Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q2 FY2026 Earnings Presentation
19 slides from Aerovironment's earnings presentation, Dec 9, 2025
Slide 1: Second Quarter Fiscal Year 2026 Earnings Conference Call
DECEMBER 9, 2025 Second Quarter Fiscal Year 2026 Earnings Conference Call CORRECTED AS OF 12/10/25
Slide 2: Safe Harbor Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, a
Slide 3: Second Quarter Fiscal Year 2026 Key Messages
CORRECTED AS OF 12/10/25 Second Quarter Fiscal Year 2026 Key Messages Record second quarter revenue AV launched several new products of nearly $473 million driven by aligned to our customers' highest strong sales in the AxS segment priorities and continued to execute on expanding manufacturing capac
Slide 4: Second Quarter Fiscal Year 2026 Results
CORRECTED AS OF 12/10/25 Second Quarter Fiscal Year 2026 Results Metric Q2 FY26 Notes Revenue $472.5 M GAAP • Strong revenue growth in AxS segment Gross Margin $104.1 M • Increased services mix with BlueHalo acquisition and higher intangible amortization Non-GAAP • Adjusted SG&A = 14% of revenue3 Ad
Slide 5: Revenue Mix, Adjusted Profitability and Non-GAAP EPS
Revenue Mix, Adjusted Profitability and Non-GAAP EPS QUARTERLY REVENUE BY SEGMENT1 ADJUSTED GROSS MARGIN2 NON-GAAP DILUTED EPS3 ($M) $600.0 $1.00 $500.0 $494.1 $472.5 40% $454.7 36% $432.3 $0.80 33% $400.0 $383.4 29% 27% $0.60 $300.0 $0.47 $0.44 20% $0.40 $200.0 14% 13% $0.20 $100.0 $- 0% $- Q2 FY25
Slide 6: Year over Year Revenue Comparison by Operating Group
Year over Year Revenue Comparison by Operating Group ** INCLUDES FY25 PRO FORMA REVENUE (unaudited) FOR BLUEHALO [6] © 2025 AEROVIRONMENT, INC.
Slide 7: YTD Revenue Comparison by Operating Group
YTD Revenue Comparison by Operating Group ** INCLUDES FY25 PRO FORMA REVENUE (unaudited) FOR BLUEHALO [7] © 2025 AEROVIRONMENT, INC.
Slide 8: Updated Guidance: Fiscal 2026 Outlook
Updated Guidance: Fiscal 2026 Outlook AS OF 12/09/2025 FY26 Q2 RESULTS FY26 GUIDANCE NOTES / ASSUMPTIONS Q3 = 45% Revenue $472.5 million $1.95 to $2.0 billion Q4 = 55% • Adj EBITDA % Trending 8%-10% in Q2 to High Teens % by Q4 • IRAD 6% to 8% • Adj SG&A 12% to 14% (excludes intangible Adjusted EBI
Slide 9: Visibility for FY26
Visibility for FY26 Revenue [Millions] $2,500 $2,250 Revenue Guidance $2,000 Range: 93% visibility 1 $1.95 to $ 2.0B $1,750 82% visibility 1 $186.8 Company $43.8 visibility $1,500 $175.4 70% visibility 1 $115.5 supports Revenue: Unfunded $1,250 $245.4 $675.7 Backlog Anticipated revenue $112.0 this F
Slide 10: Major Second Quarter and Subsequent Awards
Major Second Quarter and Subsequent Awards _SPACE & DIRECTED ENERGY 1 _CUAS & PRECISION STRIKE 2 _CYBER & MISSION SOLUTIONS 3 $75M $96M $98M Space Force Award for Contract to Deliver Generative Environment Two BADGER Systems FE-1 for U.S. Army’s for the Next Era of Strengthens Long-Range Kinetic Spe
Slide 11: Financial Tables
SA Financial Tables
Slide 12: Reconciliation of Non-GAAP Earnings per Diluted Share (unaudited)
APPENDIX A - FINANCIAL TABLES Reconciliation of Non-GAAP Earnings per Diluted Share (unaudited) Three months ended Three months ended August 2, 2025 November 1, 2025 Loss per diluted share $ (1.44) $ (0.34) Acquisition-related expenses $ 0.52 $ 0.13 Amortization of acquired intangible assets and oth
Slide 13: GAAP to NON-GAAP Reconciliation of Adjusted Gross Margin
APPENDIX B - FINANCIAL TABLES GAAP to NON-GAAP Reconciliation of Adjusted Gross Margin 1st Quarter 2nd Quarter (in thousands) FY2026 FY2026 Products Gross Margin $ 82,846 $ 83,640 Intangible Amortization $ 31,245 $ 23,482 Adjusted Gross Margin $ 114,901 $ 107,122 Adj. Prod GM% 36% 33% Services Gross
Slide 14: Net Income to EBITDA and non-GAAP Adjusted EBITDA Reconciliation
APPENDIX C - FINANCIAL TABLES Net Income to EBITDA and non-GAAP Adjusted EBITDA Reconciliation Fiscal 1st Fiscal 2nd Quarter Quarter (in $ millions) 2026 2026 Net loss from continued (67.4) (17.1) operations Interest Expense, net 17.4 (4.7) Tax benefit (15.2) (2.3) Depreciation and 90.3 58.1 amortiz
Slide 15: GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share (Unaudited)
APPENDIX D - FINANCIAL TABLES GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share (Unaudited) Fiscal year ended Fiscal year ended April 30, 2025 April 30, 2026 Earnings (loss) per diluted share $1.55 $(0.76) - (0.61) Acquisition-related expenses $0.54 $0.74 Amortization of acquired intangi
Slide 16: Reconciliation of 2026 Forecast and Fiscal Year 2025 Non-GAAP adjusted EBITDA
APPENDIX E - FINANCIAL TABLES Reconciliation of 2026 Forecast and Fiscal Year 2025 Non-GAAP adjusted EBITDA (Unaudited) Fiscal year Fiscal year ended April 30, ended April 30, (in millions) 2026 2025 Net (loss) Income from continued $ (38) – (30) $ 44 operations Interest Expense, net 4–8 2 Tax (bene
Slide 17: AVAV Contracting Related Definitions
APPENDIX F - FINANCIAL TABLES CORRECTED AS OF 12/10/25 AVAV Contracting Related Definitions Term Definition Q2 FY26 Results The total potential value of a contract at time of announcement, including all base period value, priced options, expected follow-on periods, and any anticipated modifications
Slide 18: GAAP to non-GAAP Reconciliation of Adjusted SG&A (Unaudited)
APPENDIX G - FINANCIAL TABLES GAAP to non-GAAP Reconciliation of Adjusted SG&A (Unaudited) 2nd Quarter 2nd Quarter FY2026 Full FY2025 (in thousands) QTD FY2025 QTD FY2026 Year Forecast SG&A Reconciliation Revenue $ 188,458 $ 472,508 $ 820,627 $ 1,975,000 Total SG&A $ 37,916 $ 98,336 $ 158,753 $ 411,
Slide 19: Q2 FY26 Total Unfunded Backlog Roll Forward
APPENDIX H - FINANCIAL TABLES CORRECTED AS OF 12/10/25 Q2 FY26 Total Unfunded Backlog Roll Forward Total Unfunded Backlog ($M) Total Roll Forward Q1'26 Unfunded Backlog as of 8/2/2025 $ 3,092 Change in Unfunded Backlog due to Definition $ (937) Q2'26 Expired Unfunded Backlog $ (275) Q2'26 Orders Red