Press release
AeroVironment Announces Fiscal 2025 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 26, 2024.\n\n\nSecond Quarter Highlights:\n\n\n\nRecord second quarter revenue of $188.5 million up 4% year-over-year\n\n\n\n\nSecond quarter net income of $7.5 million and non-GAAP adjusted EBITDA of $25.9 million\n\n\n\n\nFunded backlog of $467.1 million as of October 26, 2024\n\n\n\n\nAnnounced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion\n\n\n\n“AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.\n\n\n“We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”\n\n\nFISCAL 2025 SECOND QUARTER RESULTS\n\n\nRevenue for the second quarter of fiscal 2025 was $188.5 million, an increase of 4% as compared to $180.8 million for the second quarter of fiscal 2024, reflecting higher product sales and service revenue of $5.5 million and $2.2 million, respectively. From a segment standpoint, the year-over-year increase was due to revenue growth in Loitering Munitions Systems (“LMS”) of 157% and MacCready Works (“MW”) of 42%, partially offset by a decrease in UnCrewed Systems (“UxS”) of 35%.\n\n\nGross margin for the second quarter of fiscal 2025 was $73.6 million, a decrease of 2% as compared to $75.4 million for the second quarter of fiscal 2024, reflecting lower product gross margin of $2.6 million, partially offset by higher service margin of $0.9 million. As a percentage of revenue, gross margin decreased to 39% from 42%, primarily due to an increase in the proportion of LMS product revenue and an increase of $0.5 million of intangible amortization expense, partially off...