Press release
AeroVironment Announces Fiscal 2023 Third 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 fiscal third quarter ended January 28, 2023.\n\nThird Quarter Highlights\n\n\nThird quarter revenue of $134.4 million, up 49% year-over-year\n\n\nThird quarter gross margin of $45.5 million, an increase of 112% year-over-year; gross margin percentage of 34% rose approximately 1,000 basis points\n\n\nThird quarter net loss attributable to AeroVironment of $(0.7) million and non-GAAP adjusted EBITDA of $23 million\n\n\nRecord funded backlog of $413.9 million as of January 28, 2023, an increase of 83% year-over-year\n\n\n“This quarter once again demonstrated the ongoing robust strength of our business, with performance that met or exceeded our expectations,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Our performance, reflects strong, growing demand for our broad portfolio of innovative unmanned robotics solutions, with results particularly driven by the significant rise in orders for our advanced Puma and Switchblade systems. AeroVironment’s products and services are proving to be essential to Ukraine’s defense efforts, of which we’re very proud.\n\n“This quarter’s performance sets the stage for a strong finish to fiscal 2023 – a transformational year for the Company – and we have modestly increased our top line guidance accordingly. We have also reduced our EPS guidance based on two non-cash impacts; accelerated depreciation tied to our Medium UAS business and greater than expected unrealized losses tied to our equity investments. We believe the Company is well positioned for even better results going forward, as we leverage our attractive, cutting-edge portfolio of products and services to drive continued double-digit organic top-line growth and solid bottom line results.”\n\nFISCAL 2023 THIRD QUARTER RESULTS\n\nRevenue for the third quarter of fiscal 2023 was $134.4 million, an increase of 49% from the third quarter of fiscal 2022 revenue of $90.1 million. The increase in revenue reflects an increase in product sales of $48.6 million, partially offset by a decrease in service revenue of $4.3 million. The overall increase in revenue was primarily due to an increase in revenue in the Small UAS segment of $45.0 million a...