Bridger Aerospace Group Holdings Inc (BAER) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Bridger Aerospace second quarter fiscal 2025 investor conference call. As a reminder, today's call is being recorded.

您好，歡迎參加 Bridger Aerospace 2025 財年第二季投資人電話會議。提醒一下，今天的通話正在錄音。

It is now my pleasure to introduce your host, Eric Gerratt, Chief Financial Officer. Thank you. Mr. Gerratt, you may begin.

現在我很高興向大家介紹主持人、財務長 Eric Gerratt。謝謝。杰拉特先生，你可以開始了。

Thank you. Good afternoon, and thank you for joining us today. I'm joined today by our Chief Executive Officer, Sam Davis.

謝謝。下午好，感謝您今天加入我們。今天和我一起出席的是我們的執行長薩姆戴維斯 (Sam Davis)。

Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward- looking statements as defined in the Private Securities Litigation Reform Act of 1995. Since forward-looking statements are based on various assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such statements.

在我們開始之前，請注意，本次電話會議中包含的某些未描述歷史事實的陳述屬於《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。由於前瞻性陳述是基於各種假設、風險和不確定性，實際結果可能與此類陳述表達或暗示的結果有重大差異。

Factors that could cause results to differ materially from those expressed include, but are not limited to, those discussed in the company's filings with the US Securities and Exchange Commission, including expectations regarding financial results for 2025. Management cannot control or predict many factors that ultimately impact future results.

可能導致結果與所表達的結果有重大差異的因素包括但不限於公司向美國證券交易委員會提交的文件中討論的因素，包括對 2025 年財務業績的預期。管理層無法控製或預測最終影響未來結果的許多因素。

Listeners should not place undue reliance on forward-looking statements, which reflect management's views only as of today. We anticipate that subsequent events and developments will cause our assessments to change. However, we undertake no obligation to revise or update any forward-looking statement or to make any other forward-looking statements.

聽眾不應過度依賴前瞻性陳述，這些陳述僅反映管理階層截至今天的觀點。我們預計後續事件和發展將導致我們的評估改變。然而，我們不承擔修改或更新任何前瞻性聲明或做出任何其他前瞻性聲明的義務。

Throughout this afternoon's earnings release and call today, we refer to the non-GAAP financial measure adjusted EBITDA. The definition, calculation and reconciliation to the financial statements of adjusted EBITDA can be found in Exhibit A of our earnings release, which is available on our website. We believe adjusted EBITDA is useful in evaluating our reported results as a supplement to and not a substitute for results reported under GAAP.

在今天下午的收益發布和電話會議中，我們將參考非 GAAP 財務指標調整後的 EBITDA。調整後 EBITDA 的定義、計算及其與財務報表的對帳可在我們網站上的收益報告附件 A 中找到。我們認為，調整後的 EBITDA 有助於評估我們的報告結果，作為 GAAP 報告結果的補充而不是替代方案。

With that, I'd like to turn the call over to Sam.

說完這些，我想把電話轉給 Sam。

Thank you, Eric. I want to start by thanking our entire team for their dedication and long hours during what has been a very active wildfire year thus far. 2025 has already been another record-breaking year for Bridger. We witnessed monumental success in Q1 with record-breaking deployment orders and mobilization to new regions.

謝謝你，埃里克。首先，我要感謝我們整個團隊的奉獻和長時間的工作，因為今年是迄今為止山火最活躍的一年。 2025 年對布里傑來說已經是另一個破紀錄的一年。我們在第一季取得了巨大的成功，部署訂單並向新地區的動員創下了歷史新高。

I'm pleased to report that our Q2 financials have delivered the same record-breaking performance as Q1. The strong demand for our aerial firefighting assets more than doubled revenue from Q2 last year to $30.8 million. We also reported positive net income of $0.3 million compared to a net loss of $10 million last year. This is the first time we've reported positive net income in the second quarter and the earliest we have swung to a profit. Also for the first time, we reported positive adjusted EBITDA through the first six months of the year.

我很高興地報告，我們的第二季財務表現與第一季一樣創下了紀錄。市場對我們空中消防資產的強勁需求使收入比去年第二季增加了一倍多，達到 3,080 萬美元。我們也報告了淨收入 30 萬美元，而去年的淨虧損為 1000 萬美元。這是我們第二季首次報告淨收入為正，也是我們最早獲利的一次。此外，我們首次報告了今年前六個月的調整後 EBITDA 為正。

Another first, in mid-June, all six of our Super Scoopers and 2 PC-12s were deployed to Alaska under US Forest Service task orders at the request of the Alaska Bureau of Land Management. With Alaska seeing a trend of larger fires and more acreage burned, Alaska understands the value and efficacy of the Scooper as well as the benefit of prepositioning assets for initial attack. This was the first time in history that all of our scoopers have been operating together in one location.

另一項創舉是，六月中旬，應阿拉斯加土地管理局的要求，我們的全部六輛 Super Scoopers 和兩輛 PC-12 均按照美國森林服務局的任務命令部署到阿拉斯加。隨著阿拉斯加的火災規模和燒毀面積呈現不斷擴大的趨勢，阿拉斯加認識到了鏟雪機的價值和功效，以及預先部署資源進行初步撲滅的好處。這是歷史上我們所有的挖土機首次在一個地方一起作業。

Additionally, we secured two separate 120-day task orders, each for two of our Super Scoopers from the US Forest Service. These procurements demonstrate a strong adoption of our platform within the wildfire fighting landscape as well as an acknowledgment of the increasingly year-round threat this country faces from wildfires. This compares to last year when we had two scoopers on a 60-day task order and two on a 90-day task order. And the year before that, only two scoopers were on a 90-day task order.

此外，我們還從美國林務局獲得了兩份單獨的 120 天任務訂單，每份訂單都需要兩台 Super Scoopers。這些採購顯示我們的平台在野火撲滅領域得到了廣泛的應用，同時也顯示我們意識到這個國家面臨的野火威脅日益嚴重。相較之下，去年我們在 60 天的任務訂單上有兩個挖土機，在 90 天的任務訂單上有兩台挖土機。而在此之前的一年，只有兩名清理人員接到了為期 90 天的任務命令。

Through these task orders, our fleet will remain mobilized and dedicated to critical wildfire response efforts into the fourth quarter. This helps to guarantee our utilization this year and support year-round revenue while we continue to focus on maximizing daily availability and flight hours. The remaining two scoopers currently are on a call-when-needed basis and are seeing considerable activity. Fundamentally, these task orders demonstrate the adoption of our assets by the wildfire community.

透過這些任務訂單，我們的車隊將繼續保持動員狀態，並致力於第四季度關鍵的野火應變工作。這有助於保證我們今年的利用率並支持全年收入，同時我們將繼續專注於最大限度地提高每日可用性和飛行小時數。其餘兩名挖掘人員目前正在接受按需調遣，且活動十分頻繁。從根本上來說，這些任務訂單顯示了野火社群對我們資產的採用。

The scooper is becoming even more recognizable for its effectiveness as an initial attack asset, and we're benefiting from the Forest Services proactive management and prepositioning these assets. These actions are helping to ensure rapid response, limit the devastation from fires becoming large incidents and enhancing our effectiveness in protecting lives and property.

鏟鬥作為初始攻擊資產的有效性越來越受到認可，我們也受益於森林服務局對這些資產的主動管理和預先部署。這些行動有助於確保快速反應，限制火災造成的破壞演變成大規模事故，並提高我們保護生命和財產的效率。

A proactive response to wildfire this year has been very visible. Year-to-date, wildfires have been above average in count with approximately 40,000 fires and below average in acreage burned at just over 3 million acres. We see this as a strong indicator that we are building resiliency in our revenue with more year-round demand and the ability to increase utilization without simply being dependent on a season of heightened activity.

今年對野火的積極應對措施非常明顯。今年迄今為止，野火數量高於平均水平，約有 40,000 起，過火面積低於平均水平，僅超過 300 萬英畝。我們認為這是一個強有力的指標，表明我們正在透過更多的全年需求和提高利用率的能力來增強收入的彈性，而不僅僅依賴活動高峰季節。

As we sit here today, two scoopers are in Idaho, two scoopers are in Nevada and two scoopers are in Utah, where a state of emergency has been declared and the Monroe Canyon fire continues to rage, consuming 65,000 acres and is only 15% contained. This year alone, we've already dropped 4 million gallons of water from Tennessee to California and from Texas to Alaska.

今天我們坐在這裡時，愛達荷州、內華達州和猶他州各有兩輛消防車在滅火。猶他州已宣布進入緊急狀態，而門羅峽谷大火仍在肆虐，已燒毀 65,000 英畝土地，僅控制了 15%。光是今年，我們就已經從田納西州向加州、從德州排放了 400 萬加侖的水到阿拉斯加州。

Let me now provide a quick update on FMS and Ignis. FMS contributed $0.4 million in revenue during the second quarter. In addition to partnering on internal aircraft modifications to solidify our competitive edge, we continue to see a number of contracting opportunities, primarily with the DoD and active bids that Bridger and FMS are uniquely positioned to respond to. While revenues in their business has seen delays due to federal budgeting uncertainties for the short term, we're optimistic we'll add more year-round revenue growth to the business later in the year.

現在讓我簡單介紹一下 FMS 和 Ignis 的最新情況。FMS 在第二季貢獻了 40 萬美元的營收。除了在內部飛機改裝方面進行合作以鞏固我們的競爭優勢之外，我們還繼續看到許多承包機會，主要是國防部和 Bridger 和 FMS 具有獨特優勢的積極投標。儘管由於聯邦預算的不確定性，短期內其業務收入有所延遲，但我們樂觀地認為，我們將在今年稍後為該業務帶來更多的全年收入成長。

A brief update on Ignis Technologies. Since launching its mobile platform to support firefighters in the field just over a year ago, several counties, crews and incident management teams continue to pilot the app. We're now linking Bridger's real-time sensor imagery with the Ignis app, creating a seamless data flow from air to ground.

關於 Ignis Technologies 的簡要更新。自從一年多前推出行動平台為現場消防員提供支援以來，多個縣、消防隊和事故管理團隊一直在試用該應用程式。我們現在將 Bridger 的即時感測器影像與 Ignis 應用程式相連接，從而創建從空中到地面的無縫資料流。

This capability promises to unlock new levels of situational awareness, supporting multi-mission aviation contracts and enhancing both operational effectiveness and safety in the field. With the continued success of our sensor-enhanced aircraft, the need for interactive live data streaming is stronger than ever, and we intend this to be a critical part of our sensor-enhanced aviation contracts next year.

這種能力有望開啟新的態勢感知水平，支援多任務航空合同，並提高現場的作戰效率和安全性。隨著我們的感測器增強型飛機的持續成功，對互動式即時數據流的需求比以往任何時候都更加強烈，我們打算將其作為明年感測器增強型航空合約的關鍵部分。

Alongside Positive Aviation, Bridger continues to pursue the development of a new water scooping firefighting aircraft, the FF72, based on the ATR 72-600. We intend to be the North American launch customer of this new platform with the first delivery scheduled for 2029. Based on the global demand we see currently, coupled with the scarcity of assets with water scooping capability, we intend to expand our program with this unique next-generation firefighting technology.

除了 Positive Aviation 之外，布里傑還繼續致力於研發基於 ATR 72-600 的新型灑水滅火飛機 FF72。我們打算成為該新平台的北美首發客戶，首批交付計劃於 2029 年進行。根據我們目前看到的全球需求，再加上具有舀水能力的資產的稀缺性，我們打算利用這種獨特的下一代消防技術來擴展我們的計劃。

Currently, a nonbinding MOU exists with Positive Aviation, which should translate into a purchase agreement before the end of the year, assuming both parties arrive at a mutually beneficial launch plan. Notable progress is being made with frequent workshops, site visits and collaboration between the Bridger and Positive teams.

目前，該公司與 Positive Aviation 簽署了一份不具約束力的諒解備忘錄，如果雙方達成互惠互利的啟動計劃，該備忘錄將在今年年底前轉化為購買協議。透過頻繁的研討會、現場訪問和 Bridger 團隊與 Positive 團隊之間的合作，取得了顯著進展。

Turning to the four Spanish Scoopers, which are owned under our partnership agreement with MAB Funding, LLC, the return to service work by our Spanish subsidiary, Albacete Aero remains on track. The first two aircraft have received their certificates of airworthiness, and we have completed training activities. The partnership believes there may be opportunity to deploy both scoopers in Europe during the 2025 wildfire season as Europe has seen a very active fire season.

談到我們與 MAB Funding, LLC 達成的合作協議所擁有的四架西班牙 Scooper，我們的西班牙子公司 Albacete Aero 復原服務的工作仍在按計劃進行。前兩架飛機已取得適航證，並且我們已經完成了訓練活動。該合作夥伴認為，由於歐洲今年的火災季節非常活躍，2025 年野火季節可能有機會在歐洲部署這兩種鏟運機。

Limitations to activation mostly lie around the lack of appropriation being in place prior to the season. We believe this may be an area of focus next year for multiple countries given the known availability of these scoopers to fight fire and the unfortunate headlines that have plagued Greece, Cyprus, Turkey, Portugal and France this year.

激活的限制主要在於賽季開始前缺乏撥款。鑑於已知這些鏟子可用於滅火，以及今年困擾希臘、塞浦路斯、土耳其、葡萄牙和法國的不幸新聞，我們認為這可能是明年多個國家關注的重點領域。

The third and fourth scoopers continue to undergo their respective return to service work and are scheduled to be ready later in 2025 and early 2026, respectively. Discussions to move the partnership with MAB are forward ongoing. Options for Bridger can include the extension of the purchase agreement as well as lease options as we best seek to determine how to bring these high-margin assets into the business.

第三艘和第四艘鏟運機繼續進行各自的恢復服役工作，計劃分別於 2025 年下半年和 2026 年初準備就緒。關於與 MAB 建立合作夥伴關係的討論仍在繼續進行中。Bridger 的選擇可以包括延長購買協議以及租賃選擇，因為我們最好尋求確定如何將這些高利潤資產引入業務。

Before I turn the call over to Eric, I want to spend a little time addressing the President's executive order to restructure our national wildland firefighting system, which we view as a market shift for the entire industry. The executive order indicates a significant change in how we approach and fight wildfires as a country. The intent is to enhance the effectiveness and efficiency of wildland fire management operations, streamline procurement processes and establish year-round readiness requirements.

在我將電話轉給艾瑞克之前，我想花一點時間談談總統重組國家野外消防系統的行政命令，我們認為這是整個產業的市場轉變。這項行政命令顯示我們國家處理和撲滅野火的方式發生了重大變化。目的是提高野火管理行動的有效性和效率，簡化採購流程並建立全年準備要求。

The executive order calls for the establishment of a national wildland firefighting task force that will span all federal agencies, ease administrative burdens and refocus our national efforts on preparedness and aggressive wildfire suppression. This will consolidate agency control under the Department of the Interior, where a focus is already culminating in proactive wildfire management and includes an increased budget to detect and suppress fires.

該行政命令要求建立一個覆蓋所有聯邦機構的國家野外滅火工作小組，減輕行政負擔，並將我們的國家努力重新集中在防備和積極的野火撲滅。這將鞏固內政部下屬機構的控制權，該部目前已將重點放在積極主動的野火管理上，並增加了用於火災偵測和撲滅的預算。

The prioritization of immediate suppression to protect communities and critical infrastructure comes on the heels of the May 2025 letter from the Chief of the US Forest Service, which reiterated the need for direct attack wildfire mitigation. This letter stated that the Forest Service will focus on safe, aggressive initial attack and that it is critical that we suppress fires as swiftly as possible to minimize the amount of fire line exposure and be ready for the next ignition.

在美國林務局局長於 2025 年 5 月致函重申直接攻擊野火緩解必要性後，立即採取撲滅措施以保護社區和關鍵基礎設施。這封信指出，林務局將專注於安全、積極的初步攻擊，並且至關重要的是，我們要盡快撲滅火勢，以盡量減少火線暴露的程度，並為下一次點火做好準備。

The commitment of the current administration and Congress to fully funding the country's needs to suppress wildfires are particularly noteworthy in a time when both the White House and the Congress have been making historically steep cuts to nearly every government program. In fact, the proposed budgets for wildfire suppression are actually set to for a moderate increase in fiscal year 2026 of $100 million.

在白宮和國會對幾乎所有政府項目進行歷史性大幅削減的背景下，現任政府和國會承諾為國家撲滅野火提供全額資金，這一點尤其值得注意。事實上，2026財年的野火防治預算預計會適度增加1億美元。

In addition to the executive order, there is also a strong legislative push toward wildfire management reform. We've seen compelling bipartisanship and the introduction of several bills. This draft legislation proves important, not just in its potential impact policy, but also in the general awareness and education it's garnered for the industry.

除了行政命令外，還有強而有力的立法推動野火管理改革。我們看到了令人信服的兩黨合作和多項法案的推出。這項立法草案的重要性不僅在於其潛在的影響政策，還在於它為業界贏得了普遍的認識和教育。

What we've noticed is in the focus on response times, the standards of cover and the proper mix of aviation assets. The goal to respond quickly and effectively at the early stages of wildfire when it matters most to detect, prevent, contain and extinguish wildfires before they become the next catastrophic event. And Bridger's assets are uniquely positioned to be the most effective and desired assets for this initial response work. And while we look forward to these beneficial changes at the federal level, there are also changes anticipated at the state level that will enable states to take on a greater role in preparing for and responding to disasters.

我們注意到，重點關注的是回應時間、覆蓋標準和航空資產的適當組合。目標是在野火發生的早期階段迅速有效地做出反應，在野火演變成下一次災難性事件之前，最關鍵的是發現、預防、控制和撲滅野火。布里傑的資產具有獨特的優勢，是這項初步回應工作中最有效、最理想的資產。在我們期待聯邦層級發生這些有益變化的同時，預計州層級也將發生一些變化，使各州能夠在防災和應對災難方面發揮更大的作用。

We continually look for opportunities with states to provide exclusive use for our firefighting assets and are optimistic that current budgeting and planning cycles will lead to future opportunities. With the threat of wildfire becoming year-round, states see the scarcity of assets only becoming more prevalent as federal initiatives work to set up proper coverage levels nationally. In order to avoid a gap in coverage as wildfires move around the US, we expect that some states may look to solve for this with their own exclusive use of assets into the aviation field. It has been a busy 2025 this year thus far, and I remain grateful to get to lead this exceptional team.

我們不斷尋找與各州合作的機會，為我們的消防資產提供專屬使用權，並樂觀地認為當前的預算和規劃週期將帶來未來的機會。隨著野火威脅成為全年性威脅，隨著聯邦政府努力在全國範圍內建立適當的覆蓋水平，各州發現資產稀缺現像只會變得更加普遍。為了避免美國境內野火蔓延時出現覆蓋缺口，我們預期一些州可能會考慮將自己的資產專用於航空領域來解決這個問題。到目前為止，2025 年是忙碌的一年，我很高興能夠領導這支傑出的團隊。

Let me now turn it back to Eric, who will talk about our strong financial performance for the quarter.

現在讓我把話題轉回艾瑞克身上，他將談論我們本季強勁的財務表現。

Thank you, Sam. Looking at our results for the second quarter of 2025, revenue increased to a record $30.8 million, up 136% from $13 million in the second quarter of 2024. The second quarter of 2025 benefited from the continued higher levels of activity as multiple scoopers and surveillance aircraft were deployed in the quarter. Excluding revenue for the return to service work performed on the four Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC, which was $5.1 million in the second quarter of 2025 and $1.8 million in the second quarter of 2024, revenue from ongoing operations more than doubled to $25.7 million compared to $11.2 million in the second quarter of 2024.

謝謝你，山姆。綜觀我們 2025 年第二季的業績，營收增至創紀錄的 3,080 萬美元，較 2024 年第二季的 1,300 萬美元成長 136%。2025 年第二季度受益於持續較高的活動水平，因為本季度部署了多架鏟運機和偵察機。作為我們與 MAB Funding, LLC 達成的合作協議的一部分，對四艘西班牙超級鏟車進行返修工作所產生的收入（2025 年第二季度為 510 萬美元，2024 年第二季度為 180 萬美元）不計其數，來自持續運營的收入增長了一倍多，達到 2570 萬美元，而 200 萬美元為 200 萬美元。

Cost of revenues was $18.7 million in the second quarter of 2025 and was comprised of flight operations expenses of $7.9 million and maintenance expenses of $10.8 million. This compares to $9.9 million in the second quarter of 2024, which included $5.1 million of flight operations expenses and $4.8 million of maintenance expenses. Cost of revenues for the second quarter of 2025 also included an increase of approximately $3.9 million of expenses associated with the return to service work for the Spanish Super Scoopers.

2025 年第二季的收入成本為 1,870 萬美元，其中包括 790 萬美元的飛行營運費用和 1,080 萬美元的維護費用。相較之下，2024 年第二季的收入為 990 萬美元，其中包括 510 萬美元的飛行營運費用和 480 萬美元的維護費用。2025 年第二季的收入成本還包括與西班牙超級鏟車恢復服務工作相關的約 390 萬美元的費用增加。

Selling, general and administrative expenses were $6.5 million in the second quarter of 2025 compared to $7.9 million in the second quarter of 2024. The decline reflects lower noncash stock-based compensation expense and a decrease in earn-out consideration, which was partially offset by an increase in the market value of our warrants. Interest expense for the second quarter of 2025 was $5.7 million compared to $5.9 million in the second quarter of 2024.

2025 年第二季的銷售、一般和行政費用為 650 萬美元，而 2024 年第二季為 790 萬美元。這一下降反映了非現金股票薪酬費用的下降和盈利對價的減少，但被認股權證市場價值的增加部分抵消。2025 年第二季的利息支出為 570 萬美元，而 2024 年第二季的利息支出為 590 萬美元。

For the second quarter of 2025, we reported net income of $0.3 million compared to a net loss of $10 million in the second quarter of 2024, driven by the increased fleet utilization. Loss per diluted share was $0.12 in the second quarter of 2025 compared to $0.33 per diluted share in the second quarter of 2024. Adjusted EBITDA was $10.8 million in the second quarter compared to $0.2 million in the second quarter last year. As I mentioned previously, a reconciliation of adjusted EBITDA to net loss is included in Exhibit A of our earnings release distributed earlier today.

2025 年第二季度，我們報告的淨收入為 30 萬美元，而 2024 年第二季的淨虧損為 1,000 萬美元，這主要是由於車隊利用率提高所致。2025 年第二季每股攤薄虧損為 0.12 美元，而 2024 年第二季每股攤薄虧損為 0.33 美元。第二季調整後 EBITDA 為 1,080 萬美元，而去年第二季為 20 萬美元。正如我之前提到的，調整後的 EBITDA 與淨虧損的對帳已包含在我們今天早些時候發布的收益報告附件 A 中。

Now looking at our results for the first six months of 2025. Revenue was $46.4 million compared to $18.5 million for the first six months of 2024, a 150% increase. Cost of revenues was $35.9 million, comprised of flight operation expenses of $14.1 million and maintenance expenses of $21.8 million. Cost of revenues for the first six months of 2024 was $19.1 million, which comprised $10.1 million of flight operations expenses and maintenance expenses of $9 million.

現在來看看我們 2025 年前六個月的業績。收入為 4,640 萬美元，而 2024 年前六個月的收入為 1,850 萬美元，成長了 150%。收入成本為 3,590 萬美元，其中包括 1,410 萬美元的飛行營運費用和 2,180 萬美元的維護費用。2024 年前六個月的收入成本為 1,910 萬美元，其中包括 1,010 萬美元的飛行營運費用和 900 萬美元的維護費用。

Cost of revenues for the first 6 months of 2025 included an increase of approximately $10.4 million in the expenses associated with the return to service work on the Spanish Super Scoopers. SG&A expenses were $15.1 million compared to $19.5 million in the first six months last year, with the decrease driven primarily by lower noncash stock-based compensation expense and a decrease in earn-out consideration, partially offset by an increase in the market value of our warrants.

2025 年前 6 個月的收入成本包括與西班牙超級鏟車恢復服務工作相關的費用增加約 1,040 萬美元。銷售、一般及行政費用為 1,510 萬美元，而去年上半年為 1,950 萬美元，減少的主要原因是非現金股票薪酬費用減少以及盈利對價減少，但認股權證市場價值增加部分抵消了這一影響。

Interest expense for the first six months of 2025 was $11.5 million compared to $11.8 million in the first six months of 2024. Net loss was $15.2 million in the first six months of 2025 compared to a net loss of $30.1 million in the first six months of 2024. Adjusted EBITDA was positive $5.7 million for the first six months of 2025 compared to negative $6.7 million in the same period last year.

2025 年上半年的利息支出為 1,150 萬美元，而 2024 年上半年的利息支出為 1,180 萬美元。2025 年前六個月淨虧損為 1,520 萬美元，而 2024 年前六個月淨虧損為 3,010 萬美元。2025 年前六個月的調整後 EBITDA 為正 570 萬美元，而去年同期為負 670 萬美元。

Turning to our balance sheet. We ended Q2 with total cash and cash equivalents of $17 million. Incoming receivables of $18.3 million, primarily from early fire season activity are expected to further increase our cash balance in the coming months. The decline in cash from $39.3 million at the end of 2024 is due to expenses related to the bulk of winter maintenance and training activities that occur in the first half of the year.

轉向我們的資產負債表。截至第二季末，我們的現金和現金等價物總額為 1,700 萬美元。主要來自早期火災季節活動的 1830 萬美元應收帳款預計將在未來幾個月進一步增加我們的現金餘額。現金從 2024 年底的 3,930 萬美元下降是由於上半年發生的大部分冬季維護和培訓活動相關的費用。

During the second quarter to take advantage of the appreciation in our real estate, we signed a purchase and sale agreement with SR Aviation Infrastructure for a sale-leaseback transaction for our Bozeman campus facilities. We plan to use the net proceeds of approximately $46 million to repay a portion of our outstanding debt under our debt facilities, which will lower ongoing interest expense. The transaction is expected to close in the third quarter. We remain committed to Bozeman and we will enter into a 10-year leaseback agreement for continued use of the hangar and office headquarter facilities.

在第二季度，為了利用我們房地產的升值，我們與 SR 航空基礎設施簽署了一份購買和銷售協議，對我們的博茲曼校園設施進行售後回租交易。我們計劃使用約 4,600 萬美元的淨收益來償還部分債務，這將降低持續的利息支出。該交易預計將於第三季完成。我們仍然致力於博茲曼，並將簽訂為期 10 年的回租協議，以繼續使用機庫和辦公室總部設施。

Turning to our guidance. With the continued strong fleet utilization in the second quarter and into the third quarter as well as a record as record task orders for our Super Scoopers, which served to lengthen the wildfire year, we expect to end 2025 at the higher end of our guidance range of $42 million to $48 million of adjusted EBITDA on revenue of $105 million to $111 million.

轉向我們的指導。由於第二季和第三季車隊利用率持續強勁，以及我們的超級鏟車任務訂單創下歷史新高（這有助於延長野火年），我們預計 2025 年底調整後 EBITDA 將達到指導範圍的高端，即 4200 萬美元至 4800 萬美元，營收為 1.05 億美元至 1.11 億美元。

The company also expects continued improvement in cash provided by operating activities. Our current guidance excludes any potential impact from Spanish Super Scoopers acquired by our MAB joint venture partnership. We plan to revisit our guidance after we report third quarter results, which we still expect will represent the bulk of our revenue and adjusted EBITDA for the year.

該公司也預計經營活動所提供的現金將繼續改善。我們目前的指導不包括我們 MAB 合資夥伴關係收購的西班牙超級湯匙公司的任何潛在影響。我們計劃在報告第三季業績後重新審視我們的預期，我們仍然預計第三季業績將占我們全年收入和調整後 EBITDA 的大部分。

With that, I'd like to turn the call back to Sam for final comments.

說完這些，我想把電話轉回 Sam，請他發表最後的評論。

Thank you, Eric. As we sit here today, all Bridger's Air Attack and sensor equipped fleet as well as six Super Scoopers are actively engaged in wildfire fighting activities. This includes our sensor-enhanced Kodiak under the exclusive-use contract within our home state of Montana. With the assistance of FMS's aircraft modification capabilities, we're currently engaging in night mapping missions, a significant enhancement to our aerial intelligence capabilities. The record 120-day task orders for four of our Super Scoopers also means a portion of our fleet will be engaged through mid-October, further supporting our strategy for year-round availability and enabling us to more fully utilize the excess capacity of our scoopers.

謝謝你，埃里克。今天，當我們坐在這裡時，布里傑的所有空襲和配備感測器的機隊以及六架超級鏟車都在積極參與野火撲滅活動。這包括我們在蒙大拿州境內根據獨家使用合約擁有感測器增強型 Kodiak 的車輛。在FMS飛機改裝能力的協助下，我們目前正在執行夜間測繪任務，這大大增強了我們的空中情報能力。我們的四艘超級鏟運機創紀錄地獲得了 120 天的任務訂單，這也意味著我們的部分船隊將一直運營到 10 月中旬，從而進一步支持我們的全年可用戰略，並使我們能夠更充分地利用鏟運機的過剩容量。

And as Eric stated, with our record six-month results and a busy start to the third quarter due to the increased adoption of our aircraft, we are currently trending towards the higher end of our annual guidance. We're also monetizing our campus to reduce debt and lower annual interest expense with the intent to provide funds to reinvest in the business. With a notable start to the year and actions like monetizing our campus, we're working to take the appropriate steps to improve our balance sheet.

正如艾瑞克所說，由於我們飛機的採用率增加，我們創下了創紀錄的六個月業績，並且第三季開局繁忙，我們目前正趨向於年度指導的高端。我們也將校園貨幣化，以減少債務和降低年度利息支出，目的是提供資金來重新投資於業務。隨著今年顯著的開端和校園貨幣化等行動，我們正在努力採取適當措施來改善我們的資產負債表。

Finally, with the support of our federal and government customers, legislation to prioritize early attack and suppression and additional budget dollars appropriated, we are incredibly well positioned to drive organic growth in the future, increase adjusted EBITDA and report another year of positive cash flow as we focus on generating solid returns for our stakeholders.

最後，在聯邦和政府客戶的支持下，在優先考慮早期攻擊和鎮壓的立法和額外預算撥款的幫助下，我們完全有能力推動未來的有機增長，增加調整後的 EBITDA，並報告另一年的正現金流，因為我們專注於為利益相關者創造可觀的回報。

Thanks again for joining our conference call today. We look forward to updating you on our progress when we report our Q3 results in November. We plan to be in Boston next week for the Canaccord Genuity Growth Conference and in the first week of September to be at the Gabelli Aerospace and Defense Symposium in New York. Hopefully, we will see some of you there. Additionally, if anyone has any follow-up questions, please reach out to our Investor Relations.

再次感謝您參加我們今天的電話會議。我們期待在 11 月報告第三季業績時向您通報我們的進展。我們計劃下週去波士頓參加 Canaccord Genuity Growth Conference，並於 9 月第一周前往紐約參加 Gabelli 航空航天和國防研討會。希望我們能在那裡見到你們。此外，如果有人有任何後續問題，請聯絡我們的投資者關係部門。

And with that, I would like to turn it back to the moderator and open up the call for any questions.

現在，我想將會議交還給主持人，並開始回答任何問題。

(Operator Instructions)

（操作員指示）

There appear to be no questions at this time. I will turn the call back to Sam Davis for closing remarks.

目前似乎沒有任何問題。我將把電話轉回給山姆戴維斯，請他作最後發言。

Okay. Well, thank you for joining our call today. With that, we'd like to close the call. And again, we'll be in touch with any of you through our Investor Relations for follow-up. Appreciate the time.

好的。好吧，感謝您今天參加我們的電話會議。至此，我們想結束本次通話。再次強調，我們將透過投資人關係部門與大家保持聯繫，以便跟進後續事宜。珍惜時間。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。