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BELGRADE, Mont. - Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER, BAERW), whose stock has surged nearly 26% in the past week according to InvestingPro data, has been selected by the State of Montana to provide exclusive wildfire detection and mapping services, the company announced today. The contract, secured through a competitive bidding process, tasks Bridger Aerospace with deploying a modified Daher Kodiak 100 aircraft equipped with advanced sensors for the task.
The agreement is set for an initial term of one year, with the possibility of two additional extension years, subject to state funding. It guarantees a minimum of 120 days of service availability each year, representing a base annual value of $648,000. Additional days and flight hours will add to the contract's value. This contract comes as the company, currently valued at $76.45 million, has demonstrated strong revenue growth of 47.83% over the last twelve months, despite not yet achieving profitability, based on InvestingPro analysis.
Sam Davis, CEO of Bridger Aerospace, highlighted the significance of the contract for the company, particularly because it involves operations in its home state of Montana. According to Davis, the company's air attack and sensor-equipped fleet is now nearly fully committed or in operation for the 2025 fire season.
The contract is a result of the first collaborative effort between Bridger and FMS Aerospace since Bridger's acquisition of FMS in 2024. Their combined expertise is expected to enhance wildfire response in Montana by providing rapid hotspot identification, accurate fire perimeter mapping, and timely infrared imagery to firefighting teams.
Bridger Aerospace, with headquarters in Belgrade, Montana, is recognized as one of the leading aerial firefighting companies in the United States. It offers services nationwide and internationally, catering to federal and state agencies, including the United States Forest Service. The company maintains a healthy financial position with a current ratio of 2.73, indicating strong ability to meet short-term obligations. Investors seeking detailed analysis can access comprehensive financial metrics and 12 additional ProTips through InvestingPro's exclusive research reports.
This new contract underscores Bridger Aerospace's expanding portfolio of exclusive-use contracts and its commitment to supporting firefighting and emergency response efforts with its specialized aircraft and technology. The information provided is based on a press release statement from Bridger Aerospace Group Holdings, Inc.
In other recent news, Bridger Aerospace Group Holdings Inc. reported a significant increase in revenue for the fourth quarter of 2024, reaching $15.6 million, up from $1.1 million in the same period the previous year. For the full year, the company's revenue surged by 48% to $98.6 million, despite a net loss of $15.6 million, which marked an improvement from the $77.4 million loss in 2023. Bridger Aerospace has also initiated a $100 million at-the-market equity issuance program, allowing for the sale of common stock shares to bolster its financial position. Furthermore, the company announced a partnership with Positive Aviation to introduce the FF72 firefighting aircraft to North America, with plans to purchase up to twenty units.
In other developments, Sam Davis has been appointed as the permanent CEO of Bridger Aerospace after serving in an interim capacity since July 2024. Canaccord Genuity recently adjusted its price target for Bridger Aerospace to $5.00 from $6.00 while maintaining a Buy rating, reflecting continued support for the company's stock. The adjustment comes amidst Bridger's active involvement in aerial firefighting operations across the United States. Additionally, Bridger Aerospace's operational activities have been robust, with aircraft deployed for ten months out of the year, and the company is anticipating consistent activity in 2025. These recent developments highlight Bridger Aerospace's strategic efforts to expand its fleet, strengthen its financial standing, and enhance its leadership in aerial firefighting.
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