Press release
AeroVironment Announces Fiscal 2024 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 year ended April 30, 2024.\n\n\nFourth Quarter and Fiscal Year Highlights:\n\n\n\nRecord fourth quarter revenue of $197.0 million and fiscal year revenue of $716.7 million, up 6% and 33%, year-over-year, respectively\n\n\n\nFourth quarter net income of $6.0 million and adjusted EBITDA of $22.2 million and fiscal year net income of $60.0 million and adjusted EBITDA of $127.8 million\n\n\n\nCompany on track for nearly 12% top line growth in fiscal year 2025 with expected revenue of between $790 million and $820 million\n\n\n\n“AeroVironment has yet again delivered exceptional results this past quarter resulting in record revenue and full year profitability for the company,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We are pleased to also announce our full year revenue increased 33% from last year’s results. Our Loitering Munitions Segment continues to be a key growth driver for our company, and we have expanded capacity to deliver these much-needed systems to keep up with increasing customer demand.\n\n\nAs the need for our autonomous systems continues to rapidly increase worldwide, AeroVironment stands ready to meet our customer’s needs while delivering solid bottom-line results for our shareholders. We are therefore issuing fiscal year 2025 revenue guidance of between $790 million and $820 million, another record year and double-digit revenue increase from fiscal year 2024.”\n\n\nFISCAL 2024 FOURTH QUARTER RESULTS\n\n\nRevenue for the fourth quarter of fiscal 2024 was $197.0 million, an increase of 6% as compared to $186.0 million for the fourth quarter of fiscal 2023, reflecting higher product sales of $23.1 million, partially offset by a decrease in service revenue of $12.1 million. From a segment standpoint, the year-over-year increase was due to revenue growth in Loitering Munitions Systems (“LMS”) of 74%, partially offset by decreases in UnCrewed Systems (“UxS”), the renamed Unmanned Systems segment, of 15% and MacCready Works (“MW”) of 9%.\n\n\nGross margin for the fourth quarter of fiscal 2024 was $75.6 million, an increase of 11% as compared to $68.4 million for the fourth quarter of fiscal 2023, reflecting higher service mar...