair values of intangible assets on an income approach utilizing the relief from royalties model. The income approach utilizes management’s estimates of future operating results and cash flows using a weighted average cost of capital that reflects market participant assumptions. For all other assets acquired and liabilities assumed, the fair value reflects the carrying value of the asset or liability due to their short maturity. The Company recorded the excess of the fair value of the consideration transferred in the Acquisition over the fair value of net assets acquired as goodwill. The goodwill reflects our expectations of favorable future growth opportunities. The Company expects that substantially all of the goodwill will not be deductible for federal income tax purposes. The Company has not presented pro forma combined results for the Acquisition because the impact on previously reported statements of operations was not material. As of December 31, 2023, the Company finalized the purchase accounting for the Acquisition. The following table summarizes the final purchase price allocation:
Goodwill of $10.7 million arising from the Acquisition is primarily attributable to the assembled workforce of Ignis and expected synergies from combining operations. None of the acquired goodwill is expected to be deductible for income tax purposes. Acquired intangible assets consist entirely of in-process research and development (“IPR&D”) and is expected to be amortized over its useful life of five years when placed into service. The Company concluded that the IPR&D is an identifiable intangible asset that would be accounted for as a single asset in a business combination. The fair value of the IPR&D was determined using an income approach based on significant unobservable inputs.
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Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | NOTE 10 – GOODWILL AND INTANGIBLE ASSETS, NET As of March 31, 2024 and December 31, 2023, goodwill was $13.2 million, respectively. There were no impairment charges recorded for goodwill for the three months ended March 31, 2024 and 2023. Intangible assets consisted of the following:
IPR&D is the historical know-how, software, formula protocols, designs and procedures expected to be needed to complete the development of the technology asset and receive regulatory approval. The Company expects to amortize the IPR&D over its useful life of five years when placed into service. For the three months ended March 31, 2024, the Company capitalized costs of $0.3 million related to IPR&D. Amortization expense for intangible assets and other noncurrent assets was $26,000 for the three months ended March 31, 2024 and 2023, respectively. Amortization expense is included in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations.
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Other Noncurrent Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Assets | NOTE 11 – OTHER NONCURRENT ASSETS Other noncurrent assets consisted of the following:
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Accrued Expenses and Other Liabilities |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | NOTE 12 – ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following:
Warrant liabilities The warrant liabilities consist of the following Warrants issued by the Company in connection with the Reverse Recapitalization: Public Warrants The Company issued Public Warrants to purchase 17,250,000 shares of Common Stock at an exercise price of $11.50 per share in exchange for the 17,250,000 JCIC warrants originally issued by JCIC in its initial public offering. The Warrants may only be exercised for a whole number of shares of Common Stock. The exercise price and number of shares of Common Stock issuable upon exercise of the Warrants may also be adjusted in certain circumstances including in the event of a share dividend, recapitalization, reorganization, merger or consolidation. In no event will the Company be required to net cash settle any Warrant. The Warrants became exercisable 30 days following the Reverse Recapitalization and will expire January 24, 2028. Under certain circumstances, the Company may elect to redeem the Public Warrants at a redemption price of $0.01 per Public Warrant at any time during the term of the warrant in which the Common Stock trading price has been at least $18.00 per share for 20 trading days within the 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders. If the Company elects to redeem the Public Warrants, it must notify the Public Warrant holders in advance, who would then have at least 30 days from the date of notification to exercise their respective warrants. If the warrant is not exercised within that 30-day period, it will be redeemed pursuant to this provision. The Company may also elect to redeem the outstanding Warrants at a redemption price of $0.10 per Warrant at any time during the term of the Warrant in which the Common Stock trading price is between $10.00 per share and $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganization, recapitalizations and the like) for any 20 trading days within the 30 trading-day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders. In such case, the Warrant holders will be able to exercise their Warrants on a cashless basis prior to the redemption for a number of shares of our Common Stock determined based on the redemption date and the fair market value of the Common Stock. As of March 31, 2024 and December 31, 2023, 17,249,874 Public Warrants remain outstanding. The Public Warrants are liability-classified with a balance of $3.5 million and $3.6 million, respectively, and a fair value of $0.20 and $0.21 per warrant as of March 31, 2024 and December 31, 2023, respectively. Private Placement Warrants The Company issued Private Placement Warrants to purchase 9,400,000 shares of Common Stock at an exercise price of $11.50 per share in exchange for the 9,400,000 JCIC warrants originally purchased in a private placement by JCIC Sponsor, LLC (“JCIC Sponsor”) contemporaneously with JCIC’s initial public offering. JCIC Sponsor, or its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis. If the Private Placement Warrants are held by holders other than JCIC Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants. As of March 31, 2024 and December 31, 2023, the Company had 9,400,000 outstanding Private Placement Warrants to purchase 9,400,000 shares of Common Stock. The Private Placement Warrants are liability-classified with a balance of $1.9 million and $2.0 million, respectively, and a fair value of $0.20 and $0.21 per warrant as of March 31, 2024 and December 31, 2023, respectively. Contingent consideration The Company assumed contingent consideration as part of the Acquisition discussed in “Note 9 – Acquisition Activity” included in this Quarterly Report. The Company is required to make contingent payments to the sellers based on the achievement of certain operational milestones. The fair value of the liability for the contingent payments was recognized upon the acquisition as part of the purchase accounting opening balance sheet. The initial cost was recognized at fair value on the closing date with subsequent changes in estimated fair value recognized as Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, $4.9 million and $4.8 million of accrued contingent consideration is included in Accrued expenses and other current liabilities, respectively, and $3.6 million and $3.7 million of accrued contingent consideration is included in Long-term accrued expenses and other noncurrent liabilities, respectively, in the Condensed Consolidated Balance Sheets. The change in contingent consideration for the three months ended March 31, 2024 was as follows:
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Interest Rate Swap |
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Interest Rate Swap | NOTE 13 – INTEREST RATE SWAP The Company assesses interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities. The Company entered an interest rate swap with Rocky Mountain Bank (“RMB”) on March 12, 2020 to reduce risk related to variable-rate debt from the term loan, which was subject to changes in market rates of interest as discussed in “Note 15 – Long-Term Debt” included in this Quarterly Report. The interest rate swap is designated as a cash flow hedge. The Company records its corresponding derivative asset on a gross basis in Other noncurrent assets at fair value on the Condensed Consolidated Balance Sheets. Each month, the Company made interest payments to RMB under its loan agreement based on the current applicable one-month LIBOR rate plus the contractual LIBOR margin then in effect with respect to the term loan, without reflecting the interest rate swap until June 30, 2023. Effective July 1, 2023, LIBOR was replaced by 1-month CME Term Secured Overnight Financing Rate (“SOFR”) plus 0.11448% tenor spread adjustment plus the 2.5% contractual SOFR margin then in effect with respect to the term loan. At the end of each calendar month, the Company receives or makes payments on the interest rate swap difference, if any, based on the received interest rate set forth in the table below. Interest payments on the Company’s term loan and payments received or made on the interest rate swap are reported net on the Condensed Consolidated Statements of Operations as interest expense. The Company had the following interest rate swap designated as a cash flow hedge ($s in thousands):
The Company accounts for the interest rate swap as a cash flow hedge for accounting purposes under GAAP. The Company reflects the effect of this hedging transaction in the condensed consolidated financial statements. The unrealized gain is reported in Other comprehensive income (loss), net of tax in the Condensed Consolidated Statements of Comprehensive Loss included in this Quarterly Report. If the Company terminates the interest rate swap agreement, the cumulative change in fair value at the date of termination would be reclassified from Accumulated other comprehensive income, which is classified in Stockholders’ deficit, into earnings in the Condensed Consolidated Statements of Operations included in this Quarterly Report.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 14 – FAIR VALUE MEASUREMENTS Long-term debt As of March 31, 2024, the Company has $160.2 million of fixed rate debt and $50.4 million of variable rate debt outstanding. The majority of the fixed rate debt is based on current market rates. The Company estimated the fair value of the fixed rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy. When valuing fixed rate debt, the fair value is capped at par value. The variable rate debt approximates fair value based on the closing or estimated market prices of similar securities comparable to the Company’s debts as of March 31, 2024 and December 31, 2023. Debt financing activities and loan agreements are further described in “Note 15 – Long-Term Debt” included in this Quarterly Report for additional details. Recurring Fair Value Measurement Our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current assets and liabilities (excluding derivative instruments) are carried at amounts which reasonably approximate their fair values due to their short-term nature. The following tables summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:
Interest Rate Swap The Company’s derivative financial instruments are measured at fair value on a recurring basis based on quoted market prices or using standard valuation models as described in “Note 13 – Interest Rate Swap” included in this Quarterly Report. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described in “Note 2 – Summary of Significant Accounting Policies” included in this Quarterly Report. The fair value of the Company’s interest rate swap agreement was determined based on the present value of expected future cash flows using discount rates appropriate with the terms of the swap agreement. The fair value indicates an estimated amount the Company would be required to receive if the contracts were canceled or transferred to other parties. The Company calculates the fair value of interest rate swap agreement quarterly based on the quoted market price for the same or similar financial instruments. Embedded derivative of Legacy Bridger Series C Preferred Shares and Series A Preferred Stock The Company identified a redemption feature of the Legacy Bridger Series C Preferred Shares that required bifurcation from the host instrument as an embedded derivative liability. The embedded derivative was initially valued and remeasured using a “with-and-without” method. The “with-and-without” methodology involved valuing the entire instrument both with and without the embedded derivative using a discounted cash flow approach. Under this methodology, the difference in the estimated fair value between the instrument with the embedded derivative and the instrument without the embedded derivative represents the estimated fair value of the embedded derivative. This valuation methodology is based on unobservable estimates and judgements, and therefore is classified as a Level 3 fair value measurement. The significant unobservable input used in the estimated fair value measurement of the embedded derivative is the timing for which the Company may be in default of certain financing facilities that would require an increase of 2% interest per annum to be accrued by the holders of the Legacy Bridger Series C Preferred Shares. Commercial paper and Investments in marketable securities The fair values of the commercial paper and available-for-sale marketable securities are based on observable market prices, and therefore classified as a Level 2 fair value measurement. Refer to “Note 4 – Cash Equivalents and Investment in Marketable Securities” included in this Quarterly Report for additional details. Warrant Liabilities The Company issued Warrants in connection with the Reverse Recapitalization. The Company classifies the Warrants as liabilities at their fair value and adjust the Warrants to fair value at each reporting period. The warrant liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value are recorded in earnings through Selling, general and administrative expense on the Condensed Consolidated Statements of Operations included in this Quarterly Report. The Public Warrants are publicly traded under the symbol “BAERW,” and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. Therefore, the Public Warrants are classified as Level 1 of the fair value hierarchy. The Public Warrants are redeemable at any time during the term of the warrant in which the Common Stock share trading price has been at least $18.00 per share for 20 trading days within the 30 trading-day period. JCIC Sponsor can redeem both the Private Placement Warrants and the Public Warrants when the stock price is between $10.00 to $18.00. As such, it is economically beneficial for the Company to redeem the Private Placement Warrants any time before the stock price crosses the $18.00 threshold. Therefore, the Warrants have similar economic value, hence Private Placement Warrants are deemed to have the same value as the Public Warrants and are classified Level 2 of the fair value hierarchy. Refer to “Note 12 – Accrued Expenses and Other Liabilities” included in this Quarterly Report for additional details. Contingent consideration In connection with the Acquisition, the Company is required to make contingent payments to the sellers based on the achievement of certain operational milestones. The fair value of the liability for the contingent payments recognized upon the acquisition as part of the purchase accounting opening balance sheet totaled $8.3 million. The fair value of the contingent consideration was determined using the Monte-Carlo simulation-based model discounted to present value. Assumptions used in this calculation are equity volatility, estimated future stock prices and various probability factors, including management’s estimate of the likelihood of meeting certain operational milestones. The ultimate settlement of the contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level 3 financial liability that is remeasured each reporting period. Changes in estimated fair value of contingent consideration are recognized as Selling, general and administrative expenses within the Condensed Consolidated Statements of Operations included in this Quarterly Report. Refer to “Note 12 – Accrued Expenses and Other Liabilities” included in this Quarterly Report for additional details. Non-Recurring Fair Value Measurements The Company measures certain assets at fair value on a non-recurring basis, including long-lived assets and goodwill and cost and equity method investments, which are evaluated for impairment. Long-lived assets include property, plant and equipment, net, and certain intangible assets. The inputs used to determine the fair value of long-lived assets are considered Level 3 measurements due to their subjective nature. As of March 31, 2024, the Company did not have any significant assets or liabilities that were remeasured at fair value on a non-recurring basis in periods subsequent to initial recognition.
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Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | NOTE 15 – LONG-TERM DEBT Long-term debt consisted of the following:
1.On July 21, 2022, the Company closed on the 2022 Bonds, upon which the Company received aggregate proceeds of $135.0 million on July 21, 2022 and $25.0 million on August 10, 2022. The proceeds were designated to redeem in full the 2021 Bonds and the Series A Preferred Stock, to finance the construction and equipping of the Company’s third and fourth aircraft hangars in Belgrade, Montana and to fund the purchase of four additional Super Scoopers. The Series 2022 Bonds mature on September 1, 2027, with an annual interest rate of 11.5% payable semiannually on March 1 and September 1 of each year, commencing on September 1, 2022. Debt issuance costs for the Series 2022 Bonds were $4.2 million. The Series 2022 Bonds are subject to redemption or prepayment prior to maturity, as follows: (a) optional redemption in whole or in part, on any day thereafter at par plus accrued interest, and on certain dates, a premium; (b) mandatory redemption at par plus any premium applicable to optional redemptions and a 3% premium if such redemptions are made prior to September 1, 2025, in whole or in part, in the event of the occurrence of certain events; and (c) extraordinary redemption at par plus accrued interest due to the occurrence of certain casualty, condemnation, or other unexpected events. Optional redemptions are subject to 3%, 2%, and 0% premiums if redemptions are made on or after September 1, 2025, September 2026, and September 2027, respectively. At the Company’s direction, the Series 2022 Bonds may be redeemed by Gallatin County at any time, at a redemption price equal to 100% of the principal amount plus accrued interest upon the occurrence of certain events. 2.In 2020, the Company entered into two separate credit facilities brokered through Live Oak Bank (“LOB”) and backed by the U.S. Department of Agriculture for the completed purchase of the Company’s first two Super Scoopers. The Company issued two $19.0 million promissory notes to LOB, established as 15-year maturity, first two years interest only payments monthly, then 13-year term principal plus interest due monthly at the rate of the greater of prime plus 1.5% or 4.75% per annum. The first of these notes was issued on August 21, 2020 and the second was issued October 1, 2020 to BAT1, LLC and BAT2, LLC, respectively. Debt issuance costs for BAT1 and BAT2 were $1.0 million and $0.9 million, respectively. 3.On September 20, 2019, the Company entered into a credit facility with RMB for $12.9 million, established as a 10-year maturity, 6-month draw period, first 6 months interest only payments monthly, then 10-year term principal plus interest due monthly on a 20-year amortization at the rate of 1 month SOFR plus 2.61448%. Debt issuance costs for this loan were $0.1 million. 4.On February 3, 2020, the Company entered into a credit facility with RMB to finance in part the purchase of four Daher Kodiaks. A promissory note was issued for $5.6 million, established as a 7-year maturity, first 8 months interest only payments monthly, 60 day draw period, then 76-month term plus principal interest due monthly on a 10-year amortization at the rate of 1 month SOFR plus 2.61448%. Debt issuance costs for this loan was $0.1 million. 5.On November 18, 2021, the Company re-entered into a new short-term loan to finance aviation insurance premiums with Insurance Premium Financing Leader. This was financed for $0.6 million with a maturity of one year and at a rate of 3.89%. No debt issuance costs were incurred. The Company also entered into various term loan agreements for the purchase of vehicles through First Interstate Bank with the earliest date of September 9, 2021. These loans ranged from $29,000 to $72,000 and were at rates from 4.8% to 5.5% and at durations from 5 to 6 years, with the latest maturation on November 17, 2027. The Series 2022 Bonds are subject to financial covenants requiring the Company to maintain a DSCR that exceeds 1.25x commencing with the fiscal quarter ending December 31, 2023, operate in such a manner to produce gross revenues so as to be at all relevant times in compliance with the DSCR covenant and to maintain liquidity of $8.0 million in the form of unrestricted cash or investments (excluding margin accounts and retirement accounts) at all times and to be reported. The Company is not in compliance with the DSCR covenant as of March 31, 2024 and management anticipates the Company will continue to not be in compliance with the DSCR covenant at future quarterly measurement periods in the next 12 months, primarily attributable to the seasonal nature of our business and a less intense 2023 wildfire season. In addition, the Company is not in compliance with the $8.0 million minimum liquidity requirement as of March 31, 2024 and management anticipates that it may not be in compliance with the minimum liquidity requirement at future quarterly measurement periods in the next 12 months depending on the cash generated from its seasonal firefighting operations in 2024. The Series 2022 Bonds agreements provide that, with regard to covenant violations, other than non-payment of principal or interest, no event of default shall be deemed to have occurred so long as a reasonable course of action to remedy a violation commences within 30 days of written notification of non-compliance from the trustee and management diligently prosecutes the remediation plan to completion. Management consulted with bond counsel on the impact of covenant violations and proactively developed a cost reduction plan, and began implementing the plan in November 2023, to help remedy the anticipated covenant breaches in 2024. However, this plan is still in progress and there is no assurance that management will be able to diligently prosecute the remediation plan to completion. Additionally, as described in further detail in “Note 22 – Subsequent Events,” the Company raised additional cash through a registered direct equity offering in April 2024 resulting in net cash proceeds of approximately $9.2 million. However, depending on the cash generated from its seasonal firefighting operations in 2024, there may be periods in the next 12 months where the Company may not be in compliance with the $8.0 million minimum liquidity requirement. The uncertainty regarding the company’s ability to diligently prosecute the remediation plan to completion and the potential impact on the bonds maturity as a result of the anticipated debt covenant violations at subsequent compliance dates or failure to make required interest payments, could result in the Series 2022 Bonds becoming immediately due and payable, which raises substantial doubt about our ability to continue as a going concern as further disclosed in “Note 1 – Organization and Basis of Presentation” included in this Quarterly Report. The LOB loans are subject to financial covenants requiring the Company to maintain a DSCR, generally calculated as the ratio of the net cash flow (as defined in the applicable note agreements) to the amount of interest and servicing fees required to be paid over the succeeding 12 months on the principal amount of the note, as applicable, that will be outstanding on the payment date following such date of determination, that exceeds 1.25x at the aircraft or entity level and for the Company’s debt to worth ratio to not exceed 5.00x at the aircraft or entity level. The Company is in compliance with such financial covenants as of March 31, 2024. Both of the loans with RMB are subject to financial covenants requiring the Company to maintain a DSCR, calculated as the ratio of adjusted EBITDA (as defined in the applicable note agreements) to the amount of interest and principal payments for the fiscal year ending on the compliance date, that exceeds 1.25x for the Company. These notes are also subject to financial covenants requiring the Company to maintain a Senior Leverage Ratio on a quarterly basis not to exceed 7.00 to 1.00 through Quarter 3, 2024, 6.00 to 1.00 through Quarter 3, 2025 and 5.00 to 1.00 thereafter. This is calculated as Total Funded Senior Debt (as defined in the applicable note agreements) less municipal debt, divided by adjusted EBITDA (as defined in the applicable note agreements). The Company is in compliance with such financial covenants as of March 31, 2024. Amortization of debt issuance costs was $0.2 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 16 – COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company is subject to various litigation and other claims in the normal course of business. No amounts have been accrued in the condensed consolidated financial statements with respect to any matters. Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. In the opinion of our management, there are no pending litigation, disputes or claims against us which, if decided adversely, will have a material adverse effect on our financial conditions, cash flows or results of operations. In the ordinary course of its operations, the Company will continue to vigorously enforce its legal and contractual rights to ensure that its business and operations continue on an unimpaired basis. Contingencies On November 17, 2023, the Company entered into a series of agreements with MAB and its subsidiary designed to facilitate the purchase and return to service of four Spanish Scoopers originally awarded to the Company in September 2023 via a public tender process from the Government of Spain. The terms of the agreements provide that the Company will manage the return to service upgrades of the Spanish Scoopers while they are owned and funded by MAB. The Company has the right, but not the obligation, to acquire each plane as it is ready to be contracted and returned to service. In the event that Bridger does not purchase the aircraft within the time periods set forth in the agreements, then either party may initiate a sales process for the sale of all aircraft that have not been purchased by the Company, which sales process the Company will oversee and manage. If the aircraft are sold to a third party through such process, then the Company must pay MAB’s subsidiary a cash fee equal to the amount, if any, by which the aggregate price of the Company’s purchase options for such aircraft exceeds the consideration paid by the third-party purchaser for the same aircraft, not to exceed $15.0 million in aggregate. If the aircraft are not sold to a third party and MAB’s subsidiary has not otherwise entered into an operating lease with a third party for the aircraft, then the Company must pay MAB’s subsidiary $15.0 million.
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Mezzanine Equity |
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Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Equity | NOTE 17 – MEZZANINE EQUITY Legacy Bridger Series C Preferred Shares On April 25, 2022, Legacy Bridger authorized and issued 315,789.473684 Legacy Bridger Series C Preferred Shares for aggregate proceeds of $288.5 million, net of issuance costs of $11.5 million. The Legacy Bridger Series C Preferred Shares ranked senior to Legacy Bridger’s common shares and ranked subordinate to Legacy Bridger Series A Preferred Shares, which were later redeemed in 2022, with respect to the distribution of assets upon liquidation or certain triggering events. The Legacy Bridger Series C Preferred Shares did not participate in earnings of Legacy Bridger and were non-voting shares. Prior to the consummation of the qualified public offering, the Legacy Bridger Series C Preferred Shares accrued interest daily at 7% per annum for the first year, 9% per annum for the second year and 11% per annum thereafter and were compounded semi-annually at June 30th and December 31st of each year. Following the consummation of a qualified public offering, the Legacy Bridger Series C Preferred Shares were to accrue interest daily at 7% per annum for the first 6 years, 9% per annum for the seventh year and 11% per annum thereafter, compounded semi-annually. Upon the Closing, Legacy Bridger surrendered and exchanged all 315,789.473684 issued and outstanding Legacy Bridger Series C Preferred Shares into 315,789.473684 shares of Series A Preferred Stock. The Company’s Certificate of Incorporation included provisions of the Legacy Bridger Series C Preferred Shares that were already in effect prior to the consummation of the Reverse Recapitalization. As a result of the Reverse Recapitalization, the maximum redemption value of the Company’s Series A Preferred Stock changed to approximately $332.7 million and excluded the 50% multiplier which had historically been included in the maximum redemption value of Legacy Bridger Series C Preferred Shares. The Legacy Bridger Series C Preferred Shares were convertible at the election of the holder into shares of Legacy Bridger’s Class B common shares after the occurrence of certain specified events, including after a qualified public offering, without the payment of additional consideration by the holder into such number of Legacy Bridger Class B common stock as determined by dividing the original issue price, plus accrued interest by a conversion price in effect at the time of conversion. The conversion price of Legacy Bridger Series C Preferred Shares was initially equal to $12.929104. The applicable conversion price was subject to future adjustments upon the occurrence of a qualified public offering. The Legacy Bridger Series C Preferred Shares were mandatorily redeemable by Legacy Bridger on April 25, 2032 at an amount dependent on whether the redemption occurs prior or following a qualified public offering. If the mandatory redemption occurs prior to the consummation of a qualified public offering, the redemption amount was equal to the stated value, plus the initial issue price multiplied by 50%, plus accrued but unpaid interest. If the mandatory redemption occurs following the consummation of a qualified public offering, the redemption amount was equal to the stated value, plus accrued but unpaid interest. The Legacy Bridger Series C Preferred Shares were also redeemable upon certain triggering events outside of the control of Legacy Bridger. The redemption events include redemption by the holder after March 29, 2027 and prior to a qualified public offering, or a fundamental change in Legacy Bridger’s voting and governance structure such as the sale of Legacy Bridger or its subsidiaries representing more than 50% of Legacy Bridger’s voting stock or a similar liquidity event. Given the conversion feature was considered substantive, the mandatory redemption date was not certain and the optional redemption was upon the occurrence of certain events that are considered not solely within Legacy Bridger’s control, the Legacy Bridger Series C Preferred Shares were classified as mezzanine equity. As of December 31, 2022, it was probable that the Legacy Bridger Series C Preferred Shares may become redeemable at either the holder’s option on or after March 29, 2027 and prior to the consummation of a qualified public offering or in the event of a qualified public offering. The Company elected to recognize changes in redemption value immediately, adjusting the Legacy Bridger Series C Preferred Shares to the maximum redemption value at each reporting date. As of December 31, 2022, the Legacy Bridger Series C Preferred Shares were carried at their redemption value of $489.0 million. Series A Preferred Stock The Series A Preferred Stock are convertible at the election of the holders into shares of Common Stock, without the payment of additional consideration by the holders into such number of shares of Common Stock as determined by dividing the original issue price, plus accrued interest by a conversion price equal to $11.00 per share at the time of conversion. Shares of Series A Preferred Stock are mandatorily redeemable by the Company on April 25, 2032 at a redemption amount that is equal to the stated value, plus accrued but unpaid interest. Accrued interest for the Series A Preferred Stock was $6.2 million as of March 31, 2024. Shares of Series A Preferred Stock are also redeemable upon certain triggering events outside of the control of the Company. The triggering events include redemption by the holder on or after April 25, 2027, or a fundamental change in the Company’s voting and governance structure such as the sale of the Company or its subsidiaries representing more than 50% of the Company’s voting stock or a similar liquidity event. As of the Closing Date and March 31, 2024, it is probable that the Series A Preferred Stock may become redeemable on April 25, 2032. The Company has elected to recognize changes in redemption value immediately, adjusting the preferred stock to the maximum redemption value at each reporting date. Upon Closing, the Series A Preferred Stock had both a carrying value and redemption value of $332.7 million, the 50% multiplier, valued at $156.4 million, was removed. As of March 31, 2024, the Series A Preferred Stock had both a carrying value and redemption value of $361.0 million. Refer to table below. As of March 31, 2024 and December 31, 2023, the fair value of the embedded derivative related to the event of default is zero and 0.9 million recorded as a liability on the Condensed Consolidated Balance Sheets and remeasured to fair value at each balance sheet date with changes in fair value recorded within Interest expense on the Condensed Consolidated Statements of Operations. The Company determined the fair value of the other features requiring bifurcation, both individually and in the aggregate were immaterial at March 31, 2024. The fair value of these features will be assessed at each reporting date and will be recognized and remeasured at fair value, if material. Additionally, the reduction of the conversion price from $12.90 per share to $11.00 per share triggered a down round conversion feature embedded in the Series A Preferred Stock upon Closing. The Company recognized the value of the effect of a down round feature as a deemed dividend, decreasing income attributable to common stockholders in the computation of (loss) earnings per share by approximately zero and $48.3 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there are 32,820,828 shares of Common Stock issuable upon conversion.
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Stockholders' Deficit |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Deficit | NOTE 18 – STOCKHOLDERS’ DEFICIT Common Stock In connection with the Reverse Recapitalization, the Company issued 43,769,290 shares of Common Stock, of which 39,081,744 shares were issued to Legacy Bridger Common shareholders, 2,084,357 shares were issued to the public shareholders of JCIC and 2,603,189 shares were issued to JCIC Sponsor and independent directors of JCIC upon Closing. Of the shares issued to Legacy Bridger Common shareholders and JCIC Sponsor, 233,323 and 855,000 shares are subject to continuing vesting conditions, respectively. Restricted Stock Units In January 2023, in connection with the Closing, the Company and its Board established and approved and assumed the Omnibus Plan, which allowed the Company to grant RSUs to Bridger employees (the “Participants”). RSUs are settled in shares of Common Stock as the RSUs vest. The RSUs accrue dividend equivalents associated with the underlying shares of Common Stock as the Company declares dividends. Dividends are paid to holders of RSUs in cash upon the vesting date of the associated RSU and are forfeited if the RSU does not vest. For the purposes of calculating compensation expense, the fair value of RSUs is the closing stock price on the date of grant. Generally, RSUs vest over a period of six years, subject to the Participant’s continued employment. Upon vesting of each RSU, the Company will issue one share of Common Stock to the RSU holder. RSU activity for the three months ended March 31, 2024 is as follows:
The total fair value of RSUs vested during the three months ended March 31, 2024 and 2023 was $9.3 million and $21.6 million, respectively, based on the closing stock price on the date of vesting. For the three months ended March 31, 2024, the Company recorded stock-based compensation expense related to RSUs of $0.4 million and $5.5 million within Total cost of revenues and Selling, general and administrative expense, respectively, on the Condensed Consolidated Statements of Operations. As of March 31, 2024, there was $29.1 million of unrecognized total compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.7 years. Incentive Units Prior to the adoption of the Omnibus Plan, during the year ended December 31, 2022, the Company granted Incentive Units to selected board members and executives. Within each grant, 80% of the Incentive Units vested annually over a four year period subject to continued service by the grantee (the “Time-Vesting Incentive Units”), and the remaining 20% of the Incentive Units vest upon a qualifying change of control event (the “Exit-Vesting Incentive Units”). For the Time-Vesting Incentive Units, compensation cost was recognized over the requisite service period on a straight-line basis. For the Exit-Vesting Incentive Units, expense will be recognized when a qualifying change of control event is considered probable, which has not occurred as of March 31, 2024. As of March 31, 2024, 40,404 Exit-Vesting Incentive Units with a weighted-average grant date fair value of $0.01 remain outstanding. Upon vesting of each Incentive Unit, the Company will issue 0.96246 shares of Common Stock to the Incentive Unit holder. At-the-Market (“ATM”) Offering On January 26, 2024, the Company entered into a sales agreement (“2024 ATM Agreement”) with Stifel, Nicolaus & Company, Incorporated (“Stifel”) and Virtu Americas LLC (together with Stifel, the “Agents”) under which we could offer and sell, from time to time, shares of our Common Stock having an aggregate offering price of up to $100.0 million through the Agents in negotiated transactions that are deemed to be an “at the market offering.” The offering was registered under the Securities Act, pursuant to our shelf registration statement on Form S-3 (Registration Statement No. 333-276721), as previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on February 6, 2024. We filed a prospectus supplement, dated February 6, 2024, with the SEC that provides for the sale of shares of Common Stock having an aggregate offering price of up to approximately $22.2 million (“2024 ATM Shares”). Under the 2024 ATM Agreement, the Agents may sell the 2024 ATM Shares by any method permitted by law and deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made directly on or through the Nasdaq Global Market, or any other existing trading market for the 2024 ATM Shares or in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. The Company is not obligated to make any sales of the 2024 ATM Shares under the 2024 ATM Agreement. The offering of the 2024 ATM Shares pursuant to the 2024 ATM Agreement will terminate upon the termination of the 2024 ATM Agreement by the Agents or us, as permitted therein. The 2024 ATM Agreement contains customary representations, warranties and agreements by the Company, and customary indemnification and contribution rights and obligations of the parties. The Company agreed to pay the Agents an aggregate commission of up to 3.0% of the aggregate gross proceeds from each sale of the 2024 ATM Shares. The Company also agreed to reimburse the Agents for certain specified expenses in connection with entering into the 2024 ATM Agreement. During the three months ended March 31, 2024, the Company sold an aggregate of 33,798 shares of Common Stock at a weighted-average price of $5.13 per share for net proceeds of $0.2 million, net of fees of $5,000 under the 2024 ATM Agreement.
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Related Party Transactions |
3 Months Ended |
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Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 19 – RELATED PARTY TRANSACTIONS For the three months ended March 31, 2024 and 2023, the Company incurred $0.6 million and $0.1 million, respectively, in training expenses provided by an entity in which Mr. Timothy Sheehy has a partial ownership, with $0.6 million and $0.1 million in related outstanding accounts payable as of March 31, 2024 and December 31, 2023, respectively. On November 17, 2023, the Company entered into a series of agreements designed to facilitate the purchase and return to service of the Spanish Scoopers originally awarded to our wholly-owned subsidiary, BAE, in September 2023 via a public tender process from the Government of Spain for €40.3 million. Under the terms of the agreements, we agreed to sell the entire outstanding equity interest in BAE to MAB and purchase $4.0 million of non-voting Class B units of MAB. ASSF Holdings LP (“Avenue Investor”) made capital contributions totaling $13.0 million in exchange for 13,031 voting Class A Units of MAB. Avenue Investor holds approximately 10% of Bridger’s outstanding convertible Series A Preferred Stock. On July 10, 2023, the Company entered into two operating lease agreements, each for a Pilatus under the ownership of Mr. Timothy Sheehy. The Company recorded approximately $6.0 million of right-of-use assets, $1.7 million of right-of-use current liabilities, and $4.3 million of right-of-use noncurrent liabilities as of March 31, 2024, respectively, and incurred approximately $0.4 million in lease expense for the three months ended March 31, 2024. The Company recorded approximately $6.3 million of right-of-use assets, $1.7 million of right-of-use current liabilities, and $4.6 million of right-of-use noncurrent liabilities as of December 31, 2023, respectively. For the three months ended March 31, 2023, the Company earned $0.3 million in revenues from services performed on an aircraft under the ownership of Mr. Timothy Sheehy, the Chief Executive Officer. On July 21, 2022, the Company closed on the Series 2022 Bonds, upon which the Company received aggregate proceeds of $135.0 million on July 21, 2022 and $25.0 million on August 10, 2022. In connection with the original issuance, three senior executives of the Company purchased approximately $10.0 million of the Series 2022 Bonds, which purchases were entered into on an arm’s length basis during the public offering for the Series 2022 Bonds, and on the same terms and conditions that were offered to all Bond purchasers. The Company accrued approximately $0.1 million and $0.4 million in interest for these three bond holders as of March 31, 2024 and December 31, 2023, respectively. The Company paid approximately $0.6 million in interest to these three bond holders during the three months ended March 31, 2024 and 2023, and incurred approximately $0.3 million in interest for the three months ended March 31, 2024 and 2023. Refer to “Note 15 – Long-Term Debt” included in this Quarterly Report for additional information on the Series 2022 Bonds
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 20 – INCOME TAXES As a result of the Business Combination, the Company became the successor of Legacy Bridger, as discussed in “Note 1 – Organization and Basis of Presentation” included in this Quarterly Report, which is treated as a partnership for U.S. federal income tax purposes. As a partnership, Legacy Bridger’s net income or loss is allocated among the members in accordance with the Company’s operating agreement, and federal income taxes are not payable or provided for by Legacy Bridger. Members are taxed individually on their pro rata ownership share of the Legacy Bridger’s earnings. Bridger is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to net taxable income or loss and any related tax credits of the Company. Bridger is also subject to taxes in foreign jurisdictions in which it operates. For the three months ended March 31, 2024, the Company recorded income tax expense of $14,000. The effective tax rate was (0.07)% for the three months ended March 31, 2024. The Company has assessed the realizability of the net deferred tax assets and in that analysis has considered the relevant positive and negative evidence available to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The Company’s income tax filings will be subject to audit by various taxing jurisdictions. The Company will monitor the status of U.S. federal, state and local income tax returns that may be subject to audit in future periods. No U.S. federal, state and local income tax returns are currently under examination by the respective taxing authorities.
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(Loss) Earnings Per Share |
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(Loss) Earnings Per Share | NOTE 21 – (LOSS) EARNINGS PER SHARE (RESTATED) (Loss) earnings per share of Common Stock is calculated in accordance with ASC 260, Earnings per share. (Loss) earnings per share – basic is calculated by dividing loss attributable to Common Stockholders - basic and diluted by the Weighted average Common Stock outstanding - basic. (Loss) earnings per share – diluted is based on the weighted average number of shares of Common Stock used for the loss per share - basic calculation, adjusted for the weighted-average number of common share equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. (Loss) earnings attributable to Common Stockholders – basic and diluted is adjusted for the impact of changes in the fair value of the Public Warrants and Private Placement Warrants, to the extent they are dilutive. (Loss) earnings per share calculations for all periods prior to the Closing have been retrospectively adjusted by the Exchange Ratio for the equivalent number of shares outstanding immediately after the Closing to effect the reverse recapitalization. Subsequent to the Closing, loss per share is calculated based on the Weighted average Common Stock outstanding. The following table sets forth the computation of the Company’s (Loss) earnings per share:
The following table summarizes the potentially dilutive common shares that were excluded from (Loss) earnings per share - diluted computations because the effect would have been anti-dilutive:
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 22 – SUBSEQUENT EVENTS The Company evaluated its activities through the date of the filing of the Condensed Consolidated Financial Statements. On April 15, 2024, the Company entered into securities purchase agreements with certain accredited investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue to the Purchasers, severally, an aggregate of 2,183,366 shares of Common Stock, in a registered direct equity offering (the “Registered Direct Offering”). 808,080 of the shares in the Registered Direct Offering were sold to certain directors and executive officers of the Company at an offering price of $4.95 per share, which was the closing bid price for shares of the Common Stock on the Nasdaq Global Market on April 15, 2024. The remaining 1,375,286 shares were sold in the Registered Direct Offering at an offering price of $4.25 per share. The aggregate net proceeds to the Company from the Registered Offering were approximately $9.2 million, after deducting fees payable to the placement agent and other offering expenses payable by the Company.
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Restatement of Previously Issued Consolidated Financial Statements |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revision of Previously Issued Financial Statements | RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In connection with the preparation of the Company’s response to the SEC comment letter dated May 29, 2024, the Company identified errors resulted from a miscalculation of Net income (loss) attributable to Common stockholders - diluted (the “numerator”) used in the determination of Loss (earnings) per share - diluted (“diluted EPS”) and a difference in the Weighted Average Common Stock outstanding – diluted (the “denominator”) used in the determination of the shares outstanding for diluted EPS for the three months ended March 31, 2023. The Company determined the error is material to the unaudited interim financial statements included in the Company’s Quarterly Report on Forms 10-Q as of and for the quarterly period ended March 31, 2024. Accordingly, the Company has restated its Condensed Consolidated Statements of Operations and “Note 21 – (Loss) Earnings Per Share” for the three months ended March 31, 2023 of the Original Filing. The impact of the correction of the misstatements for the three months ended March 31, 2023 is summarized in the tables below. Corrected Condensed Consolidated Statement of Operations for the three months ended March 31, 2023
Corrected (Loss) Earnings Per Share Footnote, Note 21 for the three months ended March 31, 2023 The following table sets forth the computation of the Company’s Earnings (loss) per share:
The following table summarizes the potentially dilutive common shares that were excluded from Earnings (loss) per share - diluted computations because the effect would have been anti-dilutive:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss | $ (20,087) | $ (44,685) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company consolidates those entities in which it, through the existing owners, has control over significant operating, financial or investing decisions of the entity. All significant intercompany balances and transactions have been eliminated in consolidation.
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Variable Interest Entities | Variable Interest Entities The Company follows ASC 810-10-15, Consolidation, guidance with respect to accounting for variable interest entities (“VIE”). These entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support from other parties or whose equity investors lack any of the characteristics of a controlling financial interest. A variable interest is an investment or other interest that will absorb portions of a VIE’s expected losses or receive portions of its expected returns and are contractual, ownership or pecuniary in nature and that change with changes in the fair value of the entity’s net assets. A reporting entity is the primary beneficiary of a VIE and must consolidate it when that party has a variable interest, or combination of variable interests, that provide it with a controlling financial interest. A party is deemed to have a controlling financial interest if it meets both of the power and loss/benefits criteria. The power criterion is the ability to direct the activities of the VIE that most significantly impact its economic performance. The losses/benefits criterion is the obligation to absorb losses from, or right to receive benefits from, the VIE that could potentially be significant to the VIE. The VIE model requires an ongoing reconsideration of whether a reporting entity is the primary beneficiary of a VIE due to changes in the facts and circumstances. Northern Fire Management Services, LLC (“NFMS, LLC”): The Company assisted in designing and organizing NFMS, LLC with a business purpose of employing Canadian aviation professionals to provide services to the Company. A master services agreement exists between NFMS, LLC, the Company, and Bridger Air Tanker, LLC, a wholly-owned subsidiary of the Company, to transfer all annual expenses incurred to the Company in exchange for the Canadian employees to support the Company’s water scooper aircraft. NFMS, LLC is 50% owned by a Canadian citizen, and 50% owned by Bridger Aerospace Group, LLC. NFMS, LLC was determined to be a VIE primarily due to the entity’s lack of sufficient equity investment at risk and the Company was determined to be the primary beneficiary of the VIE primarily attributable to the Company’s responsibility for all decisions related to NFMS, LLC’s expenditures. Accordingly, NFMS, LLC has been consolidated by the Company for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023, and all intercompany expenses associated with NFMS, LLC and its service agreement have been eliminated in consolidation. For the three months ended March 31, 2024 and 2023, NFMS, LLC’s assets and liabilities were immaterial to the Company’s financial statements. Bridger Aerospace Europe, S.L.U. (“BAE”) and MAB Funding, LLC (“MAB”): On November 17, 2023, we entered into a series of agreements designed to facilitate the purchase and return to service of four Canadair CL-215T Amphibious Aircraft (the “Spanish Scoopers”) originally awarded to our wholly-owned subsidiary, BAE, in September 2023 via a public tender process from the Government of Spain for €40.3 million. Under the terms of the agreements, we agreed to sell the entire outstanding equity interest in BAE to MAB and purchase $4.0 million of non-voting Class B units of MAB. We also entered into a services agreement with MAB whereby we will manage the return to service upgrades of the Spanish Scoopers through our wholly-owned Spanish subsidiary, Albacete Aero, S.L., while they are owned and funded by MAB. The service agreement also provides that we have the right, but not the obligation, to acquire each Spanish Scooper as it is ready to be contracted and returned to service. The Company assessed both MAB and BAE for variable interest entity accounting under ASC 810-10-15 and determined that MAB is a voting interest entity and BAE is a variable interest entity. However, neither entity is consolidated in the consolidated financial statements as the Company does not have a controlling financial interest in MAB and the Company is not the primary beneficiary of BAE. Accordingly, neither of these entities have been consolidated in the consolidated financial statements of the Company for the three months ended March 31, 2024 and the year ended December 31, 2023. Refer to “Note 16 – Commitments and Contingencies” included in this Quarterly Report for additional details.
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Seasonality | Seasonality The Company’s business is generally seasonal, with a significant portion of total revenue occurring during the second and third quarters of the fiscal year due to the North American fire season. However, the weather dependency and seasonal fluctuation in the need to fight wildfires based upon location and the varying intensity of the fire season may lead our operating results to fluctuate significantly from quarter to quarter and year to year.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 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) allocation of the purchase price to the fair value of assets acquired and liabilities assumed, (e) impairment of long-lived assets, goodwill and other intangible assets, (f) disclosure of fair value of financial instruments, (g) variable interest entities, (h) accounting for Series A Preferred Stock, (i) revenue recognition, (j) estimates and assumptions made in determining the carrying values of goodwill, other intangible assets, and contingent consideration, and (k) Public Warrants and Private Placement Warrants.
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Accounts and Note Receivable | Accounts and Note Receivable Accounts receivable consist of amounts due from our customers. The Company maintains an allowance for doubtful accounts equal to the estimated losses expected to be incurred based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions. For the three months ended March 31, 2024 and 2023, the Company did not record any bad debt expense as accounts receivable have historically been collected in accordance with the policy and there is no history of write-offs. Note receivable consists of a promissory note to pay a specific sum, with interest, within a defined period. Each reporting period, the Company evaluates the collectability of the outstanding note receivable balance. If the promissory note is deemed uncollectible, the Company will record the value of the note and the accrued interest as bad debt expense.
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Deferred Offerings Costs | Deferred Offering Costs Deferred offering costs primarily consist of capitalized legal, accounting and other third-party costs incurred that are directly related to the Reverse Recapitalization, which has been accounted for as a reverse recapitalization. These costs were charged to Stockholders’ deficit as a reduction of Additional paid-in capital generated upon the completion of the Reverse Recapitalization.
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Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The Company charges daily and hourly rates depending upon the type of firefighting services rendered and under which contract the services are performed. These services are primarily split into flight revenue and standby revenue. Flight revenue is primarily earned at an hourly rate when the engines of the aircraft are started and stopped upon request of the customer, tracked via flight logs for Super Scoopers or a Hobbs meter for other aircraft. Standby revenue is earned primarily as a daily rate when aircraft are available for use at a fire base, awaiting request from the customer for flight deployment. The Company enters into short, medium and long-term contracts with customers, primarily with government agencies during the firefighting season, to deploy aerial fire management assets. Revenue is recognized when performance obligations under the terms of a contract with our customers are satisfied and payment is typically due within 30 days of invoicing. Invoicing occurs as the services are rendered and includes the use of the aircraft, pilot and field maintenance personnel to support the contract. Contracts are based on either a Call-When-Needed (“CWN”) or Exclusive Use (“EU”) basis. Rates established are generally more competitive based on the security of the revenue from the contract (i.e., an EU versus only on an as-needed basis in CWN). These rates are delineated by the type of service, generally flight time or time available for deployment. Once an aircraft is deployed on a contract the fees are earned at these rates, the aircraft cannot be obligated to another customer. Contracts have no financing components and consideration is at pre-determined rates. No variable considerations are constrained within the contracts. The transaction prices are allocated on the service performed and tracked real-time by each operator in a duty log. On at least a monthly basis, the services performed and rates are validated by each customer. Acceptance by the customer is evidenced by their funded task order or accepted invoice. The Company has not incurred incremental costs for obtaining contracts with customers. In addition, the Company evaluates whether or not it should capitalize the costs of fulfilling a contract. Such costs would be capitalized when they are not within the scope of other standards and: (1) are directly related to a contract; (2) generate or enhance resources that will be used to satisfy performance obligations; and (3) are expected to be recovered. The Company has elected to use the practical expedient detailed in ASC 340-40, Other Assets and Deferred Costs—Contracts with Customers, to expense any costs to fulfill a contract as they are incurred when the amortization period would be one year or less. Contract assets are classified as a receivable when the reporting entity’s right to consideration is unconditional, which is when payment is due only upon the passage of time. As the Company invoices customers for performance obligations that have been satisfied, at which point payment is unconditional, contracts do not typically give rise to contract assets. Contract liabilities are recorded when cash payments are received or due in advance of performance and are recorded as deferred revenue within Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. Payment terms vary by customer and type of revenue contract. The Company generally expects that the period of time between payment and transfer of promised goods or services will be less than one year. In such instances, the Company has elected the practical expedient to not evaluate whether a significant financing component exists. As the Company has a right to consideration from customers in an amount that corresponds directly with the value to the customer of the Company’s performance completed to date, the Company has applied the practical expedient to recognize revenue in the amount to which we have the right to invoice. As permitted under the practical expedient available under ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. Other revenue consists of leasing revenues for facilities as well as external repair and return-to-service work performed on customer aircraft.
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Business Combinations | Business Combinations The Company records tangible and intangible assets acquired and liabilities assumed in business combinations under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method of accounting, amounts paid for the acquisition are allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition inclusive of identifiable intangible assets. Acquisition consideration includes contingent consideration with payment terms based on the achievement of certain targets of the acquired business. The estimated fair value of identifiable assets and liabilities, including intangibles, are based on valuations that use information and assumptions available to management. The Company allocates any excess purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed to goodwill. Significant management judgments and assumptions are required in determining the fair value of assets acquired and liabilities assumed, particularly acquired intangible assets, including estimated useful lives. The valuation of purchased intangible assets is based upon estimates of the future performance and discounted cash flows of the acquired business. Each asset acquired or liability assumed is measured at estimated fair value from the perspective of a market participant. Contingent consideration, representing an obligation of the acquirer to transfer additional assets or equity interests to the seller if future events occur or conditions are met, is recognized when probable and reasonably estimable. Contingent consideration recognized is included in the initial cost of the assets acquired and recorded in Accrued expenses and other current liabilities and Long-term accrued expenses and other noncurrent liabilities within the Condensed Consolidated Balance Sheets. Subsequent changes in the estimated fair value of contingent consideration are recognized as Selling, general and administrative expenses within the Condensed Consolidated Statements of Operations.
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Hedging Transactions and Derivative Financial Instruments | Hedging Transactions and Derivative Financial Instruments The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The Company manages interest rate risk through the use of derivative instruments, such as swap agreements. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. The Company does not enter into derivative financial instruments for trading purposes. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in Accumulated other comprehensive income and are reclassified into the line item on the Condensed Consolidated Statements of Comprehensive Loss in which the hedged items are recorded in the same period the hedged items affect earnings. The Company formally assesses whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized into earnings. The fair value is based on prevailing market data and using standard valuation models based on reasonable estimates about future relevant market conditions. Refer to “Note 15 – Long-Term Debt” included in this Quarterly Report for additional details. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of the Company’s exposure to the financial risks described above.
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Warrant Liabilities | Warrant Liabilities The Company accounts for the Public Warrants and Private Placement Warrants (collectively, the “Warrants”) issued in connection with the Reverse Recapitalization in accordance with ASC 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the Warrants to fair value at each reporting period. The warrant liabilities are subject to remeasurement at each balance sheet date until exercised. Refer to “Note 12 – Accrued Expenses and Other Liabilities” included in this Quarterly Report for additional details.
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Income Taxes | Income Taxes For periods prior to the Reverse Recapitalization, Bridger Aerospace Group Holdings, LLC was a partnership for federal income tax purposes. Consequently, federal income taxes were not payable or provided for by Legacy Bridger. Members were taxed individually on their pro rata ownership share of the Legacy Bridger’s earnings. Legacy Bridger’s net income or loss was allocated among the members in accordance with the Company’s operating agreement. Subsequent to the Reverse Recapitalization, Bridger Aerospace Group Holdings, Inc. became the successor of Legacy Bridger as discussed in “Note 1 – Organization and Basis of Presentation” included in this Quarterly Report. Bridger is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to net taxable income or loss and any related tax credits of the Company. Bridger is also subject to taxes in foreign jurisdictions in which it operates. The Company provides for income taxes and the related accounts under the asset and liability method. Income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. The Company is subject to income taxes predominantly in the U.S. These tax laws are often complex and may be subject to different interpretations. Deferred income taxes arise from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities and are measured using the enacted tax rates expected to be in effect during the year in which the basis difference reverses. In evaluating the ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if Bridger determines that it is more likely than not that all or part of the deferred tax asset will become realizable.
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(Loss) Earnings Per Share | (Loss) Earnings Per Share Basic loss per share is based on the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share is based on the weighted average number of shares of Common Stock used for the basic loss per share calculation, adjusted for the dilutive effect of restricted stock units (“RSUs”), Warrants and Incentive Units, if any, using the “treasury stock” method, the Series A Preferred Stock that is convertible into shares of Common Stock and the Sponsor Earnout Shares that will fully vest upon certain stock price metrics being achieved. In addition, loss for diluted loss per share is adjusted for the after-tax impact of changes to the fair value of the Warrants, to the extent they are dilutive. As noted above, the Company accounted for the Closing as a reverse recapitalization. (Loss) earnings per share calculations for all periods prior to the Closing have been retrospectively adjusted by the Exchange Ratio for the equivalent number of shares of Common Stock outstanding immediately after the Closing to effect the reverse recapitalization. Subsequent to the Closing, loss per share is calculated based on the weighted average number of shares of Common Stock outstanding.
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Collaboration Agreements | Collaboration Agreements The Company analyzes its collaboration arrangement to assess if it is within the scope of ASC 808, Collaborative Agreements, by determining whether such an arrangement involves joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. If the Company concluded that it has a customer relationship with its collaborator, the collaboration arrangement would be accounted for under ASC 606.
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Stock-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with provisions of ASC 718, Compensation-Stock Compensation, at the grant date fair value. Legacy Bridger granted Incentive Units which contain service and performance vesting conditions to select board members and an executive officer. Compensation cost for Incentive Units is measured at their grant-date fair value and is equal to the value of the Legacy Bridger’s Class D Common shares, which was estimated using an option pricing model. Compensation cost for service-based units is recognized over the requisite service period on a straight-line basis. For performance related units, expense is recognized when the performance related condition is considered probable. In connection with the Closing, the Company along with the Board established and approved and assumed the Omnibus Plan which allowed the Company to grant RSUs to Bridger employees (the “Participants”). Upon satisfying the vesting conditions, each RSU provides the Participants the right to receive one share of Common Stock. The fair value of RSUs is determined based on the number of shares granted and the quoted market price of the Common Stock on the date of grant. Compensation cost for the RSUs is recognized as the performance condition of the Closing of the transaction was met and over the requisite service period based on the graded-vesting method. The Company accounts for forfeitures as they occur. Stock-based compensation is included in both Cost of revenues and Selling, general and administrative expense in the Condensed Consolidated Statements of Operations.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the codification. The effective date for each amendment will be the date on with the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. The Company is currently evaluating the impact of adopting the new accounting guidance on the Company’s condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update expands annual and interim reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This new guidance is effective for the Company for its fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances the transparency and decision usefulness of income tax disclosures to provide investors information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This new guidance is effective for the Company for its fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting the new accounting guidance on the Company’s condensed consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue by service:
The following table presents the disaggregation of revenue by type:
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Supplemental Cash Flow Information (Tables) |
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Schedule of Cash Flow, Supplemental Disclosures |
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Cash Equivalents and Investments in Marketable Securities (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Equivalents in Marketable Securities | The fair values, gross unrealized gains and losses of the available-for-sale securities by type are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment in Marketable Securities |
|
Accounts and Note Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts and note receivable consist of the following:
|
Aircraft Support Parts (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aircraft Support Parts | Aircraft support parts consist of the following:
|
Prepaid Expenses and Other Current Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following:
|
Property, Plant and Equipment, Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net consist of the following:
|
Acquisition Activity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the final purchase price allocation:
|
Goodwill and Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets consisted of the following:
|
Other Noncurrent Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Noncurrent Assets | Other noncurrent assets consisted of the following:
|
Accrued Expenses and Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following:
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Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The change in contingent consideration for the three months ended March 31, 2024 was as follows:
|
Interest Rate Swap (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Swap Designated as a Cash Flow Hedge | The Company had the following interest rate swap designated as a cash flow hedge ($s in thousands):
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Company's Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following tables summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:
|
Long-Term Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt Instruments | Long-term debt consisted of the following:
1.On July 21, 2022, the Company closed on the 2022 Bonds, upon which the Company received aggregate proceeds of $135.0 million on July 21, 2022 and $25.0 million on August 10, 2022. The proceeds were designated to redeem in full the 2021 Bonds and the Series A Preferred Stock, to finance the construction and equipping of the Company’s third and fourth aircraft hangars in Belgrade, Montana and to fund the purchase of four additional Super Scoopers. The Series 2022 Bonds mature on September 1, 2027, with an annual interest rate of 11.5% payable semiannually on March 1 and September 1 of each year, commencing on September 1, 2022. Debt issuance costs for the Series 2022 Bonds were $4.2 million. The Series 2022 Bonds are subject to redemption or prepayment prior to maturity, as follows: (a) optional redemption in whole or in part, on any day thereafter at par plus accrued interest, and on certain dates, a premium; (b) mandatory redemption at par plus any premium applicable to optional redemptions and a 3% premium if such redemptions are made prior to September 1, 2025, in whole or in part, in the event of the occurrence of certain events; and (c) extraordinary redemption at par plus accrued interest due to the occurrence of certain casualty, condemnation, or other unexpected events. Optional redemptions are subject to 3%, 2%, and 0% premiums if redemptions are made on or after September 1, 2025, September 2026, and September 2027, respectively. At the Company’s direction, the Series 2022 Bonds may be redeemed by Gallatin County at any time, at a redemption price equal to 100% of the principal amount plus accrued interest upon the occurrence of certain events. 2.In 2020, the Company entered into two separate credit facilities brokered through Live Oak Bank (“LOB”) and backed by the U.S. Department of Agriculture for the completed purchase of the Company’s first two Super Scoopers. The Company issued two $19.0 million promissory notes to LOB, established as 15-year maturity, first two years interest only payments monthly, then 13-year term principal plus interest due monthly at the rate of the greater of prime plus 1.5% or 4.75% per annum. The first of these notes was issued on August 21, 2020 and the second was issued October 1, 2020 to BAT1, LLC and BAT2, LLC, respectively. Debt issuance costs for BAT1 and BAT2 were $1.0 million and $0.9 million, respectively. 3.On September 20, 2019, the Company entered into a credit facility with RMB for $12.9 million, established as a 10-year maturity, 6-month draw period, first 6 months interest only payments monthly, then 10-year term principal plus interest due monthly on a 20-year amortization at the rate of 1 month SOFR plus 2.61448%. Debt issuance costs for this loan were $0.1 million. 4.On February 3, 2020, the Company entered into a credit facility with RMB to finance in part the purchase of four Daher Kodiaks. A promissory note was issued for $5.6 million, established as a 7-year maturity, first 8 months interest only payments monthly, 60 day draw period, then 76-month term plus principal interest due monthly on a 10-year amortization at the rate of 1 month SOFR plus 2.61448%. Debt issuance costs for this loan was $0.1 million. 5.On November 18, 2021, the Company re-entered into a new short-term loan to finance aviation insurance premiums with Insurance Premium Financing Leader. This was financed for $0.6 million with a maturity of one year and at a rate of 3.89%. No debt issuance costs were incurred. The Company also entered into various term loan agreements for the purchase of vehicles through First Interstate Bank with the earliest date of September 9, 2021. These loans ranged from $29,000 to $72,000 and were at rates from 4.8% to 5.5% and at durations from 5 to 6 years, with the latest maturation on November 17, 2027.
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Mezzanine Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Class A Shares of Common Stock Issuable Upon Conversion |
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Stockholders' Deficit (Tables) |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Unit Activity for the Period | RSU activity for the three months ended March 31, 2024 is as follows:
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(Loss) Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the computation of the Company’s (Loss) earnings per share:
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Schedule of Potentially Diluted Common Shares that were Excluded from the Diluted Net Loss Per Share | The following table summarizes the potentially dilutive common shares that were excluded from (Loss) earnings per share - diluted computations because the effect would have been anti-dilutive:
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Accounting Changes and Error Corrections (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revision of Previously Issued Financial Statements | The impact of the correction of the misstatements for the three months ended March 31, 2023 is summarized in the tables below. Corrected Condensed Consolidated Statement of Operations for the three months ended March 31, 2023
Corrected (Loss) Earnings Per Share Footnote, Note 21 for the three months ended March 31, 2023 The following table sets forth the computation of the Company’s Earnings (loss) per share:
The following table summarizes the potentially dilutive common shares that were excluded from Earnings (loss) per share - diluted computations because the effect would have been anti-dilutive:
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Organization and Basis of Presentation (Detail) |
1 Months Ended | 3 Months Ended | 5 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Apr. 15, 2024
USD ($)
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Jan. 24, 2023
USD ($)
tranche
$ / shares
shares
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Apr. 30, 2024
USD ($)
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Mar. 31, 2024
USD ($)
aircraft
$ / shares
shares
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Mar. 31, 2023
USD ($)
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Dec. 31, 2022 |
Dec. 31, 2023
USD ($)
$ / shares
shares
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Jul. 21, 2022
USD ($)
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Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of aircrafts operated | aircraft | 15 | |||||||
Operating income (loss) | $ | $ (15,309,000) | $ (40,112,000) | ||||||
Net loss | $ | (20,087,000) | (44,685,000) | ||||||
Net cash provided by (used in) operating activities | $ | (19,762,000) | (36,653,000) | ||||||
Investments and cash | $ | $ 6,800,000 | |||||||
Reverse recapitalization, exchange ratio (in shares) | 1 | |||||||
Non-competition and non-solicitation covenant, period (in years) | 5 years | |||||||
Number of tranches | tranche | 2 | |||||||
Common stock, shares, outstanding (in shares) | 43,769,290 | 44,842,587 | 44,776,926 | |||||
Business combination, acquisition related costs | $ | $ 10,300,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Cash and cash equivalents | $ | $ 6,776,000 | 2,290,000 | $ 22,956,000 | |||||
Investments in marketable securities | $ | 0 | 1,009,000 | ||||||
Current portion of long-term debt, net of debt issuance costs | $ | 2,028,000 | $ 2,099,000 | ||||||
Restricted cash: | $ | $ 9,289,000 | $ 12,399,000 | ||||||
Subsequent Event | Purchase Agreement, Registered Offering | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Sale of stock, consideration received on transaction | $ | $ 9,200,000 | $ 9,200,000 | ||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027 | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Debt service coverage ratio minimum | 1.25 | |||||||
Cash and minimum short term investments to be maintained | $ | $ 8,000,000 | |||||||
Legacy Bridger | Unvested Legacy Bridger Incentive Units | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of shares surrendered by subsidiary (in shares) | 606,061 | |||||||
Business acquisition, equity interest issued or issuable (in shares) | 583,308 | |||||||
Common stock exchange ratio (in shares) | 0.96246 | |||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 10.00 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Legacy Bridger | Legacy Bridger Common Shares | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of shares surrendered by subsidiary (in shares) | 40,000,000 | |||||||
Business acquisition, equity interest issued or issuable (in shares) | 38,498,436 | |||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 10.00 | |||||||
Jack Creek Investment Corp | Sponsor Earnout Shares | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Percentage of common stock issued and outstanding | 20.00% | |||||||
Percentage of common stock per tranche | 50.00% | |||||||
Legacy Bridger Series C Preferred Shares [Member] | Legacy Bridger | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of shares surrendered by subsidiary (in shares) | 315,789.473684 | |||||||
Common stock, conversion price (in dollars per share) | $ / shares | $ 11.00 | |||||||
Series A Preferred Stock | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Preferred stock, shares outstanding (in shares) | 315,789.473684 | |||||||
Series A Preferred Stock | Legacy Bridger | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Business acquisition, equity interest issued or issuable (in shares) | 315,789.473684 | |||||||
Private Placement Warrants | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Class of warrant or right, outstanding (in shares) | 9,400,000 | 9,400,000 | 9,400,000 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 11.50 | $ 0.20 | $ 0.21 | |||||
Public Warrants | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Class of warrant or right, outstanding (in shares) | 17,250,000 | 17,249,874 | 17,249,874 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 11.50 | $ 0.20 | $ 0.21 | |||||
Restricted Stock Units | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) | 6,581,497 | |||||||
Twin Commander Surveillance | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of aircrafts operated | aircraft | 4 | |||||||
Quest Kodiaks | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of aircrafts operated | aircraft | 4 | |||||||
Viking CL415EAF | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of aircrafts operated | aircraft | 6 | |||||||
Pilatus PC-12 | ||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Number of aircrafts operated | aircraft | 1 |
Summary of Significant Accounting Policies - Narrative (Detail) € in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Nov. 17, 2023
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Nov. 17, 2023
EUR (€)
aircraft
|
|||
Accounting Policies [Line Items] | |||||||
Number of aircraft owned by collaborative partner to be returned to service | aircraft | 4 | ||||||
Purchase agreement, consideration to be received | € | € 40.3 | ||||||
Adjustment to additional paid in capital stock issuance costs | $ 18,600,000 | $ 18,000,000 | |||||
Cost of obtaining contracts during the period | 0 | ||||||
Revenues | [1] | 5,507,000 | $ 365,000 | ||||
Return-to-Service | Spanish Scoopers | |||||||
Accounting Policies [Line Items] | |||||||
Revenues | $ 1,000,000 | ||||||
Selling, General and Administrative Expenses | |||||||
Accounting Policies [Line Items] | |||||||
Deferred offering costs current | $ 500,000 | ||||||
Preferred Class B | |||||||
Accounting Policies [Line Items] | |||||||
Payments to acquire interest in subsidiaries and affiliates | $ 4,000,000 | ||||||
Northern Fire Management Services, LLC | Canadian Citizen | |||||||
Accounting Policies [Line Items] | |||||||
Variable interest entity ownership percentage | 50.00% | ||||||
Variable Interest Entity, Primary Beneficiary | Northern Fire Management Services, LLC | Bridger Aerospace Group, LLC | |||||||
Accounting Policies [Line Items] | |||||||
Variable interest entity ownership percentage | 50.00% | ||||||
Revenue from Contract with Customer Benchmark | Customer One | Customer Concentration Risk | |||||||
Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 69.00% | 88.00% | |||||
Revenue from Contract with Customer Benchmark | Customer Two | Customer Concentration Risk | |||||||
Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 19.00% | 12.00% | |||||
Accounts Receivable | Customer One | Customer Concentration Risk | |||||||
Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 82.00% | 39.00% | |||||
Accounts Receivable | Customer Two | Customer Concentration Risk | |||||||
Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 13.00% | 34.00% | |||||
Accounts Receivable | Customer Three | Customer Concentration Risk | |||||||
Accounting Policies [Line Items] | |||||||
Concentration risk percentage | 19.00% | ||||||
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Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue by Service (Detail) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Disaggregation of Revenue [Line Items] | ||||
Revenues | [1] | $ 5,507,000 | $ 365,000 | |
Fire suppression | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,881,000 | 0 | ||
Aerial surveillance | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 583,000 | 0 | ||
Other services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,043,000 | $ 365,000 | ||
|
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue by Type (Detail) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items] | ||||
Revenues | [1] | $ 5,507,000 | $ 365,000 | |
Flight revenue | ||||
Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items] | ||||
Revenues | 913,000 | 0 | ||
Standby revenue | ||||
Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items] | ||||
Revenues | 3,468,000 | 0 | ||
Other revenue | ||||
Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items] | ||||
Revenues | $ 1,126,000 | $ 365,000 | ||
|
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 10,415 | $ 10,312 |
Fixed assets in accounts payable | 27 | 1,469 |
Conversion of promissory note to Common Stock | 0 | 897 |
Series A Preferred Stock - adjustment for deemed dividend upon Closing | 0 | 48,300 |
Series A Preferred Stock - adjustment to eliminate 50% multiplier | 0 | 156,363 |
Series A Preferred Stock - adjustment to maximum redemption value | 6,189 | 4,274 |
Issuance costs for ATM offering included in accounts payable, accrued expense and other liabilities | 346 | 0 |
Assumption of JCIC liabilities | 0 | 7,464 |
Recognition of Warrant liabilities | 0 | 5,863 |
Cancellation of deferred underwriting fee | $ 0 | $ 1,500 |
Cash Equivalents and Investments in Marketable Securities - Schedule of Cash Equivalents in Marketable Securities (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Cash and Cash Equivalents [Line Items] | |||
Cash equivalents: | $ 3,769,000 | $ 13,182,000 | |
Restricted cash: | 9,289,000 | $ 12,399,000 | |
Commercial paper | |||
Cash and Cash Equivalents [Line Items] | |||
Cash equivalents: | 0 | 1,974,000 | |
Money market fund | |||
Cash and Cash Equivalents [Line Items] | |||
Cash equivalents: | 3,769,000 | 11,208,000 | |
Restricted cash: | $ 9,289,000 | $ 13,981,000 |
Cash Equivalents and Investments in Marketable Securities - Schedule of Investment in Marketable Securities (Detail) |
Dec. 31, 2023
USD ($)
|
---|---|
Debt Securities, Available-for-Sale [Line Items] | |
Purchase Price | $ 999,000 |
Unrealized Gains | 10,000 |
Unrealized Losses | 0 |
Fair Value | 1,009,000 |
Government securities | |
Debt Securities, Available-for-Sale [Line Items] | |
Purchase Price | 999,000 |
Unrealized Gains | 10,000 |
Unrealized Losses | 0 |
Fair Value | $ 1,009,000 |
Cash Equivalents and Investments in Marketable Securities - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash and Cash Equivalents [Abstract] | ||
Unrealized gain on investments in marketable securities | $ 0 | $ 319 |
Proceeds from sale of available for sale securities | 1,100 | 25,100 |
Debt securities, AFS, realized gain | 16 | 300 |
Reclassified of accumulated other comprehensive income | $ (30) | $ 173 |
Accounts and Note Receivable - Accounts and Notes Receivable (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
||
---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and note receivable | [1] | $ 4,926,000 | $ 4,113,000 | ||
Trade accounts receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and note receivable | 4,664,000 | 681,000 | |||
Note receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and note receivable | 0 | 3,000,000 | $ 3,000,000 | ||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and note receivable | $ 262,000 | $ 432,000 | |||
|
Accounts and Note Receivable - Narrative (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 05, 2023 |
||
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts and note receivable | [1] | $ 4,926,000 | $ 4,113,000 | |||
Note receivable, interest rate | 8.50% | |||||
Note receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts and note receivable | $ 0 | $ 3,000,000 | $ 3,000,000 | |||
|
Aircraft Support Parts (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Other Industries [Abstract] | ||
Repairables and expendables | $ 476,000 | $ 488,000 |
Total aircraft support parts | $ 476,000 | $ 488,000 |
Prepaid Expenses and Other Current Assets (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 2,414,000 | $ 1,324,000 |
Prepaid subscriptions | 1,122,000 | 1,115,000 |
Deposits | 183,000 | 120,000 |
Other | 21,000 | 89,000 |
Total prepaid expenses and other current assets | $ 3,740,000 | $ 2,648,000 |
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Aircraft [Abstract] | ||
Aircraft | $ 186,494,000 | $ 186,167,000 |
Less: Accumulated depreciation | (26,419,000) | (25,656,000) |
Aircraft, net | 160,075,000 | 160,511,000 |
Other [Abstract] | ||
Finance lease right-of-use asset | 121,000 | 121,000 |
Less: Accumulated depreciation | (3,690,000) | (3,195,000) |
Leasehold improvements and equipment, net | 35,796,000 | 36,100,000 |
Total property, plant and equipment, net | 195,871,000 | 196,611,000 |
Leasehold improvements | ||
Other [Abstract] | ||
Property, plant and equipment, gross | 35,916,000 | 35,941,000 |
Vehicles and equipment | ||
Other [Abstract] | ||
Property, plant and equipment, gross | 3,209,000 | 2,993,000 |
Construction-in-progress - Leasehold improvements | ||
Other [Abstract] | ||
Property, plant and equipment, gross | 5,000 | 5,000 |
Licenses | ||
Other [Abstract] | ||
Property, plant and equipment, gross | $ 235,000 | $ 235,000 |
Property, Plant and Equipment, Net - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Air Transportation Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Interest costs capitalized | $ 0 | $ 400 |
Cost of Revenues | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | 900 | 1,000 |
Selling, General and Administrative Expenses | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 400 | $ 700 |
Acquisition Activity - Narrative (Details) - USD ($) |
Sep. 12, 2023 |
Jan. 24, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Contingent consideration | $ 8,501,000 | $ 8,486,000 | ||
Volume-weighted average per-share price (VWAP), days | 120 days | |||
Business combination, acquisition related costs | $ 10,300,000 | |||
Goodwill | 13,163,000 | $ 13,163,000 | ||
Goodwill, expected tax deductible amount | $ 0 | |||
IPR&D | ||||
Business Acquisition [Line Items] | ||||
Estimated Life (Years) | 5 years | 5 years | ||
Ignis Technology | ||||
Business Acquisition [Line Items] | ||||
Equity interest issued and issuable | $ 11,600,000 | |||
Stock issued during period, acquisitions | $ 3,300,000 | |||
Number of consecutive trading days used to determine volume-weighted average price per share (in days) | 30 days | |||
Contingent consideration | $ 8,300,000 | $ 8,300,000 | ||
Maximum contingent consideration issuable (in shares) | 8,399,198 | |||
Acquiree, percent of common stock vesting | 8.33333% | |||
Business combination, transfer restriction period | 12 months | |||
Acquiree, monthly vesting period | 1 year | |||
Goodwill | $ 10,676,000 | $ 10,700,000 | ||
Ignis Technology | IPR&D | ||||
Business Acquisition [Line Items] | ||||
Estimated Life (Years) | 5 years | |||
Restricted Stock | Ignis Technology | ||||
Business Acquisition [Line Items] | ||||
Stock issued during period, acquisitions (in shares) | 426,531 |
Acquisition Activity - Allocation of Purchase Price (Details) - USD ($) |
Sep. 12, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 13,163,000 | $ 13,163,000 | |
Ignis Technology | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 3,000 | ||
Intangible assets | 1,300,000 | ||
Accounts payable | (37,000) | ||
Long-term accrued expenses and other noncurrent liabilities | (67,000) | ||
Deferred tax liability | (314,000) | ||
Total identifiable net assets | 885,000 | ||
Goodwill | 10,676,000 | $ 10,700,000 | |
Total purchase price | $ 11,561,000 |
Goodwill and Intangible Assets, Net - Narrative (Detail) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 13,163,000 | $ 13,163,000 | |
Goodwill impairment loss | 0 | $ 0 | |
Amortization of other noncurrent assets | $ 26,000 | $ 26,000 | |
IPR&D | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 5 years | 5 years | |
Capitalized computer software, additions | $ 300,000 |
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,305 | $ 1,992 |
Accumulated Amortization | (289) | (262) |
Net Carrying Amount | $ 2,016 | $ 1,730 |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 10 years | 10 years |
Gross Carrying Amount | $ 67 | $ 67 |
Accumulated Amortization | (56) | (54) |
Net Carrying Amount | $ 11 | $ 13 |
Internal-use software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | 3 years |
Gross Carrying Amount | $ 297 | $ 297 |
Accumulated Amortization | (233) | (208) |
Net Carrying Amount | $ 64 | $ 89 |
IPR&D | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 5 years | 5 years |
Gross Carrying Amount | $ 1,941 | $ 1,628 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | $ 1,941 | $ 1,628 |
Other Noncurrent Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Operating lease right-of-use asset | $ 7,395 | $ 7,777 | ||
Investment in MAB | 4,000 | 4,000 | ||
Prepaid subscriptions | 2,546 | 2,877 | ||
Interest rate swap | 1,233 | 1,117 | ||
Investment in Overwatch Imaging, Inc. | 1,000 | 1,000 | ||
Total other noncurrent assets | [1] | $ 16,174 | $ 16,771 | |
|
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Contingent consideration | $ 8,501 | $ 8,486 |
Warrant liabilities | 5,330 | 5,596 |
Accrued interest expense | 1,872 | 6,448 |
Accrued salaries, wages and bonuses | 1,542 | 1,099 |
Deferred underwriting fee payable | 1,500 | 1,500 |
Deferred revenue | 1,278 | 0 |
Accrued professional fees | 1,253 | 851 |
Accrued foreign tax | 925 | 2,707 |
Finance right-of-use liability | 40 | 46 |
Embedded derivative of Series A Preferred Stock | 0 | 885 |
Other | 206 | 327 |
Total accrued expenses and other liabilities | 22,447 | 27,945 |
Less: Current accrued expenses and other current liabilities | (11,955) | (17,168) |
Long-term accrued expenses and other noncurrent liabilities | $ 10,492 | $ 10,777 |
Accrued Expenses and Other Liabilities - Narrative (Detail) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jan. 24, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 12, 2023 |
|
Debt instrument carrying amount | $ 210,640,000 | $ 211,374,000 | ||
Common stock shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||
Contingent consideration | $ 8,501,000 | $ 8,486,000 | ||
Ignis Technology | ||||
Contingent consideration | 8,300,000 | $ 8,300,000 | ||
Accrued Liabilities Current | Ignis Technology | ||||
Contingent consideration | 4,900,000 | 4,800,000 | ||
Accounts Payable and Accrued Liabilities Noncurrent | Ignis Technology | ||||
Contingent consideration | $ 3,600,000 | $ 3,700,000 | ||
Public Warrants | ||||
Class of warrant or right, outstanding (in shares) | 17,250,000 | 17,249,874 | 17,249,874 | |
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 11.50 | $ 0.20 | $ 0.21 | |
Number of trading days from the closing of business combination | 30 days | |||
Redemption price per warrant (in dollars per share) | $ 0.01 | |||
Number of trading days for determining the share price | 20 days | |||
Number of consecutive trading days for determining the share price | 30 days | |||
Number of trading days from the date of notification to exercise the warrants | 30 days | |||
Liabilities fair value disclosure | $ 3,500,000 | $ 3,600,000 | ||
Public Warrants | Common Stock | ||||
Redemption price per warrant (in dollars per share) | $ 0.10 | |||
Number of trading days for determining the share price | 20 days | |||
Number of consecutive trading days for determining the share price | 30 days | |||
Public Warrants | Minimum | Common Stock | ||||
Share price (in dollars per share) | $ 10.00 | |||
Public Warrants | Maximum | ||||
Share price (in dollars per share) | 18.00 | |||
Public Warrants | Maximum | Common Stock | ||||
Share price (in dollars per share) | $ 18.00 | |||
Private Placement Warrants | ||||
Class of warrant or right, outstanding (in shares) | 9,400,000 | 9,400,000 | 9,400,000 | |
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 11.50 | $ 0.20 | $ 0.21 | |
Common stock shares authorized (in shares) | 9,400,000 | 9,400,000 | ||
Liabilities fair value disclosure | $ 1,900,000 | $ 2,000,000 | ||
JCIC Public Warrants | ||||
Class of warrant or right, outstanding (in shares) | 17,250,000 | |||
JCIC Private Placement Warrants | ||||
Class of warrant or right, outstanding (in shares) | 9,400,000 |
Accrued Expenses and Other Liabilities - Change in Contingent Consideration (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Contingent Consideration [Roll Forward] | |
Beginning balance | $ 8,486 |
Change in fair value of contingent consideration | 15 |
Ending balance | $ 8,501 |
Interest Rate Swap - Schedule of Interest Rate Swap Designated as a Cash Flow Hedge (Detail) - Interest Rate Swap - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Notional Amount | $ 10,305,000 | $ 10,466,000 |
Fair Value | $ 1,233,000 | $ 1,117,000 |
Pay Fixed | 3.887% | 3.887% |
Interest Rate Swap - Narrative (Detail) |
Mar. 31, 2024 |
---|---|
SOFR + 0.11448% | |
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |
Receive Rate | 2.50% |
Fair Value Measurements - Narrative (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
USD ($)
Percentage
$ / shares
|
Dec. 31, 2023
USD ($)
|
Sep. 12, 2023
USD ($)
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent consideration | $ | $ 8,501 | $ 8,486 | |
Ignis Technology | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent consideration | $ | $ 8,300 | $ 8,300 | |
Public Warrants | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Share price triggering the redemption of warrants (in dollars per share) | $ / shares | $ 18.00 | ||
Number of trading days for determining the share price | 20 days | ||
Number of consecutive trading days for determining the share price | 30 days | ||
Public and Private Placement Warrants | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Share price triggering the redemption of warrants minimum (in dollars per share) | $ / shares | $ 10.00 | ||
Share price triggering the redemption of warrants maximum (in dollars per share) | $ / shares | 18.00 | ||
Private Placement Warrants | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Share price triggering the redemption of warrants (in dollars per share) | $ / shares | $ 18.00 | ||
Level 2 | Long Term Debt Bearing Fixed Interest Rate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long term debt at fair value | $ | $ 160,200 | ||
Level 2 | Long Term Debt Bearing Variable Interest Rate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long term debt at fair value | $ | $ 50,400 | ||
Level 3 | Embedded Derivative of Legacy Bridger Series C Preferred Shares and Series A Preferred Stock | Percentage Increase in the Interest Rate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Embedded derivative liability measurement input | Percentage | 2 |
Fair Value Measurements - Summary of the Company's Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Liabilities | ||
Contingent consideration | $ 8,501,000 | $ 8,486,000 |
Embedded derivative of Series A Preferred Stock | 0 | 885,000 |
Public Warrants | ||
Liabilities | ||
Total liabilities | 3,500,000 | 3,600,000 |
Warrant liabilities – Private Placement Warrants | ||
Liabilities | ||
Total liabilities | 1,900,000 | 2,000,000 |
Level 1 | Fair Value, Recurring | ||
Assets | ||
Restricted cash: | 9,289,000 | 13,981,000 |
Investments in marketable securities | 0 | |
Interest rate swap | 0 | 0 |
Total assets | 16,065,000 | 36,937,000 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 3,450,000 | 3,622,000 |
Level 1 | Fair Value, Recurring | Public Warrants | ||
Liabilities | ||
Warrant liabilities | 3,450,000 | 3,622,000 |
Level 1 | Fair Value, Recurring | Warrant liabilities – Private Placement Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 1 | Fair Value, Recurring | Series A Preferred Stock | ||
Liabilities | ||
Embedded derivative of Series A Preferred Stock | 0 | |
Level 1 | Fair Value, Recurring | Cash | ||
Assets | ||
Cash | 6,776,000 | 22,956,000 |
Level 1 | Fair Value, Recurring | Money market fund | ||
Assets | ||
Restricted cash: | 9,289,000 | 13,981,000 |
Level 2 | Fair Value, Recurring | ||
Assets | ||
Restricted cash: | 0 | 0 |
Investments in marketable securities | 1,009,000 | |
Interest rate swap | 1,233,000 | 1,117,000 |
Total assets | 1,233,000 | 2,126,000 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Total liabilities | 1,880,000 | 1,974,000 |
Level 2 | Fair Value, Recurring | Public Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | Fair Value, Recurring | Warrant liabilities – Private Placement Warrants | ||
Liabilities | ||
Warrant liabilities | 1,880,000 | 1,974,000 |
Level 2 | Fair Value, Recurring | Series A Preferred Stock | ||
Liabilities | ||
Embedded derivative of Series A Preferred Stock | 0 | |
Level 2 | Fair Value, Recurring | Cash | ||
Assets | ||
Cash | 0 | 0 |
Level 2 | Fair Value, Recurring | Money market fund | ||
Assets | ||
Restricted cash: | 0 | 0 |
Level 3 | Fair Value, Recurring | ||
Assets | ||
Restricted cash: | 0 | 0 |
Investments in marketable securities | 0 | |
Interest rate swap | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration | 8,501,000 | 8,486,000 |
Total liabilities | 8,501,000 | 9,371,000 |
Level 3 | Fair Value, Recurring | Public Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 3 | Fair Value, Recurring | Warrant liabilities – Private Placement Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 3 | Fair Value, Recurring | Series A Preferred Stock | ||
Liabilities | ||
Embedded derivative of Series A Preferred Stock | 885,000 | |
Level 3 | Fair Value, Recurring | Cash | ||
Assets | ||
Cash | 0 | 0 |
Level 3 | Fair Value, Recurring | Money market fund | ||
Assets | ||
Restricted cash: | $ 0 | $ 0 |
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 10, 2022 |
Jul. 21, 2022 |
Nov. 18, 2021 |
Sep. 09, 2021 |
Oct. 01, 2020 |
Aug. 21, 2020 |
Feb. 03, 2020 |
Sep. 30, 2019 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2020 |
|||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | $ 210,640,000 | $ 211,374,000 | |||||||||||
Less: noncurrent debt issuance costs | (3,495,000) | (3,695,000) | |||||||||||
Less: current debt issuance costs | (1,002,000) | (995,000) | |||||||||||
Less: current portion of long-term debt, net of debt issuance costs | (2,028,000) | (2,099,000) | |||||||||||
Long-term debt, net of debt issuance costs | [1] | 204,115,000 | 204,585,000 | ||||||||||
New Short Term Loan to Finance Aviation Insurance Premium | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs gross | $ 0 | ||||||||||||
Debt instrument face value | $ 600,000 | ||||||||||||
Long term debt term | 1 year | ||||||||||||
Short term debt bearing fixed interest rate percentage | 3.89% | ||||||||||||
Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 2035 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | 18,183,000 | 18,391,000 | |||||||||||
Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 2035 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | 18,250,000 | 18,457,000 | |||||||||||
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | 10,305,000 | 10,466,000 | |||||||||||
Debt issuance costs gross | $ 100,000 | ||||||||||||
Debt instrument face value | $ 12,900,000 | ||||||||||||
Long term debt term | 10 years | ||||||||||||
Long term debt initial period of interest only payments | 6 months | ||||||||||||
Long term debt period over which principal and interest shall be repaid | 10 years | ||||||||||||
Long term debt draw period | 6 months | ||||||||||||
Long term debt period of amortization of principal | 20 years | ||||||||||||
Term loan agreement dated February 3, 2020, SOFR + 2.61448% interest rate, maturing February 3, 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | 3,673,000 | 3,813,000 | |||||||||||
Term loan agreement dated February 3, 2020, SOFR + 2.61448% interest rate, maturing February 3, 2027 | RMB | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs gross | $ 100,000 | ||||||||||||
Debt instrument face value | $ 5,600,000 | ||||||||||||
Long term debt term | 7 years | ||||||||||||
Long term debt initial period of interest only payments | 8 months | ||||||||||||
Long term debt period over which principal and interest shall be repaid | 76 months | ||||||||||||
Long term debt draw period | 60 days | ||||||||||||
Long term debt period of amortization of principal | 10 years | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | $ 160,000,000 | 160,000,000 | |||||||||||
Debt instrument variable interest rate spread | 11.50% | ||||||||||||
Proceeds from other long term debt | $ 25,000,000 | $ 135,000,000 | |||||||||||
Long term debt bearing fixed interest rate percentage | 11.50% | ||||||||||||
Debt issuance costs gross | $ 4,200,000 | ||||||||||||
Debt instrument mandatory prepayment premium percentage | 3.00% | ||||||||||||
Debt instrument redemption price percentage | 100.00% | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027 | Debt Instrument, Redemption, Period One | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument prepayment premium percentage | 3.00% | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027 | Debt Instrument, Redemption, Period Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument prepayment premium percentage | 2.00% | ||||||||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027 | Debt Instrument, Redemption, Period Three | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument prepayment premium percentage | 0.00% | ||||||||||||
Various term loan agreements, earliest start at September 9, 2021, 3.89-5.5% interest rates, latest maturation on November 17, 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loans payable | $ 229,000 | $ 247,000 | |||||||||||
Minimum | Various term loan agreements, earliest start at September 9, 2021, 3.89-5.5% interest rates, latest maturation on November 17, 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long term debt bearing variable interest rate percentage | 3.89% | ||||||||||||
Long term debt bearing fixed interest rate percentage | 4.80% | ||||||||||||
Debt instrument face value | $ 29,000 | ||||||||||||
Long term debt term | 5 years | ||||||||||||
Maximum | Various term loan agreements, earliest start at September 9, 2021, 3.89-5.5% interest rates, latest maturation on November 17, 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long term debt bearing variable interest rate percentage | 5.50% | ||||||||||||
Long term debt bearing fixed interest rate percentage | 5.50% | ||||||||||||
Debt instrument face value | $ 72,000 | ||||||||||||
Long term debt term | 6 years | ||||||||||||
Prime Rate | Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 2035 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 1.50% | ||||||||||||
Long term debt bearing variable interest rate percentage | 4.75% | ||||||||||||
Prime Rate | Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 2035 | Live Oak Bank | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 1.50% | ||||||||||||
Long term debt bearing variable interest rate percentage | 4.75% | ||||||||||||
Debt issuance costs gross | $ 1,000,000 | ||||||||||||
Debt instrument face value | $ 19,000,000 | ||||||||||||
Long term debt term | 15 years | ||||||||||||
Long term debt initial period of interest only payments | 2 years | ||||||||||||
Long term debt period over which principal and interest shall be repaid | 13 years | ||||||||||||
Prime Rate | Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 2035 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 1.50% | ||||||||||||
Long term debt bearing variable interest rate percentage | 4.75% | ||||||||||||
Prime Rate | Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 2035 | Live Oak Bank | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 1.50% | ||||||||||||
Long term debt bearing variable interest rate percentage | 4.75% | ||||||||||||
Debt issuance costs gross | $ 900,000 | ||||||||||||
Debt instrument face value | $ 19,000,000 | ||||||||||||
Long term debt term | 15 years | ||||||||||||
Long term debt initial period of interest only payments | 2 years | ||||||||||||
Long term debt period over which principal and interest shall be repaid | 13 years | ||||||||||||
LIBOR | Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 2.61448% | 2.61448% | |||||||||||
LIBOR | Term loan agreement dated February 3, 2020, SOFR + 2.61448% interest rate, maturing February 3, 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 2.61448% | ||||||||||||
LIBOR | Term loan agreement dated February 3, 2020, SOFR + 2.61448% interest rate, maturing February 3, 2027 | RMB | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument variable interest rate spread | 2.61448% | ||||||||||||
|
Long-Term Debt - Narrative (Detail) $ in Thousands |
1 Months Ended | 3 Months Ended | 5 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 15, 2024
USD ($)
|
Oct. 01, 2020 |
Aug. 21, 2020 |
Sep. 30, 2019 |
Apr. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022 |
Jul. 21, 2022
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | $ 192 | $ 239 | |||||||
Subsequent Event | Purchase Agreement, Registered Offering | |||||||||
Debt Instrument [Line Items] | |||||||||
Sale of stock, consideration received on transaction | $ 9,200 | $ 9,200 | |||||||
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt service coverage ratio minimum | 1.25 | ||||||||
Cash and minimum short term investments to be maintained | $ 8,000 | ||||||||
Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 2035 | Live Oak Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of indebtedness to net capital | 5.00 | ||||||||
Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 2035 | Live Oak Bank | Prime Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of net cash flow to interest and service fees minimum | 1.25 | ||||||||
Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 2035 | Live Oak Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of indebtedness to net capital | 5.00 | ||||||||
Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 2035 | Live Oak Bank | Prime Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of net cash flow to interest and service fees minimum | 1.25 | ||||||||
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt service coverage ratio minimum | 1.25 | ||||||||
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030 | After Third Quarter of October 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of indebtedness to net capital | 5 | ||||||||
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030 | Through Third Quarter of October 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of indebtedness to net capital | 7 | ||||||||
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030 | Through Third Quarter of October 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of indebtedness to net capital | 6 |
Commitments and Contingencies - Narrative (Detail) $ in Millions |
Nov. 17, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Maximum cash fee, when aircraft sold to third-party | $ 15.0 |
Fee when aircraft neither sold nor leased | $ 15.0 |
Mezzanine Equity - Narrative (Detail) - USD ($) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 24, 2023 |
Apr. 25, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Temporary Equity [Line Items] | ||||||
Payments of stock issuance costs | $ 324,000 | $ 0 | ||||
Embedded derivative of Series A Preferred Stock | 0 | $ 885,000 | ||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | $ 0 | $ 48,300,000 | ||||
Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity shares authorized (in shares) | 315,789.473684 | |||||
Temporary equity shares issued (in shares) | 315,789.473684 | |||||
Borrowing from Legacy Bridger Series C Preferred shares members, net of issuance costs | $ 288,500,000 | |||||
Payments of stock issuance costs | $ 11,500,000 | |||||
Redemption value | $ 489,000,000 | |||||
Temporary equity multiplier | 50.00% | |||||
Per share conversion price of preferred stock (in dollars per share) | $ 12.929104 | |||||
Temporary equity redemption trigger percentage of change in ownership interest | 50.00% | |||||
Series A Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity shares issued (in shares) | 315,789.473684 | 315,789.473684 | ||||
Temporary equity accrued interest | $ (6,200,000) | |||||
Redemption value | $ 332,700,000 | $ 361,000,000 | ||||
Temporary equity multiplier | 50.00% | |||||
Per share conversion price of preferred stock (in dollars per share) | $ 11.00 | |||||
Temporary equity redemption trigger percentage of change in ownership interest | 50.00% | |||||
Embedded derivative of Series A Preferred Stock | $ 0 | $ 900,000 | ||||
Temporary equity dividends | $ 156,400,000 | |||||
First Year | Before Qualified Public Offering | Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity interest rate | 7.00% | |||||
Second Year | Before Qualified Public Offering | Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity interest rate | 9.00% | |||||
Thereafter | Before Qualified Public Offering | Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity interest rate | 11.00% | |||||
Thereafter | After Qualified Public Offering | Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity interest rate | 11.00% | |||||
First 6 Years | After Qualified Public Offering | Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity interest rate | 7.00% | |||||
Seventh Year | After Qualified Public Offering | Legacy Bridger Series C Preferred Shares [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity interest rate | 9.00% | |||||
Conversion of Legacy Bridger Series C Preferred Stock to Series A Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of stock, shares converted (in shares) | 315,789.473684 | |||||
Conversion of stock, shares issued (in shares) | 315,789.473684 | |||||
Conversion from Series A Preferred Stock to Common Stock | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of stock, shares issued (in shares) | 32,820,828 | |||||
Minimum | Series A Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Per share conversion price of preferred stock (in dollars per share) | $ 12.90 | |||||
Maximum | Series A Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Per share conversion price of preferred stock (in dollars per share) | $ 11.00 |
Mezzanine Equity - Summary of Class A Shares of Common Stock Issuable Upon Conversion (Detail) - Redeemable Series A Preferred Stock |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
shares
| |
Shares | |
Beginning balance (in shares) | shares | 315,789.473684 |
Adjustment to maximum redemption value (in shares) | shares | 0 |
Ending balance (in shares) | shares | 315,789.473684 |
Amounts | |
Balance as of December 31, 2023 | $ | $ 354,840,000 |
Adjustment to maximum redemptions value | $ | 6,189,000 |
Balance as of March 31, 2024 | $ | $ 361,029,000 |
Stockholders' Deficit - Narrative (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Feb. 06, 2024
USD ($)
|
Jan. 26, 2024
USD ($)
|
Jan. 24, 2023
shares
|
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2023
$ / shares
shares
|
|
2024 ATM Agreement | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Sale of stock, authorized amount, value | $ | $ 100,000 | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 33,798 | ||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 5.13 | ||||||
Sale of stock, consideration received on transaction | $ | $ 200 | ||||||
Sale of stock, fees on transaction | $ | $ 5 | ||||||
2024 ATM Shares | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Sale of stock, authorized amount, value | $ | $ 22,200 | ||||||
Sale of stock, fees on transaction, percentage | 3.00% | ||||||
Legacy Bridger | Unvested Legacy Bridger Incentive Units | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Common stock exchange ratio (in shares) | 0.96246 | ||||||
Restricted Stock Units (RSUs) | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Award vesting period | 6 years | ||||||
Shares to be issued in period, per share vested (in shares) | 1 | ||||||
Fair value of vested instruments | $ | $ 9,300 | $ 21,600 | |||||
Cost not yet recognized, amount | $ | $ 29,100 | ||||||
Weighted average remaining contractual terms | 2 years 8 months 12 days | ||||||
Outstanding (in shares) | 5,722,283 | 6,624,459 | |||||
Outstanding (in dollars per share) | $ / shares | $ 7.81 | $ 8.30 | |||||
Restricted Stock Units (RSUs) | Cost of Revenues | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Share-based payment arrangement, expense | $ | $ 400 | ||||||
Restricted Stock Units (RSUs) | Selling, General and Administrative Expenses | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Share-based payment arrangement, expense | $ | $ 5,500 | ||||||
Incentive Units | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Outstanding (in shares) | 40,404 | ||||||
Outstanding (in dollars per share) | $ / shares | $ 0.01 | ||||||
Incentive Units | Time Vesting Incentive Units | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Incentive Units vesting percentage | 80.00% | ||||||
Incentive Units | Exit Vesting Incentive Units | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Incentive Units vesting percentage | 20.00% | ||||||
Time-Based Incentive Units | Share-Based Payment Arrangement, Tranche One | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Legacy Bridger Common Shareholders | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Temporary equity shares outstanding (in shares) | 233,323 | ||||||
JCIC Sponsor | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Temporary equity shares outstanding (in shares) | 855,000 | ||||||
Common Class A | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Stock issued during period (in shares) | 43,769,290 | ||||||
Common Class A | Legacy Bridger Common Shareholders | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Stock issued during period (in shares) | 39,081,744 | ||||||
Common Class A | Public Shareholders | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Stock issued during period (in shares) | 2,084,357 | ||||||
Common Class A | JCIC Sponsor and Independent Directors of JCIC | |||||||
Schedule of Share-Based Compensation Activity [Line Items] | |||||||
Stock issued during period (in shares) | 2,603,189 |
Stockholders' Deficit - Summary of Restricted Stock Unit Activity for the Period (Detail) - Restricted Stock Units (RSUs) |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Number of Awards | |
Beginning balance (in shares) | shares | 6,624,459 |
Granted (in shares) | shares | 1,028,917 |
Vested (in shares) | shares | (1,703,592) |
Forfeited (in shares) | shares | (227,501) |
Ending balance (in shares) | shares | 5,722,283 |
Weighted average grant date fair value | |
Beginning balance (in dollars per share) | $ / shares | $ 8.30 |
Granted (in dollars per share) | $ / shares | 5.27 |
Vested (in dollars per share) | $ / shares | 8.30 |
Forfeited (in dollars per share) | $ / shares | 6.82 |
Ending balance (in dollars per share) | $ / shares | $ 7.81 |
Related Party Transactions - Narrative (Detail) € in Millions |
1 Months Ended | 3 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 17, 2023
USD ($)
|
Aug. 10, 2022
USD ($)
|
Jul. 21, 2022
USD ($)
|
Aug. 10, 2022
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Nov. 17, 2023
EUR (€)
shares
|
|||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Accounts payable | [1] | $ 3,932,000 | $ 3,978,000 | |||||||||||||||||
Purchase agreement, consideration to be received | € | € 40.3 | |||||||||||||||||||
Other noncurrent assets | [2] | 16,174,000 | 16,771,000 | |||||||||||||||||
Operating right-of-use current liability | [3] | 2,153,000 | 2,153,000 | |||||||||||||||||
Operating right-of-use noncurrent liability | [4] | 5,395,000 | 5,779,000 | |||||||||||||||||
Revenues | [5] | 5,507,000 | $ 365,000 | |||||||||||||||||
Accrued expenses and other current liabilities | [6] | $ 11,955,000 | 17,168,000 | |||||||||||||||||
Preferred Class B | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Payments to acquire interest in subsidiaries and affiliates | $ 4,000,000 | |||||||||||||||||||
Series A Preferred Stock | Avenue Investor | Bridger | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Subsidiary, ownership percentage, noncontrolling owner | 10.00% | |||||||||||||||||||
MAB | Avenue Investor | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Investment owned (in shares) | shares | 13,031 | |||||||||||||||||||
MAB | Common Class A | Avenue Investor | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Payments to acquire interest in subsidiaries and affiliates | $ 13,000,000 | |||||||||||||||||||
Related Party | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Training expense | $ 600,000 | 100,000 | ||||||||||||||||||
Accounts payable | 600,000 | 100,000 | ||||||||||||||||||
Other noncurrent assets | 6,000,000 | 6,300,000 | ||||||||||||||||||
Operating right-of-use current liability | 1,700,000 | 1,700,000 | ||||||||||||||||||
Operating right-of-use noncurrent liability | 4,300,000 | 4,600,000 | ||||||||||||||||||
Operating lease, expense | 400,000 | |||||||||||||||||||
Revenues | 100,000 | 300,000 | ||||||||||||||||||
Accrued expenses and other current liabilities | 100,000 | $ 400,000 | ||||||||||||||||||
Related Party | Mr. Timothy Sheehy | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Revenues | 300,000 | |||||||||||||||||||
Related Party | 2022 Bonds | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Proceeds from debt | $ 25,000,000 | $ 135,000,000 | ||||||||||||||||||
Proceeds from related party debt | $ 10,000,000 | |||||||||||||||||||
Interest paid | 600,000 | 600,000 | ||||||||||||||||||
Interest expense, debt | $ 300,000 | $ 300,000 | ||||||||||||||||||
|
Income Taxes (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 14 | $ 0 |
Effective tax rate | (0.07%) |
(Loss) Earnings Per Share - Schedule of Company's Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Line Items] | ||
Net loss | $ (20,087,000) | $ (44,685,000) |
Adjustments to Net loss: | ||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | 0 | (48,300,000) |
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 0 | 156,362,000 |
Series A Preferred Stock—adjustment to maximum redemptions value | (6,189,000) | (4,274,000) |
(Loss) earnings attributable to Common stockholders – basic | (26,276,000) | 59,103,000 |
Change in fair value of embedded derivative | 0 | 346,000 |
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | 0 | (103,788,000) |
Loss attributable to Common stockholders - diluted | $ (26,276,000) | $ (44,339,000) |
Weighted average Common Stock outstanding – basic (in shares) | 47,602,241 | 43,488,468 |
Weighted average effect of dilutive securities: | ||
Series A Preferred Stock (in shares) | 0 | 30,624,501 |
Sponsor Earnout Shares (in shares) | 0 | |
Weighted average Common Stock outstanding – diluted (in shares) | 47,602,241 | 74,112,969 |
Basic and Diluted Net Income Loss per Share [Abstract] | ||
(Loss) earnings per share—basic (in dollars per share) | $ (0.55) | $ 1.36 |
(Loss) earnings per share—diluted (in dollars per share) | $ (0.55) | $ (0.60) |
(Loss) Earnings Per Share - Schedule of Potentially Diluted Common Shares that were Excluded from the Diluted Net Loss Per Share (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Series A Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 32,820,828 | 0 |
Warrants | Public Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 17,249,874 | 17,250,000 |
Warrants | Private Placement Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 9,400,000 | 9,400,000 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 5,722,283 | 4,176,083 |
Unvested Legacy Bridger Incentive Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 40,404 | 242,424 |
Sponsor Earnout Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 855,000 | 855,000 |
Subsequent Events (Detail) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | |
---|---|---|
Apr. 15, 2024 |
Apr. 30, 2024 |
|
Subsequent Event [Line Items] | ||
Sale of stock, authorized amount (in shares) | 2,183,366 | |
Purchase Agreement, Certain Directors & Executive Officers | ||
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued in transaction (in shares) | 808,080 | |
Sale of stock, price per share (in dollars per share) | $ 4.95 | |
Purchase Agreement, Registered Offering | ||
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued in transaction (in shares) | 1,375,286 | |
Sale of stock, price per share (in dollars per share) | $ 4.25 | |
Sale of stock, consideration received on transaction | $ 9.2 | $ 9.2 |
Restatement of Previously Issued Consolidated Financial Statements - Statement of Operations (Details) - USD ($) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Revenues | [1] | $ 5,507,000 | $ 365,000 | |||||
Cost of Revenue [Abstract] | ||||||||
Flight operations | 5,009,000 | 3,733,000 | ||||||
Maintenance | 4,197,000 | 3,515,000 | ||||||
Total cost of revenues | 9,206,000 | 7,248,000 | ||||||
Gross loss | (3,699,000) | (6,883,000) | ||||||
Selling, general and administrative expense | [2] | 11,610,000 | 33,229,000 | |||||
Operating loss | (15,309,000) | (40,112,000) | ||||||
Interest expense | [3] | (5,923,000) | (5,665,000) | |||||
Other income | 1,159,000 | 1,092,000 | ||||||
Net loss | (20,087,000) | (44,685,000) | ||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | 0 | (48,300,000) | ||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 0 | 156,362,000 | ||||||
Series A Preferred Stock—adjustment to maximum redemptions value | (6,189,000) | (4,274,000) | ||||||
(Loss) earnings attributable to Common stockholders - basic | (26,276,000) | 59,103,000 | ||||||
Change in fair value of embedded derivative | 885,000 | 346,000 | ||||||
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | 0 | (103,788,000) | ||||||
Loss attributable to Common stockholders - diluted | $ (26,276,000) | $ (44,339,000) | ||||||
(Loss) earnings per share—basic (in dollars per share) | $ (0.55) | $ 1.36 | ||||||
(Loss) earnings per share—diluted (in dollars per share) | $ (0.55) | $ (0.60) | ||||||
Weighted average Common Stock outstanding – basic (in shares) | 47,602,241 | 43,488,468 | ||||||
Weighted average Common Stock outstanding – diluted (in shares) | 47,602,241 | 74,112,969 | ||||||
As Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Revenues | $ 365,000 | |||||||
Cost of Revenue [Abstract] | ||||||||
Flight operations | 3,733,000 | |||||||
Maintenance | 3,515,000 | |||||||
Total cost of revenues | 7,248,000 | |||||||
Gross loss | (6,883,000) | |||||||
Selling, general and administrative expense | 33,229,000 | |||||||
Operating loss | (40,112,000) | |||||||
Interest expense | (5,665,000) | |||||||
Other income | 1,092,000 | |||||||
Net loss | (44,685,000) | |||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | (48,300,000) | |||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 156,362,000 | |||||||
Series A Preferred Stock—adjustment to maximum redemptions value | (4,274,000) | |||||||
(Loss) earnings attributable to Common stockholders - basic | 59,103,000 | |||||||
Change in fair value of embedded derivative | 0 | |||||||
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | 0 | |||||||
Loss attributable to Common stockholders - diluted | $ 59,103,000 | |||||||
(Loss) earnings per share—basic (in dollars per share) | $ 1.36 | |||||||
(Loss) earnings per share—diluted (in dollars per share) | $ 0.79 | |||||||
Weighted average Common Stock outstanding – basic (in shares) | 43,488,468 | |||||||
Weighted average Common Stock outstanding – diluted (in shares) | 74,986,752 | |||||||
Adjustment | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Revenues | $ 0 | |||||||
Cost of Revenue [Abstract] | ||||||||
Flight operations | 0 | |||||||
Maintenance | 0 | |||||||
Total cost of revenues | 0 | |||||||
Gross loss | 0 | |||||||
Selling, general and administrative expense | 0 | |||||||
Operating loss | 0 | |||||||
Interest expense | 0 | |||||||
Other income | 0 | |||||||
Net loss | 0 | |||||||
Series A Preferred Stock—adjustment for deemed dividend upon Closing | 0 | |||||||
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 0 | |||||||
Series A Preferred Stock—adjustment to maximum redemptions value | 0 | |||||||
(Loss) earnings attributable to Common stockholders - basic | 0 | |||||||
Change in fair value of embedded derivative | 346,000 | |||||||
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | (103,788,000) | |||||||
Loss attributable to Common stockholders - diluted | $ (103,442,000) | |||||||
(Loss) earnings per share—basic (in dollars per share) | $ 0 | |||||||
(Loss) earnings per share—diluted (in dollars per share) | $ (1.39) | |||||||
Weighted average Common Stock outstanding – basic (in shares) | 0 | |||||||
Weighted average Common Stock outstanding – diluted (in shares) | (873,783) | |||||||
|
Restatement of Previously Issued Consolidated Financial Statements - Earnings Per Share (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net loss | $ (20,087,000) | $ (44,685,000) |
Series A Preferred Stock—adjustment for deemed dividend upon Closing | 0 | (48,300,000) |
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 0 | 156,362,000 |
Series A Preferred Stock—adjustment to maximum redemptions value | (6,189,000) | (4,274,000) |
(Loss) earnings attributable to Common stockholders - basic | (26,276,000) | 59,103,000 |
Change in fair value of embedded derivative | 885,000 | 346,000 |
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | 0 | (103,788,000) |
Loss attributable to Common stockholders - diluted | $ (26,276,000) | $ (44,339,000) |
Weighted average Common Stock outstanding – basic (in shares) | 47,602,241 | 43,488,468 |
Weighted average effect of dilutive securities: | ||
Series A Preferred Stock (in shares) | 0 | 30,624,501 |
Sponsor Earnout Shares (in shares) | 0 | |
Weighted average Common Stock outstanding – diluted (in shares) | 47,602,241 | 74,112,969 |
(Loss) earnings per share—basic (in dollars per share) | $ (0.55) | $ 1.36 |
(Loss) earnings per share—diluted (in dollars per share) | $ (0.55) | $ (0.60) |
Incentive Units | ||
Weighted average effect of dilutive securities: | ||
Unvested Incentive Units (in shares) | 0 | |
As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net loss | $ (44,685,000) | |
Series A Preferred Stock—adjustment for deemed dividend upon Closing | (48,300,000) | |
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 156,362,000 | |
Series A Preferred Stock—adjustment to maximum redemptions value | (4,274,000) | |
(Loss) earnings attributable to Common stockholders - basic | 59,103,000 | |
Change in fair value of embedded derivative | 0 | |
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | 0 | |
Loss attributable to Common stockholders - diluted | $ 59,103,000 | |
Weighted average Common Stock outstanding – basic (in shares) | 43,488,468 | |
Weighted average effect of dilutive securities: | ||
Series A Preferred Stock (in shares) | 30,624,501 | |
Sponsor Earnout Shares (in shares) | 636,500 | |
Weighted average Common Stock outstanding – diluted (in shares) | 74,986,752 | |
(Loss) earnings per share—basic (in dollars per share) | $ 1.36 | |
(Loss) earnings per share—diluted (in dollars per share) | $ 0.79 | |
As Reported | Incentive Units | ||
Weighted average effect of dilutive securities: | ||
Unvested Incentive Units (in shares) | 237,283 | |
Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net loss | $ 0 | |
Series A Preferred Stock—adjustment for deemed dividend upon Closing | 0 | |
Series A Preferred Stock—adjustment to eliminate 50% multiplier | 0 | |
Series A Preferred Stock—adjustment to maximum redemptions value | 0 | |
(Loss) earnings attributable to Common stockholders - basic | 0 | |
Change in fair value of embedded derivative | 346,000 | |
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | (103,788,000) | |
Loss attributable to Common stockholders - diluted | $ (103,442,000) | |
Weighted average Common Stock outstanding – basic (in shares) | 0 | |
Weighted average effect of dilutive securities: | ||
Series A Preferred Stock (in shares) | 0 | |
Sponsor Earnout Shares (in shares) | (636,500) | |
Weighted average Common Stock outstanding – diluted (in shares) | (873,783) | |
(Loss) earnings per share—basic (in dollars per share) | $ 0 | |
(Loss) earnings per share—diluted (in dollars per share) | $ (1.39) | |
Adjustment | Incentive Units | ||
Weighted average effect of dilutive securities: | ||
Unvested Incentive Units (in shares) | (237,283) |
Restatement of Previously Issued Consolidated Financial Statements - Schedule of Potentially Dilutive Shares (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Restricted Stock Units (RSUs) | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 5,722,283 | 4,176,083 |
Restricted Stock Units (RSUs) | As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 4,181,142 | |
Restricted Stock Units (RSUs) | Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | (5,059) | |
Warrants | Public Warrants | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 17,249,874 | 17,250,000 |
Warrants | Public Warrants | As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 17,250,000 | |
Warrants | Public Warrants | Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 0 | |
Warrants | Private Placement Warrants | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 9,400,000 | 9,400,000 |
Warrants | Private Placement Warrants | As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 9,400,000 | |
Warrants | Private Placement Warrants | Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 0 | |
Incentive Units | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 242,424 | |
Incentive Units | As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 0 | |
Incentive Units | Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 242,424 | |
Sponsor Earnout Shares | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 855,000 | 855,000 |
Sponsor Earnout Shares | As Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 0 | |
Sponsor Earnout Shares | Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Shares excluded from diluted (loss) earnings per share (in shares) | 855,000 |
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