Bridger Aerospace Group Holdings, Inc.BAER

Bridger Aerospace Group Holdings, Inc. Earnings Per Share Disclosure

10-KFiled Mar 6, 20262 min read
NOTE 22 – LOSS PER SHARE
Loss per share of Common Stock is calculated in accordance with ASC 260, Earnings per share. Loss per share – basic is calculated by dividing Loss attributable to Common Stockholders - basic and diluted by the Weighted average Common Stock outstanding - basic.
Loss 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 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 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 years ended December 31,
(dollars in thousands, except per share amounts)
20252024
Net income (loss)$4,140 $(15,567)
Adjustments to Net Income (loss):
Series A Preferred Stock—adjustment to maximum redemptions value(27,078)(25,339)
Loss attributable to Common stockholders – basic and diluted$(22,938)$(40,906)
Weighted average Common Stock outstanding - basic and diluted54,283,410 50,524,996 
Loss per share – basic and diluted$(0.42)$(0.81)
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 years ended December 31,
20252024
Series A Preferred Stock37,023,37834,561,722
Unvested Restricted Stock Units5,526,6654,472,950
Public Warrants17,249,87417,249,874
Private Placement Warrants9,400,0009,400,000
Unvested Legacy Bridger Incentive Units40,40440,404
Sponsor Earnout Shares855,000855,000

Historical Timeline

Fiscal YearFiled
2025Mar 6, 2026Showing above
2024Mar 14, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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