Aerovironment Stock Price, News & Analysis

AeroVironment, Inc. (NASDAQ: AVAV) has secured additional funding of $64,565,126 from the U.S. Army for the procurement of its Switchblade 300 loitering missile systems. This contract raises the total funded amount for Switchblade systems under the original Army contract to $231,331,651, with delivery expected by July 2024. The Switchblade 300 has been deployed by the U.S. Army for over a decade and has proven effective in supporting operations in Ukraine. The recent contract also marks the first foreign military sales of the Switchblade 300 to France and another allied nation, highlighting its growing international demand. AeroVironment aims to enhance its presence in the global defense market through this contract.

Amprius Technologies (NYSE: AMPX), recognized for its innovative silicon anode technology, is set to enhance AeroVironment's (NASDAQ: AVAV) Switchblade 300 Block 20 tactical missile system by providing high energy density lithium-ion battery cells. This collaboration aims to increase flight time by over 50%, facilitating longer endurance and improved loitering capability. Amprius began supplying battery cells in 2022 and is committed to future deliveries. The Company is also expanding its manufacturing capabilities, having signed a letter of intent for a 774,000 square foot facility in Brighton, Colorado, to meet rising demand. The lightweight battery cells are expected to significantly enhance mission performance and operational range for military applications.

AeroVironment (NASDAQ: AVAV) has launched the Switchblade 300 Block 20, an advanced version of its loitering missile system, enhancing operational features and performance. The new model retains the lightweight, portable design, enabling deployment in under two minutes. Key improvements include a tablet-based Fire Control System, longer endurance, enhanced Digital Data Link (DDL) range, and a new EO/IR camera suite. With capabilities for real-time reconnaissance and target acquisition, the Switchblade 300 Block 20 aims to deliver precision strike capabilities to small expeditionary units while minimizing collateral damage.

AeroVironment, Inc. (NASDAQ: AVAV) will participate in the BofA Global Research Global Industrials Conference on March 21, 2023, in London. Presentations by CFO Kevin McDonnell and Senior Director Jonah Teeter-Balin will be held, along with 1x1 meetings. Investors can access the presentation materials on AeroVironment's website. The company specializes in multi-domain robotic systems for defense, government, and commercial purposes. AeroVironment aims to provide advanced technology solutions combining robotics, sensors, software analytics, and connectivity to enhance actionable intelligence.

The Military Drone market is poised for significant growth, driven by increasing defense budgets, particularly in North America. Notably, countries like the U.S. are investing in advanced military drones for operations and surveillance. The Asia Pacific region is expected to see rapid expansion due to rising military expenditures and the need for enhanced border security. AeroVironment (AVAV), Aerojet Rocketdyne (AJRD), and Red Cat Holdings (RCAT) are active players in this sector, with AeroVironment reporting a 49% year-over-year revenue increase and record backlog. The fixed-wing segment is anticipated to dominate the market through 2028.

AeroVironment, Inc. (NASDAQ: AVAV) reported financial results for Q3 of fiscal 2023, showing a revenue increase of 49% year-over-year to $134.4 million. Gross margin also rose significantly to $45.5 million, a 112% increase, while net loss attributable to the company was $0.7 million. The funded backlog reached a record $413.9 million, up 83% year-over-year. CEO Wahid Nawabi noted strong demand for unmanned systems, particularly for Puma and Switchblade. The company raised its revenue guidance but reduced EPS guidance due to non-cash impacts. Full-year revenue is now expected between $510 million and $525 million.