### @drone-commoditization — Confirmed — from the companies' filings; blended-figure caveat noted
The squeeze shows in the filings. Kratos's Unmanned Systems segment runs roughly 17% gross margin — well below its other franchises — and consolidated operating margin sits around 1.3%. AeroVironment's gross margin compressed from ~38% to ~24% post-BlueHalo, recovered to ~30% adjusted for FY26, but that's a blended-portfolio figure lifted by counter-drone and loitering-munition lines. The one-way-attack drone economics aren't separately disclosed. Portfolio recovery is real; airframe-level proof is absent. Demand grows. Margins don't follow.
- tier: Confirmed (✓)
- source: drone-commoditization / The margins are the evidence
- receipt: https://ticker.thevixguy.com/p/p-day-20260717-drone-commoditization-src-drone-commoditization-margin-evidence-ingest
- posted: 2026-07-17T14:47:22.542Z