AeroVironment Inc
avinc.comAeroVironment (NASDAQ: AVAV) is a defense technology company that develops and manufactures autonomous systems, precision strike munitions, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. Revenue comes primarily from U.S. government contracts and foreign military sales, with program-based transactional delivery of hardware, software, and associated services. The company operates two reportable segments effective May 1, 2025: Autonomous Systems, and Space, Cyber and Directed Energy. Total revenue reached $820.6 million in fiscal year ended April 30, 2025, up from $716.7 million in FY2024 and $540.5 million in FY2023. Gross margin was 39% in FY2025. International sales, including U.S. government foreign military sales to allied nations, accounted for approximately 52% of FY2025 revenue, down from 62% in FY2024. The company carries R&D spending of $100.7 million in FY2025, equal to 12% of revenue. AeroVironment is headquartered in the United States and maintains a national manufacturing footprint.
Products & Services
Autonomous Systems segment includes Group 1-3 uncrewed aircraft systems (UAS), loitering munitions solutions (LMS) for precision strike, and counter-UAS (C-UAS) products including the Titan family (Titan C-UAS, Titan SV, Titan IV) and the Freedom Eagle (FE-1) kinetic interceptor. Space, Cyber and Directed Energy segment includes space-qualified electronics, laser communication technologies, software-defined radios, electronic warfare systems, directed energy weapons, full-spectrum cyber operations, tactical mission networks, and multi-intelligence data analytics. The BlueHalo acquisition added capabilities in RF system design, phased array antennas, and GEOINT/SIGINT/MASINT/OSINT analytics.
Revenue Model
Transactional contract revenue from U.S. government procurement, foreign military sales funded through U.S. government channels, and direct sales to allied nations. Revenue is recognized on government contracts for hardware systems, support services, and related capabilities across both reportable segments.
Customers & Markets
Primary customers are the U.S. government (Department of Defense and related agencies) and foreign governments purchasing through U.S. foreign military sales programs or direct allied-nation sales. End markets are military and defense, with demand driven by warfighter situational awareness, precision strike, drone defense, space operations, and electronic warfare requirements.
Geographic Exposure
United States is the primary base of operations and manufacturing. International revenue, including foreign military sales, was approximately 52% of total revenue in FY2025 (ended April 30, 2025), down from 62% in FY2024. International operations include Telerob Gesellschaft für Fernhantierungstechnik mbH. The company expects the international revenue proportion to decline further in FY2026 due to BlueHalo's lower international sales mix.
Financial Snapshot
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