Bridger Aerospace Group Holdings, Inc. · NASDAQ:BAER
Bridger Aerospace — Investor Presentation (August 2024)
33 slides from Bridger Aerospace's investor presentation, Aug 13, 2024
Slide 1: Investor Presentation August 2024
Investor Presentation August 2024
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 Introduction to Bridger Aerial Firefighting Industry Overview Business Model Growth Drivers Financial Profile 5 \
Slide 6: Bridger Aerospace Timeline
Bridger Aerospace Timeline Founded as a veteran - owned business in 2014 and quickly gained traction in the U.S. aerial firefighting market 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 mill
Slide 7: Bridger Aerospace at a Glance
Bridger Aerospace at a Glance ▪ Full - spectrum Aerial Firefighting Solution 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 integration solut
Slide 8: Full Spectrum Aerial Firefighting Solution
Full Spectrum Aerial Firefighting Solution ▪ Suppression Aircraft (6 + 4 being returned to service in Spain) ▪ Purpose built Viking Air “Super Scoopers” ▪ Highly capable and cost - efficient ▪ Track - record of safety and reliability ▪ High return on investment ▪ Air Attack and Surveillance (8 1 ) ▪
Slide 9: Super Scooper aircraft capabilities
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 10: More Severe Wildfire Season; Lack of Real-Time Insights
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 Chan
Slide 11: Wildfires: A Significant and Growing Environmental Hazard
Wildfires: A Significant and Growing Environmental Hazard Increased Wildfires, CO 2 Levels and Temperatures Are Part of a Vicious Cycle 11 ▪ Average number of large fires (larger than 1,000 acres) burning in the Western US each year more than tripled between the 1970s and 2010s due to growth in the
Slide 12: 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 To Fight Wildfires that Cause Hundreds of Billions of Dollars of Economic Damage and
Slide 13: 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 14: Proprietary Suite of Avionics and Systems
Bridger’s Proprietary Suite of Avionics and Systems Provide Mission - Critical Fire Attack and Surveillance Data Leading Edge Technology to Support Growing Surveillance and Air Attack Activities Source: National Interagency Fire Center, Bridger management. Specialized Sensor Package On - board Imagi
Slide 15: Multi-Mission Aircraft Imaging Systems
Multi - Mission Aircraft Imaging Systems SENSOR LIFT/ MOUNT L3 WESCAM MX - 15 GEN 5 OR OVERWATCH TK - 8 ARSO INSTRUCTOR/ OBSERVER SEAT MSO WORKSTATION MSO MISISON SEAT GOGO L5 AVANCE PERSISTENT BROADBAND INTERNET TERMINAL ATGS INSTRUCTOR SEAT SIC SEAT - ATGS/ MOBILE WORKSTATION GOGO L5 AVANCE ANTENN
Slide 16: Special Missions Imaging Capabilities
Special Missions Imaging Capabilities INCIDENT AWARENESS & ASSESSMENT FOR REAL TIME DECISION - MAKING 16
Slide 17: Ignis Technologies SaaS Platform
Recently acquired 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 a Growing and Evolving Problem Combine Bridger’s proprietary in - flight imaging capa
Slide 18: The Information Problem: What Firefighters Use Today
Printed PDF Packets Incident Action Plans Incoming Resource Packets Printed Maps Analog Radios Weather updates General Communications Emergency Transitions Generic Applications Static maps Insufficient Weather Apps Google Drive The Information Problem: What Firefighters Use Today: The Results? Infor
Slide 19: 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 20: 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 21: Expanding Geographic Coverage of Firefighting Operations
Expanding Geographic Coverage of Firefighting Operations 21
Slide 22: 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 completed purchase in late 2023 Bridger intends to acquire Scoopers from MAB JV as they are returned to service with acquisition cost of first two planes equal to
Slide 23: FMS Aerospace Acquisition
FMS Aerospace Acquisition Boosts In - House Engineering Capabilities, Expands Customer Base and Smooths Seasonality ▪ 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 operationa
Slide 24: 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 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
(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 Bridger offers a market leading platform in wildfi
Slide 28: Bridger Aerospace Financial Profile
$3.3 $13.4 $39.4 $46.4 $66.7 $18.7 -$90.0 -$70.0 -$50.0 -$30.0 -$10.0 $10.0 $30.0 $50.0 $70.0 $90.0 2019 2020 2021 2022 2023 2024E ($ in millions) Revenue Adjusted EBITDA Net Loss Source: Bridger management. (1) Guidance as provided in Q2’24 earnings release on August 12, 2024 and excludes potential
Slide 29: Financial Overview – Income Statement
2023 2022 2021 ($ In Millions ) $ 56.0 $ 38.8 $30 .4 Fire Suppression 9.7 7 .2 8 .6 Aerial Surveillance 1 0. 0 0 .0 Other ( UAS, Maintenance, Admin) $ 66.7 $46 .4 $39 .4 Total Revenue ( 41.3 ) ( 33.9 ) (26 .6 ) Less: COGS $ 25.4 $12 .5 $ 12.8 Gross Profit 38 % 2 7 % 33% Gross Profit Margin % ( 103.0
Slide 30: Financial Overview – Balance Sheet
Bridger Aerospace Financial Overview – Balance Sheet FY2023 Commentary ▪ $ 37.9 m of cash, restricted cash and marketable securities ▪ $206.7m of debt ▪ $354.8m of Series A Preferred 2023 2022 2021 ($ in Millions , FYE 12/31) Assets Current Assets: $37.9 $97.4 $17.3 Cash, Restricted Cash a n d Marke
Slide 31: Six Months YTD 2024 Financial Review
Six Months YTD 2024 Financial Review • Revenue up approximately 55% YTD • Q1 ‘24 benefitted from the earliest deployment of Super Scooper and surveillance aircraft partially offset by lower year - over - ye ar flight revenue in Q2’24 • Recognized $2.8m revenue from return to service work performed o
Slide 32: Bridger Growth Roadmap
Bridger Growth Roadmap Expand geographical operations with upgrade of Spanish Scoopers and return to service over the next 3 years Combat N orth American wildfire activity with existing infrastructure for surveillance and suppression activities Bridger Continues to Execute on its Growth Strategy as
Slide 33: Reconciliation to GAAP
Six months ending, Twelve months ending, 6/30/23 6/30/24 12/31/2023 12/31/2022 12/31/202 1 ($ in Millions, FYE 12/31) ($63.7) ($30.1) ($ 77.4 ) ($42.1) ($ 6.5 ) Net loss - (0.5) (0.3) - - Income tax benefit 5.0 3.3 11.1 9.1 6.7 Depreciation and a mortization 11.2 11.8 23.2 20.0 9.3 Interest e xpense
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