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AeroVironment UPDATE -- Rapid Growth Continues
AeroVironment may be classified as a small defense company, but it is a giant in mini-UAS. The company repeatedly beats larger companies in small UAV competitions. Those victories make it the company to beat in competitions for U.S. military small UAS.
The company reported $717 million in revenue for fiscal 2024 (ending April 30, 2024). This represented year-over-year growth of 33%, reflecting recent acquisitions and strong organic growth. Since 2017 revenue has grown at a 17.4% compound annual growth rate.
Net income in fiscal 2024 was 59.7 million, a sharp reversal from the 2023 net loss of $176.2 million, which was primarily due to a goodwill impairment charge of $156 million resulting from a long-term revaluation of the company’s MUAS segment.
The company ended its fiscal 2024 year with a backlog of $400 million, down somewhat from its backlog high of $424 million at the end of fiscal 2023.
AeroVironment's UAV business remains heavily dependent on the U.S. government with 76% of sales coming from the U.S. government in fiscal 2024.
Effective May 1, 2023 (the start of fiscal 2024), AeroVironment reorganized from four segments into three segments. The new segments are UnCrewed Systems (UxS), Loitering Munitions Systems (LMS) and McCready Works (MW).
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About the Author
Thomas J. Zoretich
Tom is Chief Economist and Director of Corporate Analysis at Teal Group. He provides strategic and market analysis for clients in commercial aerospace and defense, including major U.S. and European prime contractors. He writes and edits Teal Group's Defense and Aerospace Companies Briefing, which analyzes the performance, outlook, and strategies of 50 aerospace and defense companies in the United States, Europe, Asia and South America. In addition, he is co-author of Teal's annual World Military Unmanned Aerial Systems: Market Profile and Forecast and World Civil UAS Market Profile and Forecast.
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