Greetings, and welcome to the Bridger Aerospace Second Quarter Fiscal 2025 Investor Conference Call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Eric Gerratt, Chief Financial Officer. Thank you. Mr. Gerratt, you may begin.

Thank you. Good afternoon, and thank you for joining us today. I'm joined today by our Chief Executive Officer, Sam Davis. 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 discussed in the company's filings with the U.S. Securities and Exchange Commission, including expectations regarding financial results for 2025. 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 statement or to make any other forward-looking statements. 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.

Thank you, Eric. I want to start by thanking our entire team for their dedication and long hours during what has been a very active wildfire year thus far. 2025 has already been another record-breaking year for Bridger. We witnessed monumental success in Q1 with record-breaking deployment orders and mobilization to new regions. I'm pleased to report that our Q2 financials have delivered the same record-breaking performance as Q1. The strong demand for our aerial firefighting assets more than doubled revenue from Q2 last year to $30.8 million. We also reported positive net income of $0.3 million compared to a net loss of $10 million last year. This is the first time we've reported positive net income in the second quarter and the earliest we have swung to a profit. Also for the first time, we reported positive adjusted EBITDA through the first 6 months of the year. Another first, in mid-June, all 6 of our Super Scoopers and 2 PC-12s were deployed to Alaska under U.S. Forest Service task orders at the request of the Alaska Bureau of Land Management. With Alaska seeing a trend of larger fires and more acreage burned, Alaska understands the value and efficacy of the Scooper as well as the benefit of prepositioning assets for initial attack. This was the first time in history that all of our scoopers have been operating together in one location. Additionally, we secured 2 separate 120-day task orders, each for 2 of our Super Scoopers from the U.S. Forest Service. These procurements demonstrate a strong adoption of our platform within the wildfire fighting landscape as well as an acknowledgment of the increasingly year-round threat this country faces from wildfires. This compares to last year when we had 2 scoopers on a 60-day task order and 2 on a…

Thank you, Sam. Looking at our results for the second quarter of 2025, revenue increased to a record $30.8 million, up 136% from $13 million in the second quarter of 2024. The second quarter of 2025 benefited from the continued higher levels of activity as multiple scoopers and surveillance aircraft were deployed in the quarter. Excluding revenue for the return to service work performed on the 4 Spanish Super Scoopers as part of our partnership agreement with MAB Funding, LLC, which was $5.1 million in the second quarter of 2025 and $1.8 million in the second quarter of 2024, revenue from ongoing operations more than doubled to $25.7 million compared to $11.2 million in the second quarter of 2024. Cost of revenues was $18.7 million in the second quarter of 2025 and was comprised of flight operations expenses of $7.9 million and maintenance expenses of $10.8 million. This compares to $9.9 million in the second quarter of 2024, which included $5.1 million of flight operations expenses and $4.8 million of maintenance expenses. Cost of revenues for the second quarter of 2025 also included an increase of approximately $3.9 million of expenses associated with the return to service work for the Spanish Super Scoopers. Selling, general and administrative expenses were $6.5 million in the second quarter of 2025 compared to $7.9 million in the second quarter of 2024. The decline reflects lower noncash stock-based compensation expense and a decrease in earn-out consideration, which was partially offset by an increase in the market value of our warrants. Interest expense for the second quarter of 2025 was $5.7 million compared to $5.9 million in the second quarter of 2024. For the second quarter of 2025, we reported net income of $0.3 million compared to a net loss of $10 million in the second…

Thank you, Eric. As we sit here today, all Bridger's Air Attack and sensor equipped fleet as well as 6 Super Scoopers are actively engaged in wildfire fighting activities. This includes our sensor-enhanced Kodiak under the exclusive-use contract within our home state of Montana. With the assistance of FMS's aircraft modification capabilities, we're currently engaging in night mapping missions, a significant enhancement to our aerial intelligence capabilities. The record 120-day task orders for 4 of our Super Scoopers also means a portion of our fleet will be engaged through mid-October, further supporting our strategy for year-round availability and enabling us to more fully utilize the excess capacity of our scoopers. And as Eric stated, with our record 6-month results and a busy start to the third quarter due to the increased adoption of our aircraft, we are currently trending towards the higher end of our annual guidance. We're also monetizing our campus to reduce debt and lower annual interest expense with the intent to provide funds to reinvest in the business. With a notable start to the year and actions like monetizing our campus, we're working to take the appropriate steps to improve our balance sheet. Finally, with the support of our federal and government customers, legislation to prioritize early attack and suppression and additional budget dollars appropriated, we are incredibly well positioned to drive organic growth in the future, increase adjusted EBITDA and report another year of positive cash flow as we focus on generating solid returns for our stakeholders. Thanks again for joining our conference call today. We look forward to updating you on our progress when we report our Q3 results in November. We plan to be in Boston next week for the Canaccord Genuity Growth Conference and in the first week of September to be at the Gabelli Aerospace and Defense Symposium in New York. Hopefully, we will see some of you there. Additionally, if anyone has any follow-up questions, please reach out to our Investor Relations. And with that, I would like to turn it back to the moderator and open up the call for any questions.

[Operator Instructions] There appear to be no questions at this time. I will turn the call back to Sam Davis for closing remarks.

Okay. Well, thank you for joining our call today. With that, we'd like to close the call. And again, we'll be in touch with any of you through our Investor Relations for follow-up. Appreciate the time.

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.