AeroVironment, Inc. - Company Summary

Business Overview

AeroVironment, Inc. is a defense technology provider specializing in delivering integrated multi-domain solutions across air, land, sea, space, and cyber environments. The company focuses on the development, deployment, and support of advanced autonomous systems, precision strike systems, counter-UAS (Unmanned Aircraft Systems) technologies, space-based platforms, directed energy systems, and cyber/electronic warfare capabilities.

Key Operations & Segments

Effective May 1, 2025, the company operates through two reportable segments:

• Autonomous Systems
• Space, Cyber, and Directed Energy

Autonomous Systems

• Develops and markets uncrewed aircraft (UAS), including Small (SUAS), Medium (MUAS), and Loitering Munitions Systems (LMS).
• Product examples: Puma LE, Raven B, Switchblade family, Red Dragon, Titan, Freedom Eagle, and more.
• Provides command, control, and intelligence software like Kinesis.
• Offers counter-UAS (radio frequency and kinetic threat detection), electronic warfare systems (e.g., SharkCage, BlueFin Angler SDR), and innovations in autonomy, AI, unmanned maritime systems, ground systems, and high-altitude pseudo-satellites (HAPS).

Space, Cyber, and Directed Energy

• Provides satellite operations, communication systems, missile warning, space-based ISR.
• Develops high-bandwidth, secure space communication payloads, digital beamforming antennas, and phased-array systems.
• Manufactures space-qualified hardware and phased array antennas for missile and satellite applications.
• Develops directed energy laser systems for counter-unmanned systems (e.g., Locust LWS).

Cyber and Mission Systems

• Offers offensive and defensive cyber capabilities, geospatial, signals, measurements, and open-source intelligence.
• Proprietary platforms like HaloCortex OSINT for data analysis.
• Supports national security agencies with advanced cyber operations.

Customer Base

• Primarily sells to:

  • U.S. Department of Defense (approximately 75% of revenue for fiscal year ended April 30, 2025)
  • U.S. armed forces (Army, Marine Corps, Air Force, Navy, Space Force, Cyber Command)
  • Intelligence agencies and other government entities
  • Foreign governments and allied nations through direct sales and foreign military sales
  • Commercial customers involved in critical infrastructure protection, open-source intelligence, and research

• During FY2025, about 20% of revenue was from U.S. Army.

• About 27% from other U.S. government agencies.

• Approximately 53% from foreign customers including Ukraine (which accounted for 18% of total sales revenue).

Employees & Workforce

• As of April 30, 2025:
  • 1,4756 full-time employees
  • 19 part-time employees
  • Workforce in R&D/engineering: 528 employees
  • Sales & Marketing: 75 employees
  • Operations: 533 employees
  • Administrative: 339 employees
• After acquiring BlueHalo (closed on May 1, 2025):
  • Total employees increased to 3,594 full-time and 137 part-time
  • Over 200 employees with PhDs

Revenue & Financial Highlights

• Total Revenue for FY2025: Not explicitly stated, but based on prior data, the company reaps revenue mainly from sales of complex systems to government entities.
• Market Capitalization: Approximately $6.16 billion as of October 26, 2024.
• Shares Outstanding: 45,692,904 shares as of June 18, 2025.
• Stock Price: Close at $190.04 per share on June 18, 2025.
• Profitability: The company has recognized impairments, including a goodwill impairment charge of $18.4 million for the UGV segment in FY2025.
• Funding & Backlog:
  • Backlog: $726.6 million (April 30, 2025)
  • Unfunded backlog: $774.6 million

Additional Notes

• The company heavily depends on U.S. government (especially DoD) contracts.
• It invests significantly in R&D (~12% of FY2025 revenue) to create innovative systems.
• Focused on expanding market penetration, introducing new solutions, acquiring differentiated technologies, and maintaining a strong technological edge.
• Has a diverse technological portfolio including robotics, sensor systems, satellite and space communication, directed energy, and cyber intelligence.

Summary: AeroVironment, Inc. designs and manufactures advanced unmanned systems, space and cyber technologies, and electronic warfare solutions primarily for the U.S. military and allied nations, with significant focus on autonomous systems, counter-UAS, space-based platforms, and cyber capabilities. It employs over 3,500 people, had revenues notable enough to place its market cap at over $6 billion, and is mainly dependent on U.S. government contracts, especially from the DoD.