In March 2025, China placed AeroVironment on its export‑control list; that language remains unchanged in our fiscal‑2026 filing, with no escalation or relief disclosed. First, our products—including motors, batteries and other advanced components—rely on rare‑earth metals, a significant majority sourced from China, alongside semiconductor and component sourcing risk from China. Second, our closest‑to‑scarce position is Titan, an AI‑enabled RF counter‑drone system whose sales more than doubled in fiscal 2026 on a pro forma basis, with demand expected to rise through 2027 and beyond.