On this page of StockholderLetter.com we present the latest annual shareholder letter from AeroVironment Inc — ticker symbol AVAV. Reading current and past AVAV letters to shareholders can bring important insights into the investment thesis.

 •  8/14/2026 Letter Continued (Full PDF)
 •  8/24/2023 AVAV Stockholder Letter
 •  8/15/2024 AVAV Stockholder Letter
 •  8/15/2025 AVAV Stockholder Letter
 •  More "Aerospace & Defense" Category Stockholder Letters
 •  AVAV Benford's Law Stock Score = 94

AVAV Shareholder/Stockholder Letter Transcript:

2026 Corporate Overview
One Mission.
All Domains.

Connected
Capabilities.
Decisive
Outcomes.
Delivering integrated capabilities that
enable customers to sense, decide,
and act faster across every domain.
Today's operational environment demands more
than individual systems. It requires connected
capabilities that bring together intelligence,
autonomy, precision effects, protection, and software
to create decisive advantage.

That is what AV delivers.

AV strengthened its position as a leading defense
technology company, integrating autonomous
systems, software, space, cyber, and directed energy
solutions into a unified portfolio that empowers
customers to achieve mission success across every
domain. United by one mission, AV is delivering
integrated capabilities that enable faster decisions,
greater operational reach, and decisive outcomes
wherever the mission demands.

2026 Corporate Overview
01

Dear Shareholders,
Leading Innovation.
Capturing Growth.
Executing with Excellence.
Fiscal year 2026 was a transformational year for AV
as we diversified our portfolio, broadened our
customer base, and delivered our strongest
financial performance to date. Throughout the year,
we continued to build a stronger AV, uniting
complementary capabilities, strengthening our
foundation, and expanding our capacity to deliver
advantage across multiple domains. 

Across air, land, sea, space, and cyber, our mission
remains clear: develop and deliver the solutions our
customers need to move faster, see more clearly,
act more decisively, and operate with confidence in
increasingly complex environments. The past year
underscored how critical our products and solutions
are to our customers' missions. As global threats
WAHID NAWABI
Chairman, President, and
Chief Executive Officer
02
AEROVIRONMENT, INC.
continued to evolve, autonomous systems,
counter-UAS, and space technologies played an
increasingly important role     and demand for our
products and solutions has never been stronger.
We believe AV is well-positioned to capture that
demand at the speed and scale our customers
require. It   s why capacity expansion, manufacturing
scaling, and supply chain resilience remained top
priorities in fiscal year 2026 and will continue to be
in fiscal year 2027 as well.



Fiscal Year 2026     Marked by the
Strongest Financial Performance
in Our History
Fiscal year 2026 was a remarkable year as we
achieved record financial results across key
metrics, launched new products, and won awards
on key franchise programs. Our most notable
achievements from the year are highlighted below:

2026 CORPORATE OVERVIEW
03

inancial Highlights
F
Revenue of nearly $2 billion, up 141%
from fiscal year 2025, including 26%
organic revenue growth
57% increase in gross profit from the
prior fiscal year
Strong funded backlog of $1.2 billion,
up 63% from last fiscal year
Record bookings of $2.7 billion  

Portfolio and Strategic Highlights
Added new capabilities in Counter-UAS
and space technologies to our portfolio
Introduced several new products
including Switchblade   400, Mayhem    10,
Titan   4 RF Counter-UAS and LOCUST   X3
directed energy Counter-UAS.
Introduced AV_Halo   , a hardwareagnostic, open-standards software
platform designed to unify command   
and control, intelligence analysis,
synthetic training, and autonomous
targeting across the battlespace.
Acquired BlueHalo, bringing additional
capabilities in Counter-UAS and Space
and Advanced Technologies
04
AEROVIRONMENT, INC.
Acquired Empirical Systems Aerospace,
Inc. (ESAero), a leading producer of
UAS and AAM (advanced air mobility)
platforms, enhancing AV   s ability to
seamlessly transition from innovative
design to advanced manufacturing
won a
$96
million award to develop a cost-
effective solution for the U.S. Army   s LRKI program.

technical depth, and throughput required to move
innovation more quickly into production, fielding,
and sustained delivery. Together, these moves are
AV_Halo   , our open-architecture software platform,
expanding the infrastructure, technical depth, and
underpins products across both segments, unifies
throughput required to move innovation more
capabilities across all domains, and enables faster,
quickly into production, fielding, and sustained
more effective mission execution.

delivery.

Leading in Autonomous Systems
Advancing Space Cyber
and Directed Energy
Looking Ahead 

Our Autonomous Systems segment remains the
In Space, Cyber and Directed Energy, we saw
capturing growth, and executing with excellence.
company   s
record bookings in key areas such as Long-Haul
Our focus remains on providing our customers
P550  
Laser Communications, and made significant
with the critical products and solutions they need
broadened AV   s Group 2 offering with a modular
progress on LOCUST  , our directed energy
to succeed, while ensuring we can build, scale,
open-systems approach, while AV   s JUMP   20-X
counter-UAS solution, which is anticipated to be
and deliver to meet their rising needs. 

extended our Group 3 reach into shipboard and
a long-term growth driver for AV. Our Cyber and
maritime
VTOL
Mission Systems group continues to provide
I am grateful to our employees for their hard work,
capability. Red Dragon   advanced AV   s fully
advanced technologies and solutions to our U.S.
dedication, and commitment to our customers. I
autonomous, GPS-denied one-way attack system
government customer. 

am also very appreciative of the continued
We are Continuing to Raise the Bar and
Position AV for Long-Term Value Creation
across
leading
every
growth
engine,
unmanned
operations
with
advancing
system.
autonomous
We remain committed to leading in innovation,
confidence from our investors and customers. 

for contested environments. In Precision Strike
the
Scaling our capacity ahead of customer demand
relevance of the Switchblade   family, including
was a top priority throughout the year. We
the Army   s selection of Switchblade 400 for the
announced facility expansions in Salt Lake City,
LASSO program after year-end.

Albuquerque,
and
Defensive
Systems,
we
expanded
Huntsville,
and
Dayton
Thank you for your support of AV!


and
acquired ESAero in March 2026 to strengthen
In counter-UAS, we developed Titan 4 RF and
our ability to bridge conceptual design and
made significant progress on Titan sales, while
advanced manufacturing execution. Together,
our kinetic intercept solution, Freedom Eagle-1,
these moves are expanding the infrastructure,
WAHID NAWABI
CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
2026
CORPORATE OVERVIEW
05

Performance
Mission relevance translates into measurable performance
Fiscal 2026 was a year of growth and scale for AV. The company delivered $2.0 billion in
revenue, $2.7 billion in bookings, and ended the year with $1.2 billion in funded backlog.

Financial highlights
IN THOUSANDS EXCEPT SHARE DATA
Total Revenue
Net Income (loss)
EPS (loss)     Diluted
Adjusted EPS     Diluted
Total Assets
Total Stockholders' Equity

Operating Margin
REVENUE & EPS

FY 2026
FY 2025
FY 2024
$1,976,845
($265,122)
($5.40)
$3.31
$5,716,742
$4,400,400

$820,627
$43,619
$1.55
$3.28
$1,120,567
$886,507

$716,720
$59,666
$2.18
$2.99
$1,015,860
$822,745

-16%
5%
10%
ADJUSTED EBITDA

Total Revenue ($ in millions)
Adjusted EBITDA ($ in millions)
$820.6
$1,976.8
$146.4
$716.7
$127.8
$540.5
$90.0
$2.99
$3.28
$3.31
17%
18%
18%
$1.26
FY    23
14%
FY    24
Revenue (Continuing Operations)
Non-GAAP EPS from Continuing Operations
06
$286.1
AEROVIRONMENT, INC.
FY    25
FY    26
FY    23
FY    24
FY    25
FY    26
Adjusted EBITDA
Adjusted EBITDA Margin
2026 CORPORATE OVERVIEW
07

8/14/2026 Letter Continued (Full PDF)

 

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