Record Backlog and Large Contract Wins
AeroVironment reported a record backlog of $764 million, driven by large contract wins with the US Army's LASSO, US DOD's replicator, and the Danish Ministry of Defense.
Significant Growth in Loitering Munitions Segment (LMS)
The LMS segment recorded a 46% increase in revenue year-over-year, reaching $83.9 million, with more than 70% of this revenue coming from Switchblade 600.
BlueHalo Acquisition Progress
Significant progress on the BlueHalo acquisition, with key regulatory approvals secured and a shareholder vote scheduled for April 1, 2025. This acquisition is expected to enhance AeroVironment's technology and capabilities, especially in space technologies, counter-UAS, and electronic warfare.
Expansion of Manufacturing Capacity
AeroVironment is aggressively expanding manufacturing capacity with a new Switchblade production facility in Utah, set to double production throughput and support over $1 billion in annual LMS revenue by the end of fiscal year 2027.
Strong Future Outlook
Despite near-term challenges, AeroVironment expects more than 10% revenue growth and aims for $1 billion in orders for fiscal year 2025, with accelerating growth projected for fiscal year 2026.