Bridger Aerospace Q4 2025 Earnings Call - Positioned for 25%+ Growth in 2026 Backed by Fleet Expansion and New Credit Facility

Operator: Greetings, and welcome to the Bridger Aerospace Fourth Quarter twenty twenty five Conference Call. As a reminder, today’s call is being recorded. It is now my pleasure to introduce your host, Eric Jarrett, Chief Financial Officer. Thank you. Mr.

Jarrett, you may begin.

Eric Jarrett, Chief Financial Officer, Bridger Aerospace: Good afternoon, and thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Sam Davis and incoming CFO, Ann Hayes. Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Since forward looking statements are based on various assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to differ materially from those expressed include, but are not limited to, those disclosed in the company’s filings with the U.

S. Securities and Exchange Commission, including our expectations regarding financial results for 2026. Management cannot control or predict many factors that impact future results. Listeners should not place undue reliance on forward looking statements, which reflect management’s views only as of today. We anticipate that subsequent events and developments will cause our assessments to change.

However, we undertake no obligation to revise or update any forward looking statement or to make any other forward looking statement. Throughout this afternoon’s earnings release and call today, we refer to the non GAAP financial measure adjusted EBITDA. The definition, calculation and reconciliation to the financial statements of adjusted EBITDA can be found in Exhibit A of our earnings release, which is available on our website. We believe adjusted EBITDA is useful in evaluating our reported results as a supplement to and not a substitute for results reported under GAAP. With that, I’d like to turn the call over to Sam.

Sam Davis, Chief Executive Officer, Bridger Aerospace: Thank you, Eric. First, I wanted to say how proud I am of our team throughout this period of incredible growth. They have risen to the occasion and have been the champions of Bridger culture and focused on a mission and dedicated to safety. Their execution drove record operational and financial performance again in 2025. We generated positive net income and posted a second year of positive cash flow with revenue and adjusted EBITDA both growing by more than 20%.

It’s important to note that this record performance was achieved during what was statistically a below average fire year. This financial resilience underscores the strength of our business model, the growing diversification of our revenue streams and the benefits of securing longer term task orders for our aircraft. While the reported number of wildfires nationwide was noticeably higher in 2025 at nearly 78,000 fires compared to the five and ten year averages of around 62,000. They burned far below the normal acreage nationwide of 5,100,000 acres, more than 30% below the five and ten year averages. This is likely the result of our federal and state customers growing emphasis on early detection, initial and direct attack and a more rapid response to wildfire.

This proactive approach combined with the impressive performance of our scoopers and enhanced air attack assets helped drive strategic prepositioning of our fleet and improved utilization in 2025. Utilization, which is measured in days on contract was up almost 10% year over year. Our multi mission aircraft almost doubled their flight hours year over year and remained deployed well into November. The increased utilization rates have paralleled an ideological shift in how The U. S.

Fights wildfires. Throughout 2025, we saw many federal and state customers place increased emphasis on initial and direct attack. Fortunately for Bridger, have the aircraft best suited for this aggressive wildfire management style. We are directing our efforts to maximize the use of aircraft we have while finding other opportunities to expand our capacity with additional aircraft. Looking at the 2025 wildfire statistic for Super Scoopers specifically, there continues to be unmet demand as demonstrated by over 60 orders that were unable to be filled due to aircraft already deployed and fires.

Of the total requests made, this represented a 48% unfilled rate. So far this year, we have deployed two Pilatus PC-twelve and two Super Scoopers to fight fire. Of the PC-twelve, one multi mission aircraft mobilized to Oklahoma and one mobilized to Texas to provide aerial intelligence for early season wildfires. The call up of our enhanced AIR TAC platform demonstrates the aforementioned prioritization of early detection and the proven effectiveness of our advanced sensors and imaging systems. Demonstrating our ongoing commitment for year round readiness, at least three of our Super Scoopers have remained ready throughout the winter months to be dispatched or to support training.

Early in the year, we even pre positioned aircraft in Arizona as a proximity advantage as wildfire threats began to rise in the Southern States. Let me now provide an update on our contracting as we look out to 2026. We continue to target multi year and exclusive use contracts to build resiliency in our revenue and drive utilization. Maximizing the number of these exclusive use commitments helps to ensure our fleet remains dedicated to critical wildfire response efforts. We are in active discussions with numerous states to provide exclusive use of our firefighting assets and are optimistic that current budgeting and planning cycles will lead to future opportunities in the coming months.

Just this week, we announced a five year multiple award, indefinite delivery, indefinite quantity or IDIQ contract for call when needed fixed wing transportation services in Alaska. We will be supporting personnel and cargo movements for the U. S. Department of Interior and other federal agencies on an as needed basis. Although this is not a guarantee, this contract is estimated at $18,600,000 This contract allows Bridger to create additional work for existing aircraft as well as answer demand as we grow our fleet with similar capabilities at the state and federal levels.

Through our FMS subsidiary, we are dedicating resources for modification work on several internal aircraft to enhance our technology platforms. These modified aircraft are becoming a growing part of our contracting discussions. We’re also in active firefighting contract discussions for our first two Spanish Scoopers in Europe, having purchased them from our partnership with Mab Funding LLC in the fourth quarter. The third and fourth Spanish Scoopers continue to undergo the final stages of their return to service work by our Spanish subsidiary, Alpecete Aero. As they become available later in 2026, we will look to enter discussions with MAB to potentially acquire these aircraft as well.

Let me now provide a quick update on FMS and Ignis, our two acquisitions. FMS contributed $7,900,000 in revenue for 2025. As I mentioned, much of their resources have been dedicated to internal aircraft modifications for Bridger aircraft to solidify our competitive edge. These technology enhanced platforms are in high demand and have been instrumental in our ability to position Bridger for high margin work. We also continue to see a number of contracting opportunities primarily with the DoD, inactive bids with FMS’ capabilities that put Bridger uniquely positioned to respond to.

In addition to awarded work with our partner Positive Aviation for the FF72 aircraft, our recent wins include a small award with the U. S. Air Force and Boresight. While revenue in FMS saw delays due to federal budgeting uncertainties through 2025, we do see momentum in federal funding with recent increases through the National Defense Authorization Act for 2025 for eight ninety five billion dollars With our integrated services, we remain well positioned for a wide range of defense as well as commercial work. We’re in the middle of repurposing our business development team to target this work.

And much of the opportunities are fairly small and strategic with potential to scale into large volume, non fire, non seasonal, complementary to the services we already provide. Also a quick update on the Ignis Technologies platform. Since launching the mobile platform to support firefighters in the field over a year ago, pilot programs utilizing the platform with counties, crews, and incident management management teams continue. We are now linking Bridger’s real time sensory image with the Ignis app, creating a seamless data flow from air to ground. Already this year, we we have been live streaming wildfire progression, delivering perimeter mapping, and even providing drop targets for aerial support as we deliver our imagery to ground firefighters, pilots, incident commanders to make effective real time decision and enhance the safety of all operations in the fire stack.

This capability is unlocking new levels of situational awareness and supporting multi mission aviation contracts and enhances both operational effectiveness and safety. With the continued success of our sensor enhanced aircraft in this field, the need for interactive live data streaming is stronger than ever and we intend for this to be a critical part of our sensor enhanced aviation contracts this year. As we look out to 2026, we are well positioned for another year of greater than 25% growth. This includes revenue from our two new Spanish Coopers as well as two new Air Attack aircraft, which we added in the fourth quarter. Our improved balance sheet provides the financial flexibility to acquire additional aircraft in response to contract expansion opportunities and further drive EBITDA growth and long term shareholder value.

This growth stands against the backdrop of recent federal initiatives to restructure our national wildland firefighting system. This includes the executive order into early twenty twenty five that called for the establishment of a national wildland firefighting task force, the establishment of the Wildland Fire Service and passage of the Fire Ready Nation Act and Aerial Firefighting Enhancement Act of 2025, all of which are focused on improving wildfire response. With Bridger’s significant air attack fleet, including modern fire imaging and surveillance aircraft and the world’s largest private super scooper fleet, we believe we are uniquely positioned to protect lives, property, critical infrastructure and the environment as the nation focuses on preparedness and aggressive wildfire suppression. We have exciting opportunities before us and I remain grateful and humbled to lead this exceptional team. Let me now turn it back to Eric, who will talk about our strong financial performance in 2025.

Eric Jarrett, Chief Financial Officer, Bridger Aerospace: Thanks, Sam. Looking at our results for the 2025, revenue was $8,500,000 compared to $15,600,000 in the 2024. The decline year over year was partially related to the later deployment of our Super Scoopers in the 2024 compared to the 2025. Excluding revenue for return to service work performed on the Spanish Super Scoopers as part of our partnership agreement with MAP Funding LLC, which was $800,000 in the 2025 and $5,100,000 in the 2024, revenue from ongoing operations, including FMS, was approximately $7,700,000 compared to approximately $10,500,000 in the 2024. Cost of revenues was $14,100,000 in the 2025 and was comprised of flight operations expenses of $5,700,000 and maintenance expenses of $8,400,000 This compares to $15,400,000 in the 2024, which included $5,800,000 of flight operation expenses and $9,600,000 of maintenance expenses.

Cost of revenues associated with the return to service work on the Spanish Super Scoopers declined $4,200,000 in the 2025 compared to the 2024. Selling, general and administrative expenses were $13,400,000 in the 2025 compared to $7,700,000 in the 2024, primarily reflecting an increase in the fair value of our warrants and an increase in earn out consideration compared to the 2024. Interest expense for the fourth quarter was $6,000,000 compared to $5,900,000 in the fourth quarter last year. Other income was $10,000,000 in the 2025 compared to $300,000 in the 2024. The increase was primarily attributable to a gain of $16,900,000 related to the sale leaseback transaction, partially offset by a loss of $7,800,000 on the extinguishment of debt in conjunction with our debt refinancing in the 2025.

For the 2025, we reported a net loss of $15,100,000 or $0.40 per diluted share compared to a net loss of $12,800,000 or $0.36 per diluted share in the 2024. Adjusted EBITDA was negative $9,500,000 in the fourth quarter compared to negative $2,900,000 in the 2024. A reconciliation of adjusted EBITDA to net loss is included in Exhibit A of our earnings release distributed earlier today. Looking at our results for the full year 2025, revenue was $122,800,000 compared to $98,600,000 in 2025 2024, a 25% increase. Excluding return to service work on the Spanish Super Scoopers, revenue was $108,800,000 compared to $88,500,000 in 2024, which was up 23%.

Cost of revenues was $71,100,000 comprised of flight operation expenses of $31,900,000 and maintenance expenses of $39,200,000 Cost of revenues for 2024 was $57,500,000 comprised of $31,000,000 of flight operations expenses and maintenance expenses of 26,500,000.0 Cost of revenues for 2025 included an increase of approximately $5,400,000 of expenses associated with the return to service work on the Spanish Super Scoopers compared to 2024. SG and A expenses were $36,300,000 compared to $35,800,000 in 2024, with the increase primarily driven by an increase in the fair value of our warrants, partially offset by a decrease in noncash stock based compensation expense. Interest expense for 2025 was $23,300,000 compared to $23,700,000 in 2024. We also reported other income of $11,800,000 for 2025, inclusive of the gain of $16,900,000 on the sale leaseback transaction, partially offset by the loss of $7,800,000 on the extinguishment of debt. Other income was $2,100,000 for 2024.

Net income was $4,100,000 in 2025 compared to a net loss of $15,600,000 in 2024. Adjusted EBITDA was $45,300,000 in 2025 compared to $37,300,000 in 2024. Turning to the balance sheet, we ended 2025 with total cash and cash equivalents of $31,400,000 During the fourth quarter, we completed our previously announced sale leaseback transaction with SR Aviation Infrastructure for our Bozeman Yellowstone International Airport campus facilities. We also entered into a new senior secured facility for up to $331,500,000 led by Bain Capital’s private credit group. Together, these transactions were used to refinance Bridger’s $160,000,000 municipal bond with Gallatin County and consolidate the majority of our other existing debt.

Most importantly, our new credit facility provides significant capacity and financial flexibility through a delayed draw facility of up to $100,000,000 designed to fund future fleet expansion to support the economic growth we are pushing. Let me now turn the call over to Ann Hayes, our incoming CFO, to go over our 2026 guidance.

Ann Hayes, Incoming Chief Financial Officer, Bridger Aerospace: Thanks, Eric. We are starting 2026 with the addition of six new aircraft on balance sheet. This consists of two previously leased PC-12s with contracts through 2027, two King Air multi mission aircraft and the two Spanish Scoopers purchased in December. These new assets, coupled with increased utilization on the existing aircraft, will help us achieve growth of over 25% from last year when excluding the 2025 return to service work in Spain. We are initiating 2026 guidance ranges of $135,000,000 to $145,000,000 for total revenues and $55,000,000 to $60,000,000 for adjusted EBITDA.

The company also expects continued improvement in cash provided by operating activities in 2026 and positive net income. Company is evaluating several different international operating contracts for the two Scoopers that we closed in December, which are currently stationed in Spain. The contribution from the Scoopers and the two new MMA aircraft is expected to be roughly 10% to 15% of 2026 revenue at an approximate 40% EBITDA margin. While we’ve had a good start to the year with two Scoopers and two Air Attack flying in late February. We expect to report a net loss in the first quarter due to the winter maintenance activity.

With that, I’ll turn it back to Sam for final comments.

Sam Davis, Chief Executive Officer, Bridger Aerospace: Thank you, Ann and Eric. As we announced in November, Eric is officially retiring at the end of the month and Ann has taken over the CFO role officially on March 10. I want to again express our gratitude to Eric for his financial leadership over the last three and a half years and his dedication to building Bridger into the resilient and profitable company that it is. I also want to take the opportunity to say how excited we all are to welcome Anne Hayes officially as our new CFO, having joined us after serving as Audit Chair of our Board of Directors. She is ideally suited to lead us through our next chapter of growth and is clearly bought into the mission, evidenced by her step from Audit Chair to join the Bridger team.

I also want to welcome Bill Andrews, our new Chief Operating Officer announced earlier this week. He joined us most recently from Lockheed Martin as Vice President and Executive Program Manager for C-130s, T-5s and P-3s. From development to support, as a U. S. Force, Air Force and Air National Guard veteran for over twenty five years, He served as an aircraft commander and c one thirty evaluator pilot.

We’re privileged to have him join us both for his stellar career and his exemplary military service, which are an incredible fit for the Bridger mission. He has the right skill set to help grow Bridger into a robust and scalable organization. Having led multibillion dollar programs at Lockheed Martin across aircraft delivery, upgrades, support, and readiness initiatives, he is exactly who we need to grow our organization in size and year round operation. This includes his experience supporting the C-one 130 MAF aerial firefighting aircraft for the California Air National Guard. We also see his unique service and support in the defense space as instrumental as we pursue additional opportunities adjacent to our firefighting missions.

To recap 2025, we flew in ’21 states. We provided support for three eighty fires and dropped 7,300,000 gallons of water. We had the earliest deployment in customer history with scoopers dispatching to the Palisades Fire in California in January. Across the fleet, we flew record hours greater than 10% above 2024 in a relatively slow fire year. And when we came home from the field in November, we had maintained 96% uptime on contract, had driven 125,000 miles in our support vehicles, and most notably, every Bridger employee came home safe.

As we sit here today, three of Bridger’s scoopers have completed winter maintenance and two of those are already responding to early season wildfire activity in Texas. One MMA is on contract in Oklahoma and one Air Attack is in Texas. Air Attack aircraft are on standby here in Bozeman preparing work for early twenty twenty six. The remaining three Scoopers are finishing up winter maintenance and should be ready over the course of the second quarter. Our stage winter maintenance program ensures we can provide flexibility within our fleet, utilize the excess capacity of our Scoopers and deliver year round readiness.

Legislation and greater appropriations to prioritize preparedness, early detection and suppression are making a difference to how we fight wildfire and Bridger is uniquely positioned to support our federal and state customers. As Ann stated, we are on track for another record year supported by a much improved balance sheet with significant capacity and financial flexibility to fund future fleet expansion, drive organic growth and build on our long term vision. To innovate and deploy the most advanced technology in our industry and deliver on our mission to protect lives, property, critical infrastructure and the environment. Together, our team is ready to answer the call to serve year round. We’re excited for and positioned to make 2026 another incredible year.

With that, I’d like to open up the call to the operator for any questions.

Operator: Thank Our first question comes from Austin Moeller with Canaccord. Your line is open.

Austin Moeller, Analyst, Canaccord: Hi, good afternoon. So just my first question, I was going to ask about the appointment of Bill Andrews. Is the intent there for him to help build out the FMS business? Or does this potentially signal that you might buy like C-130s or other government aircraft after the recent legislation that permits that?

Sam Davis, Chief Executive Officer, Bridger Aerospace: Yeah, so primarily Bill’s focus is good to talk to you again Austin, thanks for the question. Primarily Bill’s focus is gonna be on making sure that our fleet is deployed and ready to go year round across the country and really focus on our operational excellence and build upon that. But it’s more aligned with your first comment where we’re looking at all of the expertise and the years of experience he has in leading, very large programs. Obviously at a much different scale that he can bring that context into the Bridger family. And we’re uniquely positioned I think with our integrated services to do, defense work adjacent to the mission we’re doing in firefighting with all of the services we have in house.

And really taking the opportunity with the funding going on in the defense space and the work that we have, in the team and have Belk help identify and lead the team to capitalize on some of that. There’s a lot of appropriately sized work for us to do both on modification, flight test and design, to go after defense work and other smaller jobs that maybe the larger primes can’t quite capture. And we have the quick ability to do turnkey solutions and and f FMS is a key part of that.

Austin Moeller, Analyst, Canaccord: Okay. And can you give us any update on the return to service work for second two Super Scoopers being worked on under MAB funding and when they might be returned to service and you could potentially purchase and take ownership of those aircraft?

Sam Davis, Chief Executive Officer, Bridger Aerospace: Yeah, great question. So I think last we left off, third aircraft is quite near certification of airworthiness. And so there’s a clear opportunity if we’re focused on the first two getting firefighting work in Europe this year. And then exploring potentially moving them, even back to North America for fighting fire in the future. So the third is near completion and that obviously makes that a much closer target for us from an acquisition perspective.

The fourth is a little bit further out. We’re sourcing parts and working to get that underway. That would probably be a little bit later in the year, if not toward the end of the year that we would get that complete. But again, focusing on folding in the first two to doing firefighting and three and four are a nice dovetail into work that we find for the first pair.

Austin Moeller, Analyst, Canaccord: Okay. And just one more here. Can you speak to the potential contract opportunities in Europe? Which ones you think which countries you think are perhaps the highest probability that you could get deployed in advance of the fire season in Q2?

Sam Davis, Chief Executive Officer, Bridger Aerospace: Yeah. And I’ll be as direct as I can be without being too speculative or leading here because we’re in communication and negotiations. But the two leading countries, I would say, that have shown great interest in committing to the SCUPERS stationed in Spain would be Portugal and Turkey. We’re working with our partner overseas in Europe, Avinci’s that has helped us both on the return to service work and flight operations to pursue those countries with the economics we have in mind together as well as the mentality of the first come first serve basis as they get set up for the fire season. In terms of timing, the appropriations are a little bit later than ideal in Europe, not as quite as early as a commitment as you get in The US.

So we’re hoping to have something in line and defined by March or maybe April. So that’s kind of the timeline we’re managing to. There are other countries that would be interested. They just haven’t gone as far down their appropriation cycle as the first two.

Austin Moeller, Analyst, Canaccord: Great. That’s super helpful. I’ll pass it back there. Thanks.

Operator: Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Sam Davis for any additional or closing remarks. And My apologies, we actually did get an additional question. We’ll move to Mark Williams with emerginggrowth.com.

Your line is open.

Mark Williams, Analyst, Emerging Growth: Great. Good afternoon and congratulations on another strong quarter. Just real quick, with the 2026 guidance removing the return to service revenue and profitability from that. How should we think about normalized EBITDA margins across core missions? And what will be driving the expansion forecast?

Sam Davis, Chief Executive Officer, Bridger Aerospace: Yeah. Thanks, Mark. And appreciate you asking the question. I’ll answer kind of the first part and then I’ll let Anne jump in if she can. We’re focused on the expansion with the expanding capacity in the current fleet we have and capitalizing more on the margins with the core fleet, not including the return to service as you mentioned.

So improving both the utilization including the days and hours we have on contract for our Scoopers and Air Attack aircraft in hand, as well as the addition of two scoopers in Spain which we’re factoring in as well as two additional sensor enhanced planes we will add to contract here shortly. And as everybody should know on the call, those sensor enhanced planes have quite an attractive margin versus non sensor enhanced. Continuing to drive those margins up overall and improvement. Anna, don’t know if there’s anything else you wanna add there.

Ann Hayes, Incoming Chief Financial Officer, Bridger Aerospace: Yeah, no, so we had in 2025, we had about $14,000,000 in revenue from return to service. So we’re increasing 29% when excluding that in 2026. And as far as the margins, as Sam mentioned, our Scoopers are generally over 40% adjusted EBITDA margin. And our newer MMA aircraft can be as high as 40% to 50% or above. So any aircraft that we’re adding at this point are increasing EBITDA margins compared to the more simple AeroTask that did not have the sensors to have a lower EBITDA margin.

Mark Williams, Analyst, Emerging Growth: Okay, great. And then along those lines, maintenance expenses increased in 2025 as aircraft were added. With the addition of the new aircraft, how should we think about how expenses, maintenance expenses should scale with those aircraft?

Sam Davis, Chief Executive Officer, Bridger Aerospace: Great. I’ll I’ll take the first part of this, Mark, again and then let Anne put some numbers behind it. But excluding again the return to service, we saw a less of an increase in our cost of revenue as opposed to the revenue that we saw year over year. And it continue to see that as we set guidance for this year because we’re seeing more economies of scale as the fleet grows and we become more efficient with spend. There were some additional cost variable costs that are associated with being deployed more and having more activities such as travel, obviously wear and tear on aircraft and more of the maintenance intervals that we have to perform.

However, it grows at a less of a rate than the revenue grows. So we have that factored into a more profitable gross profit this year with our core fleet and the aircraft that we’re adding.

Ann Hayes, Incoming Chief Financial Officer, Bridger Aerospace: Yes. I would just add that in 2025, the aircraft maintenance did include that Spain return to service work. So we will see that decrease in 2026. And we are seeing margins, as mentioned earlier, with that decrease and the high margin aircraft, we are seeing margins increase.

Sam Davis, Chief Executive Officer, Bridger Aerospace: Okay. Great.

Mark Williams, Analyst, Emerging Growth: And then last question, just real quick. With the refinancing and the liquidity available under the DDTL that occurred this past year, Do you see any need for additional funding throughout the next year or two or especially bringing on the the two new scoopers. I don’t know if they were funded under the DDTL or or part of other parts of that funding.

Sam Davis, Chief Executive Officer, Bridger Aerospace: Yeah. Good question. Yes, so good question. The DDTL that we have in hand which at close was $100,000,000 We built that around what we see for the next couple of years in terms of opportunity of aircraft that we can go out and add to contract and contribute the same as the fleet we have, which does include aircraft three and four scoped into that amount. So we don’t yet foresee any problem of outpacing of our growth outpacing that from an aircraft acquisition perspective.

We could obviously revisit that if the demand necessitated that many aircraft. But right now, including the aircraft we added at the end of the year that was factored into the model at the time we closed it. And so we’re on pace for that. And that again is a good outlook for us for the next couple of years.

Ann Hayes, Incoming Chief Financial Officer, Bridger Aerospace: Just sorry. To provide Go ahead.

Eric Jarrett, Chief Financial Officer, Bridger Aerospace: Well, just real quick, Mark. Just the the other thing to add. So the the purchase for the first two Spanish Cooper Scoopers was included in in the overall term loan. So we didn’t we didn’t tap the the deferred draw facility for those. And to Sam’s point, the two surveillance aircraft we added at the end of the year did come out of the d t DDTL facility, but there’s still about 90,000,000 left in it.

So so the first two scanners scoopers came out of the the term loan that that’s already on the balance sheet, and

Sam Davis, Chief Executive Officer, Bridger Aerospace: we still have, like I said, about $90,000,000 of capacity on that deferred draw facility. Great. Thank

Mark Williams, Analyst, Emerging Growth: you all for your time. Thank you. Appreciate it.

Sam Davis, Chief Executive Officer, Bridger Aerospace: Thank you, Mark.

Operator: There are no further questions at this time. I’d now like to turn it back to Sam Davis for any additional or closing remarks.

Sam Davis, Chief Executive Officer, Bridger Aerospace: Thank you. Thanks again for joining our conference call today. We look forward to updating you on our progress when we report our Q1 results in May. If anyone has any follow-up questions, please reach out to our Investor Relations. Thanks, and have a good day.

Operator: Thank you. This brings us to the end of today’s meeting. We appreciate your time and participation. You may now disconnect.