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Jan 28, 2023
AeroVironment Q3 2023 Earnings Report
AeroVironment's Q3 2023 financial performance reflected robust growth, driven by strong demand and strategic execution.
Key Takeaways
AeroVironment reported a 49% increase in revenue to $134.4 million, driven by higher product sales, particularly in the Small UAS and Tactical Missile Systems segments. The company experienced a net loss of $0.7 million, but non-GAAP adjusted EBITDA reached $23 million. The funded backlog hit a record $413.9 million, indicating strong future demand.
Revenue increased by 49% year-over-year to $134.4 million.
Gross margin improved significantly, reaching $45.5 million, a 112% increase year-over-year.
Net loss attributable to AeroVironment was $(0.7) million, while non-GAAP adjusted EBITDA was $23 million.
Funded backlog reached a record $413.9 million, up 83% year-over-year.
AeroVironment
AeroVironment
Forward Guidance
For fiscal year 2023, AeroVironment anticipates revenue between $510 million and $525 million, net income between $0 and $5 million, Non-GAAP adjusted EBITDA between $89 million and $95 million, earnings per diluted share between $0.01 and $0.21, and non-GAAP earnings per diluted share between $1.13 and $1.33.
Positive Outlook
- Revenue is expected to be between $510 million and $525 million.
- Net income is projected to be between $0 and $5 million.
- Non-GAAP adjusted EBITDA is anticipated to be between $89 million and $95 million.
- Earnings per diluted share are forecasted to be between $0.01 and $0.21.
- Non-GAAP earnings per diluted share are expected to be between $1.13 and $1.33.
Challenges Ahead
- Estimates are subject to market conditions and risks.
- Ability to integrate acquisitions efficiently is a factor.
- Obtaining and retaining government contracts is a risk.
- Changes in government spending could impact results.
- Demand for products and services may fluctuate.