Bridger Aerospace Group Holdings, Inc. · NASDAQ:BAER
Bridger Aerospace — Investor Presentation (August 2023)
24 slides from Bridger Aerospace's investor presentation, Aug 10, 2023
Slide 1: Bridger Aerospace Investor Presentation August 2023
Bridger Aerospace Investor Presentation August 2023
Slide 2: Basis of Presentation
Basis of Presentation This Presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist intereste d p arties in making their own evaluation with respect to an investment opportunity in Bridger Aerospace Group Holdings, Inc. (“Bridger”, “Bridger Aeros
Slide 3: Bridger's Critical Mission
Directly attack CO 2 emissions to combat climate change Minimize environmental harm through eco - friendly and sustainable firefighting methods Mitigate economic loss as wildfire severity, frequency and damage rises Bridger’s Mission is to Fight Wildfires that Cause Hundreds of Billions of Dollars o
Slide 4: Complete Contractor-Owned, Contractor-Operated Aerial Firefighting Solution
Source: Bridger management. (1) Reflects anticipated fleet size at the end of 3Q2023 .Total fleet size includes additional 12 aircraft from pending Bighorn A irw ays acquisition. (2) Deployed fleet of Twin Commander, Daher Kodiak 100, Pilatus PC - 12 and UAVs that provide aerial situational awarenes
Slide 5: Rising and Evolving Wildfire Risks Threaten Communities
More Severe Wildfire Season Lack of Real - Time Insights “The challenge is huge. We now have around 70,000 communities at risk from wildfire, and only 6,000 of them — less than 10 percent — have community wildfire protection plans. " Tom Tidwell – Former Chief of the United States Forest Service Cha
Slide 6: Canada Wildfires Led to Hazardous Conditions in New York City
The Canada Wildfires Led to Hazardous Conditions in New York City, Leading to the Highest Air Pollution Levels in the World Rising and Evolving Wildfire Risks Threaten Communities in June 2023 6
Slide 7: Wildfires Present a Significant and Growing Environmental Hazard
Source: National Oceanic and Atmospheric Administration, National Aeronautics and Space Administration and Bloomberg Law. Increased Wildfires, CO 2 Levels and Temperatures Are Part of a Vicious Cycle Annual Wildfire CO 2 Emissions are Among the Most Harmful Pollutants > 110 Million Metric tons of CO
Slide 8: Growth of Wildland-Urban Interface and Largest California Wildfires
23% 36% 41% 2021 Pre - 2020 ~60% of Total Acres Burned by the Largest 20 California Wildfires of All Time Have Occurred in 2020 and 2021 Residential Growth in Fire - Prone, Wildland - Urban Interface Areas < 0% 0% – 25% 25% – 75% > 75% ▪ New WUI areas have expanded by more than 46 million acres (33%
Slide 9: Bridger Aerospace Timeline
Bridger Aerospace Timeline Bridger was founded as a veteran - owned business in 2014 and has quickly gained traction in the U.S. aerial firefighting market Awarded Multi Year DOI Special Sensor Surveillance Contract for up to $ 68 million NASDAQ listed in Q 1 ’2 3 Fleet of 6 Super Scoopers as of Q 2
Slide 10: Bighorn Airways Acquisition
Founded / HQ : 1947 / Sheridan, WY Holds a DoD Facility Security Clearance (Secret), is a DoD Commercial Aircraft Review Board (CARB) approved air carrier and is a U . S . Special Operations Command (SOCOM) certified air carrier With the Arctic and Africa logistics contract, year round revenue
Slide 11: Investment Highlights
Diversified International Fleet of Wildfire Related Specialty Aviation Assets Recurring Revenue Model Supported by Long - Term Government Contracts Sustainability Practices: Directly Combating Major Sources of CO 2 Emissions Rapidly Expanding Market Due to Increased Wildfire Season Length, Geographi
Slide 12: Global Firefighting Market
$5.8 bn $0.3 bn $3.2 bn $3.1 bn $9.5 bn Source: National Interagency Coordination Center, CNN, CBS, The Guardian and Bridger management estimates. (1) Bridger management defines the global firefighting market as the sum of the air - based suppression, ground, and fire data, aerial imagery - related,
Slide 13: Bridger Aerospace Provides a Full-Fledged, Modern Solution
Bridger’s FireTrac Integrates Proprietary Data and Technology to Deliver Unique Insights on Fire Risk… Bridger Invests in Tactically - Relevant Suppression Technologies to Efficiently Address and Combat the Growing Threat of Economic and Environmental Damage Caused by Wildfires Deploy highly effic
Slide 14: Multi-Layered Fleet of Aircraft
Suppression Viking Air CL - 415EAF Super Scooper, an upgrade of the original CL - 415 Using local water, the Super Scooper can drop 100k gallons per day Highly capable and cost - efficient aircraft Air Attack & Surveillance Twin Commander; Daher Kodiak 100; Pilatus PC - 12 Advanced short t
Slide 15: CL-415EAF Super Scooper
Source: National Interagency Fire Center, CalFire, WinAir, RAND Corporation, Bridger management estimates and Viking Air 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 16: Differentiated Solutions to Combat Aerial Firefighting Challenges
Traditional LAT/VLATs 35 150 - 250 30 - 50,000 30 minutes - 1 hour Limited Indirect Attack (3) “Scoopers are considerably less expensive to own and operate than larger helicopters and fixed - wing airtankers . When fires are near water, scoopers can drop more water than airtankers can drop retardant
Slide 17: Long-Term Contracts With Federal and State Firefighting Agencies
Long - Term Contracts With Federal and State Firefighting Agencies Federal Agencies Represent ~99%+ of Revenue in 2022A New 2021 Awards USFS National Scooper Solicitation USFS Air Attack Montana Scooper Various State Annual Contracts New 2022 Awards Department of Interior (“DOI”) and BLM N
Slide 18: Contracts With Canadian Provinces
Contracts With Canadian Provinces July 2023 Canadian Fire Danger Activity Bridger Provides Services for Canadian Provinces Including Nova Scotia, Quebec & British Columbia Source: National Resources Canada, Bridger management. Expand ed Offerings into Canada in 2023 Nova Scotia Quebec British Columb
Slide 19: Evaluating Acquisitions to Enhance Growth
Source: National Resources Canada, Bridger management. Evaluating Acquisitions to Enhance Growth Bridger is Actively Evaluating Company as well as Asset Acquisitions to Accelerate Growth Airframes Expanding operational capacity to meet customer demand Airframe Acquisitions Evaluating opportunities t
Slide 20: Climate Change Has Elongated the Active Fire Season
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 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Maintenance, Training & FAA
Slide 21: Attractive Contract Dynamics
A B Super Scoopers Deployed ▪ Bridger currently has 6 Super Scoopers deployed ▪ Each plane can fly up to a total of 450 hours per year Long - term contract nature (avg. tenor ranges from 1 - 5 years) Annual Price Escalators Direct cost pass through Complete fuel price protection (3) Same assets list
Slide 22: Attractive Aircraft Unit Economics Drive Margins
(1) Assumes the average full - year run - rate for six ( 6 ) CL - 415EAFs . (2) Calculation assumes 2023E Adjusted EBITDA per Scooper run - rate as a proxy for annual payback per each aircraft; payback period is based on the midpoint of the Adjusted EBITDA per Scooper. $32 million One - time investm
Slide 23: Building Blocks of Increasing Margin
Building Blocks of Increasing Margin Bridger is at an inflection point where margins are expected to continue to increase due to high - capacity utilization, fleet expansion and the benefit of prior cost incurrence The Bridger business creates a significant amount of operating leverage Bridger o
Slide 24: Financial Overview – Balance Sheet
Financial Overview – Balance Sheet 24 2 Q2023 Commentary ▪ $ 25.7 m of cash, restricted cash and marketable securities ▪ $207.5m of debt ▪ $342.7m of Series A Preferred ($ in Millions , FYE 12/31) FY2021 FY2022 2 Q2023 Assets Current Assets: Cash, Restricted Cash and Marketable Securities $17.3 $97.
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