AeroVironment, Inc. Q1 2027 Earnings Recap

AV delivered record first-quarter revenue of $480 million and reaffirmed fiscal 2027 guidance, while the stock’s relatively flat 1.2% decline suggests investors viewed the update as broadly in line rather than a material upside surprise. Backlog and bookings were strong, but the transcript does not indicate a guidance increase or a clearly higher near-term outlook.

Key Takeaways

• First-quarter revenue reached a record $480 million, with Autonomous Systems contributing $346 million, or 72%, and Space, Cyber and Directed Energy contributing $134.5 million, or 28%.
• Funded backlog increased to a record $1.5 billion, up 37% year over year and 25% from the prior quarter; bookings totaled $683 million.
• Adjusted EBITDA was nearly $46 million for the quarter.
• Management reaffirmed fiscal 2027 revenue guidance of $2.125 billion–$2.225 billion and adjusted EBITDA guidance of $305 million–$325 million, with no upward revision despite the contract wins and backlog growth.
• Key awards included a $117 million P550 Long-Range Reconnaissance contract, a $30 million German Puma procurement, and $51 million for Switchblade 600 under a U.S. Army lethal unmanned systems IDIQ.