Bridger Aerospace Group Holdings, Inc. · NASDAQ:BAER
Bridger Aerospace — Investor Presentation (March 2025)
33 slides from Bridger Aerospace's investor presentation, Mar 17, 2025
Slide 1: Advanced Platforms for Global Wildfire Suppression
Advanced Platforms for Global Wildfire Suppression March 2025
Slide 2: Basis of Presentation
Basis of Presentation This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to an investment opportunity in Bridger Aerospace Group Holdings, Inc . (“Bridger”, “Bridger Aerosp
Slide 3: Important Disclaimers: Forward Looking Statements
Important Disclaimers Forward Looking Statements Certain statements included in this Presentation are not historical facts but are forward - looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995 . Forward - l
Slide 4: Important Disclaimers: Non-GAAP Financial Measures
Important Disclaimers Non - GAAP Financial Measures Some of the financial information and data contained in this Presentation, such as Adjusted EBITDA (“Adj . EBITDA”), Adjusted EBITDA margin (“Adj . EBITDA margin”), Adjusted EBITDA per Scooper, Growth Capital Expenditures (“Growth CapEx”), Maintena
Slide 5: Today's Agenda
Today’s Agenda 5 Introduction to Bridger Aerial Firefighting Industry Overview Business Model Growth Drivers Financial Profile
Slide 6: Bridger Aerospace Milestones
Bridger Aerospace Milestones 6 Founded as a veteran - owned business in 2014 Awarded Multi Year DOI Special Sensor Surveillance Contract for up to $68 million and 10 - year Air Attack contract with the Forest Service for up to $166 million NASDAQ listed in Q1’23 Received first two “Super Scoopers” i
Slide 7: Bridger Aerospace at a Glance
Bridger Aerospace at a Glance 7 ▪ Full - spectrum Aerial Firefighting and Aerospace Services Provider ▪ One of the largest owner/operators of the purpose - built “ Super Scooper” ▪ Surveillance aircraft for infrared mapping and immediate data transfer ( " Air Attack " ) ▪ Airframe modification and i
Slide 8: Bridger's Commitment to the Environment
Directly attack the hundreds of millions of metric tons of CO 2 emi tted annually to combat climate change Minimize environmental harm through eco - friendly and sustainable firefighting methods Mitigate hundreds of billions e conomic loss annually as wildfire severity, frequency and damage rises To
Slide 9: Wildfires: A Significant and Growing Environmental Hazard
Wildfires: A Significant and Growing Environmental Hazard 9 Increased Wildfires, CO 2 Levels and Temperatures Are Part of a Vicious Cycle ▪ Changes in temperatures and precipitation levels are increasing the magnitude of wildfires and lengthening the destructive fire seasons - 105 days longer on ave
Slide 10: 2025 Wildfire Activity Off to an Early Start
2025 Wildfire Activity Off to an Early Start ▪ Wildfire is Becoming More Year Round ▪ 2024 saw fire activity as late as October and November ▪ Fires in California in January led to Bridger’s earliest deployment ever with devastation across nearly 36,000 acres and losses of $250 billion ▪ Early Detec
Slide 11: Global Aerial Firefighting Market
$5.8 bn $0.3 bn $3.1 bn $9.5 bn Source: National Interagency Fire Center Statistics, National Interagency Coordination Center, The Forest Service, Department of Interior (DOI), USDA, V erified Market Research and Bridger management estimates. (1). Based on the global aerial firefighting market size
Slide 12: Full Spectrum Aerial Firefighting Solution
Full Spectrum Aerial Firefighting Solution ▪ Suppression Aircraft (6 ) ▪ Purpose built DeHavilland “Super Scoopers” ▪ Highly capable and cost - efficient ▪ Track - record of safety and reliability ▪ High return on investment ▪ Air Attack and Surveillance ▪ Daher Kodiak 100 (4) and Pilatus PC - 12 (2
Slide 13: Super Scooper Capabilities and Advantages
Source: National Interagency Fire Center, CalFire, WinAir, RAND Corporation, Bridger management estimates and DeHavilland OEM specifications and marketing. (1) Compared to larger aerial firefighting platforms, i.e., Boeing 747 Supertanker and McDonnell Douglas DC - 10. (2) Assumes scoopable water is
Slide 14: Why Bridger Wins
Why Bridger Wins 14 Bridger Comparison to Primary Industry Competitors Competitor #1 Competitor #2 Competitor #4 Competitor #3
Slide 15: Leading Edge Technology Driving Special Mission (MMA) Opportunities
Leading Edge Technology Driving Special Mission (MMA) Opportunities 15 ▪ Sensor Enhanced Air Attack with Cutting Edge Imaging systems ▪ Real - time wildfire imagery and data transmission to ground firefighters ▪ Opportunities for “New Start” detection using lightning strike data ▪ FMS engineering br
Slide 16: Special Missions Cutting-Edge Imaging Capabilities
Special Missions Cutting - Edge Imaging Capabilities 16 INCIDENT AWARENESS & ASSESSMENT FOR REAL TIME DECISION - MAKING
Slide 17: FMS Aerospace Acquisition Boosts In-House Engineering Capabilities
FMS Aerospace Acquisition Boosts In - House Engineering Capabilities, Expands Customer Base and Recurring Work ▪ Accretive All Equity Transaction: $17.5 million in restricted common stock and up to an additional $3.1 million in restricted common stock upon the satisfaction of certain operational/per
Slide 18: Leveraging Data to Better Fight Wildfires and Protect Firefighters
Printed PDF Packets I ncident Action Plans - Incoming Resource Packets - Printed Maps Analog Radios Weather updates - General Communications – Emergency Transitions Generic Applications Static maps - Insufficient Weather Apps - Google Drive Leveraging Data to Better Fight Wildfires and Protect Firef
Slide 19: Ignis Technologies Integrates Proprietary Data and Technology
Ignis Technologies Integrates Proprietary Data and Technology to Deliver Unique, Mission Critical Insights on Fire Risk to Firefighting Organizations Bridger’s SaaS Platform is Designed to Solve this Ongoing Problem 19 Combine Bridger’s proprietary in - flight imaging capabilities with published gov
Slide 20: Ignis Overwatch
Dynamic Maps Critical Alerts Live Data Collection 1. Keep informed on fire weather conditions and forecasts. 2. Know what your fire is doing at all times. 3. Base all actions on current and expected behavior of the fire. 4. Identify escape routes and safety zones and make them known. 7. Maintain pro
Slide 21: Long-Term Contracts With Federal and State Firefighting Agencies
Long - Term Contracts With Federal and State Firefighting Agencies Federal State & Local Federal forest and land agencies continue to take a proactive role in fire management and suppression, creating a large opportunity with the US Forest Service (“USFS”) and the Bureau of Land Management (“BLM”) O
Slide 22: Expanding Geographic Coverage of Firefighting Operations
Expanding Geographic Coverage of Firefighting Operations 22
Slide 23: Spanish Scooper Acquisition to Drive Future Growth
Awarded 4 Super Scoopers at auction in Q4 2023 from the Spanish Ministry for Ecological Transition and Demographic Challenge MAB JV partnership completed purchase in late 2023 Bridger has option t o acquire Scoopers from MAB JV as they are returned to service As aerial firefighting assets be
Slide 24: Year-Round Fires Are Extending Operators' Flight Hours
30 - day extension 30 - day extension 90 to 120 - day total extension 30 - day extension 120 - day initial task order Standby (daily rate) Flight (hourly rate) Each contract primarily contains two main revenue components A B Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Maintenance Period Active F
Slide 25: Fleet Size Is the Primary Driver of Financial Performance
A B Super Scoopers Available ▪ Bridger currently owns 6 Super Scoopers ready for deployment ▪ Each plane can fly up to a total of 450 hours per year ▪ Spanish Scoopers targeted for Return to Service starting in 2025 Long - term contract nature (avg. tenor ranges from 1 - 5 years) Annual Price Escala
Slide 26: Attractive Aircraft Unit Economics Drive Margins with Fleet Expansion
(1) Assumes the average full - year run - rate for six (6) CL - 415EAFs. $32 million One - time investment to purchase new Super Scooper Average Total Cost of New Scooper Delivered Bridger Aerospace Average Super Scooper Payback Period ~ 4 / 5 years (2) Allows for rapid reinvestment and continued fl
Slide 27: Building Blocks of Increasing Margin
Building Blocks of Increasing Margin Margins are expected to continue to increase due to high - capacity utilization, fleet expansion and the benefit of prior cost incurrence Bridger ’s business creates a significant amount of operating leverage M arket leading platform in wildfire management wi
Slide 28: Bridger Aerospace Financial Profile
$3.3 $13.4 $39.4 $46.4 $66.7 $105 - 111 $18.7 $42 - 48 -$90.0 -$40.0 $10.0 $60.0 $110.0 $160.0 2019 2020 2021 2022 2023 2024 2025E ($ in millions) Revenue Adjusted EBITDA Net Loss Source: Bridger management. (1) Guidance as provided in Q4’24 earnings release on March 13, 2025 and excludes potential
Slide 29: 2024 Financial Review
2024 Financial Review • Revenue up approximately 48% over 2023 • Benefitted from strong demand during 2024, driving record revenue • Recognized $10.1m revenue from return to service work performed on the Spanish Scoopers as part of the partnership agreement and $3.0 million from June 2024 acquisitio
Slide 30: Bridger Growth Roadmap
Bridger Growth Roadmap 30 Increase utilization of existing infrastructure for surveillance and suppression activities and drive higher guaranteed levels of revenue through expanded state contracting B uilding Advanced Platforms for Global Wildfire Suppression Expand geographical operations with upgr
Slide 31: Revenue by Segment and Financial Summary 2021-2024
2024 2023 2022 2021 ($ In Millions ) $66.8 $ 56.0 $ 38.8 $30 .4 Fire Suppression 13.1 9.7 7 .2 8 .6 Aerial Surveillance 13.9 - - - MRO 4.8 1 .0 0. 0 0 .0 Other ( UAS, Maintenance, Admin) $98.6 $ 66.7 $46 .4 $39 .4 Total Revenue (57.5) ( 41.3 ) ( 33.9 ) (26 .6 ) Less: COGS $41.1 $ 25.4 $12 .5 $ 12.8
Slide 32: Financial Overview – Balance Sheet
Bridger Aerospace Financial Overview – Balance Sheet FY2024 Commentary ▪ $ 53.1 m of cash, restricted cash and marketable securities ▪ $202.5m of debt ▪ $380.2m of Series A Preferred 2024 2023 2022 2021 ($ in Millions , FYE 12/31) Assets Current Assets: $53.1 $37.9 $97.4 $17.3 Cash, Restricted Cash
Slide 33: Adjusted EBITDA Reconciliation to GAAP
Twelve months ending, 12/31/2024 12/31/2023 12/31/2022 12/31/202 1 ($ in Millions ) ($15.6) ($ 77.4 ) ($42.1) ($ 6.5 ) Net loss (0.8) (0.3) - - Income tax benefit 17.5 11.1 9.1 6.7 Depreciation and a mortization 23.7 23.2 20.0 9.3 Interest e xpense $24.8 ( $ 43.4) ($13.0) $9.4 EBITDA 16.2 47.8 - - S
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