Aerovironment, Inc. · NASDAQ:AVAV
Aerovironment — Q4 FY2026 Earnings Presentation
20 slides from Aerovironment's earnings presentation, Jun 29, 2026
Slide 1: Fourth Quarter and Full Fiscal Year 2026 Earnings Conference Call
Fs + . PT TH QUARTER AND FULL”FISCAL YEAR 2026 arnings Conference Call 1] JUNE 29, 2026
Slide 2: Safe Harbor Statement
[2] © 2026 AEROVIRONMENT, INC. 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
Slide 3: Fourth Quarter and Fiscal Year 2026 Key Messages
[3] © 2026 AEROVIRONMENT, INC. Record bookings of $2.7 billion and book-to-bill ratio of 1.4 for fiscal year 2026. Record funded backlog3 of $1.2 billion. Record fourth-quarter revenue of $642 million and fiscal-year revenue of $1.98 billion, up 30% and 17%1 , respectively from the same period last
Slide 4: Fourth Quarter Fiscal Year 2026 Results
[4] © 2026 AEROVIRONMENT, INC. Fourth Quarter Fiscal Year 2026 Results Metric Q4 FY26 Notes Revenue $641.6 M o 30% YoY Pro forma revenue growth3 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 Adjusted EBITDA1 $140
Slide 5: Fiscal Year 2026 Results
[5] © 2026 AEROVIRONMENT, INC. Fiscal Year 2026 Results Metric FY26 Notes Revenue $1.98 B o 17% YoY Pro forma revenue growth3 o 26% YoY organic revenue growth4 GAAP Gross Margin $500.6 M o Strong FY26 gross margin driven by strong AxS sales Non-GAAP Adjusted EBITDA1 $286.1 M o Adjusted EBITDA of 14%
Slide 6: Revenue Mix, Adjusted Profitability and Non-GAAP EPS
[6] © 2026 AEROVIRONMENT, INC. Revenue Mix, Adjusted Profitability and Non-GAAP EPS 1 PRO FORMA FY25 QUARTERLY REVENUE (unaudited) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. 2 Q4 FY26 GAAP PRODUCT MARGIN: 42% | SERVICE MARGIN
Slide 7: Fourth Quarter Year over Year Revenue Comparison by Operating Group
[7] © 2026 AEROVIRONMENT, INC. Fourth Quarter Year over Year Revenue Comparison by Operating Group 1INCLUDES FY25 PRO FORMA REVENUE (unaudited) FROM BLUEHALO ONLY AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. [$M] Pro Forma1 Q4 FY25 Actual Q4 FY26 Variance vs. Prior Year [$] Variance
Slide 8: Full Year Revenue Comparison by Operating Group
[8] © 2026 AEROVIRONMENT, INC. Full Year Revenue Comparison by Operating Group 1INCLUDES FY25 PRO FORMA REVENUE (unaudited) FROM BLUEHALO ONLY AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. [$M] Pro Forma1 FY25 Actual FY26 Variance vs. Prior Fiscal YTD[$] Variance vs. Prior Fiscal YTD
Slide 9: Updated Guidance: Fiscal 2027 Outlook
[9] © 2026 AEROVIRONMENT, INC. Updated Guidance: Fiscal 2027 Outlook 1 FY26 GAAP LOSS PER SHARE OF $(5.40). REFER TO GAAP EPS RECONCILIATION ON APPENDIX D. 2 FY26 GAAP NET LOSS OF $(265.1M). FORECAST FULL YEAR GAAP NET INCOME BETWEEN $8M AND $24M. REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX
Slide 10: FY27 Revenue Visibility
[10] © 2026 AEROVIRONMENT, INC. 990 314 192 $- $500 $1,000 $1,500 $2,000 $2,500 Q4 FY26 (6/29/26) Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27 Year-to-Date - FY27 Funded Backlog - FY27 Anticipated Qtr-to-Date Bookings - FY27 Anticipated Unfunded Backlog - FY27 Anticipated FY27 Revenue Visibility 1BASED ON MIDPOI
Slide 11: Major Awards Since Fourth Quarter Fiscal Year 2026
[11] © 2026 AEROVIRONMENT, INC. Major Awards Since Fourth Quarter Fiscal Year 2026 $20M $25M Q4 Contract to Integrate PANTHER Phased Array Antenna on SkyRange Platforms for Hypersonic Telemetry Contract to Advance Ceramic Materials Research for the U.S. Air Force and Space Force Q1 Long Range Reconn
Slide 12: Financial Tables
SA FINANCIAL TABLES
Slide 13: Reconciliation of Non-GAAP Earnings per Diluted Share
[13] © 2026 AEROVIRONMENT, INC. Reconciliation of Non-GAAP Earnings per Diluted Share (unaudited) APPENDIX A - FINANCIAL TABLES Three months ended April 30, 2025 Three months ended April 30, 2026 Earnings per diluted share $ 0.59 $ 1.25 Acquisition-related expenses $ 0.16 $ 0.15 Amortization of acqu
Slide 14: GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin
[14] © 2026 AEROVIRONMENT, INC. GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin APPENDIX B - FINANCIAL TABLES Products 1st Quarter FY26 2nd Quarter FY26 3rd Quarter FY26 4th Quarter FY26 Gross Margin $ 82,846 $ 83,640 $ 77,841 $ 211,792 Intangible Amortization $ 31,245 $ 23,482 $ 11,022 $ 6
Slide 15: Net Income to EBITDA and Non-GAAP Adjusted EBITDA Reconciliation
[15] © 2026 AEROVIRONMENT, INC. Net Income to EBITDA and non-GAAP Adjusted EBITDA Reconciliation APPENDIX C - FINANCIAL TABLES 1st Quarter FY26 2nd Quarter FY26 3rd Quarter FY26 As Restated 4th Quarter FY26 Net income/(loss) $ (67.4) $ (17.1) $ (243.9) $ 63.2 Interest expense (income), net $ 17.4 $
Slide 16: GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share
[16] © 2026 AEROVIRONMENT, INC. GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share (Unaudited) APPENDIX D - FINANCIAL TABLES Fiscal year ended April 30, 2025 Fiscal year ended April 30, 2026 Fiscal year ended April 30, 2027 Earnings (loss) per diluted share (GAAP) $ 1.55 $ (5.40) $ $0.16
Slide 17: Reconciliation of 2027 Forecast and Fiscal Year 2026 Non-GAAP Adjusted EBITDA
[17] © 2026 AEROVIRONMENT, INC. Reconciliation of 2027 Forecast and Fiscal Year 2026 Non-GAAP adjusted EBITDA (Unaudited) APPENDIX E - FINANCIAL TABLES [$M] Fiscal year ended April 30, 2026 Fiscal year ended April 30, 2027 Net (loss) income from continued operations $ (265.1) $ 8 - 24 Interest expen
Slide 18: AVAV Contracting Related Definitions
[18] © 2026 AEROVIRONMENT, INC. AVAV Contracting Related Definitions APPENDIX F - FINANCIAL TABLES Term Definition Q4 FY26 Results Bookings The value of new authorized/exercised contract awards and contract modifications received during the reporting period. Bookings typically include the total cont
Slide 19: GAAP to Non-GAAP Reconciliation of Adjusted SG&A
[19] © 2026 AEROVIRONMENT, INC. GAAP to Non-GAAP Reconciliation of Adjusted SG&A (Unaudited) APPENDIX G - FINANCIAL TABLES [$Thousands] 4th Quarter FY25 4th Quarter FY26 FY2026 FY2027 Full Year Non-GAAP Forecast SG&A Reconciliation Revenue $ 275,050 $ 641,616 $ 1,976,845 $ 2,125,000 – 2,225,000 Tota
Slide 20: Q4 FY26 Total Unfunded Backlog Roll Forward
[20] © 2026 AEROVIRONMENT, INC. Q4 FY26 Total Unfunded Backlog Roll Forward APPENDIX H - FINANCIAL TABLES 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 F