Investor Presentaiton
Bridger Aerospace at a Glance
Bridger Provides a
Complete Contractor-
Owned, Contractor-
Operated ("COCO")
Aerial Firefighting
Solution
Business Description
■
Bridger Aerospace ("Bridger" or the "Company") provides full-
spectrum aerial firefighting solutions to Federal and State
government agencies
Founded in 2014, Bridger currently has 20 aircraft and plans to be
operating a purpose-built fleet of 29 aircraft by the end of 2023 (2)
Bridger is one of the largest owner/operators of the CL-415EAF, a
purpose-built fire suppression aircraft
The Company is also developing FireTRAC, an app-based interface
designed to integrate near real-time imagery and analysis on fire
location, intensity, size and weather patterns
Bridger Aerospace Current Fleet Overview (2)
CL-415EAF Super Scoopers (5 planes)
Operates largest domestic fleet of CL-415EAF "Super
Scoopers"
Air Attack & Surveillance (13 planes) (3)(4)
Provides a scaled Air Attack platform
Unmanned Aerial Systems (2 UASs) (6)
Enables the next generation of firefighting situational
awareness
Financial Profile
($ in Millions)
15
27%
$39
$11
20 (2)
10%
$46
(2)
29
57%
$102
$58
$4
2021A
2022E (5)
2023E
Revenue
Adjusted EBITDA
Adjusted EBITDA Margins
# of Aircraft
Marquee Federal and State Customer Base
FOREST SERVICE
UAS
PARTMENT
TOF AGRICUL
NEVADA
DIVISION
RANGE
FOREST
WATERSHED
PROTECTION
OF
A DEPARTMENT
FORESTRY & FIRE PROTECTION
CAL
FIRE
SINCE 1885
THE SEAT
OF
OF
THE
FALASKA
WASHINGTON
NATURAL
M. DEDIMENT OF NI
FORESTRY
RESOURCES
STATE
DEPARTMENT
MARCH
OF
Minnesota
DEPARTMENT OF
NATURAL RESOURCES
THE INTERIOR
31849
STATE
MONTANA
DNRC
OF
1859
OREGON
Bridger has five CL-415EAF Super Scoopers, though only four Super Scoopers were active for the majority of 2022 fire season. Bridger expects delivery of the sixth Super Scooper in Q1 2023 and a seventh scooper equivalent by Q1 2023 and operational by Q2 2023, as well as additional UAS and Air Attack Fleet in 2023. Air Attack additions include 2 aircraft transitioning from resource to contracted assets.
Deployed fleet of Twin Commander, Daher Kodiak 100, Twin Otter, Pilatus PC-12 and UAVs that provide aerial situational awareness and support to the CL-415EAF fleet during active firefighting missions.
Air Attack defined as an airplane that flies over an incident, providing tactical coordination with the incident commander and other fire suppression aircraft. Bridger operated 4 non-revenue generating resource planes and 9 revenue generating Air Attack & Surveillance aircraft during 2022.
Source: Bridger management.
(1)
See slide 41 for a reconciliation of GAAP Net Income to 2021A Adj. EBITDA.
(2)
(3)
(4)
(5)
(6)
Adjusted EBITDA for 2022E includes (among other items) (i) lower revenue than anticipated due to the delayed arrival of multiple aircraft and the impact of a less intense fire season as compared to the prior two years, (ii) $3.0 million of costs related to the acquisition of Super Scoopers 5 and 6, (ii) $2.2 million of business development related expenses and (iii) $0.4 for the development of FireTrac.
Assets did not generate 2022 revenue, as they were received in October 2022.
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