U.S. Senate hopeful's company reported losses of more than $77 million in 2023

Source: Montana Free Press

Bridger Aerospace, the Gallatin County-based aerial firefighting company founded by Republican U.S. Senate hopeful Tim Sheehy, announced a record-high annual revenue of almost $67 million when it released its 2023 earnings report last month.

But the annual report the publicly traded company filed with the U.S. Securities and Exchange Commission also shows that Bridger is deeply in debt, hemorrhaging cash and at risk of failing to meet its financial obligations in the coming year.

“The Company has suffered recurring losses from operations, operating cash flow deficits, debt covenant violations, and insufficient liquidity to fund its operations that raise substantial doubt about its ability to continue as a going concern,” Bridger’s auditor said in a note to stockholders and the board of directors.

Or, as University of Montana accounting professor Terri Herron put it in an interview with Montana Free Press: “Management concluded that they may not be around in a year.”

Read more: https://montanafreepress.org/2024/04/09/u-s-senate-hopefuls-company-reported-losses-of-more-than-77-million-in-2023/