Revenue and Income - Revenue for the three months ended July 27, 2024, was $189.5 million, an increase of 24.4% compared to $152.3 million for the same period in 2023[173]. - Revenue for the three months ended July 27, 2024, was $189.5 million, an increase of $37.2 million, or 24%, compared to $152.3 million for the same period in 2023[176]. - Net income for the three months ended July 27, 2024, was $21.2 million, slightly down from $21.9 million in the same period of 2023[173]. - The company reported an income from operations of $23.1 million for the three months ended July 27, 2024, compared to $26.4 million in the same period of 2023[173]. Expenses - Gross margin for the three months ended July 27, 2024, was $81.5 million, representing a gross margin percentage of 43.0%, up from $65.7 million and 43.1% in the prior year[173]. - Research and development expenses increased to $24.6 million for the three months ended July 27, 2024, compared to $15.5 million in the same period of 2023, reflecting a 59.2% increase[173]. - SG&A expenses for the three months ended July 27, 2024, were $33.8 million, or 18% of revenue, compared to $23.8 million, or 16% of revenue, for the same period in 2023[178]. - R&D expenses for the three months ended July 27, 2024, were $24.6 million, or 13% of revenue, compared to $15.5 million, or 10% of revenue, for the same period in 2023[179]. - Cost of sales for the three months ended July 27, 2024, was $108.0 million, an increase of $21.3 million, or 25%, compared to $86.7 million in the prior year[177]. Segment Performance - The company has three reportable segments: Uncrewed Systems (UxS), Loitering Munitions Systems (LMS), and MacCready Works (MW), with segment revenue and adjusted gross margin reported for each[173]. - UxS revenue for the three months ended July 27, 2024, was $120.0 million, representing an increase of $21.8 million, or 22%, compared to $98.2 million in the prior year[183]. - LMS revenue for the three months ended July 27, 2024, was $52.0 million, an increase of $21.1 million, or 68%, compared to $30.9 million for the same period in 2023[186]. - Product sales increased by $40.0 million, primarily driven by a $21.9 million increase from Switchblade products and a $19.1 million increase from UxS products[176]. Cash Flow and Liquidity - For the three months ended July 27, 2024, net cash provided by operating activities increased by $45.4 million to $28.4 million, compared to a net cash used of $(17.1) million for the same period in 2023[204]. - The net cash used in investing activities increased by $3.0 million to $6.6 million for the three months ended July 27, 2024, primarily due to increased property and equipment acquisitions[205]. - The company anticipates funding its normal recurring trade payables and ongoing R&D costs through existing working capital and cash provided by operating activities, which are expected to be sufficient for the next twelve months[197]. - The company’s liquidity needs include financing working capital, investing in capital expenditures, and supporting product development efforts[198]. Backlog and Contracts - Funded backlog as of July 27, 2024, was approximately $372.9 million, down from $400.2 million as of April 30, 2024[190]. - The company’s backlog is subject to large variations and does not guarantee future sales, as many contracts do not obligate the U.S. government to purchase goods or services[194]. - The company received $128 million of initial funding under a new IDIQ contract for LMS systems with a ceiling value of $990 million in August 2024[190]. Goodwill and Impairment - The MUAS reporting unit had a goodwill balance of $135.8 million as of July 27, 2024, following a goodwill impairment charge of $156.0 million recognized in the fiscal year ended April 30, 2023[168]. - The estimated fair value of the MUAS reporting unit does not substantially exceed its carrying value, indicating an increased risk of future impairment[168]. Tax and Interest - The effective income tax rate for the three months ended July 27, 2024, was 6.6%, compared to 5.7% for the same period in 2023[181]. - Interest expense decreased significantly to $239,000 for the three months ended July 27, 2024, from $2.0 million in the prior year[173]. - The current outstanding balance of the Credit Facilities is $17.5 million, which bears a variable interest rate, and the company is exposed to increased interest costs due to rising market rates[210]. Capital Contributions and Acquisitions - The company paid a total purchase price of $134.4 million for the Tomahawk acquisition, consisting of $109.8 million in stock and $24.2 million in cash on hand[202]. - The company has committed to make capital contributions totaling $20.0 million to a limited partnership fund, with $10.0 million remaining as of July 27, 2024[202]. Adjustments and Revenue Recognition - Favorable cumulative catch-up adjustments in revenue for the three months ended July 27, 2024, amounted to $0.8 million, while unfavorable adjustments were $0.3 million[161].

For the quarter ended July 2024, AeroVironment (AVAV) reported revenue of $189.48 million, up 24.4% over the same period last year. EPS came in at $0.89, compared to $1.00 in the year-ago quarter.The reported revenue represents a surprise of +2.84% over the Zacks Consensus Estimate of $184.26 million. With the consensus EPS estimate being $0.61, the EPS surprise was +45.90%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

AeroVironment, Inc. (NASDAQ:AVAV) Q1 2025 Earnings Conference Call September 4, 2024 4:30 PM ET Company Participants Jonah Teeter-Balin - Vice President of Corporate Development and Investor Relations Wahid Nawabi - Chairman, President, and Chief Executive Officer Kevin McDonnell - Senior Vice President and Chief Financial Officer Conference Call Participants Ken Herbert - RBC Capital Markets Peter Arment - Robert W. Baird Louie DiPalma - William Blair Peter Skibitski - Alembic Global Andre Madrid - BTIG Op ...

AeroVironment (AVAV) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $1 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 45.90%. A quarter ago, it was expected that this maker of unmanned aircrafts would post earnings of $0.21 per share when it actually produced earnings of $0.43, delivering a surprise of 104.76%.Over the last four quarte ...

Slide 1 | © 2024 AeroVironment, Inc. First Quarter Fiscal Year 2025 Earnings Presentation September 4, 2024 Safe Harbor Statement Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisition ...

Exhibit 99.1 FISCAL 2025 FIRST QUARTER RESULTS AeroVironment Announces Fiscal 2025 First Quarter Results ARLINGTON, VA, September 4, 2024 — AeroVironment, Inc. ("AeroVironment" or the "Company") reported today financial results for the fiscal first quarter ended July 27, 2024. First Quarter Highlights: ● Record first quarter revenue of $189.5 million up 24% year-over-year ● First quarter net income of $21.2 million and adjusted EBITDA of $37.2 million ● In August 2024 awarded U.S. Army Lethal Unmanned Syste ...

Subscribers to Chart of the Week received this commentary on Sunday, September 1.Last week, venture capitalist Y Combinator—the money behind Twitch, DoorDash (DASH), and Dropbox (DBX) – began the backing of Ares Industries, a defense company that builds cruise missiles. Silicon Valley and the military historically go together like oil and water. But follow the money and it makes sense; the aerospace and defense sector are poised for robust growth in the next decade.It’s a troubled topic, but the iShares U.S ...

The upcoming report from AeroVironment (AVAV) is expected to reveal quarterly earnings of $0.61 per share, indicating a decline of 39% compared to the year-ago period. Analysts forecast revenues of $184.26 million, representing an increase of 20.9% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Ahead of a company's earnings disclosure, ...

alxpin/E+ via Getty Images Investment Thesis Drone-maker AeroVironment, Inc. (NASDAQ:AVAV) recently won a big military contract from the U.S. Army worth over a billion dollars, which changes the outlook for the Simi Valley, CA-based company. This is a record deal for AeroVironment since most contract values for the military drone maker usually land in the millions range. The scope of the contract also implies that it could boost not just the overall growth rate of the company due to the size of the contract ...

The drone maker just won its biggest Army contract ever.AeroVironment (AVAV 14.07%) stock took off like a rocket Wednesday morning, rising by 16.5% through 10:15 a.m. ET, after the Pentagon announced the company's single biggest contract win ever.The news led Tuesday night's press release listing the biggest Defense Department contracts awarded that day: $990 million awarded to AeroVironment "to provide an organic, stand-off capability to dismounted infantry formations capable of destroying tanks, light arm ...