AeroVironment Q1 2023 Earnings Report
Key Takeaways
AeroVironment reported a 7% increase in first-quarter revenue, reaching $108.5 million. The company reaffirmed its fiscal year 2023 revenue guidance of $490 million to $520 million. Strong August bookings led to a record funded backlog of $307.6 million.
First quarter revenue increased by 7% year-over-year, reaching $108.5 million.
Gross margin for the first quarter was $33.7 million, up 17% year-over-year, with the gross margin percentage rising to 31%.
Net loss attributable to AeroVironment was $(8.4) million, and non-GAAP adjusted EBITDA was $13 million.
Funded backlog reached a record $307.6 million as of August 27, 2022, driven by strong August bookings.
AeroVironment
AeroVironment
Forward Guidance
The Company continues to expect revenue of between $490 million and $520 million, net income of between $11 million and $18 million for fiscal year 2023.