AVEX · Aevex Corp.

Summary

AEVEX Corp. is a leading defense technology prime contractor specializing in unmanned systems (UxS) and intelligence, surveillance, and reconnaissance (ISR) solutions for U.S. Department of War (DoW), Special Operations Forces (SOF), Intelligence Community (IC), and allied partners. Through Tactical Systems (74.4% of 2025 revenue of $432.9 million) and Global Solutions segments, it designs autonomous UAS, USVs, and mission services, underpinned by proprietary AI CompassX software. With over 10,200 systems delivered/committed through 2026, a $503.1 million funded backlog (181% YoY growth), and $8.1 billion pipeline as of Dec 2025, AEVEX benefits from surging defense spending ($1T U.S. FY2026 request, triple-digit UAS/loitering munitions growth). The S-1 registers Class A common stock IPO with assumed $ million net proceeds (midpoint $ per share), used to acquire LLC Units in Holdings LLC, repay $ million Credit Agreement debt (9.92% rate), and general corporate purposes. Post-IPO, MDP controls ~% voting power, making it a controlled company. Investment thesis: Capture $11B U.S./$26B global UxS TAM by 2030 amid geopolitical tensions, validated by marquee programs (Phoenix Ghost, EUCOM AOR Deep Strike >$1.2B TCV), 98% pipeline growth, and production capacity (1,000+ UxS/month). Risks include U.S. Gov reliance (78% revenue), budget cuts, competition.

Key takeaways

• Revenue $432.9M in 2025 (up 10.4% YoY from $392.2M), with Tactical Systems at 74.4%.
• Funded backlog $503.1M as of Dec 31, 2025 (181% YoY growth from $179.2M), 96.6% convertible to revenue in 2026.
• IPO net proceeds ~$ million (midpoint $ per share), used to repay $ million Credit Agreement debt at 9.92%.
• MDP controls ~% voting power post-IPO (or % full greenshoe), controlled company status.
• Pipeline $8.1B as of Dec 2025 (98% YoY growth), U.S. UAS TAM $11B by 2030.
• Employees ~650 as of Dec 31, 2025; HQ Solana Beach, CA.
• 78% revenue from U.S. Gov/DoW in 2025; risks include budget cuts, customer concentration.