AeroVironment generated record first-quarter Revenue of $480.5 million and ended the period with funded Backlog of $1.5 billion. The results matter to investors because bookings reached $0.7 billion at a 1.4 book-to-bill ratio, while the company maintained fiscal 2027 guidance for revenue of $2.125 billion to $2.225 billion.

Key Highlights

  • Bookings reached $0.7 billion during the quarter, producing a 1.4 book-to-bill ratio.
  • Autonomous Systems generated $346.0 million in revenue, while Space, Cyber and Directed Energy produced $134.5 million.
  • First-quarter revenue reached a record $480.5 million, increasing 6% year-over-year.
  • Funded backlog rose 37% year-over-year to $1.5 billion, supported by $0.7 billion of bookings and a 1.4 book-to-bill ratio.

AeroVironment, Inc. (NASDAQ: AVAV) reported record first-quarter revenue of $480.5 million and funded backlog of $1.5 billion for the period ended August 1, 2026. Revenue increased 6% year-over-year, while funded backlog rose 37% year-over-year. The company said higher product sales and service revenue supported the quarter, alongside stronger gross Margin and lower selling, general and administrative and Research and Development expenses. The quarter also included $0.7 billion of bookings and a 1.4 book-to-bill ratio. AeroVironment continues to expect fiscal 2027 revenue of between $2.125 billion and $2.225 billion.

Revenue Reaches Record Level

Autonomous Systems accounted for $346.0 million of first-quarter revenue, while Space, Cyber and Directed Energy contributed $134.5 million. Product sales increased by $15.5 million and service revenue rose by $10.3 million compared with the prior-year period. Gross margin as a percentage of revenue rose to 26% from 21%, primarily because intangible amortization and other non-cash purchase accounting expenses declined to $18.5 million from $37.4 million. The company recorded a loss from operations of -$10.9 million. Non-GAAP adjusted EBITDA was $53.4 million, and non-GAAP Earnings per diluted share were $0.59. The company attributed the lower operating loss in part to a $29.5 million increase in gross margin, a $19.8 million reduction in selling, general and administrative expense and a $9.2 million decrease in research and development expense.

Backlog Reaches $1.5B

Funded backlog stood at $1.5 billion as of August 1, 2026, compared with $1.2 billion as of April 30, 2026. The company said customers are deploying autonomous capabilities at increasing scale. Management also identified expanding Manufacturing capacity across its sites and strengthening the Supply chain as priorities for delivering products at the required pace. Bookings of $0.7 billion exceeded quarterly revenue of $480.5 million, producing the reported 1.4 book-to-bill ratio. The funded backlog reached a record level during the quarter.

Fiscal 2027 Outlook Maintained

AeroVironment’s fiscal 2027 outlook includes Net Income of between $10 million and $27 million and non-GAAP adjusted EBITDA of between $305 million and $325 million. The company expects earnings per diluted share of between $0.21 and $0.53. Non-GAAP earnings per diluted share, excluding amortization of intangible assets and other non-cash purchase accounting expenses, are expected to range from $3.02 to $3.34. The outlook also includes the revenue range of $2.125 billion to $2.225 billion. The company held its conference call on September 9, 2026, with Chairman, President and Chief Executive Officer Wahid Nawabi, Executive Vice President and Chief Financial Officer Sean T. Woodward and Investor relations Director Denise Pacioni.