Research Reports

Segment revenue: Autonomous Systems (AxS) $279M, up 25% pro forma YoY; Space, Cyber & Directed Energy $129M, down 19% pro forma YoY (prepared)
Organic growth: Legacy AV organic revenue grew 38% YoY in Q3 (CFO)
Total revenue: $408M in Q3, up 143% reported YoY, up 6% pro forma YoY (CFO)
Adjusted gross margin: 27% for Q3, flat vs Q2; projected low-to-mid 30s for Q4 (CFO)
Adjusted EBITDA: $44M in Q3 (11% margin), up from $22M in prior year (CFO)
Adjusted EPS: $0.64 non-GAAP diluted EPS in Q3 (CFO)
Backlog: Funded backlog $1.1B; unfunded backlog $3.0B, including ~$1.5B for SCAR (CFO)
Cash and investments: $649M at quarter end (CFO)
Goodwill impairment: $151M noncash charge from SCAR stop-work order (CFO)
Key awards: $874M 5-year sole-source IDIQ for UAS/C-UAS FMS; $186M task order for Switchblade 300 & 600; $23M U.S. Marine Corps Titan SV contract; $75M Air Force task order for biotech/smart materials (CEO)
Official guidance (FY 2026): Revenue $1.85B–$1.95B; adjusted EBITDA $265M–$285M; non-GAAP EPS $2.75–$3.10 (CFO)
SCAR termination: Contract terminated for convenience; AV to receive allowable incurred costs plus fee; expects to recompete for revised requirements (CEO)

Mgmt quotes:

“We are now more than ever focused on leveraging our unique operational and execution capabilities and driving long-term value creation” (CEO)
“Demand for cost-efficient AI-enabled autonomous non-lethal and lethal drones and counter drones are unprecedented” (CEO)
“The long-term prospects for growth and value creation for the company have never been better” (CEO)
“Our funded backlog grew to $1.1 billion, and we have recorded $4.6 billion worth of total year-to-date awards, which is another record” (CEO)
“We continue to be well positioned for continued high growth as many of our products move from the test and evaluation phase to full adoption” (CFO)