# EDGAR Filing Document

**Accession Number:** 0001368622
**File Stem:** 0001104659-26-078824
**Filing Date:** 2026-6
**Character Count:** 62138
**Document Hash:** b941ab7cc073565e0efbbf42736a67d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-078824.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001104659-26-078824

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260629

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AeroVironment Inc
- **CENTRAL INDEX KEY:** 0001368622
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 952705790
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33261
- **FILM NUMBER:** 261135796

**BUSINESS ADDRESS:**
- **STREET 1:** 241 18TH STREET SOUTH, SUITE 650
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22202
- **BUSINESS PHONE:** (703) 418-2828

**MAIL ADDRESS:**
- **STREET 1:** 241 18TH STREET SOUTH, SUITE 650
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22202

?xml version='1.0' encoding='ASCII'? AeroVironment Inc_June 29, 2026

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **June 29, 2026**

**AEROVIRONMENT, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33261** | **95-2705790** |
| (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer Identification No.) |
| incorporation or organization) |  |  |

---

---

| | |
|:---|:---|
| **241 18th Street South, Suite 650** |  |
| **Arlington, Virginia** | **22202** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(703) 418-2828**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.0001 per share** | **AVAV** | **The NASDAQ Stock Market LLC** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition**

On June 29, 2026, AeroVironment, Inc. (the "Company") issued a press release announcing fourth quarter results for the period ended April 30, 2026, a copy of which is attached hereto as Exhibit 99.1.

**Item 7.01. Regulation FD Disclosure**

The information under Item 2.02 above is incorporated herein by reference.

Attached as Exhibit 99.2 hereto is a presentation containing additional information regarding the Company's fourth quarter fiscal 2026 financial results for the period ended April 30, 2026. A copy of the presentation is also available on the investor relations section of the Company's website at https://investor.avinc.com/events-and-presentations. The information contained on the Company's website is not incorporated by reference into, and does not form a part of, this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Items 2.02 and 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of AeroVironment, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit** |  |
| **Number** | **Description** |
| 99.1 | [Press release issued by AeroVironment, Inc., dated June 29, 2026.](avav-20260629xex99d1.htm) |
| 99.2 | [Presentation regarding AeroVironment, Inc.'s fourth quarter fiscal 2026 financial results dated June 29, 2026.](avav-20260629xex99d2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | AEROVIRONMENT, INC. | AEROVIRONMENT, INC. |
| Date: June 29, 2026 | By: | /s/ Wahid Nawabi |
|  |  | Wahid Nawabi |
|  |  | Chairman, President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](avav-20260629xex99d1001.jpg)

**AeroVironment Announces Fiscal 2026 Fourth Quarter and Fiscal Year Results**

**ARLINGTON, VA, June 29, 2026** — AeroVironment, Inc. (NASDAQ: AVAV) ("AeroVironment" or the "Company") reported today financial results for the fiscal fourth quarter and year ended April 30, 2026.

Fourth Quarter Highlights:

● Record fourth quarter revenue of $641.6 million and fiscal year revenue of $1,976.8 million, up 133% and 141% year-over-year, respectively

● Bookings of $2.7 billion and book-to-bill ratio of 1.4 for the fiscal year

● Funded backlog of $1.2 billion

"Fiscal 2026 marked a transformational year for AV, which included the completion of our largest acquisition, meaningful investments toward diversifying our portfolio in critical areas aligned to our customer's highest priorities, and the strongest financial performance in our history," said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. "We are confident our proven ability to deliver at speed will continue to drive opportunities for AV across our global customer base."

"We remain focused on executing with excellence and strengthening our supply chain to accelerate the commercialization of our platforms. AV is well-positioned to capture the rising global demand across lethal and non-lethal drones, counter-UAS, space and advanced technologies and deliver long-term shareholder value."

**FISCAL 2026 FOURTH QUARTER RESULTS**

Revenue for the fourth quarter of fiscal 2026 was $641.6 million and $2.0 billion for the fiscal year. Revenue for fourth quarter of fiscal 2026 increased 133% as compared to $275.1 million for the fourth quarter of fiscal 2025, due to higher product sales of $256.7 million and higher service revenue of $109.8 million. The combined acquisitions of BlueHalo on May 1, 2025 and Empirical Systems Aerospace, Inc. on March 16, 2026 contributed $282.3 million of revenue to the current quarter. From a segment standpoint, Autonomous Systems ("AxS") recorded revenue of $492.4 million and Space, Cyber and Directed Energy ("SCDE") recorded revenue of $149.2 million.

Gross margin for the fourth quarter of fiscal 2026 was $202.6 million, an increase of 102% as compared to $100.3 million for the fourth quarter of fiscal 2025, reflecting higher product margin of $120.3 million offset by lower service margin of $(18.0) million. Fiscal 2026 fourth quarter gross margin was negatively impacted by $18.4 million of intangible amortization expense and other related non-cash purchase accounting expenses, as compared to $8.3 million in the fourth quarter of fiscal 2025. As a percentage of revenue, gross margin fell to 32% from 36%, primarily due to an increase in the proportion of service revenue resulting from the BlueHalo acquisition and the increased amortization and other non-cash purchase accounting expenses.

Income from operations for the fourth quarter of fiscal 2026 was $56.9 million as compared to income from operations of $13.8 million for the fourth quarter of last fiscal year. The current quarter was negatively impacted by $51.4 million of intangible amortization and other related non-cash purchase accounting expenses as compared to $9.0 million in the fourth quarter of fiscal 2025. The increase year-over-year was primarily due to an increase in gross margin of $102.3 million and a decrease in goodwill impairment of $18.4 million related to the UGV goodwill impairment in the fourth quarter of last fiscal year. The increase was partially offset by an increase in selling, general and administrative expense of $71.0 million, which includes an increase of $33.0 million of intangible amortization expense and incremental headcount

------

resulting from our acquisition of BlueHalo which closed on May 1, 2025, and an increase in research and development ("R&D") expense of $6.6 million.

Other income, net for the fourth quarter of fiscal 2026 was $7.5 million, as compared to other loss, net of $(0.7) million for the fourth quarter of fiscal 2025. The increase year-over-year was primarily due to the realized gains from the sale of equity securities and an increase in interest income due to a combination of higher cash and investment balances and lower interest bearing debt balances.

Provision for income taxes for the fourth quarter of fiscal 2026 was $16.0 million, as compared to $0.2 million for the fourth quarter of last fiscal year. The increase year-over-year was primarily due to the increase in current quarter income before income taxes relative to the pretax loss for the first three quarters of fiscal year 2026.

Net income for the fourth quarter of fiscal 2026 was $63.2 million, or $1.25 per diluted share, as compared to net income of $16.7 million, or $0.59 per diluted share, in the prior-year period, respectively. The current quarter was negatively impacted by $51.4 million, or $0.80 per diluted share, of intangible amortization and other related non-cash purchase accounting expenses as compared to $9.0 million, or $0.25 per diluted share, in the fourth quarter of fiscal 2025.

Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2026 was $140.1 million and non-GAAP earnings per diluted share were $1.84, as compared to $61.6 million and $1.61, respectively, for the fourth quarter of fiscal 2025.

**BACKLOG**

As of April 30, 2026, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $1.2 billion, as compared to $726.6 million as of April 30, 2025.

**FISCAL 2027 — OUTLOOK FOR THE FULL YEAR**

For fiscal year 2027, the Company expects revenue of between $2.125 billion and $2.225 billion, net income of between $8 million and $24 million, non-GAAP adjusted EBITDA of between $305 million and $325 million, earnings per diluted share of between $0.16 and $0.48 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses, of between $3.02 and $3.34.

The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under "forward-looking statements" below and in the Company's filings with the Securities and Exchange Commission.

**CONFERENCE CALL AND PRESENTATION**

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Monday, June 29, 2026, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Sean T. Woodward, executive vice president and chief financial officer, and Denise Pacioni, investor relations director, will host the call.

Investors may access the call by registering via the following participant registration link up to ten minutes prior to the start time.

Participant registration URL:

https://register-conf.media-server.com/register/BI1812701cade046388be08d47ca9d1de6

Investors may also listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

------

A supplementary investor presentation for the third quarter fiscal year 2026 can be accessed at https://investor.avinc.com/events-and-presentations.

Audio Replay

An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.

**ABOUT AEROVIRONMENT, INC.**

AeroVironment ("AV") (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. The company develops and deploys autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities—built to meet the mission needs of today's warfighter and tomorrow's conflicts. With a national manufacturing footprint and a deep innovation pipeline, AV delivers proven systems and future-defining capabilities with speed, scale, and operational relevance. For more information visit: www.avinc.com.

**FORWARD-LOOKING STATEMENTS**

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "project," "plan," or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products, whether due to restrictions and sanctions imposed by foreign governments or otherwise; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; our ability to win U.S. and international government R&D and procurement programs, including foreign military financing aid; changes in the timing and/or amount of government spending, including due to continuing resolutions and/or changing government priorities; adverse impacts of any U.S. government shutdown; our ability to realize the anticipated benefits of the BlueHalo transaction or other acquisitions; our ability to execute contracts for anticipated sales, perform under such contracts and other existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with applicable law, regulatory requirements, and contractual obligations; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and resulting misuse of our, our customers' and/or our suppliers' information and systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; our ability to increase production capacity to support anticipated growth; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable results in legal proceedings, including pending class actions, or litigation that may arise from or in conjunction with our recent acquisitions; our ability to respond and adapt to legal, regulatory and government budgetary changes; our ability to comply with the covenants in our loan documents, outstanding convertible notes or acquisition and merger agreements for acquisitions; our ability to attract and retain skilled employees, including retention of employees of acquired companies; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

------

**NON-GAAP MEASURES**

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.

– Financial Tables Follow –

------

**AeroVironment, Inc.**

**Consolidated Statements of Operations**

**(In thousands except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | **April 30,**<br>**2026** | **April 30,**<br>**2025** | **April 30,**<br>**2026** | **April 30,**<br>**2025** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Revenue: |  |  |  |  |
| Product sales | $498965 | $242234 | $1415349 | $692722 |
| Contract services | 142651 | 32816 | 561496 | 127905 |
|  | 641616 | 275050 | 1976845 | 820627 |
| Cost of sales: |  |  |  |  |
| Product sales | 287173 | 150775 | 959230 | 404347 |
| Contract services | 151818 | 23943 | 516973 | 97644 |
|  | 438991 | 174718 | 1476203 | 501991 |
| Gross margin: |  |  |  |  |
| Product sales | 211792 | 91459 | 456119 | 288375 |
| Contract services | (9167) | 8873 | 44523 | 30261 |
|  | 202625 | 100332 | 500642 | 318636 |
| Selling, general and administrative | 114225 | 43254 | 443251 | 158753 |
| Research and development | 31459 | 24902 | 127678 | 100729 |
| Impairment of goodwill |  | 18359 | 240708 | 18359 |
| Income (loss) from operations | 56941 | 13817 | (310995) | 40795 |
| Other income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (expense), net | 3437 | (1011) | (5613) | (2188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 4074 | 299 | 10986 | 1057 |
| Income (loss) before income taxes | 64452 | 13105 | (305622) | 39664 |
| Provision for (benefit from) income taxes | 16031 | 223 | (23059) | 882 |
| Equity method investment income, net of tax | 14753 | 3782 | 17441 | 4837 |
| Net income (loss) | $63174 | $16664 | $(265122) | $43619 |
| Net income (loss) per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.26 | $0.59 | $(5.40) | $1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.25 | $0.59 | $(5.40) | $1.55 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 50097894 | 28068584 | 49087346 | 28018656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 50486838 | 28264953 | 49087346 | 28173488 |

---

------

**AeroVironment, Inc.**

**Consolidated Balance Sheets**

**(In thousands except share data)**

---

| | | |
|:---|:---|:---|
|  | **April 30,** | **April 30,** |
|  | **2026** | **2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $377325 | $40862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 254972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $1,961 at April 30, 2026 and $203 at April 30, 2025 | 316167 | 101967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables and retentions | 570408 | 290009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 312856 | 144090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 6210 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 52485 | 28966 |
| Total current assets | 1890423 | 606516 |
| Long-term investments | 81128 | 31627 |
| Property and equipment, net | 166719 | 50704 |
| Operating lease right-of-use assets | 100392 | 31879 |
| Deferred income taxes |  | 61460 |
| Intangibles, net | 929826 | 48711 |
| Goodwill | 2493678 | 256781 |
| Other assets | 54576 | 32889 |
| Total assets | $5716742 | $1120567 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $160507 | $72462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wages and related accruals | 98056 | 44253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 79607 | 15952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 17594 | 10479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 524 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 82949 | 28659 |
| Total current liabilities | 439237 | 172161 |
| Long-term debt | 728967 | 30000 |
| Non-current operating lease liabilities | 88228 | 23812 |
| Other non-current liabilities | 1986 | 2026 |
| Liability for uncertain tax positions | 7430 | 6061 |
| Deferred income taxes | 50494 |  |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized shares—10,000,000; none issued or outstanding at April 30, 2026 and April 30, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized shares—100,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued and outstanding shares—50,610,514 shares at April 30, 2026 and 28,267,517 shares at April 30, 2025 | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 4396845 | 618711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (5635) | (6514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 9184 | 274306 |
| Total stockholders' equity | 4400400 | 886507 |
| Total liabilities and stockholders' equity | $5716742 | $1120567 |

---

------

**AeroVironment, Inc.**

**Consolidated Statements of Cash Flows**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2026** | **2025** | **2024** |
| **Operating activities** |  |  |  |
| Net (loss) income | $(265122) | $43619 | $59666 |
| Adjustments to reconcile net (loss) income to cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 265037 | 40998 | 35749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill | 240708 | 18359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/Loss from equity method investments | (17441) | (4837) | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 11408 | 1195 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1986 | 43 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for inventory excess and obsolescence | 8460 | 2882 | 13937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash expense, net | 5306 | 2606 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 25426 | 10163 | 10400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on foreign currency transactions | 18 | 491 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of equity securities, net | (11720) | (177) | 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (27111) | (20157) | (23290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 38334 | 21461 | 17069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 2136 | 311 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt securities | (879) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (128697) | (31761) | 19208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables and retentions | (158980) | (90514) | (92850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (111610) | 2966 | (23045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | (1364) | (590) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (19940) | (21010) | (20279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 28081 | 22331 | 12968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 37560 | 303 | (2832) |
| Net cash (used in) provided by operating activities | (78404) | (1318) | 15292 |
| **Investing activities** |  |  |  |
| Acquisition of property and equipment | (62544) | (19547) | (22983) |
| Acquisition of capitalized software to be sold | (23674) | (3269) |  |
| Contributions in equity method investments | (4543) | (5674) | (3074) |
| Purchase of available-for-sale investments | (369867) |  |  |
| Redemption of available-for-sale investments | 94500 |  |  |
| Purchase of equity and debt investments | (8000) |  |  |
| Proceeds from sale of equity securities | 19214 |  |  |
| Exercise of warrants | (6250) |  |  |
| Acquisition of intangibles |  |  | (1500) |
| Business acquisitions, net of cash acquired | (871507) |  | (24157) |
| Net cash used in investing activities | (1232671) | (28490) | (51714) |
| **Financing activities** |  |  |  |
| Proceeds from revolving credit facility | 233939 | 40000 |  |
| Principal payments of term loan | (700000) | (28000) | (107000) |
| Principal payments of revolver | (265000) | (10000) |  |
| Proceeds from long-term debt | 693202 |  |  |
| Proceeds from shares issued, net of underwriter costs | 968515 |  | 88437 |
| Payment of contingent consideration |  |  | (2132) |
| Proceeds from convertible debt, net of underwriter costs | 726944 |  |  |
| Payment of debt issuance costs | (2445) | (1151) | (37) |
| Payment of equity issuance costs | (1388) | (2896) |  |
| Holdback and retention payments for business acquisition |  | (390) | (500) |
| Tax withholding payment related to net settlement of equity awards | (10928) | (4147) | (1596) |
| Employee stock purchase plan contributions | 4355 | 1910 |  |
| Exercise of stock options |  | 1841 |  |
| Other | (16) | (23) | (24) |
| Net cash provided by (used in) financing activities | 1647178 | (2856) | (22852) |
| Effects of currency translation on cash and cash equivalents | 360 | 225 | (284) |
| Net increase (decrease) in cash and cash equivalents | 336463 | (32439) | (59558) |
| Cash and cash equivalents at beginning of period | 40862 | 73301 | 132859 |
| Cash and cash equivalents at end of period | $377325 | $40862 | $73301 |
| **Supplemental disclosures of cash flow information** |  |  |  |
| Cash paid, net during the period for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $3606 | $24631 | $20438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $12847 | $1757 | $6823 |
| **Non-cash activities** |  |  |  |
| Issuance of common stock for business acquisition | 2782553 |  | 109820 |
| Unrealized loss on available-for-sale investments | (215) |  |  |
| Change in foreign currency translation adjustments | $1094 | $(922) | $(1140) |
| Acquisitions of property and equipment included in accounts payable | $3610 | $2204 | $986 |

---

------

**AeroVironment, Inc.**

**Reportable Segment Results (Unaudited)**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended April 30, 2026** | **Three Months Ended April 30, 2026** | **Three Months Ended April 30, 2026** |
|  | **AxS** | **SCDE** | **Total** |
| Revenue | $492435 | $149181 | $641616 |
| Segment adjusted EBITDA | $138653 | $1413 | $140066 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended April 30, 2025** | **Three Months Ended April 30, 2025** | **Three Months Ended April 30, 2025** |
|  | **AxS** | **SCDE** | **Total** |
| Revenue | $275050 | $— | $275050 |
| Segment adjusted EBITDA | $61619 | $— | $61619 |

---

**AeroVironment, Inc.**

**Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** <br>**April 30, 2026** | **Three Months Ended** <br>**April 30, 2025** | **Year Ended** <br>**April 30, 2026** | **Year Ended** <br>**April 30, 2025** |
| Earnings (loss) per diluted share | $1.25 | $0.59 | $(5.40) | $1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets and other purchase accounting adjustments | 0.80 | 0.25 | 3.60 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses | 0.15 | 0.16 | 0.89 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal accrual |  | 0.06 |  | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method and equity securities investments activity, net | (0.36) | (0.10) | (0.54) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  | 0.65 | 4.76 | 0.65 |
| Earnings per diluted share as adjusted (non-GAAP) | $1.84 | $1.61 | $3.31 | $3.28 |

---

**Reconciliation of non-GAAP adjusted EBITDA (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | **Three Months Ended** <br>**April 30, 2026** | **Three Months Ended** <br>**April 30, 2025** | **Year Ended** <br>**April 30, 2026** | **Year Ended** <br>**April 30, 2025** |
| Net income (loss) | $63.2 | $16.7 | $(265.1) | $43.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (income) expense, net | (3.4) | 1.0 | 5.6 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 16.0 | 0.2 | (23.1) | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 62.1 | 13.9 | 265.0 | 41.0 |
| EBITDA (non-GAAP) | 137.9 | 31.8 | (17.6) | 87.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of cloud computing arrangement implementation | 1.6 | 0.6 | 5.7 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 10.3 | 5.9 | 38.3 | 21.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses | 9.3 | 5.6 | 48.2 | 19.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method and equity securities investments activity, net | (19.0) | (2.8) | (29.2) | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal accrual |  | 2.1 |  | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  | 18.4 | 240.7 | 18.4 |
| Adjusted EBITDA (non-GAAP) | $140.1 | $61.6 | $286.1 | $146.4 |

---

------

**Reconciliation of Forecast Earnings per Diluted Share (Unaudited)**

---

| | |
|:---|:---|
|  | **Fiscal year ending**<br>**April 30, 2027** |
| Forecast earnings per diluted share | $0.16 - 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets and other purchase accounting adjustments | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses | 0.16 |
| Forecast earnings per diluted share as adjusted (non-GAAP) | $3.02 - 3.34 |

---

**Reconciliation of 2026 Forecast and Fiscal Year 2025 Actual Non-GAAP adjusted EBITDA (Unaudited)**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **Fiscal year ending**<br>**April 30, 2027** | **Fiscal year ended**<br>**April 30, 2026** |
| Net income (loss) | $8 - 24 | $(265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (income) expense, net | (8) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | (6) - (2) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 243 | 265 |
| EBITDA (non-GAAP) | 237 - 257 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of cloud computing arrangement implementation | 14 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 44 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses | 10 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method and equity securities investments activity, net |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  | 241 |
| Adjusted EBITDA (non-GAAP) | $305 - 325 | $287 |

---

------

**Statement Regarding Non-GAAP Measures**

The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.

**Non-GAAP Earnings per Diluted Share**

We exclude acquisition-related expenses, amortization of acquisition-related intangible assets, equity method investment gains and losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization will recur in future periods until such intangible assets have been fully amortized.

**Adjusted EBITDA (Non-GAAP)**

Adjusted EBITDA is defined as net income before interest income, interest expense, income tax expense (benefit) and depreciation and amortization, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, acquisition related expenses, equity method investment gains or losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating gains or losses. We present Adjusted EBITDA, which is not a recognized financial measure under U.S. GAAP, because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation, intangible asset amortization will recur in future periods until such intangible assets have been fully amortized and that interest and income tax expenses will recur in future periods. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

------

*/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////*

**For additional media and information, please follow us**

![Graphic](avav-20260629xex99d1002.jpg)![Graphic](avav-20260629xex99d1003.jpg)![Graphic](avav-20260629xex99d1004.jpg)![Graphic](avav-20260629xex99d1005.jpg)![Graphic](avav-20260629xex99d1006.jpg)

**CONTACT**

Denise Pacioni

+1 805-795-4108

ir@avinc.com

https://investor.avinc.com/contact-and-faq/contact-us

------

## Exhibit 99.2

**Exhibit 99.2**

&nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g001.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2]© 2026 AEROVIRONMENT, INC. Safe Harbor Statement This presentation contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "project," "plan," or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products, whether due to restrictions and sanctions imposed by foreign governments or otherwise; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; our ability to win U.S. and international government R&D and procurement programs, including foreign military financing aid; changes in the timing and/or amount of government spending, including due to continuing resolutions and/or changing government priorities; adverse impacts of any U.S. government shutdown; our ability to realize the anticipated benefits of the BlueHalo transaction or other acquisitions; our ability to execute contracts for anticipated sales, perform under such contracts and other existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with applicable law, regulatory requirements, and contractual obligations; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and resulting misuse of our, our customers' and/or our suppliers' information and systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; our ability to increase production capacity to support anticipated growth; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable results in legal proceedings, including pending class actions, or litigation that may arise from or in conjunction with our recent acquisitions; our ability to respond and adapt to legal, regulatory and government budgetary changes; our ability to comply with the covenants in our loan documents, outstanding convertible notes or acquisition and merger agreements for acquisitions; our ability to attract and retain skilled employees, including retention of employees of acquired companies; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3]© 2026 AEROVIRONMENT, INC. Record bookings of $2.7 billion and book-to-bill ratio of 1.4 for fiscal year 2026. Record funded backlog3 of $1.2 billion. Record fourth-quarter revenue of $642 million and fiscal-year revenue of $1.98 billion, up 30% and 17%1 , respectively from the same period last year. Fourth-quarter organic revenue was higher by 31 %, year over year, and 26%2 for the full year. Strong fourth-quarter adjusted EBITDA margin of 22% on higher revenues and favorable sales mix. Initiating FY27 guidance with revenues between $2.125 and $2.225 billion, adjusted EBITDA between $305 million and $325 million4 and adjusted diluted EPS between $3.02 and $3.344 Fourth Quarter and Fiscal Year 2026 Key Messages 1 PRO FORMA FY25 QUARTERLY & FULL YEAR REVENUE (unaudited) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND DOES NOT INCLUDE REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. 2 WE DEFINE ORGANIC REVENUE AS REVENUE ATTRIBUTABLE TO OUR EXISTING OPERATIONS AS OF APRIL 30, 2025 (EXCLUDES REVENUE FROM OUR BLUEHALO AND ESAERO ACQUISITIONS COMPLETED DURING FSCAL YEAR 2026). 3 REFER TO APPENDIX F FOR DEFINITIONS OF BOOKINGS, FUNDED BACKLOG AND UNFUNDED BACKLOG. 4 REFER TO APPENDICES D & E FOR RECONCILIATION TO FY27 GUIDANCE FOR NET INCOME BETWEEN $8M and $24M AND DILUTED GAAP EPS BETWEEN $0.16 AND $0.48. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4]© 2026 AEROVIRONMENT, INC. Fourth Quarter Fiscal Year 2026 Results Metric Q4 FY26 Notes Revenue $641.6 M o 30% YoY Pro forma revenue growth3 o 31% YoY organic revenue growth4 GAAP Gross Margin $202.6 M o Record fourth-quarter gross margin driven by strong AxS sales Non-GAAP Adjusted EBITDA1 $140.1 M o Record fourth-quarter adjusted EBITDA of 22% driven by strong AxS sales o Adjusted non-GAAP SG&A = 11% of revenue5 o IRAD = 5% of revenue Non-GAAP EPS (diluted)2 $1.84 o Higher revenues due to contributions from AxS Funded Backlog $1.2 B o Continued strength in funded backlog driven by AxS Unfunded Backlog $1.5 B o Excludes $1.5 billion in unfunded backlog reported in prior quarters due to SCAR termination 1 Q4 GAAP NET INCOME WAS $63.2 MILLION. REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX C. 2 Q4 GAAP EPS WAS $1.25 PER DILUTED SHARE. REFER TO RECONCILIATION OF NON-GAAP EARNINGS PER DILUTED SHARE ON APPENDIX A. 3 PRO FORMA FY25 QUARTERLY (UNAUDITED) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. 4 WE DEFINE ORGANIC REVENUE AS REVENUE ATTRIBUTABLE TO OUR EXISTING OPERATIONS AS OF APRIL 30, 2025 (EXCLUDES REVENUE FROM OUR BLUEHALO AND ESAERO ACQUISITIONS COMPLETED DURING FISCAL YEAR 2026). 5 GAAP SG&A WAS 18% of Q4 REVENUE. REFER TO GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED SG&A ON APPENDIX G. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5]© 2026 AEROVIRONMENT, INC. Fiscal Year 2026 Results Metric FY26 Notes Revenue $1.98 B o 17% YoY Pro forma revenue growth3 o 26% YoY organic revenue growth4 GAAP Gross Margin $500.6 M o Strong FY26 gross margin driven by strong AxS sales Non-GAAP Adjusted EBITDA1 $286.1 M o Adjusted EBITDA of 14% o Adjusted non-GAAP SG&A = 13% of revenue5 o IRAD = 6% of revenue Non-GAAP EPS (diluted)2 $3.31 o Strong adjusted EPS driven by sales in AxS Funded Backlog $1.2 B o Continued strength in funded backlog driven by AxS Unfunded Backlog $1.5 B o Excludes $1.5 billion in unfunded backlog reported in prior quarters due to SCAR termination 1 FY26 GAAP NET LOSS WAS ($265.1M). REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX E. 2 FY26 GAAP LOSS PER SHARE WAS ($5.40) PER DILUTED SHARE. REFER TO RECONCILIATION OF NON-GAAP EARNINGS PER DILUTED SHARE ON APPENDIX D. 3 PRO FORMA FY25 REVENUE (UNAUDITED) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. 4 WE DEFINE ORGANIC REVENUE AS REVENUE ATTRIBUTABLE TO OUR EXISTING OPERATIONS AS OF APRIL 30, 2025 (EXCLUDES REVENUE FROM OUR BLUEHALO AND ESAERO ACQUISITIONS COMPLETED DURING FISCAL YEAR 2026). 5 GAAP SG&A WAS 22% of FY26 REVENUE. REFER TO GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED SG&A ON APPENDIX G. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6]© 2026 AEROVIRONMENT, INC. Revenue Mix, Adjusted Profitability and Non-GAAP EPS 1 PRO FORMA FY25 QUARTERLY REVENUE (unaudited) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. 2 Q4 FY26 GAAP PRODUCT MARGIN: 42% \| SERVICE MARGIN (6%). REFER TO GAAP TO NON-GAAP RECONCILIATION OF GROSS MARGIN ON APPENDIX B. 3 Q4 FY25 GAAP EPS WAS $0.59 AND Q4 FY26 GAAP EPS WAS $1.25 PER DILUTED SHARE. REFER TO RECONCILIATION OF NON-GAAP DILUTED EARNINGS PER SHARE ON APPENDIX A. Quarterly Revenue by Segment1 AxS: AUTONOMOUS SYSTEMS SCDE: SPACE, CYBER AND DIRECTED ENERGY 36% 33% 32% 44% 13% 14% 17% 2% 29% 27% 27% 34% 0% 20% 40% 60% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Adj Product Margin Adj Service Margin Total Adj Gross Margin $1.61 $1.84 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Q4 FY25 Q4 FY26 Q4 FY26 Revenue: 77% Product \| 23% Services Adjusted Non-GAAP Gross Margin2 Non-GAAP Diluted EPS3 [$M] $494.1 $454.7 $472.5 $408.0 $641.6 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 AxS $330.6 $285.3 $301.6 $278.7 $492.4 SCDE $163.5 $169.4 $170.9 $129.3 $149.2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7]© 2026 AEROVIRONMENT, INC. Fourth Quarter Year over Year Revenue Comparison by Operating Group 1INCLUDES FY25 PRO FORMA REVENUE (unaudited) FROM BLUEHALO ONLY AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. [$M] Pro Forma1 Q4 FY25 Actual Q4 FY26 Variance vs. Prior Year [$] Variance vs. Prior Year [%] Uncrewed Aircraft Systems $103 $121 $18 17 % Precision Strike & Defensive Systems $185 $333 $148 80 % Other $43 $38 $[5] [12] % AxS TOTAL $331 $492 $161 49 % Space & Directed Energy $60 $74 $14 23 % Cyber & Mission Solutions $103 $76 $[27] [26] % SCDE TOTAL $163 $150 $[13] [8] % COMBINED TOTAL $494 $642 $148 30% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8]© 2026 AEROVIRONMENT, INC. Full Year Revenue Comparison by Operating Group 1INCLUDES FY25 PRO FORMA REVENUE (unaudited) FROM BLUEHALO ONLY AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26. [$M] Pro Forma1 FY25 Actual FY26 Variance vs. Prior Fiscal YTD[$] Variance vs. Prior Fiscal YTD[%] Uncrewed Aircraft Systems $352 $364 $12 3 % Precision Strike & Defensive Systems $527 $848 $321 61 % Other $170 $146 $[24] [14] % AxS TOTAL $1,049 $1,358 $309 29 % Space & Directed Energy $231 $274 $43 19 % Cyber & Mission Solutions $415 $345 $[70] [17] % SCDE TOTAL $646 $619 $[27] [4] % COMBINED TOTAL $1,695 $1,977 $282 17% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9]© 2026 AEROVIRONMENT, INC. Updated Guidance: Fiscal 2027 Outlook 1 FY26 GAAP LOSS PER SHARE OF $(5.40). REFER TO GAAP EPS RECONCILIATION ON APPENDIX D. 2 FY26 GAAP NET LOSS OF $(265.1M). FORECAST FULL YEAR GAAP NET INCOME BETWEEN $8M AND $24M. REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX E. 3 FORECAST FULL YEAR GAAP NET INCOME PER DILUTED SHARE BETWEEN $0.16 AND $0.48. REFER TO FORECASTED NON-GAAP EPS RECONCILIATION ON APPENDIX D. 4 FORECAST FULL YEAR GAAP SG&A AS A PERCENT OF REVENUE BETWEEN 2O% AND 21%. REFER TO GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED SG&A ON APPENDIX G. 5 INCLUDES CLOUD IMPLEMENTATION CAPITAL EXPENDITURES AND SOFTWARE CAPITALIZATION. As of 06/29/2026 FY26 Results FY27 Guidance Notes / Assumptions Revenue $1.98 B $2.125 B to $2.225 B 10% year-over-year growth at midpoint o 1HFY27 = 45%; 2HFY27 = 55% Adjusted EBITDA $286.1 M2 $305 M to $325 M2 14% at midpoint2 o IRAD 7% to 9% o Adj SG&A 14% to 16% 4 o Stock based compensation of approx. $44 million for FY27 o Adj EBITDA 1HFY27 = 1/3 ; 2HFY27 = 2/3 Non-GAAP Earnings Per Share (diluted) $3.311 $3.02 to $3.343 o Higher depreciation expenses due to additional capital expenditures required for capacity and facility expansion o 1HFY27 = 25% ; 2HFY27 75% Capital Expenditures5 5% 12% to 14% o Increased due to scaling manufacturing capabilities & facility expansion o Includes integration-related capital expenditures Other o Deal & integration expenses approx. $10 M |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10]© 2026 AEROVIRONMENT, INC. 990 314 192 $- $500 $1,000 $1,500 $2,000 $2,500 Q4 FY26 (6/29/26) Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27 Year-to-Date - FY27 Funded Backlog - FY27 Anticipated Qtr-to-Date Bookings - FY27 Anticipated Unfunded Backlog - FY27 Anticipated FY27 Revenue Visibility 1BASED ON MIDPOINT OF GUIDANCE RANGE OF $2.125 BILLION TO $2.225 BILLION. Company visibility supports revenue guidance range 69% visibility 1 GUIDANCE RANGE $2.125B - $2.225B IN MILLIONS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11]© 2026 AEROVIRONMENT, INC. Major Awards Since Fourth Quarter Fiscal Year 2026 $20M $25M Q4 Contract to Integrate PANTHER Phased Array Antenna on SkyRange Platforms for Hypersonic Telemetry Contract to Advance Ceramic Materials Research for the U.S. Air Force and Space Force Q1 Long Range Reconnaissance (LRR): Completed System Design Review #2, Delivery of 2nd Production Award Army Selects AV's VAPOR® CLE for Medium Range Reconnaissance Program Contract to Mature Human Performance Technologies for Warfighter Readiness U.S. Army Selects AV's Switchblade® 400 for LASSO Program CYBER AND MISSION SOLUTIONS CYBER AND MISSION SOLUTIONS |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL TABLES |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13]© 2026 AEROVIRONMENT, INC. Reconciliation of Non-GAAP Earnings per Diluted Share (unaudited) APPENDIX A - FINANCIAL TABLES Three months ended April 30, 2025 Three months ended April 30, 2026 Earnings per diluted share $0.59 $1.25 Acquisition-related expenses $0.16 $0.15 Amortization of acquired intangible assets and other purchase accounting adjustments $0.25 $0.80 Equity Method and equity securities investments activity, net $(0.10) $(0.36) Legal accrual $0.06 $--- Goodwill impairment $0.65 $--- Earnings per diluted share as adjusted (non-GAAP) $1.61 $1.84 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14]© 2026 AEROVIRONMENT, INC. GAAP to Non-GAAP Reconciliation of Adjusted Gross Margin APPENDIX B - FINANCIAL TABLES Products 1st Quarter FY26 2nd Quarter FY26 3rd Quarter FY26 4th Quarter FY26 Gross Margin $82,846 $83,640 $77,841 $211,792 Intangible Amortization $31,245 $23,482 $11,022 $6,814 Adjusted Gross Margin $114,901 $107,122 $88,863 $218,206 Adj. Prod GM% 36% 33% 32% 44% Services Gross Margin $12,272 $20,465 $20,953 $(9167) Intangible Amortization $6,134 $764 $1,661 $11,587 Adjusted Gross Margin $18,406 $21,229 $22,614 $2,420 Adj. Service GM% 13% 14% 17% 2% [$Thousands] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[15]© 2026 AEROVIRONMENT, INC. Net Income to EBITDA and non-GAAP Adjusted EBITDA Reconciliation APPENDIX C - FINANCIAL TABLES 1st Quarter FY26 2nd Quarter FY26 3rd Quarter FY26 As Restated 4th Quarter FY26 Net income/(loss) $(67.4) $(17.1) $(243.9) $63.2 Interest expense (income), net $17.4 $(4.7) $(3.7) $(3.4) Tax (benefit) provision $(15.2) $(2.3) $(21.6) $16.0 Depreciation $10.6 $9.9 $10.8 $10.7 Amortization $79.7 $48.2 $43.8 $51.4 EBITDA (Non-GAAP) $25.1 $34.0 $(214.6) $137.9 Cloud amortization $0.9 $1.4 $1.7 $1.6 Stock-based compensation $11.4 $8.6 $8.1 $10.3 Acquisition-related expenses $23.7 $8.3 $6.9 $9.3 Equity method and equity security investment activity $(4.5) $(7.3) $1.7 $(19.0) Goodwill Impairment $--- $--- $240.7 $--- Adj. EBITDA (Non-GAAP) $56.6 $45.0 $44.5 $140.1 [$M] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[16]© 2026 AEROVIRONMENT, INC. GAAP to Non-GAAP Reconciliation of Earnings per Diluted Share (Unaudited) APPENDIX D - FINANCIAL TABLES Fiscal year ended April 30, 2025 Fiscal year ended April 30, 2026 Fiscal year ended April 30, 2027 Earnings (loss) per diluted share (GAAP) $1.55 $(5.40) $$0.16 - $0.48 Acquisition-related expenses $0.54 $0.89 $$0.16 Amortization of acquired intangible assets and other purchase accounting adjustments $0.66 $3.60 $$2.70 Legal accrual $0.06 $--- $--- Equity Method and equity securities investments activity, net $(0.18) $(0.54) $--- Goodwill impairment $0.65 $4.76 $--- Earnings per diluted share as adjusted (non-GAAP) $3.28 $3.31 $$3.02 - $3.34 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[17]© 2026 AEROVIRONMENT, INC. Reconciliation of 2027 Forecast and Fiscal Year 2026 Non-GAAP adjusted EBITDA (Unaudited) APPENDIX E - FINANCIAL TABLES [$M] Fiscal year ended April 30, 2026 Fiscal year ended April 30, 2027 Net (loss) income from continued operations $(265.1) $8 - 24 Interest expense (income), net $5.6 $(8) Tax benefit $(23.1) $(6) – (2) Depreciation $41.9 $70 Amortization $223.1 $173 EBITDA (Non-GAAP) $(17.6) $237 - 257 Cloud amortization $5.7 $14 Stock-based compensation $38.3 $44 Acquisition-related expenses $48.2 $10 Goodwill impairment $240.7 $--- Equity method and equity security investment activity $(29.2) $--- Adj. EBITDA (Non-GAAP) $286.1 $305 - 325 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[18]© 2026 AEROVIRONMENT, INC. AVAV Contracting Related Definitions APPENDIX F - FINANCIAL TABLES Term Definition Q4 FY26 Results Bookings The value of new authorized/exercised contract awards and contract modifications received during the reporting period. Bookings typically include the total contract value for new awards and the incremental value of modifications. Bookings include authorized contract values where the customer has provided contractual authority to perform work, even if funding has not yet been obligated, but does not include the unauthorized portion of TCV. $0.57B (QTD) $2.7B (YTD)1 Funded Backlog The portion of backlog for which the customer has provided appropriated, obligated funding that the company is currently authorized to spend. Funded backlog is the most "cash-certain" portion of backlog, representing work the company can execute immediately and bill against. This is often driven by U.S. DoD funding obligations and contract increments. $1.2B Unfunded Backlog The remaining value of awarded contracts for which the customer has not yet obligated funding. These amounts reflect future expected funding—commonly tied to multi-year programs where annual appropriations, options, or increments are still pending. Unfunded backlog is typical in large defense programs and is converted to funded backlog as appropriations and task orders are executed. Unfunded ceiling amounts for sole-source or multi-awardee Indefinite Delivery, Indefinite Quantity ("IDIQ") contracts are not included in unfunded backlog. $1.5 B 1 Book-to-Bill Ratio The book-to-bill ratio measures the relationship between the value of new bookings in a given period (Fiscal YTD) and the revenue billed or recognized over that same period. Book-to-bill ratio is calculated by dividing period bookings by period revenues. 1.4 (YTD) 2 1 UNFUNDED BACKLOG EXCLUDES $1.5 BILLION IN UNFUNDED BACKLOG REPORTED IN PRIOR QUARTERS DUE TO SCAR TERMINATION. 2 YEAR-TO-DATE TOTAL FOR THE FISCAL YEAR ENDED APRIL 30, 2026. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[19]© 2026 AEROVIRONMENT, INC. GAAP to Non-GAAP Reconciliation of Adjusted SG&A (Unaudited) APPENDIX G - FINANCIAL TABLES [$Thousands] 4th Quarter FY25 4th Quarter FY26 FY2026 FY2027 Full Year Non-GAAP Forecast SG&A Reconciliation Revenue $275,050 $641,616 $1,976,845 $2,125,000 – 2,225,000 Total SG&A $43,254 $114,225 $443,251 $415,000 – 473,000 Total SG&A % of Revenue 16% 18% 22% 20% – 21% Acquisition Expense $5,591 $9,294 $48,169 $8,000 – 10,000 Intangible Amortization $775 $32,995 $130,431 $99,262 Adjusted SG&A $36,888 $71,936 $264,651 $307,738 – 361,738 Adjusted SG&A % of Revenue 13% 11% 13% 14% – 16% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](avav-20260629xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[20]© 2026 AEROVIRONMENT, INC. Q4 FY26 Total Unfunded Backlog Roll Forward APPENDIX H - FINANCIAL TABLES Total Unfunded Backlog [$M] Total Roll Forward Q3 FY26 Unfunded Backlog as of 1/31/2026 $2,968.8 Q4 FY26 Expired Unfunded Backlog $(8.1) Q4 FY26 Orders Reducing Unfunded Backlog $(150.1) Q4 FY26 New Unfunded Bookings $140.3 SCAR Termination 1 $(1,493.2) Total Q4 FY26 Unfunded Backlog as of 4/30/2026 $1,457.7 1 Unfunded backlog excludes $1.5 billion in unfunded backlog reported in prior quarters due to SCAR termination. |

---