AeroVironment (AVAV) Q1 FY2027 Earnings Call: Record Backlog and Guidance Reaffirmed
Source Tradingkey
Key Takeaways
- AeroVironment reported record first-quarter fiscal 2027 revenue of $480 million, led by $346 million from Autonomous Systems.
- Bookings reached $683 million, producing a quarterly book-to-bill ratio of 1.4x. Funded backlog rose 23% sequentially and 37% year over year to a record $1.5 billion.
- Adjusted EBITDA was $53 million, or 11% of revenue. Adjusted diluted EPS increased 84% year over year to $0.59.
- Management reaffirmed fiscal 2027 revenue guidance of $2.125 billion to $2.225 billion and adjusted EBITDA guidance of $305 million to $325 million.
- Counter-UAS programs drove major contract activity, including the nearly $465 million LOCUST E-HEL award and Titan’s $500 million sole-source IDIQ contract.
- Free cash flow was negative $36 million as AeroVironment increased capital spending and inventory to expand production capacity and secure long-lead components.
Core Financial Results
| Metric | Q1 FY2027 result | Change or context |
|---|---|---|
| Revenue | $480 million | Record first-quarter revenue |
| Bookings | $683 million | Quarterly book-to-bill of 1.4x |
| Funded backlog | $1.5 billion | Up 23% sequentially and 37% year over year |
| Total funded and unfunded backlog | Approximately $2.8 billion | Unfunded backlog was $1.4 billion |
| Adjusted gross margin | 30% | Up from 29% in Q1 FY2026 |
| Adjusted EBITDA | $53 million | 11% margin |
| Adjusted diluted EPS | $0.59 | Up 84% from $0.32 |
| Operating cash flow | $13 million | Positive despite working-capital investment |
| Free cash flow | Negative $36 million | Reflects higher facility investment |
| Cash and investments | $607 million | Down $38 million sequentially |
| Debt | $747.5 million | Zero-coupon convertible notes; net leverage of 1.6x adjusted EBITDA |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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