Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q4 2026 Earnings Presentation
20 slides from Aerovironment's earnings presentation, Jun 29, 2026
Slide 1: Quarter and Full Fiscal Year 2026 Earnings Conference Call
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Slide 2: Safe Harbor Statement
This presentation 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, an
Slide 3: Fourth Quarter and Fiscal Year 2026 Key Messages
Fourth Quarter and Fiscal Year 2026 Key Messages Record fourth-quarter Strong fourth-quarter Record bookings of Initiating FY27 guidance revenue of $642 million adjusted EBITDA $2.7 billion and book- with revenues between and fiscal-year revenue margin of 22% on to-bill ratio of 1.4 for $2.125 and $
Slide 4: Fourth Quarter Fiscal Year 2026 Results
Fourth Quarter Fiscal Year 2026 Results Metric Q4 FY26 Notes o 30% YoY Pro forma revenue growth3 Revenue $641.6 M o 31% YoY organic revenue growth4 GAAP Gross Margin $202.6 M o Record fourth-quarter gross margin driven by strong AxS sales Non-GAAP o Record fourth-quarter adjusted EBITDA of 22% drive
Slide 5: Fiscal Year 2026 Results
Fiscal Year 2026 Results Metric FY26 Notes o 17% YoY Pro forma revenue growth3 Revenue $1.98 B o 26% YoY organic revenue growth4 GAAP Gross Margin $500.6 M o Strong FY26 gross margin driven by strong AxS sales Non-GAAP o Adjusted EBITDA of 14% Adjusted $286.1 M o Adjusted non-GAAP SG&A = 13% of reve
Slide 6: Revenue Mix, Adjusted Profitability and Non-GAAP EPS
Revenue Mix, Adjusted Profitability and Non-GAAP EPS Quarterly Revenue by Segment1 Adjusted Non-GAAP Gross Margin2 Non-GAAP Diluted EPS3 $800.0 60% $2.00 $700.0 $641.6 $1.84 $1.80 $1.61 $600.0 44% $1.60 $494.1 $472.5 40% 36% $1.40 $500.0 $454.7 $408.0 33% 32% 34% $1.20 $400.0 29% $1.00 27% 27% $300.
Slide 7: Fourth Quarter Year over Year Revenue Comparison by Operating Group
Fourth Quarter Year over Year Revenue Comparison by Operating Group [$M] Pro Forma1 Q4 FY25 Actual Q4 FY26 Variance vs. Prior Year [$] Variance vs. Prior Year [%] Uncrewed Aircraft Systems $ 103 $ 121 $ 18 17 % Precision Strike & Defensive $ 185 $ 333 $ 148 80 % Systems Other $ 43 $ 38 $ [5] [12] %
Slide 8: Full Year Revenue Comparison by Operating Group
Full Year Revenue Comparison by Operating Group [$M] Pro Forma1 FY25 Actual FY26 Variance vs. Prior Fiscal YTD[$] Variance vs. Prior Fiscal YTD[%] Uncrewed Aircraft Systems $ 352 $ 364 $ 12 3 % Precision Strike & Defensive $ 527 $ 848 $ 321 61 % Systems Other $ 170 $ 146 $ [24] [14] % AxS TOTAL $ 1,
Slide 9: Updated Guidance: Fiscal 2027 Outlook
Updated Guidance: Fiscal 2027 Outlook As of 06/29/2026 FY26 Results FY27 Guidance Notes / Assumptions $2.125 B to $2.225 B Revenue $1.98 B 10% year-over-year growth at midpoint o 1HFY27 = 45%; 2HFY27 = 55% o IRAD 7% to 9% Adjusted EBITDA $286.1 M2 $305 M to $325 M2 o Adj SG&A 14% to 16% 4 14% at mid
Slide 10: FY27 Revenue Visibility
FY27 Revenue Visibility $2,500 GUIDANCE RANGE 69% visibility 1 $2.125B - $2.225B $2,000 Company visibility supports $1,500 192 revenue guidance range 314 $1,000 $500 990 $- Q4 FY26 (6/29/26) Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27 IN MILLIONS Year-to-Date - FY27 Funded Backlog - FY27 Anticipated Qtr-to-Date
Slide 11: Major Awards Since Fourth Quarter Fiscal Year 2026
Major Awards Since Fourth Quarter Fiscal Year 2026 CYBER AND MISSION SOLUTIONS $20M Contract to Integrate Contract to Advance Long Range Reconnaissance PANTHER Phased Array Ceramic Materials (LRR): Completed System Antenna on SkyRange Research for the U.S. Air Design Review #2, Delivery of Platforms
Slide 12: Financial Tables
AY FINANCIAL TABLES AS
Slide 13: Reconciliation of Non-GAAP Earnings per Diluted Share
APPENDIX A - FINANCIAL TABLES Reconciliation of Non-GAAP Earnings per Diluted Share (unaudited) Three months ended Three months ended April 30, 2025 April 30, 2026 Earnings per diluted share $ 0.59 $ 1.25 Acquisition-related expenses $ 0.16 $ 0.15 Amortization of acquired intangible assets and other
Slide 14: GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin
APPENDIX B - FINANCIAL TABLES GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin [$Thousands] 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Products FY26 FY26 FY26 FY26 Gross Margin $ 82,846 $ 83,640 $ 77,841 $ 211,792 Intangible $ 31,245 $ 23,482 $ 11,022 $ 6,814 Amortization Adjusted Gross
Slide 15: Net Income to EBITDA and non-GAAP Adjusted EBITDA Reconciliation
APPENDIX C - FINANCIAL TABLES Net Income to EBITDA and non-GAAP Adjusted EBITDA Reconciliation 3rd Quarter [$M] 1st Quarter 2nd Quarter FY26 As 4th Quarter FY26 FY26 Restated FY26 Net income/(loss) $ (67.4) $ (17.1) $ (243.9) $ 63.2 Interest expense (income), net $ 17.4 $ (4.7) $ (3.7) $ (3.4) Tax (
Slide 16: GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share
APPENDIX D - FINANCIAL TABLES GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share (Unaudited) Fiscal year ended Fiscal year ended Fiscal year ended April 30, 2025 April 30, 2026 April 30, 2027 Earnings (loss) per diluted share $ 1.55 $ (5.40) $ $0.16 - $0.48 (GAAP) Acquisition-related expe
Slide 17: Reconciliation of 2027 Forecast and Fiscal Year 2026 Non-GAAP Adjusted EBITDA
APPENDIX E - FINANCIAL TABLES Reconciliation of 2027 Forecast and Fiscal Year 2026 Non-GAAP adjusted EBITDA (Unaudited) Fiscal year Fiscal year [$M] ended April 30, 2026 ended April 30, 2027 Net (loss) income from continued operations $ (265.1) $ 8 - 24 Interest expense (income), net $ 5.6 $ (8) Tax
Slide 18: AVAV Contracting Related Definitions
APPENDIX F - FINANCIAL TABLES AVAV Contracting Related Definitions Term Definition Q4 FY26 Results The value of new authorized/exercised contract awards and contract modifications received during the reporting period. Bookings typically include the total contract value for new awards and the increme
Slide 19: GAAP to Non-GAAP Reconciliation of Adjusted SG&A
APPENDIX G - FINANCIAL TABLES GAAP to Non-GAAP Reconciliation of Adjusted SG&A (Unaudited) FY2027 Full Year Non- [$Thousands] 4th Quarter FY25 4th Quarter FY26 FY2026 GAAP Forecast SG&A Reconciliation Revenue $ 275,050 $ 641,616 $ 1,976,845 $ 2,125,000 – 2,225,000 Total SG&A $ 43,254 $ 114,225 $ 443
Slide 20: Q4 FY26 Total Unfunded Backlog Roll Forward
APPENDIX H - FINANCIAL TABLES Q4 FY26 Total Unfunded Backlog Roll Forward Total Unfunded Backlog [$M] Total Roll Forward Q3 FY26 Unfunded Backlog as of 1/31/2026 $ 2,968.8 Q4 FY26 Expired Unfunded Backlog $ (8.1) Q4 FY26 Orders Reducing Unfunded Backlog $ (150.1) Q4 FY26 New Unfunded Bookings $ 140.