Press release
AeroVironment Announces Fiscal 2024 First Quarter Results
ARLINGTON, Va.--(BUSINESS WIRE)-- AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal first quarter ended
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 first quarter ended July 29, 2023.\n\n\nFirst Quarter Highlights:\n\n\n\nFirst quarter revenue of $152.3 million, up 40% year-over-year\n\n\n\nFirst quarter net income of $21.9 million and Adjusted EBITDA of $37 million, an increase of 361% and 185%, respectively\n\n\n\nRecord funded backlog of $539.7 million as of July 29, 2023, an increase of 27% from prior quarter\n\n\n\nRaising revenue and Non-GAAP adjusted EBITDA guidance ranges\n\n\n\n“We delivered record first quarter results,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Revenue climbed 40% year-over-year due to higher shipments across all our business segments, indicative of robust demand for our innovative, intelligent, multi-domain unmanned systems. Gross margins, as a percent of sales, also increased significantly, while our funded backlog increased to a new record of $540 million – from $424 million at the start of the fiscal year – reflecting nearly $270 million in new bookings during the quarter. Since fiscal year 2024 is off to such a great start, we are also raising full year guidance to reflect our improved outlook for the Company.\n\n\n“Additionally, we took steps to further strengthen and expand our product portfolio through our previously announced acquisition of Tomahawk Robotics. This transaction – which is expected to close in the second quarter – will add common control solutions with advanced open standard communications technologies – namely the Kinesis Ecosystem – to our current AI enabled software suite. We expect that this acquisition enhances AeroVironment’s existing control and communications solutions, opens up adjacent market opportunities, enables multi-domain integration across all unmanned platforms, and brings additional top notch software engineering talent to our growing team,” continued Nawabi. “We look forward to continued strong execution by our team and are optimistic about growing AeroVironment to new heights this fiscal year.”\n\n\nFISCAL 2024 FIRST QUARTER RESULTS\n\n\nRevenue for the first quarter of fiscal 2024 was $152.3 million, an increase of 40% as compared to $108.5 million for the first quarter of fiscal 2023, reflecting higher product sales of $61.5 ...