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Oct 29, 2022
AeroVironment Q2 2023 Earnings Report
AeroVironment's Q2 2023 revenue was reported at $111.6 million, a 9% decrease year-over-year, with a net loss of $6.7 million, influenced by decreases in Small UAS segment revenue and increased R&D investments.
Key Takeaways
AeroVironment reported second-quarter revenue of $111.6 million, a decrease of 9% compared to the previous year. The company experienced a net loss of $6.7 million, or $(0.27) per diluted share, compared to a net income of $2.5 million, or $0.10 per diluted share, in the second quarter of fiscal year 2022. Despite these results, AeroVironment raised its FY23 revenue guidance to between $505 million and $525 million, supported by strong bookings and a record funded backlog.
Second quarter revenue was $111.6 million, in line with expectations.
Strong bookings of $197.3 million were recorded in the second quarter.
Fiscal year 2023 revenue guidance was raised to between $505 million and $525 million.
A record funded backlog of $388.2 million was achieved as of November 26, 2022, following an $86 million FMS order in November.
Forward Guidance
For fiscal year 2023, the Company now expects revenue of between $505 million and $525 million, net income of between $8 million and $17 million, Non-GAAP adjusted EBITDA of between $84 million and $92 million, earnings per diluted share of between $0.33 and $0.65 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets and other non-cash purchase accounting expenses, of between $1.26 and $1.58.
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