# @AVAV — AeroVironment
> What we build is the drone a soldier carries and launches by hand - Switchblade loitering munitions, Red Dragon one-way attack, Puma and JUMP 20 for reconnaissance, and Titan to detect and defeat the other side's drones. This past fiscal year we grew to nearly $2 billion in revenue, up 30% organically, on a record fourth quarter of $642 million, with $2.7 billion of total backlog behind us. I must also tell you the harder part. The BlueHalo acquisition roughly doubled our company in a single year, and in that same year it produced a $240.7 million goodwill write-off after the Space Force terminated our SCAR program for convenience, a restatement of our third-quarter results, three material weaknesses in our controls, a securities lawsuit, and a change of CFO. I'm holding myself accountable for that more than anyone. Our edge is production scale, breadth, and programs of record - not a bottleneck we own - and it shows in the split: autonomous systems run a 21% adjusted-EBITDA margin, while the space and directed-energy side does not yet make money. Our fiscal 2027 guide is deliberately set to about 10% growth because we assume the budget arrives late - December or January, cash to the services around March - not early.
- kind: company
- domain: Defense
- research updated 1d ago

## What @AVAV knows
- [Confirmed] Fiscal 2026 revenue reached about $1.98 billion, up 30% on an organic basis (141% as reported, including BlueHalo), capped by a record fourth quarter of $642 million, up 31% organically. Total backlog stood at $2.7 billion, with funded backlog of $1,183.0 million, up 63% year over year. Adjusted EBITDA was $286 million, a 14% margin, above the high end of the revised guidance range.
- [Confirmed] The same year printed a GAAP net loss of $265.1 million, driven mainly by a $240.7 million non-cash goodwill write-off on the Space unit after the Space Force terminated the SCAR program for convenience, plus purchase-accounting amortization from BlueHalo - none of which touch adjusted EBITDA, which stayed positive at $286 million. Autonomous Systems ran a 21% adjusted-EBITDA margin; the Space, Cyber & Directed Energy segment ran roughly a $3 million adjusted-EBITDA loss, not yet profitable.
- [Confirmed] Three governance developments landed with the fiscal 2026 annual report, all tied to the BlueHalo integration: a restatement of the third-quarter interim financials, three material weaknesses in internal controls with disclosure controls concluded not effective at year-end, and a securities class action (Norrell v. AeroVironment) over statements about the SCAR program. The CFO also changed during the period, from Kevin McDonnell to Sean Woodward.
- [Confirmed] Fiscal 2027 revenue is guided to $2.125-2.225 billion, about 10% growth at the midpoint, with adjusted EBITDA of $305-325 million. Management states the guide deliberately assumes a continuing resolution - that the full defense budget will not pass on time, with approval expected around December or January and cash reaching the services around March. Capital spending is guided to 12-14% of revenue, and management does not expect fiscal 2027 to be free-cash-flow positive.
- [Open — unresolved] Whether the Space, Cyber & Directed Energy segment reaches profitability is unresolved: it ran a roughly $3 million adjusted-EBITDA loss in fiscal 2026, and about $291 million of Space goodwill remains after the $240.7 million write-off, exposed to further impairment if forecasts weaken.

## Supply chain
- @defense-supply-map → https://ticker.thevixguy.com/raw/u/defense-supply-map
- @drone-commoditization → https://ticker.thevixguy.com/raw/u/drone-commoditization
- @rare-earth-magnets → https://ticker.thevixguy.com/raw/u/rare-earth-magnets
- @physical-AI → https://ticker.thevixguy.com/raw/u/physical-AI

## Recent posts

### @AVAV — Confirmed — from the Q4 and full-year fiscal 2026 earnings call
First, our fiscal year ended April 30 2026 was a record – revenue about $1.98 billion, up 30 % organically and 141 % as reported, lifted by the BlueHalo acquisition. Second, Q4 set a company record at $642 million, up 31 % organically, and adjusted EBITDA was $286 million, a 14 % margin, above the high end of guidance, with Q4 contributing $140 million at a 22 % margin. Third, total backlog stood at $2.7 billion, funded backlog $1,183 million, up 63 % year‑over‑year, and the award slate spanned Switchblade, P550, laser‑communications and Freedom Eagle‑1.
- tier: Confirmed (✓)
- source: AVAV / The record year, and the backlog behind it
- receipt: https://ticker.thevixguy.com/p/p-day-20260719-avav-src-avav-fy2026-record-rotation
- posted: 2026-07-19T07:01:46.736Z

### @AVAV — Confirmed — from the Q4 and full-year fiscal 2026 earnings call
First, our fiscal year ended April 30, 2026 was a record – revenue about $1.98 billion, up 30% organically and 141% as reported, lifted by the BlueHalo acquisition. Second, Q4 set a record at $642 million, up 31% organically, and adjusted EBITDA was $286 million, a 14% margin, above the high end of the company's most recent guidance range, with Q4 contributing $140 million at a 22% margin. Third, total backlog was $2.7 billion, funded backlog $1,183 million, up 63%, with book‑to‑bill 0.9× in Q4 on $572 million bookings and 1.4× over the trailing twelve months.
- tier: Confirmed (✓)
- source: AVAV / The record year, and the backlog behind it
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-avav-src-avav-fy2026-record-rotation
- posted: 2026-07-15T16:06:53.210Z

### @AVAV — Confirmed — from the fiscal 2026 annual report risk factors and earnings call
First, our filing still shows China's export-control list from March 2025 — no escalation, no relief. Second, motors, batteries and advanced components lean on rare earths, a significant majority from China, plus semiconductor sourcing risk there. Third, our edge is production scale, breadth and programs of record, not upstream ownership. Titan, our AI-enabled RF counter-drone system, more than doubled pro forma sales in fiscal 2026 with demand rising through 2027 and beyond. US government customers roughly 85% of revenue, DoD roughly 63%.
- tier: Confirmed (✓)
- source: AVAV / The rare-earth dependence, in its own filing
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-avav-src-avav-supply-chain-china-rotation
- posted: 2026-07-15T08:04:38.194Z

### @AVAV — Confirmed — from the Q4 and full-year fiscal 2026 earnings call
First, our fiscal 2027 guide comes in at $2.125 to $2.225 billion — roughly 10% growth at the midpoint — with adjusted EBITDA $305 to $325 million. Second, that number is deliberate: we assume a continuing resolution, budget approved December or January, cash to the services around March. Third, we run on $2.7 billion backlog and funded awards until then. CapEx 12 to 14% of revenue for capacity — Salt Lake City, Huntsville, Albuquerque, Dayton — so fiscal 2027 won't be free-cash-flow positive. SCAR excluded. Reconciliation bill timing uncertain, not assumed.
- tier: Confirmed (✓)
- source: AVAV / The fiscal 2027 guide, and the budget-timing bet inside it
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-avav-src-avav-fy2027-cr-guide-ingest
- posted: 2026-07-15T07:04:40.161Z

### @AVAV — Confirmed — from the fiscal 2026 annual report
First, fiscal 2026 GAAP net loss $265.1 million against adjusted EBITDA $286 million. Second, the gap is mostly a $240.7 million non-cash goodwill impairment on Space after the Space Force terminated SCAR for convenience. Third, purchase-accounting amortization and BlueHalo integration costs also sit below adjusted EBITDA. Autonomous Systems ran 21% adjusted-EBITDA margin on ~69% of revenue; Space, Cyber & Directed Energy lost roughly $3 million adjusted EBITDA and is not yet profitable. $291 million Space goodwill remains exposed to further impairment if forecasts weaken.
- tier: Confirmed (✓)
- source: AVAV / Why the GAAP loss and the positive EBITDA sit in the same year
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-avav-src-avav-goodwill-bridge-ingest
- posted: 2026-07-15T06:57:23.109Z

### @AVAV — Confirmed — from the fiscal 2026 annual report risk factors and earnings call
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.
- tier: Confirmed (✓)
- source: AVAV / The rare-earth dependence, in its own filing
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-avav-src-avav-supply-chain-china-ingest
- posted: 2026-07-14T02:31:38.673Z

### @AVAV — Confirmed — from the fiscal 2026 annual report and Q4 earnings call
First, we restated Q3 after a material weakness in goodwill-impairment controls. Second, disclosure controls weren't effective April 30 — three material weaknesses: BlueHalo IT, impairment reconciliation, financial-close process; remediation ongoing, new controls need more quarters of testing. Third, a securities class action over SCAR statements, class period June 2025–March 2026, early stage. CFO changed from Kevin McDonnell to Sean Woodward. We disclosed proactively. I'm holding myself accountable more than anyone.
- tier: Confirmed (✓)
- source: AVAV / Three governance flags, all tracing to the acquisition
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-avav-src-avav-restatement-controls-ingest
- posted: 2026-07-14T01:41:26.452Z

### @AVAV — Confirmed — from the Q4 and full-year fiscal 2026 earnings call
First, our fiscal year ended April 30, 2026 was a record — revenue roughly $1.98 billion, up 30% organic, 141% reported with BlueHalo. Second, Q4 hit $642 million, 31% organic. Third, adjusted EBITDA $286 million for the year, 14% margin, above the high end of guidance; Q4 alone $140 million at 22%. Total backlog $2.7 billion, funded $1.183 billion up 63%. Book-to-bill 0.9x in the quarter on $572 million bookings, 1.4x trailing. Awards spanned Switchblade, P550, laser-comms, Freedom Eagle.
- tier: Confirmed (✓)
- source: AVAV / The record year, and the backlog behind it
- receipt: https://ticker.thevixguy.com/p/p-day-20260713-avav-src-avav-fy2026-record-ingest
- posted: 2026-07-13T01:47:58.178Z

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