AeroVironment reported fiscal second-quarter 2025 revenue of $188.5 million, an increase of 4% year-over-year, for the period ended October 26, 2024. However, the company posted a net income of $7.5 million, or $0.27 per diluted share, down from $17.8 million, or $0.66 per diluted share, in the prior-year period.
Non-GAAP adjusted EBITDA for the quarter was $25.9 million, a decrease from $39.5 million in Q2 FY24, and non-GAAP earnings per diluted share were $0.47, down from $0.97. The Loitering Munitions Systems (LMS) segment was a strong growth driver, with revenue increasing by 157% year-over-year to $77.7 million, while Uncrewed Systems (UxS) revenue decreased by 35%.
The company's funded backlog grew to a healthy $467.1 million as of October 26, 2024, up from $400.2 million at April 30, 2024. AeroVironment secured two large sole-source Switchblade IDIQ awards with a record $1.7 billion contract ceiling, including an initial $128 million task order and a separate $55 million task order under a modified contract.
AeroVironment reaffirmed its fiscal year 2025 guidance, projecting revenue between $790 million and $820 million, non-GAAP adjusted EBITDA between $143 million and $153 million, and non-GAAP earnings per diluted share between $3.18 and $3.49. This guidance does not include the forecasted financial results or acquisition-related expenses associated with the anticipated BlueHalo acquisition, which is expected to close in the first half of calendar year 2025.
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