AeroVironment Reports Record Revenue Growth

AeroVironment, Inc. has reported its financial results for the fiscal fourth quarter and year ended April 30, 2024. The company achieved record fourth quarter revenue of $197.0 million, marking a 6% increase from the previous year's fourth quarter. Fiscal year revenue also saw a significant jump, reaching $716.7 million, up 33% year-over-year.

The company's net income for the fourth quarter was $6.0 million, while adjusted EBITDA stood at $22.2 million. For the fiscal year, net income reached $60.0 million, with adjusted EBITDA at $127.8 million.

AeroVironment's loitering munitions segment played a key role in driving revenue growth, with a 74% increase. However, there were decreases in revenue for the uncrewed systems segment and MacCready Works.

Gross margin for the fourth quarter of fiscal 2024 was $75.6 million, up 11% from the previous year's fourth quarter. Income from operations for the same period was $5.9 million, contrasting with a loss from operations of $(165.7) million in the fourth quarter of the previous fiscal year.

The company's non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2024 was $22.2 million, down from $46.4 million in the fourth quarter of fiscal 2023. AeroVironment's funded backlog as of April 30, 2024, stood at $400.2 million, a decrease from $424.1 million as of April 30, 2023.

Looking ahead to fiscal year 2025, the company expects revenue to be between $790 million and $820 million, with net income projected to fall between $74 million and $83 million. Non-GAAP adjusted EBITDA is expected to range from $143 million to $153 million, and earnings per diluted share are estimated to be between $2.61 and $2.92.

AeroVironment's chairman, president, and CEO, Wahid Nawabi, expressed satisfaction with the company's performance, emphasizing the continued growth in revenue and profitability. The company's ability to meet increasing customer demand for autonomous systems has positioned it for a record year in fiscal 2025. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $192.81. Check out the company's full 8-K submission here.

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