$AVAV

AeroVironment Inc

CIK:0001368622|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Revenue:
Revenue	$ 480,490,000	$ 454,676,000
Cost of sales:
Cost of sales	355,891,000	359,558,000
Gross margin:
Total gross margin	124,599,000	95,118,000
Selling, general and administrative	111,508,000	131,276,000
Research and development	23,962,000	33,114,000
Loss from operations	(10,871,000)	(69,272,000)
Other income (loss):
Interest income (expense), net	4,136,000	(17,415,000)
Other (expense) income, net	(595,000)	2,361,000
Loss before income taxes	(7,330,000)	(84,326,000)
Benefit from income taxes	(397,000)	(15,169,000)
Equity method investment income, net of tax	1,867,000	1,787,000
Net loss	$ (5,066,000)	$ (67,370,000)
Net loss per share
Basic (in dollars per share)	$ (0.1)	$ (1.44)
Diluted (in dollars per share)	$ (0.1)	$ (1.44)
Weighted-average shares outstanding:
Basic (in shares)	49,822,595	46,882,350
Diluted (in shares)	49,822,595	46,882,350
Product sales
Revenue:
Revenue	$ 329,058,000	$ 313,533,000
Cost of sales:
Cost of sales	213,565,000	230,687,000
Gross margin:
Total gross margin	115,493,000	82,846,000
Contract services
Revenue:
Revenue	151,432,000	141,143,000
Cost of sales:
Cost of sales	142,326,000	128,871,000
Gross margin:
Total gross margin	$ 9,106,000	$ 12,272,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 01, 2026	Aug. 02, 2025	Apr. 30, 2026
Operating activities
Net loss	$ (5,066)	$ (67,370)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization	56,033	90,254
Gain from equity method investments	(1,867)	(1,787)
Amortization of debt issuance costs	1,089	7,829
Provision for credit losses	4,590	173
Reserve for inventory excess and obsolescence	2,199	1,178
Other non-cash expense, net	1,623	616
Non-cash lease expense	7,664	6,850
Loss on foreign currency transactions	23	161
Gain on sale of equity securities, net		(2,702)
Stock-based compensation	4,927	11,429
Loss on disposal of property and equipment		48
Amortization of debt securities	(47)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	128,346	(15,693)
Unbilled receivables and retentions	(68,041)	(74,510)
Inventories	(100,310)	(12,704)
Income taxes receivable	712	(16,390)
Prepaid expenses and other assets	(13,389)	(1,749)
Accounts payable	12,820	(29,625)
Other liabilities	(17,810)	(19,734)
Net cash provided by (used in) operating activities	13,496	(123,726)
Investing activities
Acquisition of property and equipment	(44,033)	(22,728)
Acquisition of capitalized software to be sold	(5,417)	(9,340)
Purchase of available-for-sale investments	(114,578)
Redemption of available-for-sale investments	55,792
Business acquisitions, net of cash acquired		(844,580)
Net cash used in investing activities	(108,236)	(876,648)
Financing activities
Proceeds from revolving credit facility		233,939
Principal payments of term loan		(700,000)
Proceeds from term loan		693,202
Principal payments of revolver		(265,000)
Proceeds from shares issued, net of underwriter costs		968,515
Proceeds from convertible debt, net of underwriter costs		726,944
Payment of debt issuance costs		(2,445)
Payment of equity issuance costs		(1,388)
Tax withholding payment related to net settlement of equity awards	(9,563)	(10,786)
Employee stock purchase plan contributions	5,475	2,467
Other	(1)	(5)
Net cash (used in) provided by financing activities	(4,089)	1,645,443
Effects of currency translation on cash and cash equivalents	(106)	(128)
Net (decrease) increase in cash and cash equivalents	(98,935)	644,941
Cash and cash equivalents at beginning of period	377,325	40,862	$ 40,862
Cash and cash equivalents at end of period	278,390	685,803	$ 377,325
Cash (received) paid, net during the period for:
Income taxes	(272)	(223)
Interest	321	11,854
Non-cash activities
Issuance of common stock for business acquisition		2,640,365
Unrealized loss on available-for-sale investments	(186)
Change in foreign currency translation adjustments	68	639
Acquisitions of property and equipment included in accounts payable	$ 5,880	$ 1,951

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2026	Apr. 30, 2026
Current assets:
Cash and cash equivalents	$ 278,390	$ 377,325
Short-term Investments	301,837	254,972
Accounts receivable, net of allowance for credit losses of $6,515 at August 1, 2026 and $1,961 at April 30, 2026	183,133	316,167
Unbilled receivables and retentions	637,832	570,408
Inventories, net	410,773	312,856
Income taxes receivable	5,806	6,210
Prepaid expenses and other current assets	63,863	52,485
Total current assets	1,881,634	1,890,423
Long-term investments	94,777	81,128
Property and equipment, net	202,653	166,719
Operating lease right-of-use assets	113,830	100,392
Intangibles, net	886,469	929,826
Goodwill	2,493,886	2,493,678
Other assets	57,444	54,576
Total assets	5,730,693	5,716,742
Current liabilities:
Accounts payable	174,836	160,507
Wages and related accruals	70,933	98,056
Customer advances	87,546	79,607
Current operating lease liabilities	17,823	17,594
Income taxes payable	487	524
Other current liabilities	90,105	82,949
Total current liabilities	441,730	439,237
Long-term debt	730,057	728,967
Non-current operating lease liabilities	102,943	88,228
Other non-current liabilities	1,984	1,986
Liability for uncertain tax positions	7,430	7,430
Deferred income taxes	50,494	50,494
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at August 1, 2026 and April 30, 2026
Issued and outstanding shares-50,822,963 shares at August 1, 2026 and 50,610,514 shares at April 30, 2026	6	6
Additional paid-in capital	4,397,684	4,396,845
Accumulated other comprehensive loss	(5,753)	(5,635)
Retained (loss) earnings	4,118	9,184
Total stockholders' equity	4,396,055	4,400,400
Total liabilities and stockholders' equity	$ 5,730,693	$ 5,716,742