AeroVironment Inc. · Q2 2024 earnings

Briefing

AeroVironment's Q2 2024 financial performance was strong, marked by record revenue and substantial year-over-year growth in net income and adjusted EBITDA.

AeroVironment reported a strong second quarter for fiscal year 2024, with revenue reaching $180.8 million, a 62% increase year-over-year. Net income significantly increased to $17.8 million, and adjusted EBITDA rose by 481% year-over-year. The company also raised its full-year revenue guidance, reflecting strong demand and the acquisition of Tomahawk Robotics.

• Second quarter revenue increased by 62% year-over-year, reaching $180.8 million.
• Net income for the second quarter was $17.8 million, a 366% increase year-over-year.
• Adjusted EBITDA for the second quarter increased by 481% year-over-year, totaling $39.5 million.
• Funded backlog as of October 28, 2023, was $487.0 million.

Headline financials

Revenue & EPS history

For fiscal year 2024, the Company now expects revenue of between $685 million and $705 million, net income of between $45 million and $51 million, Non-GAAP adjusted EBITDA of between $119 million and $127 million, earnings per diluted share of between $1.66 and $1.90 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.46 and $2.70.