Looking at our results for the first 9 months of 2023, Revenue was $65.6 million compared to $45.3 million in the first 9 months of 2022. Cost of revenues was $33 million compared to $28.6 million in the first 9 months last year. SG&A expenses were $64.2 million compared to $28.6 million in the first 9 months of 2022, with the increase being driven primarily by noncash stock-based compensation expense this year. Interest expense for the first 9 months increased to $17.2 million from $13 million in the first 9 months of 2022. Bridger also reported other income of $2.3 million for the first 9 months of ’23 compared to $0.2 million of other expenses for the first 9 months of 2022. Net loss was $46.2 million in the first 9 months of 2023 compared to $25.1 million in the first 9 months of 2022 with adjusted EBITDA at $29 million for the first 9 months this year compared to $12.2 million in the same period last year.
Turning to our balance sheet. We ended the third quarter with cash, restricted cash and short-term investments of $33.9 million up from $25.7 million at June 30, 2023, driven by seasonality and the strong third quarter performance. While the company saw record results in the third quarter after the late start to the wildfire season, the last 2 weeks of September brought cooler, wet weather to the U.S. and Canada. With limited wildfire activity in the first part of our seasonally slower fourth quarter, we now expect the shortest North American fire season in the past 10 years. As a result, we are reducing our previous annual 2023 revenue guidance of $84 million to $96 million to a range of $66 million to $68 million. Given the company’s largely fixed cost structure, Bridger typically generates negative EBITDA in the fourth quarter.
In response to the shorter 2023 wildfire season reduced — and reduced revenue, we’ve identified reductions to our cost structure, which will benefit the fourth quarter as well as the full year of 2024. Even with these cost reductions, the company expects to report negative EBITDA of $10 million to $11 million in the fourth quarter of 2023, which brings full year 2023 adjusted EBITDA and to a range of $18 million to $19 million. This compares to our prior estimate of $37 million to $45 million. These current estimates assume wildfire conditions will remain unchanged for the remainder of the fourth quarter and additional aircraft will not be deployed. Looking at Bridger stand-alone operations for the full year 2024, which excludes the impact of any acquisitions, and accounts for the estimated $16 million of annual reduction to the company’s cost structure.
2024 adjusted EBITDA is anticipated to range from $35 million to $51 million a gain of at least 84% on revenue of $70 million to $86 million. The low end of this guidance range is consistent with the unusually short 2023 fire season with the high end being consistent with a longer, more normal fire season. With that, I’d like to turn the call back to Tim for final comments.
Tim Sheehy : Thank you, Eric, and thank you to everyone for joining us on today’s call and for your support. Well, this year has been full of challenges thus far with a profitable business model, strong fundamental, strict cost controls and a growing number of opportunities to expand our fleet, we are well positioned to see significant growth and drive shareholder returns while supporting our federal state and international clients and the growing battle against wildfires. We look forward to updating you on our progress, we’ll also be attending the Wolfe Research First Annual Small and Mid-Cap Conference, which is scheduled for December 6 and 7 in New York. I hope to see some of you there. Thank you.
Operator:
