Greetings, and welcome to the Bridger Aerospace First Quarter Fiscal 2024 Investor Conference Call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Mr. Eric Gerratt, Chief Financial Officer. Mr. Gerratt, you may begin.

Good afternoon, and thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Founder and Director, Tim Sheehy. 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. Some 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 Securities and Exchange Commission, including expectations regarding financial results for 2024. Management cannot control or predict many factors that ultimately 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 statements or to make any other forward-looking statements. Throughout this afternoon's earnings release and our call today, we refer to the non-GAAP financial measure of adjusted EBITDA. The definition, calculation, and a 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 the reported results under GAAP. With that, I'd like to turn the call over to Tim.

Thanks, Eric. Good afternoon, and thank you for joining the call today. Our first quarter is typically the most capital-intensive but is essential for completing winter maintenance on our fleet and preparing for flight training and agency carding, so we are ready to mobilize when the wildfire season begins in North America, usually in late May or early June. Each fire season presents its own challenges and regional variations. Last year, we faced a delayed start due to heavy snowfall, leading to the slowest wildfire season in 20 years. However, this year, with dry conditions in Oklahoma and Texas, we achieved the earliest seasonal deployment in our history, with many forecasting a busier fire season in 2024. In February, we dispatched one of our Pilatus PC-12 multi-mission aircraft to Oklahoma for aerial intelligence on early-season wildfires, with a second PC-12 sent in April. Our multi-mission aircraft program is crucial for incident planning, decision-making, and firefighting tactics, utilizing our proprietary data platform and advanced sensor and mapping tools. The two aircraft operate under a five-year contract with the Department of Interior and Bureau of Indian Affairs and are both currently active. In early March, we received a Task Order for two CL-415EAF Super Scoopers from the US Forest Service at the request of Texas, which is dealing with the largest wildfire in the state's history. This marks the earliest deployment of our Scoopers in history; they were in Texas for six weeks before returning to Montana. This early wildfire activity contributed to our highest first-quarter revenue ever at $5.5 million. Looking ahead to 2024, early signs suggest that drier and warmer conditions will lead to a very active wildfire season in the US, continuing the trend of larger wildfires and longer fire seasons, which will sustain long-term demand for our aerial surveillance and firefighting services. A key part of our strategy is to mitigate fluctuations in wildfire activity by broadening our aerial firefighting services into new critical areas and regions. Our deployment in Canada last year resulted in the most territory covered in the company’s history, and having navigated the regulatory process in Canada last year, we are hopeful that Bridger can assist there as part of our regular operations moving forward. Wildfire risk in Canada is expected to be above average in 2024, according to the North American seasonal fire assessment and outlook, as fires erupted over the weekend in locations like Vancouver, British Columbia, Phoenix, Minnesota, and Wisconsin. Additionally, the presence of zombie fires, which have smoldered underground throughout winter, complicates matters, as these 2023 fires continue to burn and new ones have emerged. Beyond North America, we are progressing with plans to expand into Europe. Our partnerships with Marathon Asset Management and Avenue Sustainable Solutions Fund facilitated the purchase of four Super Scoopers from the Spanish government last fall, which will allow us to significantly grow our fleet in the coming years. In terms of this European expansion, our subsidiary, Albacete Aero, is managing the return-to-service work on the four Super Scoopers, and I'm pleased to report that it is on track, with the first Scooper expected to be available by the end of the 2025 fire season. Regarding our Ignis Technologies subsidiary, we are actively developing our innovative mobile and web platform that enhances firefighter situational awareness and generates real-time, high-value data to improve wildfire risk management. As we approach the start of the fire season, we are completing our maintenance, training, and other preparations. With our comprehensive range of aviation resources, we are well-equipped to assist our state, federal, and international clients in safeguarding lives and property against the escalating threat of wildfires. I'll now turn it back to Eric to discuss our performance.

Thank you, Tim. Looking at our results for the first quarter of 2024, revenue was a record $5.5 million compared to $365,000 in the first quarter of 2023. First quarter revenue benefited this year from the early deployment of Super Scooper and surveillance aircraft to Texas and Oklahoma. Typically, first quarter revenue was minimal due to seasonality, while we complete our annual fleet maintenance activities in preparation for the start of the US wildfire season. This year, first quarter revenue also included approximately $1 million related to return to service work performed on the Spanish Super Scoopers by our Spanish subsidiary, Albacete Aero, as part of our partnership agreement with Marathon Asset Management and Avenue Sustainable Solutions Fund. We expect to realize similar amounts in future quarters. Cost of revenues was $9.2 million in the first quarter of 2024, up 27% over $7.2 million in the first quarter last year. Cost of revenues for the first quarter of 2024 was comprised of flight operation expenses of $5 million and maintenance expenses of $4.2 million. This compares to $3.7 million of flight operations expenses and $3.5 million of maintenance expenses in the first quarter of 2023. The increase relates to higher flight operation expenses related to the earlier than typical fleet deployment as well as higher employee labor and other expenses associated with an additional Super Scooper aircraft that was placed into service in February of 2023. Selling, general and administrative expenses were $11.6 million in the first quarter of 2024 compared to $33.2 million in the first quarter of 2023. The decrease was primarily attributable to lower noncash stock-based compensation expense in the first quarter of 2024 when compared to the first quarter of 2023 as a result of the restricted stock units issued in connection with the January 2023 business combination with Jack Creek Investment Corp. The decrease was also partially attributable to lower professional services fees in the first quarter of 2024 compared to the first quarter of 2023, which included fees in connection with the aforementioned business combination. Interest expense for the first quarter of 2024 increased to $5.9 million from $5.7 million in the first quarter of 2023. Bridger also reported other income of $1.2 million for the first quarter compared to $1.1 million for the first quarter last year. For the first quarter of 2024, we reported a net loss of $20.1 million compared to a net loss of $44.7 million in the first quarter of 2023. Adjusted EBITDA improved to negative $6.9 million compared to negative $10.7 million in the first quarter of 2023. Due to our largely fixed cost structure and seasonality, the company historically generates a net loss and negative EBITDA in the first and fourth quarters each year with positive adjusted EBITDA generated primarily in the second and third quarters, which coincides with the US wildfire season. Turning to our balance sheet. As Tim mentioned, the first quarter of every year is typically the most working capital constrained due to fleet maintenance and training activities in the winter months, coupled with minimal revenue. As a result, we ended the quarter with total cash and restricted cash of $16.1 million. In April 2024, the company raised net proceeds of approximately $9.2 million through our registered direct offering, resulting in an improved cash position going into the wildfire season. Our total cash and restricted cash balance was $26.5 million as of April 30, 2024. Supported by the earlier than normal flight activity in Texas and Oklahoma in the quarter, we remain on target with the guidance we issued in November 2023 and then reiterated in February 2024 in conjunction with the release of our fourth quarter results. Bridger is projected to generate adjusted EBITDA of $35 million to $51 million on revenue of $70 million to $86 million. This guidance includes the impact of recent reductions to the company's largely fixed cost structure and excludes any impact from the Spanish Super Scoopers acquired by the joint venture partnership, which are undergoing maintenance work in order to be returned to service. With that, I'd like to turn the call back to Tim for final comments.

Thanks, everyone, for joining us on today's call. I'm incredibly proud of our team and our performance, with a strong start to the season in the first quarter, a profitable business model, efficient operations, and an experienced management team. We are well-prepared to achieve another record quarter and year in 2024. We are also pleased to welcome two new experienced executives to our Board this past quarter. They each bring significant expertise that we believe will be valuable for guiding the continued growth and value creation for Bridger Aerospace. We look forward to sharing updates on our progress when we report our second quarter results in August. If anyone has any follow-up questions, please reach out to our Investor Relations contact on our website. Thank you.

Thank you. This does conclude today's presentation. We appreciate your participation. You may disconnect at any time.