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Oct 30, 2021
AeroVironment Q2 2022 Earnings Report
AeroVironment's second quarter results for fiscal year 2022 increased due to revenue from MUAS segment and the Unmanned Ground Vehicles product line, but income from operations decreased due to an increase in SG&A and R&D expenses.
Key Takeaways
AeroVironment reported a 32% increase in revenue for Q2 2022, reaching $122 million, driven by acquisitions in the MUAS and Unmanned Ground Vehicles segments. However, income from operations decreased by $10.6 million due to higher SG&A and R&D expenses.
Revenue increased by 32% to $122.0 million compared to the second quarter of fiscal 2021.
Gross margin increased to $42.5 million, but decreased as a percentage of revenue to 35% due to intangible amortization expense.
Income from operations decreased to $3.3 million from $13.9 million in the prior year.
Funded backlog as of October 30, 2021, was $252.0 million.
Forward Guidance
The Company has reduced its full year fiscal 2022 expectations due to negative impact from supply chain delays, extended procurement cycles, slower decision making in Washington and staffing shortages.
Challenges Ahead
- Revenue of between $440 million and $460 million
- Net loss of between $12 million and $8 million
- Non-GAAP adjusted EBITDA of between $59 million and $65 million
- Loss per diluted share of between $(0.47) and $(0.33)
- Non-GAAP earnings per diluted share, which excludes litigation settlement expenses, acquisition-related expenses and amortization of intangible assets, of between $1.23 and $1.37
Historical Earnings Impact
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Avg. Return Before/After Earnings
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