AeroVironment (AVAV) Company Report

AeroVironment's strategy has evolved following the BlueHalo acquisition in 2025, expanding its core drone business to include counter-UAS capabilities and the space domain, such as ground stations and long-haul laser communications.
The company plans to invest $150 million in growth capacity over FY 2026-2027, including a new 100,000 sq ft factory in Utah to increase Switchblade production capacity to nearly $2 billion.
Key growth drivers for AVAV include increased demand for its products, continued international demand, and the Golden Dome initiative, where the company aims to demonstrate success in protecting critical infrastructure with its counter-UAS solutions within the next 12 months.
AVAV recently secured a $several hundred million contract for long-haul laser communications with an unnamed customer, identifying space as a significant emerging market.

6 days ago

Transcript

AVAV CFO Discusses Strategy and Growth Drivers

AVAV

New Projects/Investments

Revenue Acceleration/Inflection

AVAV's strategy has expanded beyond drones to include counter-UAS capabilities (RF defeat, directed energy with LOCUST laser system) and space domain capabilities (ground stations, long-haul laser communications) following the BlueHalo completion in 2025.
The company projects high teens year-over-year growth for fiscal 2026 on a pro forma basis, driven by anticipated faster procurement cycles, increased government funding, and strong international demand.
AVAV plans to invest approximately $150 million in growth capacity over FY 2026-2027, including a new 100,000 sq ft factory in Utah to significantly boost production, potentially increasing Switchblade capacity to nearly $2 billion.
AVAV is actively pursuing the Golden Dome initiative, pitching counter-UAS solutions for critical infrastructure, with an aim to demonstrate success at several sites within the next 12 months. The CFO estimates this specific opportunity for AVAV could range from $500 million to $1 billion annually.

6 days ago

Transcript

AVAV Discusses Strategic Expansion, Growth Drivers, and Production Capacity Post-BlueHalo Acquisition

AVAV

New Projects/Investments

Revenue Acceleration/Inflection

M&A

AVAV has significantly expanded its product portfolio and market reach following the 2025 BlueHalo acquisition, adding counter-UAS and space domain capabilities, including a recent $several hundred million contract for long-haul laser communications.
The company projects high teens year-over-year growth for fiscal year 2026 on a pro forma basis, anticipating increased demand from government funding, with specific opportunities in the $500 million FEMA grants for Counter-UAS and the $500 million to $1 billion annual Golden Dome initiative for critical infrastructure protection.
To support this growth, AVAV is investing $150 million in growth capacity over FY 2026-2027, including a new 100,000 sq ft facility in Utah expected to increase Switchblade production capacity to nearly $2 billion. The company is also focused on improving the Switchblade business model to enhance free cash flow.

6 days ago

Transcript

AeroVironment Delivers JLTV-Mounted LOCUST Laser Weapon Systems to U.S. Army

AVAV

Product Launch

New Projects/Investments

AeroVironment (AVAV) delivered two Joint Light Tactical Vehicle (JLTV)-mounted mobile C-UAS Laser Weapon Systems (LWS) to the U.S. Army.
This delivery is part of the second increment of the Army Multi-Purpose High Energy Laser (AMP-HEL) prototyping effort, following a previous delivery in September.
The systems feature the 20kW-class LOCUST LWS with a larger aperture beam director, designed to improve lethality.
LOCUST-equipped systems have demonstrated high operational availability rates and have been deployed for over three years outside the United States, performing missions against UAS threats in real-world combat.

Dec 18, 2025, 2:10 PM

Press Release

AeroVironment Reports Record Q2 FY26 Bookings and Revenue, Raises Full-Year Revenue Guidance

AVAV

Earnings

Guidance Update

New Projects/Investments

AeroVironment (AVAV) reported strong Q2 Fiscal Year 2026 financial results, achieving record bookings of nearly $1.4 billion and record Q2 revenue of nearly $473 million.
The company raised the lower end of its Fiscal Year 2026 revenue guidance, now expecting revenues between $1.95 billion and $2 billion, with 93% visibility to the midpoint of this range.
AVAV secured significant new contracts, including awards with a total contract value of $3.5 billion, a $240 million contract for long-haul laser communication terminals, and a $499 million Helmsman award.
Despite challenges from a U.S. government shutdown and operational inefficiencies, AVAV maintained its full-year adjusted EBITDA guidance of $300 million to $320 million and projects non-GAAP adjusted EPS between $3.40 and $3.55.
Strategic highlights include the successful integration of BlueHalo, the launch of new AV Halo suite products, and a nearly $900 million sole-source IDIQ contract from the U.S. Army for international customers.

Dec 9, 2025, 9:30 PM

Transcript

AVAV Reports Record Q2 FY2026 Revenue and Bookings, Raises Full-Year Revenue Guidance

AVAV

Earnings

Guidance Update

New Projects/Investments

AVAV achieved record second quarter revenue of nearly $473 million and record bookings of nearly $1.4 billion in Q2 Fiscal Year 2026.
The company secured significant new contract awards totaling $3.5 billion in Q2, including an $874 million IDIQ for international UAS sales and a $240 million contract for long-haul laser communication terminals.
AVAV raised the lower end of its Fiscal Year 2026 revenue guidance, now projecting revenues between $1.95 billion and $2 billion.
Despite operational challenges from a U.S. government shutdown and an ERP system upgrade, which impacted Q2 adjusted gross margins at 27%, the company anticipates improvement to the high 30s% by Q4.

Dec 9, 2025, 9:30 PM

Transcript

AeroVironment Reports Record Q2 FY2026 Results and Raises Revenue Guidance

AVAV

Earnings

Guidance Update

New Projects/Investments

AeroVironment (AVAV) achieved record Q2 Fiscal Year 2026 financial results, including nearly $473 million in revenue and nearly $1.4 billion in bookings, driven by new contract awards totaling $3.5 billion. The company ended the quarter with a $1.1 billion funded backlog and $2.8 billion unfunded backlog.
The company updated its Fiscal Year 2026 guidance, raising the lower end of its revenue forecast to between $1.95 billion and $2 billion, with adjusted EBITDA guidance remaining between $300 million and $320 million. Non-GAAP adjusted EPS is now projected between $3.40 and $3.55.
Key strategic wins include the P-550 being down-selected for the U.S. Army's Long-Range Reconnaissance Program, estimated to be worth approximately $1 billion, and an $874 million sole-source IDIQ contract from the U.S. Army for international sales of small UAS products. Additionally, AVAV secured a $240 million contract for long-haul laser communication terminals and a $499 million contract for the Helmsman program.
To meet accelerating demand, AVAV is expanding its manufacturing capacity with a new 100,000 sq-ft facility in Salt Lake City, anticipated to be operational by late next calendar year, with the potential to produce over $2 billion worth of Switchblades or other products annually.
Despite challenges from a U.S. government shutdown and operational inefficiencies related to an ERP system upgrade, which impacted Q2 adjusted gross margins to 27%, the company expects adjusted gross margins to improve to the high 30s% by Q4.

Dec 9, 2025, 9:30 PM

Transcript

AVAV Announces Strong Q2 FY26 Results and Raises Revenue Guidance

AVAV

Earnings

Guidance Update

Revenue Acceleration/Inflection

AVAV reported record second quarter revenue of nearly $473 million for Q2 FY26, primarily driven by strong sales in the Autonomous Systems (AxS) segment. The company's Non-GAAP diluted EPS for the quarter was $0.44, and Non-GAAP Adjusted EBITDA was $45.0 million.
The company achieved record second quarter contract awards with a ceiling of $3.5 billion, bookings of nearly $1.4 billion, and reported a funded backlog of $1.1 billion and an unfunded backlog of $2.8 billion.
AVAV raised the lower end of its fiscal year 2026 revenue guidance to between $1.95 and $2.0 billion. The company also provided FY26 guidance for Non-GAAP diluted EPS between $3.40 and $3.55 and Adjusted EBITDA between $300 million and $320 million.

Dec 9, 2025, 9:30 PM

Presentation

AeroVironment Announces Fiscal 2026 Second Quarter Results

AVAV

Earnings

Guidance Update

M&A

AeroVironment reported record second quarter revenue of $472.5 million for fiscal 2026, an increase of 151% year-over-year, with the BlueHalo acquisition contributing $245.1 million.
The company experienced a net loss of $(17.1) million, or $(0.34) per diluted share, for the second quarter of fiscal 2026, compared to net income of $7.5 million, or $0.27 per diluted share, in the prior-year period.
Bookings reached $1.4 billion with a book-to-bill ratio of 2.9, and funded backlog stood at $1.1 billion as of November 1, 2025.
For the full fiscal year 2026, AeroVironment expects revenue between $1.95 billion and $2.0 billion, a net loss between $(38) million and $(30) million, and non-GAAP earnings per diluted share between $3.40 and $3.55.

Dec 9, 2025, 9:10 PM

Press Release

AeroVironment Announces Fiscal 2026 Second Quarter Results

AVAV

Earnings

Guidance Update

M&A

AeroVironment reported record second quarter revenue of $472.5 million for fiscal 2026, an increase of 151% year-over-year, with BlueHalo contributing $245.1 million.
The company posted a net loss of $(17.1) million, or $(0.34) per diluted share, for Q2 fiscal 2026, primarily impacted by $48.2 million in intangible amortization and other non-cash purchase accounting expenses.
Non-GAAP adjusted EBITDA increased to $45.0 million for Q2 fiscal 2026, up from $25.9 million in the prior-year period, with non-GAAP earnings per diluted share at $0.44.
Bookings reached $1.4 billion with a book-to-bill ratio of 2.9, and funded backlog was $1.1 billion as of November 1, 2025.
AeroVironment updated its fiscal year 2026 guidance, projecting revenue between $1.95 billion and $2.0 billion and non-GAAP adjusted EBITDA between $300 million and $320 million.

Dec 9, 2025, 9:06 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for AeroVironment.

Q2 2026

Dec 9, 2025

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Q1 2026

Sep 9, 2025

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Q4 2025

Jun 24, 2025

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AeroVironment (AVAV)

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