AEVEX (AVEX) Q2 2026 Earnings Call: Revenue Doubles, Guidance Raised, BlackSea Deal Announced
Source Tradingkey
Key Takeaways
- Q2 2026 revenue increased approximately 100% year over year to $201.8 million, primarily driven by higher unmanned aerial systems production under the EUCOM Deep Strike program.
- Net income was $6.7 million, compared with a net loss of $11.8 million in Q2 2025. Tactical Systems adjusted EBITDA margin reached 17.0%, while Global Solutions margin expanded about 700 basis points to 14.2%.
- AEVEX raised its FY2026 outlook to revenue of $700 million to $720 million and adjusted EBITDA of $105 million to $111.5 million. The guidance excludes the proposed BlackSea Technologies acquisition.
- AEVEX agreed to acquire BlackSea for total consideration of up to $650 million, including approximately $250 million in cash, $350 million in stock and a performance-based $50 million earn-out.
- BlackSea is expected to generate approximately $150 million in FY2026 revenue. It has more than $110 million of funded backlog and over $250 million of unfunded backlog.
- AEVEX’s opportunity pipeline expanded from $8.1 billion at the end of 2025 to approximately $10.5 billion, supported by product development, improved budget visibility and additional production capacity.
Key Financial Results
| Metric | Q2 2026 | Year-over-year change / context |
|---|---|---|
| Revenue | $201.8 million | Approximately +100% |
| Net income | $6.7 million | Versus a $11.8 million net loss in Q2 2025 |
| Tactical Systems revenue | $174.2 million | +142%, mainly driven by EUCOM Deep Strike |
| Tactical Systems adjusted EBITDA margin | 17.0% | Benefited from higher volume and production efficiencies |
| Global Solutions revenue | $27.6 million | -5%, reflecting the timing of an aircraft sale in Q2 2025 |
| Global Solutions adjusted EBITDA margin | 14.2% | Expanded approximately 700 basis points |
| Unit volumes | — | +114% |
| Trailing 12-month book-to-bill | 1.08x | Management expects full-year 2026 book-to-bill near 1.0x |
| Operating cash flow, first six months | $8.6 million | Versus $27.9 million used in the prior-year period |
| Cash at quarter-end | $215.2 million | Included net proceeds from the April IPO |
| Long-term debt | $99.1 million | AEVEX also had two undrawn credit facilities |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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