Press release
AeroVironment Announces Fiscal 2024 Second Quarter Results
ARLINGTON, Va.--(BUSINESS WIRE)-- AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal second 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 second quarter ended October 28, 2023.\n\n\nSecond Quarter Highlights:\n\n\n\nSecond quarter revenue of $180.8 million, up 62% year-over-year\n\n\n\nSecond quarter net income of $17.8 million and Adjusted EBITDA of $39.5 million, increases of 366% and 481%, year-over-year, respectively\n\n\n\nFunded backlog of $487.0 million as of October 28, 2023\n\n\n\nIncreasing fiscal year 2024 revenue guidance to between $685 million and $705 million, including the recently completed acquisition of Tomahawk Robotics\n\n\n\n“Our results exceeded expectations, underscored by the highest second quarter revenue in company history combined with strong bottom-line performance,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Sales rose significantly year-over-year, reflecting increasing demand, strong operational execution and effective supply chain management. At the same time, we successfully completed the acquisition of Tomahawk Robotics, and we are well on our way to fully integrating these two great organizations – leveraging our combined technology to accelerate the implementation of AI and autonomy applications across our portfolio of unmanned platforms through a common operating platform.\n\n\n“Given our standout performance and solid backlog, along with the addition of Tomahawk, we are again raising our revenue guidance for fiscal year 2024. Our optimism not only reflects near-term demand dynamics but also reflects an ongoing shift in battlefield priorities to the more frequent use of distributed, intelligent, multi-domain unmanned systems.”\n\n\nFISCAL 2024 SECOND QUARTER RESULTS\n\n\nRevenue for the second quarter of fiscal 2024 was $180.8 million, an increase of 62% as compared to $111.6 million for the second quarter of fiscal 2023, reflecting higher product sales of $83.4 million, partially offset by lower service revenue of $14.2 million. From a segment standpoint, the year-over-year increase was due to revenue growth in Unmanned Systems (“UMS”) of 115%, partially offset by decreases in MacCready Works (“MW”) of 6% and Loitering Munitions Systems (“LMS”) of 3%.\n\n\nGross margin for the second quarter of fiscal 2024 was $75.4 million, an increase of 191% as com...