Press release
AeroVironment Announces Fiscal 2023 Fourth Quarter and Fiscal Year Results
ARLINGTON, Va.--(BUSINESS WIRE)-- AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal fourth quarter and
About this update from Aerovironment, Inc.
[{"type":"text","content":" ARLINGTON, Va.--(BUSINESS WIRE)--\nAeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal fourth quarter and full year ended April 30, 2023.\n\n\nFourth Quarter and Fiscal Year Highlights\n\n\n\nRecord full fiscal year and fourth quarter revenue of $540.5 million and $186.0 million, up 21% and 40% over prior period, respectively\n\n\n\nRecord funded backlog of $424.1 million as of April 30, 2023\n\n\n\nCompany on track for nearly 20% top line growth in fiscal year 2024 with expected revenue of between $630 million and $660 million\n\n\n\n“I am pleased to report that, as expected, we had a very strong finish to fiscal 2023 to close out the Company’s best year ever,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “With our record setting revenue and backlog, we are well positioned for another strong growth year in Fiscal 2024. Even though AeroVironment was not selected to proceed further with increment 2 of FTUAS, AeroVironment has never been in better shape with regards to its future than it is today. Given our pipeline, record backlog and global tailwinds supporting our broad portfolio of robotic solutions – bolstered by the strong performance of our systems in Ukraine – we are at the beginning of a new phase of growth that will lead to further attractive returns for our shareholders. Last year was really an inflection point in terms of our long-term strategic vision to build the premier unmanned robotic solutions provider in the world. With expanding markets, a newfound appreciation of our solutions by foreign customers, and broad support for our products here at home, the Company is well positioned for great success going forward.”\n\n\nFISCAL 2023 FOURTH QUARTER RESULTS\n\n\nRevenue for the fourth quarter of fiscal 2023 was $186.0 million, an increase of 40% as compared to $132.6 million for the fourth quarter of fiscal 2022, reflecting higher product sales of $67.6 million, partially offset by lower service revenue of $14.1 million. From a segment standpoint, the change year-over-year was primarily due to growth in Small UAS (“SUAS”) of $35.4 million and Tactical Missile Systems (“TMS”) of $22.3 million, partially offset by a $14.7 million decline in Medium UAS (“MUAS”) revenue.\n\n\nGross margin for the fourth quarter of fiscal 2023 was $68....