Press release
AeroVironment Announces Fiscal 2023 First Quarter Results
ARLINGTON, Va.--(BUSINESS WIRE)-- AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial
About this update from Aerovironment, Inc.
[{"type":"text","content":" ARLINGTON, Va.--(BUSINESS WIRE)--\nAeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for the first quarter ended July 30, 2022.\n\nFirst Quarter Highlights\n\n\nFirst quarter revenue of $108.5 million, up 7% year-over-year\n\n\nFirst quarter gross margin of $33.7 million, an increase of 17% year-over-year; gross margin percentage rose approximately 300 basis points, to 31%\n\n\nFirst quarter net loss attributable to AeroVironment of $(8.4) million and non-GAAP adjusted EBITDA of $13 million\n\n\nStrong August bookings resulted in record funded backlog of $307.6 million as of August 27, 2022\n\n\n“The company achieved first quarter results in line with expectations, and we are reaffirming our fiscal 2023 guidance as shared last quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We’re excited about the traction we’re receiving in the market, underscored by recent Switchblade orders and award of the U.S. Army’s Future Tactical UAS Increment 1. Even though backlog was flat relative to last quarter, strong August bookings have led to a record funded backlog.\n\n“Overall, we are successfully managing ongoing supply chain challenges and are well positioned for continued value creation due to strong demand across nearly all our product lines led by heightened global interest in our Switchblade Tactical Missile Systems, Small Unmanned Aircraft Systems, and Medium Unmanned Aircraft Systems product lines.”\n\nFISCAL 2023 FIRST QUARTER RESULTS\n\nRevenue for the first quarter of fiscal 2023 was $108.5 million, an increase of 7% from the first quarter of fiscal 2022 revenue of $101.0 million. The increase in revenue reflects an increase in product sales of $4.9 million and an increase in service revenue of $2.6 million. The increase in revenue was primarily due to increases in revenue in the Tactical Missile Systems (“TMS”) segment of $3.8 million, All Other segment of $3.6 million primarily due to an increase in customer-funded research and development revenue and the Small Unmanned Aircraft Systems (“Small UAS”) segment of $3.3 million. These increases were partially offset by a decrease in revenue from the Medium Unmanned Aircraft Systems (“MUAS”) segment of $3.1 million.\n\nGross margin for the first quarter of fisc...