0001628280-24-036974 | 10-Q | XBRL Viewer | Bridger Aerospace Group Holdings INC

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Property, Plant and Equipment, Net - Narrative (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets			$ 0	$ 627,000
Aircraft
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 0	$ 600,000	0	600,000
Air Transportation Equipment
Property, Plant and Equipment [Line Items]
Interest costs capitalized		400,000		800,000
Cost of Revenues
Property, Plant and Equipment [Line Items]
Depreciation	1,600,000	3,000,000.0	2,500,000	4,000,000.0
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Depreciation	300,000	200,000	700,000	900,000
Gain (loss) on disposal of assets	$ 0	$ (300,000)	$ (200,000)	$ (400,000)

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 19 – RELATED PARTY TRANSACTIONS For the three and six months ended June 30, 2024 and 2023, the Company incurred zero and $0.6 million, respectively, in training expenses provided by an entity in which Mr. Timothy Sheehy has a partial ownership, with zero and $0.1 million in related outstanding accounts payable as of June 30, 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 $5.7 million of right-of-use assets, $1.7 million of right-of-use current liabilities, and $4.0 million of right-of-use noncurrent liabilities as of June 30, 2024, respectively, and incurred approximately $0.3 million in lease expense for the three and six months ended June 30, 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. The Company had $0.1 million in related outstanding accounts payable as of June 30, 2024. For the three and six months ended June 30, 2023, the Company earned $0.1 million and $0.4 million, respectively, 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. One of the participating senior executives of the Company left the Company during the three months ended June 30, 2024 and was no longer deemed a related party as of June 30, 2024. The Company held approximately $9.0 million of the Series 2022 Bonds as of June 30, 2024. The Company accrued approximately $0.4 million in interest for these two bond holders as of June 30, 2024 and December 31, 2023, respectively. The Company paid approximately zero and $0.6 million in interest to these bond holders during the three and six months ended June 30, 2024 and 2023, and incurred approximately $0.3 million and $0.6 million in interest for the three and six months ended June 30, 2024 and 2023, respectively. Refer to “Note 15 – Long-Term Debt” included in this Quarterly Report for additional information on the Series 2022 Bonds.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2024 and December 31, 2023, the Company recorded $19.6 million and $18.0 million to Stockholders’ deficit in the Condensed Consolidated Balance Sheets, respectively. For the three and six months ended June 30, 2023, the Company recorded zero and $0.5 million, respectively, 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.

Our contract assets include costs and estimated earnings in excess of billings as well as amounts due under contractual provisions. Costs and estimated earnings in excess of billings represent amounts earned and reimbursable under contracts and have a conditional right for billing and payment such as achievement of milestones or completion of the project. Contract assets are recorded as unbilled receivable within Accounts and note receivable in the Condensed Consolidated Balance Sheets. When the right to consideration is unconditional, which is when payment is due only upon the passage of time and the Company has invoiced customers for performance obligations that have been satisfied, contract assets are considered to be accounts receivable. 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 and six months ended June 30, 2024 includes $1.8 million and $2.8 million, respectively, 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:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
$s in thousands	2024		2023		2024		2023
Fire suppression	$	7,466	$	10,449	$	11,347	$	10,449
Aerial surveillance	3,514		1,124		4,097		1,124
Other services	2,034		43		3,077		408
Total revenues	$	13,014	$	11,616	$	18,521	$	11,981

The following table presents the disaggregation of revenue by type:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
$s in thousands	2024		2023		2024		2023
Flight revenue	$	4,483	$	5,794	$	5,396	$	5,794
Standby revenue	6,511		5,136		9,979		5,136
Other revenue	2,020		686		3,146		1,051
Total revenues	$	13,014	$	11,616	$	18,521	$	11,981

Concentration Risk

For the three months ended June 30, 2024, the Company had three customers who individually accounted for 61%, 20%, and 14% of total revenues, respectively. For the six months ended June 30, 2024, the Company had three customers who individually accounted for 63%, 16%, and 15% of total revenues, respectively. For the three months ended June 30, 2023, the Company had three customers who individually accounted for 41%, 30%, and 27% of total revenues, respectively. For the six months ended June 30, 2023, the Company had three customers who individually accounted for 39%, 30%, and 26% of total revenues, respectively. As of June 30, 2024, two customers accounted for 40% and 33% 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 benefit, 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) earnings 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) earnings 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) earnings 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 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.

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 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.

Accounts and Note Receivable - Accounts and Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	$ 12,690	$ 4,113
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	11,408	681
Unbilled receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	1,023	0
Note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	0	3,000	$ 3,000
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	$ 259	$ 432

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41603
Entity Registrant Name	BRIDGER AEROSPACE GROUP HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3599336
Entity Address, Address Line One	90 Aviation Lane
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 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 Common Stock, Shares Outstanding		53,165,227
Entity Central Index Key	0001941536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
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

Acquisition Activity (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price allocation:


$s in thousands	Purchase Price Allocation
Cash and cash equivalents	$	2,592
Accounts receivable1	2,684
Inventory	265
Prepaid expenses and other current assets	124
Intangible assets, net	3,900
Property, plant and equipment, net	1,014
Other noncurrent assets	838
Accounts payable	(259)
Dividends payable	(800)
Deferred revenue	(90)
Accrued expenses and other current liabilities	(170)

Deferred tax liability	(490)
Total identifiable net assets	9,608
Goodwill	11,578
Total purchase price	$	21,186

1 Balance includes $1.0 million in unbilled receivable.

The following table summarizes the final purchase price allocation:


$s in thousands	Purchase Price Allocation
Cash and cash equivalents	$	3
Intangible assets, net	1,300
Accounts payable	(37)
Long-term accrued expenses and other noncurrent liabilities	(67)
Deferred tax liability	(314)
Total identifiable net assets	885
Goodwill	10,676
Total purchase price	$	11,561

Cash Equivalents and Investments in Marketable Securities - Narrative (Detail) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Unrealized gain (loss) on investments on marketable securities	$ 0		$ (28,000)	$ 319,000	$ 0	$ 291,000
Proceeds from sale of available for sale securities					1,100,000	0
Debt securities, AFS, realized gain					42,700,000	400,000
Reclassification of realized gain (loss) to accumulated other comprehensive income	$ 0	$ (30,000)	$ 208,000	$ 173,000	$ (30,000)	$ 381,000

Related Party Transactions - Narrative (Detail)
€ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Nov. 17, 2023

USD ($)

Aug. 10, 2022

USD ($)

Jul. 21, 2022

USD ($)

Aug. 10, 2022

USD ($)

Jun. 30, 2024

USD ($)

Jun. 30, 2023

USD ($)

Jun. 30, 2024

USD ($)

Jun. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Nov. 17, 2023

EUR (€)

Jul. 10, 2023

leaseAgreement

Accounts payable

^[1]

$ 4,516,000

$ 3,978,000

Purchase agreement, consideration to be received | €

€ 40.3

Other noncurrent assets

^[2]

16,293,000

16,771,000

Operating right-of-use current liability

^[3]

2,153,000

Operating right-of-use noncurrent liability

^[4]

5,017,000

5,779,000

Revenues

^[5]

13,014,000

$ 11,616,000

18,521,000

$ 11,981,000

Long-term debt, net of debt issuance costs

^[6]

203,586,000

204,585,000

Accrued expenses and other current liabilities

^[7]

16,183,000

17,168,000

Preferred Class B

Payments to acquire interest in subsidiaries and affiliates

$ 4,000,000

Accounts payable

100,000

Purchase agreement, consideration to be received | €

€ 40.3

Other noncurrent assets

5,700,000

6,300,000

Operating right-of-use current liability

1,700,000

Operating right-of-use noncurrent liability

4,000,000.0

4,600,000

Operating lease, expense

300,000

Revenues

100,000

200,000

400,000

Long-term debt, net of debt issuance costs

9,000,000.0

10,000,000.0

Accrued expenses and other current liabilities

400,000

Related Party | 2022 Bonds

Proceeds from debt

$ 25,000,000.0

$ 135,000,000.0

Proceeds from related party debt

$ 10,000,000.0

Interest paid

600,000

Interest expense, debt

300,000

600,000

300,000

600,000

Related Party | Mr. Timothy Sheehy

Training expense

600,000

Accounts payable

$ 0

$ 100,000

Number of operating leases | leaseAgreement

Revenues

$ 100,000

$ 400,000

Related Party | Avenue Investor | MAB

Investment owned (in shares) | shares

13,031

Related Party | Preferred Class B

Payments to acquire interest in subsidiaries and affiliates

4,000,000

Payments to acquire interest in subsidiaries and affiliates

$ 13,000,000

Subsidiary, ownership percentage, noncontrolling owner

10.00%

[1]	Includes related party accounts payable of $0.1 million and $0.1 million as of June 30, 2024 and December 31, 2023, respectively.
[2]	Includes related party operating lease right-of-use assets of $5.7 million and $6.3 million as of June 30, 2024 and December 31, 2023, respectively.
[3]	Includes related party operating lease right-of-use current liabilities of $1.7 million as of June 30, 2024 and December 31, 2023, respectively.
[4]	Includes related party operating lease right-of-use noncurrent liabilities of $4.0 million and $4.6 million as of June 30, 2024 and December 31, 2023, respectively.
[5]	Includes related party revenues of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2023, respectively.
[6]	Includes related party debt of $9.0 million and $10.0 million as of June 30, 2024 and December 31, 2023, respectively.
[7]	Includes related party accrued interest expense of $0.4 million as of June 30, 2024 and December 31, 2023, respectively.

Acquisition Activity - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 28, 2024	Sep. 12, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent consideration	$ 5,857,000			$ 8,486,000
Goodwill	$ 24,741,000			$ 13,163,000
Trade name
Business Acquisition [Line Items]
Estimated life (years)	9 years 6 months
Customer relationships
Business Acquisition [Line Items]
Estimated life (years)	3 years 6 months
Contracts
Business Acquisition [Line Items]
Estimated life (years)	5 years 6 months
IPR&D
Business Acquisition [Line Items]
Estimated life (years)	5 years			5 years
FMS Aerospace
Business Acquisition [Line Items]
Total purchase price		$ 21,200,000
Consideration payable at closing		$ 19,000,000.0
Number of consecutive trading days used to determine volume-weighted average price per share (in days)		90 days
Contingent consideration	$ 2,200,000
Volume-weighted average per-share price (VWAP), days		90 days
Maximum contingent consideration issuable (in shares)		5,892,509
Business combination, transfer restriction period	18 months
Acquiree, monthly vesting period	18 months
Goodwill	$ 11,578,000
Goodwill, expected tax deductible amount	$ 0
Acquiree, percent of common stock vesting		5.55555%
FMS Aerospace \| Trade name
Business Acquisition [Line Items]
Estimated life (years)	9 years 6 months
FMS Aerospace \| Customer relationships
Business Acquisition [Line Items]
Estimated life (years)	3 years 6 months
FMS Aerospace \| Contracts
Business Acquisition [Line Items]
Estimated life (years)	5 years 6 months
FMS Aerospace \| Restricted Stock
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares)		3,728,945
Ignis Technology
Business Acquisition [Line Items]
Total purchase price			$ 11,600,000
Consideration payable at closing			$ 3,300,000
Number of consecutive trading days used to determine volume-weighted average price per share (in days)	120 days		30 days
Contingent consideration	$ 3,300,000
Volume-weighted average per-share price (VWAP), days			120 days
Maximum contingent consideration issuable (in shares)			8,399,198
Business combination, transfer restriction period			12 months
Acquiree, monthly vesting period			1 year
Goodwill	10,700,000			$ 10,676,000
Goodwill, expected tax deductible amount	$ 0
Acquiree, percent of common stock vesting			8.33333%
Ignis Technology \| IPR&D
Business Acquisition [Line Items]
Estimated life (years)	5 years
Ignis Technology \| Restricted Stock
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares)			426,531

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment, Net

Property, plant and equipment, net consist of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Aircraft	$	185,797	$	186,167
Less: Accumulated depreciation	(27,420)		(25,656)
Aircraft, net	158,377		160,511

Leasehold improvements	36,536		35,941
Vehicles and equipment	4,338		2,993
Construction-in-progress - Leasehold improvements	5		5
Finance lease right-of-use asset	121		121
Licenses	235		235
Capitalized software and development costs	30		—
Less: Accumulated depreciation	(4,251)		(3,195)
Leasehold improvements and equipment, net	37,014		36,100
Total property, plant and equipment, net	$	195,391	$	196,611

Goodwill and Intangible Assets, Net - Narrative (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 24,741,000		$ 24,741,000		$ 13,163,000
Goodwill impairment loss	0	$ 0	0	$ 0
Amortization of other noncurrent assets	$ 27,000	$ 27,000	$ 100,000	$ 100,000
IPR&D
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	5 years		5 years		5 years
Capitalized computer software, additions	$ 500,000		$ 800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Cash Equivalents and Investments in Marketable Securities

6 Months Ended

Jun. 30, 2024

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:


	As of June 30, 2024		As of December 31, 2023
($s in thousands)	Carrying Value
Cash equivalents:
Commercial paper	$	—	$	1,974
Money market fund	8,167		11,208
Total cash equivalents	$	8,167	$	13,182
Restricted cash:
Money market fund	$	14,019	$	13,981


	As of December 31, 2023
$s in thousands	Purchase Price		Unrealized Gains		Unrealized Losses		Fair Value
Investment in marketable securities:
Government securities	$	999	$	10	$	—	$	1,009
Total marketable securities	$	999	$	10	$	—	$	1,009

The net unrealized gain included in Accumulated other comprehensive income for the three and six months ended June 30, 2024 is zero, respectively. The net unrealized (loss) gain included in Accumulated other comprehensive income for the three and six months ended June 30, 2023 is $(28,000) and $0.3 million, respectively.

The proceeds from sales of available-for-sale securities and gross realized gains included in earnings for the six months ended June 30, 2024 and 2023 are $1.1 million and zero, respectively, and $42.7 million and $0.4 million, respectively. The Company determines gains and losses using the first-in first-out method. The (gain) loss reclassified out of Accumulated other comprehensive income for the three and six months ended June 30, 2024 is zero and $30,000, respectively. The gain reclassified out of Accumulated other comprehensive income for the three and six months ended June 30, 2023 was $0.2 million and $0.4 million, respectively.

Interest Rate Swap - Narrative (Detail)	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Line Items]
Receive Rate	0.11448%	2.61448%
Contractual SOFR Margin
Derivative Instruments And Hedging Activities Disclosure [Line Items]
Receive Rate	2.50%

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2024

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:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Prepaid insurance	$	1,488	$	1,324
Prepaid subscriptions	1,204		1,115
Deposits	182		120
Other	63		89
Total prepaid expenses and other current assets	$	2,937	$	2,648

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 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 June 30, 2024, the Company owns fourteen aircraft, including six Viking CL-415EAFs (“Super Scoopers”), three 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 (this “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 and six months ended June 30, 2024, the Company had an operating loss of $4.8 million and $20.1 million, respectively, net loss of $10.0 million and $30.1 million, respectively, and net cash used in operating activities of $22.6 million for the six months ended June 30, 2024. In addition, as of June 30, 2024, the Company had unrestricted cash and cash equivalents of $8.5 million. The Company is not in compliance with the DSCR covenant as of June 30, 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. The Company is in compliance with the $8.0 million minimum liquidity requirement as of June 30, 2024. However, management anticipates that the Company 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 and 2025. 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 18 – Stockholders’ Deficit,” 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 and 2025, 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 may seek to raise additional cash through sales of Bridger’s common stock, par value $0.0001 (“Common Stock”), through our at-the-market offering, described in further detail in “Note 18 – Stockholders’ Deficit” included in this Quarterly Report, and other offerings. 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 and six months ended June 30, 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 June 30, 2024 and December 31, 2023, the results of the Company’s operations for the three and six months ended June 30, 2024 and 2023 and the Company’s cash flows for the three and six months ended June 30, 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 June 30, 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 and six months ended June 30, 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/A 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 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.”

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 14 – FAIR VALUE MEASUREMENTS

Long-term debt

As of June 30, 2024, the Company has $160.2 million of fixed rate debt and $49.7 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 June 30, 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:


	As of June 30, 2024
$s in thousands	Level 1		Level 2		Level 3
Assets
Cash	$	8,526	$	—	$	—



Restricted cash:
Money market fund	14,019		—		—
Total restricted cash	14,019		—		—

Interest rate swap	—		1,212		—
Total assets	$	22,545	$	1,212	$	—
Liabilities
Warrant liabilities – Public Warrants	$	2,242	$	—	$	—
Warrant liabilities – Private Placement Warrants	—		1,222		—
Contingent consideration	—		—		5,857

Total liabilities	$	2,242	$	1,222	$	5,857


	As of December 31, 2023
$s in thousands	Level 1		Level 2		Level 3
Assets
Cash	$	22,956	$	—	$	—
Restricted cash:
Money market fund	13,981		—		—
Total restricted cash	13,981		—		—
Investments in marketable securities	—		1,009		—
Interest rate swap	—		1,117		—
Total assets	$	36,937	$	2,126	$	—
Liabilities
Warrant liabilities – Public Warrants	$	3,622	$	—	$	—
Warrant liabilities – Private Placement Warrants	—		1,974		—
Contingent consideration	—		—		8,486
Embedded derivative of Series A Preferred Stock	—		—		885
Total liabilities	$	3,622	$	1,974	$	9,371

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 Acquisitions, the Company is required to make contingent payments to the sellers based on the achievement of certain operational milestones, in the case of the Ignis Acquisition, and based on the achievement of certain earnout conditions, in the case of the FMS Acquisition. The fair value of the liability for the contingent payments recognized upon the Acquisitions as part of the purchase accounting opening balance sheet totaled $5.9 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 achieving certain operational milestones and earnout conditions in the case of the Ignis Acquisition and the FMS Acquisition, respectively. 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 June 30, 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

(Loss) Earnings Per Share - Schedule of Company's Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (9,981,000)	$ (20,087,000)	$ (19,022,000)	$ (44,685,000)	$ (30,068,000)	$ (63,707,000)
Adjustments to Net loss:
Series A Preferred Stock—adjustment for deemed dividend upon Closing	0		0		0	(48,300,000)
Series A Preferred Stock—adjustment to eliminate 50% multiplier	0		0		0	156,362,000
Series A Preferred Stock—adjustment to maximum redemptions value	(6,196,000)		(5,806,000)		(12,385,000)	(10,080,000)
(Loss) earnings attributable to Common Stockholders – basic	(16,177,000)		(24,828,000)		(42,453,000)	34,275,000
Change in fair value of embedded derivative	0		0		0	224,000
Dilutive adjustments to (Loss) earnings attributable to Common stockholders – basic	0		0		0	(97,982,000)
Loss attributable to Common stockholders - diluted	$ (16,177,000)		$ (24,828,000)		$ (42,453,000)	$ (63,483,000)
Weighted average Common Stock outstanding - basic
Weighted average Common Stock outstanding – basic (in shares)	48,326,688		45,388,892		47,964,465	44,443,930
Weighted average effect of dilutive securities:
Series A Preferred Stock (in shares)	0		0		0	31,158,962
Weighted average Common Stock outstanding - diluted (in shares)	48,326,688		45,388,892		47,964,465	75,602,892
Basic and Diluted Net Income Loss per Share [Abstract]
(Loss) earnings per share - basic (in dollars per share)	$ (0.33)		$ (0.55)		$ (0.89)	$ 0.77
Loss per share - diluted (in dollars per share)	$ (0.33)		$ (0.55)		$ (0.89)	$ (0.84)

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue by Type (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items]

Revenues

^[1]

$ 13,014

$ 11,616

$ 18,521

$ 11,981

Flight revenue

Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items]

Revenues

4,483

5,794

5,396

5,794

Standby revenue

Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items]

Revenues

6,511

5,136

9,979

5,136

Other revenue

Disclosure in Tabular Form of Disaggregation of Revenue by Product and Service [Line Items]

Revenues

$ 2,020

$ 686

$ 3,146

$ 1,051

[1]	Includes related party revenues of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2023, respectively.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Aircraft Support Parts (Tables)

6 Months Ended

Jun. 30, 2024

Other Industries [Abstract]

Schedule of Aircraft Support Parts

Aircraft support parts consist of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Repairables and expendables	$	477	$	488
Other	265		—
Total aircraft support parts	$	742	$	488

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Aircraft [Abstract]
Aircraft	$ 185,797	$ 186,167
Less: Accumulated depreciation	(27,420)	(25,656)
Aircraft, net	158,377	160,511
Other [Abstract]
Finance lease right-of-use asset	121	121
Less: Accumulated depreciation	(4,251)	(3,195)
Leasehold improvements and equipment, net	37,014	36,100
Total property, plant and equipment, net	195,391	196,611
Leasehold improvements
Other [Abstract]
Property, plant and equipment, gross	36,536	35,941
Vehicles and equipment
Other [Abstract]
Property, plant and equipment, gross	4,338	2,993
Construction-in-progress - Leasehold improvements
Other [Abstract]
Property, plant and equipment, gross	5	5
Licenses
Other [Abstract]
Property, plant and equipment, gross	235	235
Capitalized software and development costs
Other [Abstract]
Property, plant and equipment, gross	$ 30	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenues

^[1]

$ 13,014

$ 11,616

$ 18,521

$ 11,981

Selling, general and administrative expense

^[2]

7,902

15,187

19,512

48,416

Interest expense

^[3]

5,854

5,541

11,777

11,206

Related Party

Revenues

100

200

400

Selling, general and administrative expense

400

200

1,400

300

Interest expense

$ 300

$ 600

[1]	Includes related party revenues of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2023, respectively.
[2]	Includes related party cost of revenues of $0.4 million and $1.4 million for the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2023, respectively.
[3]	Includes related party interest expense of $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2023, respectively.

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (9,981)	$ (20,087)	$ (19,022)	$ (44,685)	$ (30,068)	$ (63,707)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 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:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Prepaid insurance	$	1,488	$	1,324
Prepaid subscriptions	1,204		1,115
Deposits	182		120
Other	63		89
Total prepaid expenses and other current assets	$	2,937	$	2,648

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)
$ in Thousands

6 Months Ended

Aug. 10, 2022

Jul. 21, 2022

Nov. 18, 2021

Sep. 09, 2021

Oct. 01, 2020

Aug. 21, 2020

Feb. 03, 2020

Sep. 20, 2019

Jun. 30, 2024

Dec. 31, 2023

Dec. 31, 2020

Debt Instrument [Line Items]

Loans payable

$ 209,908

$ 211,374

Less: noncurrent debt issuance costs

(3,246)

(3,695)

Less: current debt issuance costs

(1,002)

(995)

Less: current portion of long-term debt, net of debt issuance costs

(2,074)

(2,099)

Long-term debt, net of debt issuance costs

^[1]

203,586

204,585

New Short Term Loan to Finance Aviation Insurance Premium

Debt Instrument [Line Items]

Debt issuance costs gross

$ 0

Debt instrument face value

$ 600

Long term debt term

1 year

Short term debt bearing fixed interest rate percentage

3.89%

Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 2027

Debt Instrument [Line Items]

Loans payable

$ 160,000

160,000

Debt instrument variable interest rate spread

11.50%

Proceeds from other long term debt

$ 25,000

$ 135,000

Long term debt bearing fixed interest rate percentage

11.50%

Debt issuance costs gross

$ 4,200

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%

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

$ 17,975

18,391

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

18,044

18,457

Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 2030

Debt Instrument [Line Items]

Loans payable

10,144

10,466

Debt issuance costs gross

$ 100

Debt instrument face value

$ 12,900

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

3,534

3,813

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

Debt instrument face value

$ 5,600

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

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

$ 211

$ 247

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

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

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

Debt instrument face value

$ 19,000

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

Debt instrument face value

$ 19,000

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%

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%

[1]	Includes related party debt of $9.0 million and $10.0 million as of June 30, 2024 and December 31, 2023, respectively.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Long-Term Debt Instruments

Long-term debt consisted of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 20271	$	160,000	$	160,000
Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 20352	17,975		18,391
Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 20352	18,044		18,457
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 20303	10,144		10,466
Term loan agreement dated February 3, 2020, SOFR + 2.61448% interest rate, maturing February 3, 20274	3,534		3,813
Various term loan agreements, earliest start at September 9, 2021, 3.89-5.5% interest rates, latest maturation on November 17, 20275	211		247
Loans payable	209,908		211,374
Less: noncurrent debt issuance costs	(3,246)		(3,695)
Less: current debt issuance costs	(1,002)		(995)
Less: current portion of long-term debt, net of debt issuance costs	(2,074)		(2,099)
Total long-term debt, net of debt issuance costs	$	203,586	$	204,585

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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Accrued Expenses and Other Liabilities - Change in Contingent Consideration (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Contingent Consideration [Roll Forward]
Beginning balance	$ 8,486
Change in fair value of contingent consideration	207
Addition of contingent consideration from FMS Acquisition	2,164
Settlement of contingent consideration	(5,000)
Ending balance	$ 5,857

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Cash Flows from Operating Activities:

Net loss

$ (30,068)

$ (63,707)

Adjustments to reconcile net loss to net cash used in operating activities, net of acquisition:

Loss on disposal of fixed assets

237

392

Depreciation and amortization

3,288

4,986

Impairment of long-lived assets

627

Stock-based compensation expense

10,350

32,046

Deferred tax benefit

(490)

Change in fair value of the Warrants

(2,132)

(533)

Change in fair value of freestanding derivative

Amortization of debt issuance costs

442

484

Change in fair value of embedded derivative

(885)

(224)

Change in fair value of earnout consideration

207

Realized gain on investments in marketable securities

(16)

(408)

Changes in operating assets and liabilities

Accounts and note receivable

^[1]

(5,893)

(11,787)

Aircraft support parts

1,326

Prepaid expense and other current and noncurrent assets

1,245

(3,339)

Accounts payable, accrued expenses and other liabilities

^[2]

1,146

(13,359)

Net cash used in operating activities

(22,558)

(53,445)

Cash Flows from Investing Activities:

Proceeds from sales and maturities of marketable securities

1,055

42,724

Purchases of property, plant and equipment

(1,948)

(12,528)

Expenditures for capitalized software

(756)

Investments in construction in progress – leasehold improvements

(2,445)

Sale of property, plant and equipment

505

814

Cash acquired through acquisition

2,592

Net cash provided by investing activities

1,448

28,565

Cash Flows from Financing Activities:

Repayments on debt

(1,466)

(880)

Payment of issuance costs for Common Stock in offerings

(674)

Proceeds from issuance of Common Stock in the at-the-market offering

168

Proceeds from issuance of Common Stock in the registered direct offering

9,169

Payment of finance lease liability

(13)

(16)

Costs incurred related to the Closing

(6,794)

Proceeds from the Closing

3,194

Restricted stock units settled in cash

(466)

Net cash provided by (used in) financing activities

6,718

(4,496)

Effects of exchange rate changes

Net change in cash, cash equivalents and restricted cash

(14,392)

(29,375)

Cash, cash equivalents and restricted cash – beginning of the period

36,937

42,460

Cash, cash equivalents and restricted cash – end of the period

22,545

13,085

Less: Restricted cash – end of the period

14,019

12,240

Cash and cash equivalents – end of the period

$ 8,526

$ 845

[1]	Includes related party accounts receivable of $0.4 million for the six months ended June 30, 2023.
[2]	Includes related party accounts payable of $0.1 million for the six months ended June 30, 2024.

Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue by Service (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Disaggregation of Revenue [Line Items]

Revenues

^[1]

$ 13,014

$ 11,616

$ 18,521

$ 11,981

Fire suppression

Disaggregation of Revenue [Line Items]

Revenues

7,466

10,449

11,347

10,449

Aerial surveillance

Disaggregation of Revenue [Line Items]

Revenues

3,514

1,124

4,097

1,124

Other services

Disaggregation of Revenue [Line Items]

Revenues

$ 2,034

$ 43

$ 3,077

$ 408

[1]	Includes related party revenues of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2023, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Acquisition Activity

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition Activity

NOTE 9 – ACQUISITION ACTIVITY

2024 Acquisition Activity

On June 28, 2024, the Company completed the acquisition of all the equity interests of Flight Test & Mechanical Solutions, Inc. (“FMS” and the “FMS Acquisition”), a turn-key provider of airframe modification and integration solutions for government and commercial customers including instrumentation, flight testing and airworthiness certification, for total consideration of $21.2 million, payable in unregistered shares of Bridger’s Common Stock, consisting of $19.0 million payable at closing. At closing, 3,728,945 restricted shares of Common Stock were issued to the former stockholders of FMS (determined based upon a volume-weighted average per-share price (“VWAP”) of the Common Stock for the 90 consecutive trading days ended June 27, 2024). The remaining $2.2 million of Common Stock consideration that is contingent upon the achievement of certain earnout conditions and, assuming achievement of such conditions, will be issued to the former stockholders of FMS in 2025 and 2026 with the price per share determined based upon a trailing 90-day VWAP of the Common Stock at the time of each issuance. The maximum number shares of Common Stock issuable to the FMS shareholders as contingent earnout consideration will not exceed 5,892,509 shares in the aggregate. All of the shares of Common Stock to be issued in the FMS Acquisition will be subject to transfer restrictions for an 18-month period after each issuance, with the transfer restrictions expiring with respect to 1/18th of the total shares of Common Stock each month over the 18-month period after each issuance.

None of the shares of Common Stock issued or issuable in connection with the FMS Acquisition were registered under the Securities Act of 1933, as amended (the “Securities Act”), on the FMS 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 FMS Acquisition will have customary resale registration rights with respect to such shares of Common Stock pursuant to the terms and conditions of the FMS Acquisition.

The Company accounted for the FMS Acquisition under the acquisition method of accounting and has reported the results of operations of the FMS Acquisition as of the respective date of the FMS Acquisition. The Company based the estimated fair values of intangible assets on an income approach utilizing the relief from royalties and excess earnings methods. 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 FMS Acquisition over the fair value of net assets acquired as goodwill. The goodwill reflects our expectations of favorable future growth opportunities.

The Company has not presented pro forma combined results for the FMS Acquisition because the impact on previously reported statements of operations was not material.

The Company has performed a preliminary valuation analysis of the fair market value of the assets acquired and liabilities assumed in the FMS Acquisition. The preliminary purchase price allocation will be subject to further refinement as management continues to implement the Company’s accounting policies and refine its estimates and assumptions based on the information available at the acquisition date. The allocations of acquired intangible assets, goodwill, deferred taxes, and the analysis around revenue and accounting policy alignment are being finalized. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The estimated useful lives of acquired intangible assets are also preliminary. The final purchase price allocation will be determined when the Company has completed and fully reviewed the detailed valuations. The purchase price allocation adjustments can be made throughout the end of the Company’s measurement period, which is not to exceed one year from the acquisition date.

The following table summarizes the preliminary purchase price allocation:


$s in thousands	Purchase Price Allocation
Cash and cash equivalents	$	2,592
Accounts receivable1	2,684
Inventory	265
Prepaid expenses and other current assets	124
Intangible assets, net	3,900
Property, plant and equipment, net	1,014
Other noncurrent assets	838
Accounts payable	(259)
Dividends payable	(800)
Deferred revenue	(90)
Accrued expenses and other current liabilities	(170)

Deferred tax liability	(490)
Total identifiable net assets	9,608
Goodwill	11,578
Total purchase price	$	21,186

1 Balance includes $1.0 million in unbilled receivable.

Goodwill of $11.6 million arising from the FMS Acquisition is primarily attributable to the assembled workforce of FMS and expected synergies from combining operations. None of the acquired goodwill is expected to be deductible for income tax purposes. Acquired intangible assets consist of the following:

•Trade name: expected to be amortized over its useful life of 9.5 years as of the date of the FMS Acquisition. The fair value of the trade name was determined using the relief from royalty method.

•Customer relationships: expected to be amortized over its useful life of 3.5 years as of the date of the FMS Acquisition. The fair value of the customer relationships were determined using the multi-period excess earnings method.

•Contracts: expected to be amortized over its useful life of 5.5 years when placed into service. The fair value of the contracts were determined using the multi-period excess earnings method.

2023 Acquisition Activity

On September 12, 2023, the Company completed the acquisition of all the outstanding equity interests of Ignis Technologies, Inc. (“Ignis” and the “Ignis 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 VWAP) of the Common Stock for the 30 consecutive trading days ended September 11, 2023). The remaining $3.3 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 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 Ignis 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 one-year period after each issuance.

None of the shares of Common Stock issued or issuable in connection with the Ignis Acquisition were registered under the Securities Act on the Ignis 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 Ignis Acquisition will have customary resale registration rights with respect to such shares of Common Stock pursuant to the terms and conditions of the Ignis Acquisition.

The Company accounted for the Ignis Acquisition under the acquisition method of accounting and has reported the results of operations of the Ignis Acquisition as of the respective date of the Ignis 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 Ignis 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 Ignis 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 Ignis Acquisition. The following table summarizes the final purchase price allocation:


$s in thousands	Purchase Price Allocation
Cash and cash equivalents	$	3
Intangible assets, net	1,300
Accounts payable	(37)
Long-term accrued expenses and other noncurrent liabilities	(67)
Deferred tax liability	(314)
Total identifiable net assets	885
Goodwill	10,676
Total purchase price	$	11,561

Goodwill of $10.7 million arising from the Ignis 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Income Statement [Abstract]

Revenues

^[1]

$ 13,014,000

$ 11,616,000

$ 18,521,000

$ 11,981,000

Cost of revenues:

Flight operations

5,106,000

6,299,000

10,115,000

10,032,000

Maintenance

4,761,000

4,212,000

8,958,000

7,727,000

Total cost of revenues

9,867,000

10,511,000

19,073,000

17,759,000

Gross income (loss)

3,147,000

1,105,000

(552,000)

(5,778,000)

Selling, general and administrative expense

^[2]

7,902,000

15,187,000

19,512,000

48,416,000

Operating loss

(4,755,000)

(14,082,000)

(20,064,000)

(54,194,000)

Interest expense

^[3]

(5,854,000)

(5,541,000)

(11,777,000)

(11,206,000)

Other income

144,000

601,000

1,303,000

1,693,000

Loss before income taxes

(10,465,000)

(19,022,000)

(30,538,000)

(63,707,000)

Income tax benefit

484,000

470,000

Net loss

(9,981,000)

(19,022,000)

(30,068,000)

(63,707,000)

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

(6,196,000)

(5,806,000)

(12,385,000)

(10,080,000)

(Loss) earnings attributable to Common stockholders - basic

(16,177,000)

(24,828,000)

(42,453,000)

34,275,000

Change in fair value of embedded derivative

224,000

Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic

(97,982,000)

Loss attributable to Common stockholders - diluted

$ (16,177,000)

$ (24,828,000)

$ (42,453,000)

$ (63,483,000)

(Loss) earnings per share - basic (in dollars per share)

$ (0.33)

$ (0.55)

$ (0.89)

$ 0.77

Loss per share - diluted (in dollars per share)

$ (0.33)

$ (0.55)

$ (0.89)

$ (0.84)

Weighted average Common Stock outstanding – basic (in shares)

48,326,688

45,388,892

47,964,465

44,443,930

Weighted average Common Stock outstanding – diluted (in shares)

48,326,688

45,388,892

47,964,465

75,602,892

[1]	Includes related party revenues of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2023, respectively.
[2]	Includes related party cost of revenues of $0.4 million and $1.4 million for the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2023, respectively.
[3]	Includes related party interest expense of $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2023, respectively.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the disaggregation of revenue by service:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
$s in thousands	2024		2023		2024		2023
Fire suppression	$	7,466	$	10,449	$	11,347	$	10,449
Aerial surveillance	3,514		1,124		4,097		1,124
Other services	2,034		43		3,077		408
Total revenues	$	13,014	$	11,616	$	18,521	$	11,981

The following table presents the disaggregation of revenue by type:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
$s in thousands	2024		2023		2024		2023
Flight revenue	$	4,483	$	5,794	$	5,396	$	5,794
Standby revenue	6,511		5,136		9,979		5,136
Other revenue	2,020		686		3,146		1,051
Total revenues	$	13,014	$	11,616	$	18,521	$	11,981

Accounts and Note Receivable

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts and Note Receivable

NOTE 5 – ACCOUNTS AND NOTE RECEIVABLE

Accounts and note receivable consist of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Trade accounts receivable	$	11,408	$	681
Unbilled receivable	1,023		—
Note receivable	—		3,000
Other	259		432
Total accounts and note receivable	$	12,690	$	4,113

Unbilled receivable consists of earned revenue that has not yet been billed. 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 receivable consists primarily of value-added taxes paid in 2023 and expected to be refunded in 2024.

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2024

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:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Aircraft	$	185,797	$	186,167
Less: Accumulated depreciation	(27,420)		(25,656)
Aircraft, net	158,377		160,511

Leasehold improvements	36,536		35,941
Vehicles and equipment	4,338		2,993
Construction-in-progress - Leasehold improvements	5		5
Finance lease right-of-use asset	121		121
Licenses	235		235
Capitalized software and development costs	30		—
Less: Accumulated depreciation	(4,251)		(3,195)
Leasehold improvements and equipment, net	37,014		36,100
Total property, plant and equipment, net	$	195,391	$	196,611

For the three and six months ended June 30, 2024, the Company recorded $1.6 million and $2.5 million of depreciation expense in Cost of revenues, respectively, and $0.3 million and $0.7 million of depreciation expense in Selling, general and administrative expense, respectively. For the three and six months ended June 30, 2023, the Company recorded $3.0 million and $4.0 million of depreciation expense in Cost of revenues, respectively, and $0.2 million and $0.9 million of depreciation expense in Selling, general and administrative expense, respectively.

Aircraft are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. In 2023, the Company noted that increasing maintenance costs associated with one of our Twin Commander aircraft indicated that these aircraft were not viable contract operating planes, resulting in anticipated cash flow losses as a result of being unable to generate revenues from these aircraft. The Company believes the lack of cash flow and continued maintenance expenditures render the carrying amount of the aircraft unrecoverable. For the three and six months ended June 30, 2024, the Company recorded no impairment charges. For the three and six months ended June 30, 2023, the Company recorded associated impairment charges of $0.6 million in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations, respectively.

For the three and six months ended June 30, 2024, the Company recorded losses on disposal of assets of zero and $0.2 million, respectively, in Selling, general and administrative expense on the Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2023, the Company recorded losses on disposal of assets of $0.3 million and $0.4 million, respectively, in Selling, general and administrative expense on the Condensed Consolidated Statements of Operations.

For the three and six months ended June 30, 2023, capitalized interest to property, plant and equipment from debt financing was $0.4 million and $0.8 million, respectively.

(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

NOTE 21 – (LOSS) EARNINGS PER SHARE

(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 per share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
$s in thousands, except per share amounts	2024		2023		2024		2023
Net loss	$	(9,981)	$	(19,022)	$	(30,068)	$	(63,707)
Adjustments to Net loss:
Series A Preferred Stock—adjustment for deemed dividend upon Closing	—		—		—		(48,300)


Series A Preferred Stock—adjustment to eliminate 50% multiplier	—		—		—		156,362
Series A Preferred Stock—adjustment to maximum redemptions value	(6,196)		(5,806)		(12,385)		(10,080)
(Loss) earnings attributable to Common stockholders – basic	$	(16,177)	$	(24,828)	$	(42,453)	$	34,275
Change in fair value of embedded derivative	—		—		—		224
Dilutive adjustments to (Loss) earnings attributable to Common stockholders – basic	—		—		—		(97,982)
Loss attributable to Common stockholders - diluted	$	(16,177)	$	(24,828)	$	(42,453)	$	(63,483)

Weighted average Common Stock outstanding - basic	48,326,688		45,388,892		47,964,465		44,443,930
Weighted average effect of dilutive securities:
Series A Preferred Stock	—		—		—		31,158,962



Weighted average Common Stock outstanding - diluted	48,326,688		45,388,892		47,964,465		75,602,892

(Loss) earnings per share - basic	$	(0.33)	$	(0.55)	$	(0.89)	$	0.77
Loss per share - diluted	$	(0.33)	$	(0.55)	$	(0.89)	$	(0.84)

The following table summarizes the potentially dilutive common shares that were excluded from diluted Loss per share - diluted computations because the effect would have been anti-dilutive:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
Series A Preferred Stock	33,384,123	31,158,962	33,384,123	—

Unvested Restricted Stock Units	4,330,458	6,400,892	4,330,458	6,426,310
Public Warrants	17,249,874	17,250,000	17,249,874	17,250,000
Private Placement Warrants	9,400,000	9,400,000	9,400,000	9,400,000
Unvested Legacy Bridger Incentive Units	40,404	242,424	40,404	242,424
Sponsor Earnout Shares	855,000	855,000	855,000	855,000

Commitments and Contingencies - Narrative (Detail) $ in Millions	Nov. 17, 2023 USD ($) aircraft
Commitments and Contingencies Disclosure [Abstract]
Number of aircrafts to be returned and placed in service \| aircraft	4
Maximum cash fee, when aircraft sold to third-party	$ 15.0
Fee when aircraft neither sold nor leased	$ 15.0

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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.

(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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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)	33,384,123	31,158,962	33,384,123	0
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from diluted (loss) earnings per share (in shares)	4,330,458	6,400,892	4,330,458	6,426,310
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	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	9,400,000	9,400,000
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	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	855,000	855,000

Organization and Basis of Presentation (Detail) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	3 Months Ended				6 Months Ended
	Apr. 15, 2024 USD ($)	Jan. 24, 2023 USD ($) tranche $ / shares shares	Apr. 30, 2024 USD ($)	Aug. 31, 2022	Jun. 30, 2024 USD ($) boardMember $ / shares shares	Mar. 31, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) aircraft boardMember $ / shares shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of aircrafts operated \| aircraft									14
Operating income (loss) \| $					$ (4,755)		$ (14,082)		$ (20,064)	$ (54,194)
Net income (loss) \| $					(9,981)	$ (20,087)	(19,022)	$ (44,685)	(30,068)	(63,707)
Net cash provided by (used in) operating activities \| $					(22,600)				(22,558)	(53,445)
Cash and cash equivalents \| $					$ 8,526		$ 845		$ 8,526	$ 845	$ 22,956
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001				$ 0.0001		$ 0.0001
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			53,157,874				53,157,874		44,776,926
Business combination, acquisition related costs \| $		$ 10,300
Board of directors, number of members \| boardMember					11				11
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
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		9,400,000
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 11.50			$ 0.13				$ 0.13		$ 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		17,249,874
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 11.50			$ 0.13				$ 0.13		$ 0.21
Series A Preferred Stock
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Preferred stock, shares outstanding (in shares)		315,789.473684
Legacy Bridger \| Legacy Bridger Series C Preferred Shares
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
Legacy Bridger \| Series A Preferred Stock
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Business acquisition, equity interest issued or issuable (in shares)		315,789.473684
Common Stock
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Common stock, shares, outstanding (in shares)					53,788,377	47,266,165	46,906,198	46,169,644	53,788,377	46,906,198	47,200,504	39,081,744
Unvested Legacy Bridger Incentive Units \| Legacy Bridger
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
Shares issued, price per share (in dollars per share) \| $ / shares		$ 10.00
Common stock exchange ratio (in shares)		0.96246
Legacy Bridger Common Shares \| Legacy Bridger
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
Sponsor Earnout Shares \| Jack Creek Investment Corp
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%
Purchase Agreement, Registered Offering
Organization Consolidation and Presentation of Financial Statements Disclosure [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
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				$ 8,000
Viking CL-415EAFs
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of aircrafts operated \| aircraft									6
Twin Commander Surveillance
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of aircrafts operated \| aircraft									3
Quest Kodiaks
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of aircrafts operated \| aircraft									4
Pilatus PC-12
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of aircrafts operated \| aircraft									1

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:


		As of June 30, 2024
$s in thousands	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
IPR&D	5	$	2,416	$	—	$	2,416
Internal-use software	3	297		(257)		40
Licenses	10	67		(57)		10
Contracts	5.5	3,400		—		3,400
Customer relationships	3.5	200		—		200
Trade name	9.5	300		—		300
Total intangible assets		$	6,680	$	(314)	$	6,366


		As of December 31, 2023
$s in thousands	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
IPR&D	5	$	1,628	$	—	$	1,628
Internal-use software	3	297		(208)		89
Licenses	10	67		(54)		13
Total intangible assets		$	1,992	$	(262)	$	1,730

Cash Equivalents and Investments in Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

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:


	As of June 30, 2024		As of December 31, 2023
($s in thousands)	Carrying Value
Cash equivalents:
Commercial paper	$	—	$	1,974
Money market fund	8,167		11,208
Total cash equivalents	$	8,167	$	13,182
Restricted cash:
Money market fund	$	14,019	$	13,981

Schedule of Investment in Marketable Securities


	As of December 31, 2023
$s in thousands	Purchase Price		Unrealized Gains		Unrealized Losses		Fair Value
Investment in marketable securities:
Government securities	$	999	$	10	$	—	$	1,009
Total marketable securities	$	999	$	10	$	—	$	1,009

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 per share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
$s in thousands, except per share amounts	2024		2023		2024		2023
Net loss	$	(9,981)	$	(19,022)	$	(30,068)	$	(63,707)
Adjustments to Net loss:
Series A Preferred Stock—adjustment for deemed dividend upon Closing	—		—		—		(48,300)


Series A Preferred Stock—adjustment to eliminate 50% multiplier	—		—		—		156,362
Series A Preferred Stock—adjustment to maximum redemptions value	(6,196)		(5,806)		(12,385)		(10,080)
(Loss) earnings attributable to Common stockholders – basic	$	(16,177)	$	(24,828)	$	(42,453)	$	34,275
Change in fair value of embedded derivative	—		—		—		224
Dilutive adjustments to (Loss) earnings attributable to Common stockholders – basic	—		—		—		(97,982)
Loss attributable to Common stockholders - diluted	$	(16,177)	$	(24,828)	$	(42,453)	$	(63,483)

Weighted average Common Stock outstanding - basic	48,326,688		45,388,892		47,964,465		44,443,930
Weighted average effect of dilutive securities:
Series A Preferred Stock	—		—		—		31,158,962



Weighted average Common Stock outstanding - diluted	48,326,688		45,388,892		47,964,465		75,602,892

(Loss) earnings per share - basic	$	(0.33)	$	(0.55)	$	(0.89)	$	0.77
Loss per share - diluted	$	(0.33)	$	(0.55)	$	(0.89)	$	(0.84)

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 diluted Loss per share - diluted computations because the effect would have been anti-dilutive:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2024	2023	2024	2023
Series A Preferred Stock	33,384,123	31,158,962	33,384,123	—

Unvested Restricted Stock Units	4,330,458	6,400,892	4,330,458	6,426,310
Public Warrants	17,249,874	17,250,000	17,249,874	17,250,000
Private Placement Warrants	9,400,000	9,400,000	9,400,000	9,400,000
Unvested Legacy Bridger Incentive Units	40,404	242,424	40,404	242,424
Sponsor Earnout Shares	855,000	855,000	855,000	855,000

Mezzanine Equity

6 Months Ended

Jun. 30, 2024

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 is considered substantive, the mandatory redemption date is not certain and the optional redemption is upon the occurrence of certain events that is considered not solely within Legacy Bridger’s control, the Legacy Bridger Series C Preferred Shares are 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 June 30, 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.

Given the conversion feature is considered substantive, the mandatory redemption on April 25, 2032 is not certain and accordingly, the Series A Preferred Stock are classified as mezzanine equity.

As of the Closing Date and June 30, 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 June 30, 2024, the Series A Preferred Stock had both a carrying value and redemption value of $367.2 million. Refer to table below.

As of June 30, 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 June 30, 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 (Loss) earnings attributable to Common Stockholders in the computation of (Loss) earnings per share by approximately zero during the three and six months ended June 30, 2024, respectively, and zero and $48.3 million during the three and six months ended June 30, 2023, respectively. As of June 30, 2024, there are 33,384,123 shares of Common Stock issuable upon conversion.


	Redeemable Series A Preferred Stock
$s in thousands	Shares	Amounts
Balance as of December 31, 2023	315,789.473684	$	354,840
Adjustment to maximum redemptions value	—	12,385
Balance as of June 30, 2024	315,789.473684	$	367,225

Mezzanine Equity - Narrative (Detail) - USD ($)			3 Months Ended		6 Months Ended
Mezzanine Equity - Narrative (Detail) - USD ($)	Jan. 24, 2023	Apr. 25, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Payments of stock issuance costs					$ 674,000	$ 0
Embedded derivative of Series A Preferred Stock			$ 0		0		$ 885,000
Preferred stock, convertible, down round feature, decrease in net income to common shareholder, amount			$ 0	$ 0	$ 0	$ 48,300,000
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)					33,384,123
Legacy Bridger Series C Preferred Shares
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								$ 489,000,000.0
Temporary equity multiplier	50.00%
Per share conversion price of preferred stock (in dollars per share)			$ 12.929104		$ 12.929104
Temporary equity redemption trigger percentage of change in ownership interest					50.00%
Legacy Bridger Series C Preferred Shares \| Before Qualified Public Offering \| First Year
Temporary Equity [Line Items]
Temporary equity interest rate					7.00%
Legacy Bridger Series C Preferred Shares \| Before Qualified Public Offering \| Second Year
Temporary Equity [Line Items]
Temporary equity interest rate					9.00%
Legacy Bridger Series C Preferred Shares \| Before Qualified Public Offering \| Thereafter
Temporary Equity [Line Items]
Temporary equity interest rate					11.00%
Legacy Bridger Series C Preferred Shares \| After Qualified Public Offering \| Thereafter
Temporary Equity [Line Items]
Temporary equity interest rate					11.00%
Legacy Bridger Series C Preferred Shares \| After Qualified Public Offering \| First 6 Years
Temporary Equity [Line Items]
Temporary equity interest rate					7.00%
Legacy Bridger Series C Preferred Shares \| After Qualified Public Offering \| Seventh Year
Temporary Equity [Line Items]
Temporary equity interest rate					9.00%
Series A Preferred Stock
Temporary Equity [Line Items]
Temporary equity shares issued (in shares)			315,789.473684		315,789.473684		315,789.473684
Redemption value	$ 332,700,000		$ 367,200,000		$ 367,200,000
Temporary equity multiplier	50.00%
Per share conversion price of preferred stock (in dollars per share)			$ 11.00		$ 11.00
Temporary equity redemption trigger percentage of change in ownership interest					50.00%
Temporary equity accrued interest			$ (6,200,000)		$ (6,200,000)
Temporary equity dividends	$ 156,400,000
Embedded derivative of Series A Preferred Stock			$ 0		$ 0		$ 900,000
Series A Preferred Stock \| Minimum
Temporary Equity [Line Items]
Per share conversion price of preferred stock (in dollars per share)			$ 12.90		$ 12.90
Series A Preferred Stock \| Maximum
Temporary Equity [Line Items]
Per share conversion price of preferred stock (in dollars per share)			$ 11.00		$ 11.00

Mezzanine Equity (Tables)

6 Months Ended

Jun. 30, 2024

Temporary Equity Disclosure [Abstract]

Summary of Class A Shares of Common Stock Issuable Upon Conversion


	Redeemable Series A Preferred Stock
$s in thousands	Shares	Amounts
Balance as of December 31, 2023	315,789.473684	$	354,840
Adjustment to maximum redemptions value	—	12,385
Balance as of June 30, 2024	315,789.473684	$	367,225

Long-Term Debt - Narrative (Detail) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Detail) $ in Thousands	Apr. 15, 2024 USD ($)	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 300	$ 200	$ 442	$ 484
Live Oak Bank
Debt Instrument [Line Items]
Ratio of net cash flow to interest and service fees minimum					1.25
Ratio of indebtedness to net capital			5.00		5.00
RMB
Debt Instrument [Line Items]
Debt service coverage ratio minimum					1.25
After Third Quarter of October 2025 \| RMB
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			5		5
Through Third Quarter of October 2024 \| RMB
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			7		7
Through Third Quarter of October 2025 \| RMB
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			6		6
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		$ 8,000

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 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 and six months ended June 30, 2024, the Company recorded income tax benefit of $0.5 million. The effective tax rate was 1.6% for the three and six months ended June 30, 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.

- Definition

The entire disclosure for income tax.

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+ Details

Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,488	$ 1,324
Prepaid subscriptions	1,204	1,115
Deposits	182	120
Other	63	89
Total prepaid expenses and other current assets	$ 2,937	$ 2,648

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ (484)	$ 0	$ (470)	$ 0
Effective tax rate	1.60%		1.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Stockholders' Deficit - Summary of Restricted Stock Unit Activity for the Period (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Awards
Beginning balance (in shares) \| shares	6,624,459
Granted (in shares) \| shares	1,088,329
Vested (in shares) \| shares	(1,708,592)
Forfeited (in shares) \| shares	(1,673,738)
Ending balance (in shares) \| shares	4,330,458
Weighted average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 8.30
Granted (in dollars per share) \| $ / shares	5.26
Vested (in dollars per share) \| $ / shares	9.30
Forfeited (in dollars per share) \| $ / shares	8.29
Ending balance (in dollars per share) \| $ / shares	$ 7.14

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Stockholders' Deficit

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 is as follows:


	Number of Awards	Weighted average grant date fair value
Outstanding as of December 31, 2023	6,624,459	$	8.30
Granted	1,088,329	5.26
Vested	(1,708,592)	9.30
Forfeited/Cancelled	(1,673,738)	8.29
Outstanding as of June 30, 2024	4,330,458	$	7.14

The total fair value of RSUs vested during the six months ended June 30, 2024 and the year ended December 31, 2023 was $9.3 million and $24.6 million, respectively, based on the closing stock price on the date of vesting.

For the three and six months ended June 30, 2024, the Company recorded stock-based compensation expense related to RSUs of $0.4 million and $0.7 million, respectively, within Total cost of revenues and $4.1 million and $9.6 million, respectively, within Selling, general and administrative expense on the Condensed Consolidated Statements of Operations.

As of June 30, 2024, there was $19.6 million of unrecognized total compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.2 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 June 30, 2024. As of June 30, 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. We filed a prospectus supplement, dated April 16, 2024, with the SEC that reduces the amount of potential shares of Common Stock that may be sold under our shelf registration statement on Form S-3 (Registration Statement No. 333-276721) to shares having an aggregate offering price of up to approximately $5.9 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 six months ended June 30, 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.

Registered Direct Offering

On April 15, 2024, the Company entered into securities purchase agreements (each a “Purchase Agreement” and, collectively, the “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 registered under the Company’s shelf registration statement on Form S-3 (Registration Statement No. 333-276721), 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 Direct Offering were approximately $9.2 million, after deducting fees payable to the placement agent and other offering expenses payable by the Company. The Company agreed to pay the placement agent fees in an amount of 6.0% of the gross proceeds raised in the Registered Direct Offering. The Company also agreed to reimburse the placement agent for its out-of-pocket legal expenses in connection with the Registered Direct Offering in an amount not to exceed $75,000.

Interest Rate Swap

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):

As of June 30, 2024

Effective
Date

Maturity
Date

Notional
Amount

Fair Value

Pay Fixed

Receive Rate

4/15/2020

3/15/2030

$10,144

$1,212

3.887%

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

$10,466

$1,117

3.887%

1 Month SOFR + 2.61448%

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 (loss) gain is reported in Other comprehensive (loss) income, 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.

Mezzanine Equity - Summary of Class A Shares of Common Stock Issuable Upon Conversion (Detail) - Redeemable Series A Preferred Stock $ in Thousands	6 Months Ended
	Jun. 30, 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
Adjustment to maximum redemptions value \| $	12,385
Balance as of June 30, 2024 \| $	$ 367,225

Stockholders' Deficit - Narrative (Detail) $ / shares in Units, $ in Thousands							1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Apr. 16, 2024 USD ($)	Apr. 15, 2024 USD ($) $ / shares shares	Feb. 06, 2024 USD ($)	Jan. 26, 2024 USD ($)	Jan. 24, 2023 shares	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares	Mar. 31, 2024 shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares
Schedule of Share-Based Compensation Activity [Line Items]
Temporary equity shares outstanding (in shares)	315,789							315,789	315,789	315,789	351,789	315,789	351,789	351,789
Sale of stock, authorized amount (in shares)			2,183,366
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
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							$ 5.13	$ 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 \| $		$ 5,900		$ 22,200
Sale of stock, fees on transaction, percentage				3.00%
Purchase Agreement, Certain Directors & Executive Officers
Schedule of Share-Based Compensation Activity [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) \| $ / shares			$ 4.95
Purchase Agreement, Registered Offering
Schedule of Share-Based Compensation Activity [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) \| $ / shares	$ 4.25							$ 4.25	$ 4.25
Sale of stock, consideration received on transaction \| $			$ 9,200				$ 9,200
Percentage of gross proceeds, to pay for counterparty placement agent fees			6.00%
Out-of-pocket legal expenses in connection with offering, maximum \| $			$ 75
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	$ 24,600
Cost not yet recognized, amount \| $	$ 19,600							$ 19,600	$ 19,600
Weighted average remaining contractual terms									3 years 2 months 12 days
Outstanding (in shares)	4,330,458							4,330,458	4,330,458	6,624,459
Outstanding (in dollars per share) \| $ / shares	$ 7.14							$ 7.14	$ 7.14	$ 8.30
Restricted Stock Units (RSUs) \| Cost of Revenues
Schedule of Share-Based Compensation Activity [Line Items]
Share-based payment arrangement, expense \| $								$ 400	$ 4,100
Restricted Stock Units (RSUs) \| Selling, General and Administrative Expenses
Schedule of Share-Based Compensation Activity [Line Items]
Share-based payment arrangement, expense \| $								$ 700	$ 9,600
Incentive Units
Schedule of Share-Based Compensation Activity [Line Items]
Outstanding (in shares)	40,404							40,404	40,404
Outstanding (in dollars per share) \| $ / shares	$ 0.01							$ 0.01	$ 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
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

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 15 – LONG-TERM DEBT

Long-term debt consisted of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Taxable industrial revenue bonds, dated July 21, 2022, 11.5% interest rate, maturing September 1, 20271	$	160,000	$	160,000
Permanent loan agreement, dated August 21, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing August 21, 20352	17,975		18,391
Permanent loan agreement, dated October 1, 2020, greater of Prime + 1.5% or 4.75% interest rate, maturing October 1, 20352	18,044		18,457
Term loan agreement dated September 30, 2019, SOFR + 2.61448% interest rate, maturing March 15, 20303	10,144		10,466
Term loan agreement dated February 3, 2020, SOFR + 2.61448% interest rate, maturing February 3, 20274	3,534		3,813
Various term loan agreements, earliest start at September 9, 2021, 3.89-5.5% interest rates, latest maturation on November 17, 20275	211		247
Loans payable	209,908		211,374
Less: noncurrent debt issuance costs	(3,246)		(3,695)
Less: current debt issuance costs	(1,002)		(995)
Less: current portion of long-term debt, net of debt issuance costs	(2,074)		(2,099)
Total long-term debt, net of debt issuance costs	$	203,586	$	204,585

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 ended 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 June 30, 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. The Company is in compliance with the $8.0 million minimum liquidity requirement as of June 30, 2024. However, management anticipates that the Company 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 and 2025.

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 18 – Stockholders’ Deficit,” 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 and 2025, 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 June 30, 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 June 30, 2024.

Amortization of debt issuance costs was $0.3 million and $0.4 million for the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.5 million for the three and six months ended June 30, 2023, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,981,000)	$ (19,022,000)	$ (30,068,000)	$ (63,707,000)
Other comprehensive loss, net of tax
Unrealized (loss) gain on derivative instruments	(22,000)	204,000	94,000	(68,000)
Unrealized (loss) gain on investments in marketable securities	0	(28,000)	0	291,000
Reclassification of realized (gain) loss on investments in marketable securities to earnings	0	(208,000)	30,000	(381,000)
Total other comprehensive (loss) income, net of tax	(22,000)	(32,000)	124,000	(158,000)
Comprehensive loss	$ (10,003,000)	$ (19,054,000)	$ (29,944,000)	$ (63,865,000)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 6,680	$ 1,992
Accumulated Amortization	(314)	(262)
Net Carrying Amount	$ 6,366	$ 1,730
IPR&D
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	5 years	5 years
Gross Carrying Amount	$ 2,416	$ 1,628
Accumulated Amortization	0	0
Net Carrying Amount	$ 2,416	$ 1,628
Internal-use software
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years	3 years
Gross Carrying Amount	$ 297	$ 297
Accumulated Amortization	(257)	(208)
Net Carrying Amount	$ 40	$ 89
Licenses
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years	10 years
Gross Carrying Amount	$ 67	$ 67
Accumulated Amortization	(57)	(54)
Net Carrying Amount	$ 10	$ 13
Contracts
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	5 years 6 months
Gross Carrying Amount	$ 3,400
Accumulated Amortization	0
Net Carrying Amount	$ 3,400
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years 6 months
Gross Carrying Amount	$ 200
Accumulated Amortization	0
Net Carrying Amount	$ 200
Trade name
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	9 years 6 months
Gross Carrying Amount	$ 300
Accumulated Amortization	0
Net Carrying Amount	$ 300

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Temporary equity shares outstanding (in shares)

315,789

Common stock, par value (in dollars per share)

$ 0.0001

Common stock shares authorized (in shares)

1,000,000,000

Common stock shares issued (in shares)

53,157,874

44,776,926

Common stock, shares, outstanding (in shares)

53,157,874

44,776,926

Other noncurrent assets

^[1]

$ 16,293

$ 16,771

Accounts payable

^[2]

4,516

3,978

Accrued expenses and other current liabilities

^[3]

16,183

17,168

Operating right-of-use current liability

^[4]

2,153

Operating right-of-use noncurrent liability

^[5]

5,017

5,779

Long-term debt, net of debt issuance costs

^[6]

203,586

204,585

Related Party

Other noncurrent assets

5,700

6,300

Accounts payable

100

Accrued expenses and other current liabilities

400

Operating right-of-use current liability

1,700

Operating right-of-use noncurrent liability

4,000

4,600

Long-term debt, net of debt issuance costs

$ 9,000

$ 10,000

Series A Preferred Stock

Temporary equity par value (in dollars per share)

$ 0.0001

Temporary equity shares authorized (in shares)

315,789.473684

Temporary equity shares issued (in shares)

315,789.473684

Temporary equity shares outstanding (in shares)

315,789.473684

[1]	Includes related party operating lease right-of-use assets of $5.7 million and $6.3 million as of June 30, 2024 and December 31, 2023, respectively.
[2]	Includes related party accounts payable of $0.1 million and $0.1 million as of June 30, 2024 and December 31, 2023, respectively.
[3]	Includes related party accrued interest expense of $0.4 million as of June 30, 2024 and December 31, 2023, respectively.
[4]	Includes related party operating lease right-of-use current liabilities of $1.7 million as of June 30, 2024 and December 31, 2023, respectively.
[5]	Includes related party operating lease right-of-use noncurrent liabilities of $4.0 million and $4.6 million as of June 30, 2024 and December 31, 2023, respectively.
[6]	Includes related party debt of $9.0 million and $10.0 million as of June 30, 2024 and December 31, 2023, respectively.

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS, NET

As of June 30, 2024 and December 31, 2023, goodwill was $24.7 million and $13.2 million, respectively. There were no impairment charges recorded for goodwill for the three and six months ended June 30, 2024 and 2023, respectively.

Intangible assets consisted of the following:


		As of June 30, 2024
$s in thousands	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
IPR&D	5	$	2,416	$	—	$	2,416
Internal-use software	3	297		(257)		40
Licenses	10	67		(57)		10
Contracts	5.5	3,400		—		3,400
Customer relationships	3.5	200		—		200
Trade name	9.5	300		—		300
Total intangible assets		$	6,680	$	(314)	$	6,366


		As of December 31, 2023
$s in thousands	Estimated Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
IPR&D	5	$	1,628	$	—	$	1,628
Internal-use software	3	297		(208)		89
Licenses	10	67		(54)		13
Total intangible assets		$	1,992	$	(262)	$	1,730

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 and six months ended June 30, 2024, the Company capitalized costs of $0.5 million and $0.8 million related to IPR&D, respectively.

Amortization expense for intangible assets and other noncurrent assets was $27,000 and $0.1 million for the three and six months ended June 30, 2024, respectively, and $27,000 and $0.1 million for the three and six months ended June 30, 2023, respectively. Amortization expense is included in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations.

Aircraft Support Parts

6 Months Ended

Jun. 30, 2024

Other Industries [Abstract]

Aircraft Support Parts

NOTE 6 – AIRCRAFT SUPPORT PARTS

Aircraft support parts consist of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Repairables and expendables	$	477	$	488
Other	265		—
Total aircraft support parts	$	742	$	488

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Current assets:

Cash and cash equivalents

$ 8,526

$ 22,956

Restricted cash

14,019

13,981

Investments in marketable securities

1,009

Accounts and note receivable

12,690

4,113

Aircraft support parts

742

488

Prepaid expenses and other current assets

2,937

2,648

Total current assets

38,914

45,195

Property, plant and equipment, net

195,391

196,611

Intangible assets, net

6,366

1,730

Goodwill

24,741

13,163

Other noncurrent assets

^[1]

16,293

16,771

Total assets

281,705

273,470

Current liabilities:

Accounts payable

^[2]

4,516

3,978

Accrued expenses and other current liabilities

^[3]

16,183

17,168

Operating right-of-use current liability

^[4]

2,153

Current portion of long-term debt, net of debt issuance costs

2,074

2,099

Total current liabilities

24,926

25,398

Long-term accrued expenses and other noncurrent liabilities

8,951

10,777

Operating right-of-use noncurrent liability

^[5]

5,017

5,779

Long-term debt, net of debt issuance costs

^[6]

203,586

204,585

Total liabilities

242,480

246,539

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ DEFICIT

Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 53,157,874 shares issued and outstanding at June 30, 2024; 44,776,926 shares issued and outstanding at December 31, 2023

Additional paid-in capital

114,623

84,771

Accumulated deficit

(443,740)

(413,672)

Accumulated other comprehensive income

1,111

987

Total stockholders’ deficit

(328,000)

(327,909)

Total liabilities, mezzanine equity, and stockholders’ deficit

281,705

273,470

Series A Preferred Stock

MEZZANINE EQUITY

Series A Preferred Stock, $0.0001 par value; 315,789.473684 shares authorized, issued and outstanding at June 30, 2024 and December 31, 2023

$ 367,225

$ 354,840

[1]	Includes related party operating lease right-of-use assets of $5.7 million and $6.3 million as of June 30, 2024 and December 31, 2023, respectively.
[2]	Includes related party accounts payable of $0.1 million and $0.1 million as of June 30, 2024 and December 31, 2023, respectively.
[3]	Includes related party accrued interest expense of $0.4 million as of June 30, 2024 and December 31, 2023, respectively.
[4]	Includes related party operating lease right-of-use current liabilities of $1.7 million as of June 30, 2024 and December 31, 2023, respectively.
[5]	Includes related party operating lease right-of-use noncurrent liabilities of $4.0 million and $4.6 million as of June 30, 2024 and December 31, 2023, respectively.
[6]	Includes related party debt of $9.0 million and $10.0 million as of June 30, 2024 and December 31, 2023, respectively.

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued interest expense	$ 6,404	$ 6,448
Contingent consideration	5,857	8,486
Warrant liabilities	3,464	5,596
Deferred revenue	3,945	0
Deferred underwriting fee payable	1,500	1,500
Accrued salaries, wages and bonuses	1,408	1,099
Accrued foreign tax	925	2,707
Accrued professional fees	370	851
Finance right-of-use liability	35	46
Embedded derivative of Series A Preferred Stock	0	885
Other	1,226	327
Total accrued expenses and other liabilities	25,134	27,945
Less: Current accrued expenses and other current liabilities	(16,183)	(17,168)
Total long-term accrued expenses and other noncurrent liabilities	$ 8,951	$ 10,777

Stockholders' Deficit (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Restricted Stock Unit Activity for the Period

RSU activity for the six months ended June 30, 2024 is as follows:


	Number of Awards	Weighted average grant date fair value
Outstanding as of December 31, 2023	6,624,459	$	8.30
Granted	1,088,329	5.26
Vested	(1,708,592)	9.30
Forfeited/Cancelled	(1,673,738)	8.29
Outstanding as of June 30, 2024	4,330,458	$	7.14

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Line Items]
Interest paid	$ 11,626	$ 11,489
Fixed assets in accounts payable	27	1,841
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	156,362
Series A Preferred Stock - adjustment to maximum redemption value	12,385	10,080
Offering costs included in accounts payable, accrued expense and other liabilities	332	0
Assumption of JCIC liabilities	0	7,464
Recognition of Warrant liabilities	0	5,863
Cancellation of deferred underwriting fee	0	1,500
Recognition of new right-of-use asset and corresponding operating lease liability	0	1,093
Bonuses paid in Common Stock	0	4,928
Deferred offering costs included in accrued expenses and other current liabilities	0	388
Ignis Acquisition
Supplemental Cash Flow Elements [Line Items]
Purchase consideration of acquisition paid in common stock	5,000	0
FMS Acquisition
Supplemental Cash Flow Elements [Line Items]
Purchase consideration of acquisition paid in common stock	$ 19,023	$ 0

Fair Value Measurements - Summary of the Company's Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities
Contingent consideration	$ 5,857	$ 8,486
Embedded derivative of Series A Preferred Stock	0	885
Warrant liabilities – Public Warrants
Liabilities
Total liabilities	2,200	3,600
Warrant liabilities – Private Placement Warrants
Liabilities
Total liabilities	1,200	2,000
Level 1 \| Fair Value, Recurring
Assets
Cash	8,526	22,956
Restricted cash:	14,019	13,981
Investments in marketable securities		0
Interest rate swap	0	0
Total assets	22,545	36,937
Liabilities
Contingent consideration	0	0
Total liabilities	2,242	3,622
Level 1 \| Fair Value, Recurring \| Money market fund
Assets
Restricted cash:	14,019	13,981
Level 1 \| Fair Value, Recurring \| Warrant liabilities – Public Warrants
Liabilities
Warrant liabilities	2,242	3,622
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 2 \| Fair Value, Recurring
Assets
Cash	0	0
Restricted cash:	0	0
Investments in marketable securities		1,009
Interest rate swap	1,212	1,117
Total assets	1,212	2,126
Liabilities
Contingent consideration	0	0
Total liabilities	1,222	1,974
Level 2 \| Fair Value, Recurring \| Money market fund
Assets
Restricted cash:	0	0
Level 2 \| Fair Value, Recurring \| Warrant liabilities – Public Warrants
Liabilities
Warrant liabilities	0	0
Level 2 \| Fair Value, Recurring \| Warrant liabilities – Private Placement Warrants
Liabilities
Warrant liabilities	1,222	1,974
Level 2 \| Fair Value, Recurring \| Series A Preferred Stock
Liabilities
Embedded derivative of Series A Preferred Stock		0
Level 3 \| Fair Value, Recurring
Assets
Cash	0	0
Restricted cash:	0	0
Investments in marketable securities		0
Interest rate swap	0	0
Total assets	0	0
Liabilities
Contingent consideration	5,857	8,486
Total liabilities	5,857	9,371
Level 3 \| Fair Value, Recurring \| Money market fund
Assets
Restricted cash:	0	0
Level 3 \| Fair Value, Recurring \| Warrant liabilities – 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

Interest Rate Swap (Tables)

6 Months Ended

Jun. 30, 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):

As of June 30, 2024

Effective
Date

Maturity
Date

Notional
Amount

Fair Value

Pay Fixed

Receive Rate

4/15/2020

3/15/2030

$10,144

$1,212

3.887%

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

$10,466

$1,117

3.887%

1 Month SOFR + 2.61448%

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

NOTE 3 – SUPPLEMENTAL CASH FLOW INFORMATION


	For the Six Months Ended June 30,
$s in thousands	2024		2023
Interest paid	$	11,626	$	11,489
Fixed assets in accounts payable	27		1,841
Conversion of promissory note to Common Stock	—		897
Series A Preferred Stock - adjustment for deemed dividend upon Closing	—		48,300
Series A Preferred Stock - adjustment to eliminate 50% multiplier	—		156,362
Series A Preferred Stock - adjustment to maximum redemption value	12,385		10,080

Non-cash operating and financing activities:
Offering costs included in accounts payable, accrued expense and other liabilities	$	332	$	—
Purchase consideration of Ignis acquisition paid in Common Stock (Note 12)	5,000		—
Purchase consideration of FMS acquisition paid in Common Stock	19,023		—
Assumption of JCIC liabilities	—		7,464
Recognition of Warrant liabilities	—		5,863
Cancellation of deferred underwriting fee	—		1,500
Recognition of new right-of-use asset and corresponding operating lease liability	—		1,093
Bonuses paid in Common Stock	—		4,928
Deferred offering costs included in accrued expenses and other current liabilities	—		388

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Accounts receivable

^[1]

$ 5,893

$ 11,787

Accounts payable, accrued expenses and other liabilities

^[2]

1,146

(13,359)

Related Party

Accounts receivable

$ 400

Accounts payable, accrued expenses and other liabilities

$ 100

[1]	Includes related party accounts receivable of $0.4 million for the six months ended June 30, 2023.
[2]	Includes related party accounts payable of $0.1 million for the six months ended June 30, 2024.

Fair Value Measurements - Narrative (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration \| $	$ 5,857	$ 8,486
Public Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share price triggering the redemption of warrants (in dollars per share)	$ 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)	$ 10.00
Share price triggering the redemption of warrants maximum (in dollars per share)	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)	$ 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 \| $	$ 49,700
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	0.02

Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2024

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:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Accrued interest expense	$	6,404	$	6,448
Contingent consideration	5,857		8,486
Warrant liabilities	3,464		5,596
Deferred revenue	3,945		—
Deferred underwriting fee payable	1,500		1,500
Accrued salaries, wages and bonuses	1,408		1,099
Accrued foreign tax	925		2,707

Accrued professional fees	370		851
Finance right-of-use liability	35		46
Embedded derivative of Series A Preferred Stock	—		885
Other	1,226		327
Total accrued expenses and other liabilities	25,134		27,945
Less: Current accrued expenses and other current liabilities	(16,183)		(17,168)
Total long-term accrued expenses and other noncurrent liabilities	$	8,951	$	10,777

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 June 30, 2024 and December 31, 2023, 17,249,874 Public Warrants remain outstanding, respectively. The Public Warrants are liability-classified with a balance of $2.2 million and $3.6 million, respectively, and a fair value of $0.13 and $0.21 per warrant as of June 30, 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 June 30, 2024 and December 31, 2023, the Company had 9,400,000 outstanding Private Placement Warrants to purchase 9,400,000 shares of Common Stock, respectively. The Private Placement Warrants are liability-classified with a balance of $1.2 million and $2.0 million, respectively, and a fair value of $0.13 and $0.21 per warrant as of June 30, 2024 and December 31, 2023, respectively.

Contingent consideration

The Company assumed contingent consideration as part of the FMS Acquisition and the Ignis Acquisition (collectively, the “Acquisitions”) 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, in the case of the Ignis Acquisition, and based on the achievement of certain earnout conditions, in the case of the FMS Acquisition. The fair value of the liability for the contingent payments was recognized upon the Acquisitions 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 June 30, 2024 and December 31, 2023, $1.9 million and $4.8 million of accrued contingent consideration is included in Accrued expenses and other current liabilities, respectively, and $4.0 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 six months ended June 30, 2024 was as follows:


$s in thousands	Contingent Consideration
As of December 31, 2023	$	8,486
Change in fair value of contingent consideration	207
Addition of contingent consideration from FMS Acquisition	2,164
Settlement of contingent consideration	(5,000)
As of June 30, 2024	$	5,857

On June 30, 2024, the Company issued 1,079,913 registered shares of Common Stock to the Ignis shareholders (determined based upon a VWAP of the Common Stock for the 120 consecutive trading days ended June 29, 2024).

Other Noncurrent Assets (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of Other Noncurrent Assets

Other noncurrent assets consisted of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Operating lease right-of-use asset	$	7,004	$	7,777
Investment in MAB	4,000		4,000
Prepaid subscriptions	2,239		2,877
Interest rate swap	1,212		1,117
Investment in Overwatch Imaging, Inc.	1,000		1,000
Other	838		—
Total other noncurrent assets	$	16,293	$	16,771

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:


	As of June 30, 2024
$s in thousands	Level 1		Level 2		Level 3
Assets
Cash	$	8,526	$	—	$	—



Restricted cash:
Money market fund	14,019		—		—
Total restricted cash	14,019		—		—

Interest rate swap	—		1,212		—
Total assets	$	22,545	$	1,212	$	—
Liabilities
Warrant liabilities – Public Warrants	$	2,242	$	—	$	—
Warrant liabilities – Private Placement Warrants	—		1,222		—
Contingent consideration	—		—		5,857

Total liabilities	$	2,242	$	1,222	$	5,857


	As of December 31, 2023
$s in thousands	Level 1		Level 2		Level 3
Assets
Cash	$	22,956	$	—	$	—
Restricted cash:
Money market fund	13,981		—		—
Total restricted cash	13,981		—		—
Investments in marketable securities	—		1,009		—
Interest rate swap	—		1,117		—
Total assets	$	36,937	$	2,126	$	—
Liabilities
Warrant liabilities – Public Warrants	$	3,622	$	—	$	—
Warrant liabilities – Private Placement Warrants	—		1,974		—
Contingent consideration	—		—		8,486
Embedded derivative of Series A Preferred Stock	—		—		885
Total liabilities	$	3,622	$	1,974	$	9,371

Accrued Expenses and Other Liabilities - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		6 Months Ended
	Jun. 30, 2024	Sep. 12, 2023	Jan. 24, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Ignis Technology
Accrued Expenses and Other Liabilities [Line Items]
Registered shares (in shares)	1,079,913
Ignis Technology
Accrued Expenses and Other Liabilities [Line Items]
Contingent consideration, liability, current	$ 1.9			$ 1.9		$ 1.9	$ 4.8
Contingent consideration, liability, noncurrent	$ 4.0			$ 4.0		$ 4.0	$ 3.7
Number of consecutive trading days used to determine volume-weighted average price per share (in days)	120 days	30 days
Common Stock
Accrued Expenses and Other Liabilities [Line Items]
Registered shares (in shares)				2,183,366	33,798
Public Warrants
Accrued Expenses and Other Liabilities [Line Items]
Class of warrant or right, outstanding (in shares)	17,249,874		17,250,000	17,249,874		17,249,874	17,249,874
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.13		$ 11.50	$ 0.13		$ 0.13	$ 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	$ 2.2			$ 2.2		$ 2.2	$ 3.6
Public Warrants \| Common Stock
Accrued Expenses and Other Liabilities [Line Items]
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 \| Maximum
Accrued Expenses and Other Liabilities [Line Items]
Share price (in dollars per share)	$ 18.00			$ 18.00		$ 18.00
Public Warrants \| Maximum \| Common Stock
Accrued Expenses and Other Liabilities [Line Items]
Share price (in dollars per share)	18.00			18.00		18.00
Public Warrants \| Minimum \| Common Stock
Accrued Expenses and Other Liabilities [Line Items]
Share price (in dollars per share)	$ 10.00			$ 10.00		$ 10.00
JCIC Public Warrants
Accrued Expenses and Other Liabilities [Line Items]
Class of warrant or right, outstanding (in shares)			17,250,000
Private Placement Warrants
Accrued Expenses and Other Liabilities [Line Items]
Class of warrant or right, outstanding (in shares)	9,400,000		9,400,000	9,400,000		9,400,000	9,400,000
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.13		$ 11.50	$ 0.13		$ 0.13	$ 0.21
Liabilities fair value disclosure	$ 1.2			$ 1.2		$ 1.2	$ 2.0
Private Placement Warrants \| Common Stock
Accrued Expenses and Other Liabilities [Line Items]
Number of securities called by warrants or rights (in shares)	9,400,000			9,400,000		9,400,000	9,400,000
JCIC Private Placement Warrants
Accrued Expenses and Other Liabilities [Line Items]
Class of warrant or right, outstanding (in shares)			9,400,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($)	Total	Ignis Acquisition	FMS Acquisition	Common Stock	Common Stock Ignis Acquisition	Common Stock FMS Acquisition	Additional Paid-in Capital	Additional Paid-in Capital Ignis Acquisition	Additional Paid-in Capital FMS Acquisition	Accumulated Deficit	Accumulated Other Comprehensive Income	Legacy Bridger Series C Preferred Shares / Series A Preferred Stock	Series A Preferred Stock	Series A Preferred Stock Additional Paid-in Capital
Temporary equity, beginning balance (in shares) at Dec. 31, 2022	351,789
Temporary equity, beginning balance at Dec. 31, 2022	$ 489,022,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Effect of the Closing												$ (156,363,000)
Series A Preferred Stock adjustment to maximum redemptions value													$ 4,274,000
Temporary equity, ending balance (in shares) at Mar. 31, 2023	351,789
Temporary equity, ending balance at Mar. 31, 2023	$ 336,933,000
Beginning balance (in shares) at Dec. 31, 2022				39,081,744
Beginning balance at Dec. 31, 2022	(413,622,000)			$ 4,000			$ 0			$ (415,304,000)	$ 1,678,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(44,685,000)									(44,685,000)
Unrealized (loss) gain on derivative instruments	(272,000)										(272,000)
Unrealized gain (loss) on investments on marketable securities	319,000										319,000
Reclassification of realized gain on investments in marketable securities to earnings	(173,000)										(173,000)
Effect of the Closing (in shares)				4,687,546
Effect of the Closing	131,041,000			$ 1,000			52,084,000			78,956,000
Series A Preferred Stock adjustment to maximum redemptions value													(4,274,000)	$ (4,274,000)
Stock based compensation (in shares)				2,400,354
Stock based compensation	25,597,000						25,597,000
Ending balance (in shares) at Mar. 31, 2023				46,169,644
Ending balance at Mar. 31, 2023	$ (306,069,000)			$ 5,000			73,407,000			(381,033,000)	1,552,000
Temporary equity, beginning balance (in shares) at Dec. 31, 2022	351,789
Temporary equity, beginning balance at Dec. 31, 2022	$ 489,022,000
Temporary equity, ending balance (in shares) at Jun. 30, 2023	351,789
Temporary equity, ending balance at Jun. 30, 2023	$ 342,739,000
Beginning balance (in shares) at Dec. 31, 2022				39,081,744
Beginning balance at Dec. 31, 2022	(413,622,000)			$ 4,000			0			(415,304,000)	1,678,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(63,707,000)
Unrealized (loss) gain on derivative instruments	(68,000)
Unrealized gain (loss) on investments on marketable securities	291,000
Reclassification of realized gain on investments in marketable securities to earnings	(381,000)
Ending balance (in shares) at Jun. 30, 2023				46,906,198
Ending balance at Jun. 30, 2023	$ (319,552,000)			$ 5,000			78,978,000			(400,055,000)	1,520,000
Temporary equity, beginning balance (in shares) at Mar. 31, 2023	351,789
Temporary equity, beginning balance at Mar. 31, 2023	$ 336,933,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Series A Preferred Stock adjustment to maximum redemptions value													5,806,000
Temporary equity, ending balance (in shares) at Jun. 30, 2023	351,789
Temporary equity, ending balance at Jun. 30, 2023	$ 342,739,000
Beginning balance (in shares) at Mar. 31, 2023				46,169,644
Beginning balance at Mar. 31, 2023	(306,069,000)			$ 5,000			73,407,000			(381,033,000)	1,552,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,022,000)									(19,022,000)
Unrealized (loss) gain on derivative instruments	204,000										204,000
Unrealized gain (loss) on investments on marketable securities	(28,000)										(28,000)
Reclassification of realized gain on investments in marketable securities to earnings	(208,000)										(208,000)
Series A Preferred Stock adjustment to maximum redemptions value													$ (5,806,000)	(5,806,000)
Bonuses paid in Class A Common Stock (in shares)				736,554
Bonuses paid in Class A Common Stock	4,928,000						4,928,000
Stock based compensation	6,449,000						6,449,000
Ending balance (in shares) at Jun. 30, 2023				46,906,198
Ending balance at Jun. 30, 2023	$ (319,552,000)			$ 5,000			78,978,000			(400,055,000)	1,520,000
Temporary equity, beginning balance (in shares) at Dec. 31, 2023	315,789												315,789.473684
Temporary equity, beginning balance at Dec. 31, 2023	$ 354,840,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Series A Preferred Stock adjustment to maximum redemptions value													$ 6,189,000
Temporary equity, ending balance (in shares) at Mar. 31, 2024	315,789
Temporary equity, ending balance at Mar. 31, 2024	$ 361,029,000
Beginning balance (in shares) at Dec. 31, 2023	44,776,926			47,200,504
Beginning balance at Dec. 31, 2023	$ (327,909,000)			$ 5,000			84,771,000			(413,672,000)	987,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(20,087,000)									(20,087,000)
Unrealized (loss) gain on derivative instruments	116,000										116,000
Reclassification of realized gain on investments in marketable securities to earnings	30,000										30,000
Series A Preferred Stock adjustment to maximum redemptions value													$ (6,189,000)	(6,189,000)
Sales of Common Stock through the at-the-market offering/the registered direct offering (in shares)				33,798
Sales of Common Stock through the at-the-market offering/the registered direct offering	168,000						168,000
Costs related to the at-the-market offering/Costs related to offerings	(670,000)						(670,000)
Stock based compensation (in shares)				31,863
Stock based compensation	5,873,000						5,873,000
Ending balance (in shares) at Mar. 31, 2024				47,266,165
Ending balance at Mar. 31, 2024	$ (348,668,000)			$ 5,000			83,953,000			(433,759,000)	1,133,000
Temporary equity, beginning balance (in shares) at Dec. 31, 2023	315,789												315,789.473684
Temporary equity, beginning balance at Dec. 31, 2023	$ 354,840,000
Temporary equity, ending balance (in shares) at Jun. 30, 2024	315,789												315,789.473684
Temporary equity, ending balance at Jun. 30, 2024	$ 367,225,000
Beginning balance (in shares) at Dec. 31, 2023	44,776,926			47,200,504
Beginning balance at Dec. 31, 2023	$ (327,909,000)			$ 5,000			84,771,000			(413,672,000)	987,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,068,000)
Unrealized (loss) gain on derivative instruments	94,000
Unrealized gain (loss) on investments on marketable securities	0
Reclassification of realized gain on investments in marketable securities to earnings	$ 30,000
Ending balance (in shares) at Jun. 30, 2024	53,157,874			53,788,377
Ending balance at Jun. 30, 2024	$ (328,000,000)			$ 6,000			114,623,000			(443,740,000)	1,111,000
Temporary equity, beginning balance (in shares) at Mar. 31, 2024	315,789
Temporary equity, beginning balance at Mar. 31, 2024	$ 361,029,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Series A Preferred Stock adjustment to maximum redemptions value													$ 6,196,000
Temporary equity, ending balance (in shares) at Jun. 30, 2024	315,789												315,789.473684
Temporary equity, ending balance at Jun. 30, 2024	$ 367,225,000
Beginning balance (in shares) at Mar. 31, 2024				47,266,165
Beginning balance at Mar. 31, 2024	(348,668,000)			$ 5,000			83,953,000			(433,759,000)	1,133,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,981,000)									(9,981,000)
Unrealized (loss) gain on derivative instruments	(22,000)										(22,000)
Unrealized gain (loss) on investments on marketable securities	0
Reclassification of realized gain on investments in marketable securities to earnings	0
Series A Preferred Stock adjustment to maximum redemptions value													$ (6,196,000)	$ (6,196,000)
Sales of Common Stock through the at-the-market offering/the registered direct offering (in shares)				2,183,366
Sales of Common Stock through the at-the-market offering/the registered direct offering	9,169,000						9,169,000
Costs related to the at-the-market offering/Costs related to offerings	(336,000)						(336,000)
Common Stock issued related to Acquisition (in shares)					1,079,913	3,728,945
Common Stock issued related to Acquisition		$ 5,000,000	$ 19,023,000			$ 1,000		$ 5,000,000	$ 19,022,000
Repurchased shares for tax withholding (in shares)				(114,196)
Repurchased shares for tax withholding	(466,000)						(466,000)
Cancellation of vested restricted stock units (in shares)				(2,032,545)
Stock based compensation (in shares)				1,676,729
Stock based compensation	$ 4,477,000						4,477,000
Ending balance (in shares) at Jun. 30, 2024	53,157,874			53,788,377
Ending balance at Jun. 30, 2024	$ (328,000,000)			$ 6,000			$ 114,623,000			$ (443,740,000)	$ 1,111,000

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 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.

Accounts and Note Receivable - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	$ 12,690	$ 4,113
Note receivable, interest rate			8.50%
Note receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and note receivable	$ 0	$ 3,000	$ 3,000

Cash Equivalents and Investments in Marketable Securities - Schedule of Investment in Marketable Securities (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Purchase Price	$ 999
Unrealized Gains	10
Unrealized Losses	0
Fair Value	1,009
Government securities
Debt Securities, Available-for-Sale [Line Items]
Purchase Price	999
Unrealized Gains	10
Unrealized Losses	0
Fair Value	$ 1,009

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Other Noncurrent Assets

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Noncurrent Assets

NOTE 11 – OTHER NONCURRENT ASSETS

Other noncurrent assets consisted of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Operating lease right-of-use asset	$	7,004	$	7,777
Investment in MAB	4,000		4,000
Prepaid subscriptions	2,239		2,877
Interest rate swap	1,212		1,117
Investment in Overwatch Imaging, Inc.	1,000		1,000
Other	838		—
Total other noncurrent assets	$	16,293	$	16,771

Cash Equivalents and Investments in Marketable Securities - Schedule of Cash Equivalents in Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Cash and Cash Equivalents [Line Items]
Cash equivalents:	$ 8,167	$ 13,182
Restricted cash:	14,019		$ 12,240
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash equivalents:	0	1,974
Money market fund
Cash and Cash Equivalents [Line Items]
Cash equivalents:	8,167	11,208
Restricted cash:	$ 14,019	$ 13,981

Accounts and Note Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts and note receivable consist of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Trade accounts receivable	$	11,408	$	681
Unbilled receivable	1,023		—
Note receivable	—		3,000
Other	259		432
Total accounts and note receivable	$	12,690	$	4,113

Aircraft Support Parts (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Industries [Abstract]
Repairables and expendables	$ 477	$ 488
Other	265	0
Total aircraft support parts	$ 742	$ 488

Acquisition Activity - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 24,741	$ 13,163
FMS Aerospace
Business Acquisition [Line Items]
Cash and cash equivalents	2,592
Accounts receivable	2,684
Inventory	265
Prepaid expenses and other current assets	124
Intangible assets, net	3,900
Property, plant and equipment, net	1,014
Other noncurrent assets	838
Accounts payable	(259)
Dividends payable	(800)
Deferred revenue	(90)
Accrued expenses and other current liabilities	(170)
Deferred tax liability	(490)
Total identifiable net assets	9,608
Goodwill	11,578
Total purchase price	21,186
Unbilled receivable	1,000
Ignis Technology
Business Acquisition [Line Items]
Cash and cash equivalents		3
Intangible assets, net		1,300
Accounts payable		(37)
Long-term accrued expenses and other noncurrent liabilities		(67)
Deferred tax liability		(314)
Total identifiable net assets		885
Goodwill	$ 10,700	10,676
Total purchase price		$ 11,561

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	For the Six Months Ended June 30,
$s in thousands	2024		2023
Interest paid	$	11,626	$	11,489
Fixed assets in accounts payable	27		1,841
Conversion of promissory note to Common Stock	—		897
Series A Preferred Stock - adjustment for deemed dividend upon Closing	—		48,300
Series A Preferred Stock - adjustment to eliminate 50% multiplier	—		156,362
Series A Preferred Stock - adjustment to maximum redemption value	12,385		10,080

Non-cash operating and financing activities:
Offering costs included in accounts payable, accrued expense and other liabilities	$	332	$	—
Purchase consideration of Ignis acquisition paid in Common Stock (Note 12)	5,000		—
Purchase consideration of FMS acquisition paid in Common Stock	19,023		—
Assumption of JCIC liabilities	—		7,464
Recognition of Warrant liabilities	—		5,863
Cancellation of deferred underwriting fee	—		1,500
Recognition of new right-of-use asset and corresponding operating lease liability	—		1,093
Bonuses paid in Common Stock	—		4,928
Deferred offering costs included in accrued expenses and other current liabilities	—		388

Other Noncurrent Assets (Detail) - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Operating lease right-of-use asset

$ 7,004

$ 7,777

Investment in MAB

4,000

Prepaid subscriptions

2,239

2,877

Interest rate swap

1,212

1,117

Investment in Overwatch Imaging, Inc.

1,000

Other

838

Total other noncurrent assets

^[1]

$ 16,293

$ 16,771

[1]	Includes related party operating lease right-of-use assets of $5.7 million and $6.3 million as of June 30, 2024 and December 31, 2023, respectively.

Interest Rate Swap - Schedule of Interest Rate Swap Designated as a Cash Flow Hedge (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Receive Rate	0.11448%	2.61448%
SOFR + 0.11448%
Derivative [Line Items]
Receive Rate	2.61448%
Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 10,144	$ 10,466
Fair Value	$ 1,212	$ 1,117
Pay Fixed	3.887%	3.887%

Summary of Significant Accounting Policies - Narrative (Detail)
€ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Nov. 17, 2023

USD ($)

Jun. 30, 2024

USD ($)

Jun. 30, 2023

USD ($)

Jun. 30, 2024

USD ($)

Jun. 30, 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

Purchase agreement, consideration to be received | €

€ 40.3

Reverse recapitalization, deferred offering costs charged to equity

$ 19,600,000

$ 18,000,000.0

Reverse recapitalization, offering costs

$ 0

$ 500,000

Cost of obtaining contracts during the period

Revenues

^[1]

$ 13,014,000

$ 11,616,000

$ 18,521,000

$ 11,981,000

Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Customer One

Accounting Policies [Line Items]

Concentration risk percentage

61.00%

41.00%

63.00%

39.00%

Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Customer Two

Accounting Policies [Line Items]

Concentration risk percentage

20.00%

30.00%

16.00%

30.00%

Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Customer Three

Accounting Policies [Line Items]

Concentration risk percentage

14.00%

27.00%

15.00%

26.00%

Customer Concentration Risk | Accounts Receivable | Customer One

Accounting Policies [Line Items]

Concentration risk percentage

40.00%

39.00%

Customer Concentration Risk | Accounts Receivable | Customer Two

Accounting Policies [Line Items]

Concentration risk percentage

33.00%

34.00%

Customer Concentration Risk | Accounts Receivable | Customer Three

Accounting Policies [Line Items]

Concentration risk percentage

19.00%

Return-to-Service | Spanish Scoopers

Accounting Policies [Line Items]

Revenues

$ 1,800,000

$ 2,800,000

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%

Northern Fire Management Services, LLC | Variable Interest Entity, Primary Beneficiary | Bridger Aerospace Group, LLC

Accounting Policies [Line Items]

Variable interest entity ownership percentage

50.00%

[1]	Includes related party revenues of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2023, respectively.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 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.
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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2024 and the year ended December 31, 2023.
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.
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.
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 and six months ended June 30, 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 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.
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. Our contract assets include costs and estimated earnings in excess of billings as well as amounts due under contractual provisions. Costs and estimated earnings in excess of billings represent amounts earned and reimbursable under contracts and have a conditional right for billing and payment such as achievement of milestones or completion of the project. Contract assets are recorded as unbilled receivable within Accounts and note receivable in the Condensed Consolidated Balance Sheets. When the right to consideration is unconditional, which is when payment is due only upon the passage of time and the Company has invoiced customers for performance obligations that have been satisfied, contract assets are considered to be accounts receivable. 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.
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.
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.
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.
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 benefit, 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	(Loss) Earnings Per Share Basic (loss) earnings 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) earnings 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) earnings per share is calculated based on the weighted average number of shares of Common Stock outstanding.
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.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements 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. 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 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.

Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:


$s in thousands	As of June 30, 2024		As of December 31, 2023
Accrued interest expense	$	6,404	$	6,448
Contingent consideration	5,857		8,486
Warrant liabilities	3,464		5,596
Deferred revenue	3,945		—
Deferred underwriting fee payable	1,500		1,500
Accrued salaries, wages and bonuses	1,408		1,099
Accrued foreign tax	925		2,707

Accrued professional fees	370		851
Finance right-of-use liability	35		46
Embedded derivative of Series A Preferred Stock	—		885
Other	1,226		327
Total accrued expenses and other liabilities	25,134		27,945
Less: Current accrued expenses and other current liabilities	(16,183)		(17,168)
Total long-term accrued expenses and other noncurrent liabilities	$	8,951	$	10,777

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The change in contingent consideration for the six months ended June 30, 2024 was as follows:


$s in thousands	Contingent Consideration
As of December 31, 2023	$	8,486
Change in fair value of contingent consideration	207
Addition of contingent consideration from FMS Acquisition	2,164
Settlement of contingent consideration	(5,000)
As of June 30, 2024	$	5,857