AeroVironment Q3 2022 Earnings Report
Key Takeaways
AeroVironment reported a 14% increase in revenue for Q3 2022, reaching $90.1 million, driven by higher service revenue and acquisitions. However, the company faced challenges as gross margin decreased to 24% from 36%, and operating loss increased to $14.1 million. The company maintains its full year guidance.
Revenue increased by 14% to $90.1 million, driven by higher service revenue and acquisitions.
Gross margin decreased to 24% from 36% due to lower product margin and increased intangible amortization expense.
Operating loss increased to $14.1 million due to lower gross margin and higher SG&A expenses.
Funded backlog was $226.3 million as of January 29, 2022, compared to $211.8 million as of April 30, 2021.
AeroVironment
AeroVironment
Forward Guidance
For fiscal year 2022, the Company continues to expect 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) and 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.