Bridger Aerospace Group Holdings, Inc. Warrant Q2 FY2025 earnings call

• Thanked the team for their dedication during a busy wildfire year. Q2 2025 financials showed record-breaking performance with doubled revenue and positive net income. - All 6 Super Scoopers and 2 PC-12s deployed in Alaska, secured 120-day task orders for Super Scoopers. - FMS contributed $0.4 million in Q2, optimistic about future growth despite short-term federal budgeting uncertainties. - Ignis Technologies linked real-time sensor imagery with mobile app for better situational awareness. - Developing FF72 water scooping aircraft with Positive Aviation, first delivery in 2029. - First 2 Spanish Scoopers have airworthiness certificates, others in return to service work. - President's executive order on wildland firefighting system, impact on industry and opportunities for Bridger.

In the second quarter of 2025, Bridger Aerospace's revenue reached a record $30.8 million, a 136% increase from $13 million in Q2 2024. Excluding revenue from the return to service work on the 4 Spanish Super Scoopers ($5.1 million in Q2 2025 vs $1.8 million in Q2 2024), ongoing operations revenue more than doubled to $25.7 million. Cost of revenues in Q2 2025 was $18.7 million, with flight operations expenses at $7.9 million and maintenance expenses at $10.8 million. Selling, general and administrative expenses were $6.5 million in Q2 2025 compared to $7.9 million in Q2 2024. Adjusted EBITDA for Q2 2025 was $10.8 million vs $0.2 million in Q2 2024. For the first 6 months of 2025, revenue was $46.4 million, a 150% increase from $18.5 million in the first 6 months of 2024. Cost of revenues was $35.9 million, and adjusted EBITDA was $5.7 million vs negative $6.7 million in the first 6 months of 2024. FMS contributed $0.4 million in revenue during Q2.

• Expect to end 2025 with adjusted EBITDA in the range of $42 million to $48 million and revenue $105 million to $111 million, trending towards the higher end. - Plan to revisit guidance after Q3 results. - Monetizing Bozeman campus via sale-leaseback to repay debt and lower interest expense.

• Limitations to activation of Spanish Scoopers due to lack of appropriation prior to the wildfire season. - Federal budgeting uncertainties impacting FMS revenues in the short term.

Q: No questions reported A: No questions