AeroVironment Inc

AeroVironment Inc. announced changes to its Board of Directors. Charles Thomas Burbage will retire from the Board at the upcoming 2026 Annual Meeting of Stockholders, with his decision not stemming from any disagreements. Concurrently, the Board increased its size from nine to ten directors and appointed Michael Ruppert as a new Class II director, effective August 5, 2026. Mr. Ruppert brings extensive financial and strategic experience from the aerospace and defense sector.

AeroVironment Inc. announced that Stephen Page will retire from its Board of Directors and will not seek re-election at the company's 2026 annual meeting of stockholders. Mr. Page, who served on the Board for 13 years, will continue his duties until his term expires on September 24, 2026. His decision was not due to any disagreement with the company or its operations, policies, or practices.

AeroVironment reported a significant increase in its funded backlog to $1.18 billion and unfunded backlog to $1.46 billion as of April 30, 2026. This growth was partly driven by the acquisition of BlueHalo Financing Topco, LLC, effective May 1, 2025, which also led to a restructuring into two new reportable segments: Autonomous Systems (AxS) and Space, Cyber and Directed Energy (SCDE). The company expects to recognize approximately 85% of its funded backlog as revenue in fiscal year 2027, emphasizing its strategy as a defense technology provider focused on innovative multi-domain solutions.

AeroVironment reported record fourth-quarter revenue of $641.6 million, a 133% increase year-over-year, and record fiscal year 2026 revenue of $1.98 billion, up 141%. The company achieved record non-GAAP adjusted EBITDA of $140.1 million for Q4 and $286.1 million for the full year. Despite a GAAP net loss of $265.1 million for fiscal year 2026, largely due to non-cash acquisition-related expenses and goodwill impairment, the company secured $2.7 billion in bookings and ended the year with a funded backlog of $1.2 billion. AeroVironment also provided a positive outlook for fiscal year 2027, projecting revenue between $2.125 billion and $2.225 billion.

AeroVironment Inc. announced the appointment of William J. Lynn III to its Board of Directors as a Class I director, effective June 24, 2026. Concurrently, the company decreased the size of its board from ten to nine directors. Mr. Lynn brings significant experience, having served as Chairman and CEO of Leonardo DRS, Inc. and as the 30th U.S. Deputy Secretary of Defense.

AeroVironment Inc. filed an amended Quarterly Report on Form 10-Q/A to restate its unaudited condensed consolidated financial statements for the three and nine months ended January 31, 2026. The restatement corrects an error in the goodwill impairment analysis for the Space reporting unit, which led to an understatement of loss from operations and net loss, and an overstatement of total assets and stockholders' equity. This error also resulted in the identification of a material weakness in the company's internal control over financial reporting.

AeroVironment Inc. announced that its previously issued unaudited condensed consolidated financial statements for the three and nine months ended January 31, 2026, require restatement. The restatement is due to an error in the goodwill impairment analysis for its Space reporting unit, which understated loss from operations by $89.4 million and net loss by $87.3 million. The company also identified a material weakness in its internal control over financial reporting, rendering disclosure controls ineffective as of January 31, 2026.

AeroVironment Inc. announced the appointment of Sean Woodward as its new Executive Vice President and Chief Financial Officer, effective May 1, 2026. Mr. Woodward, who previously served as CFO of the company's Autonomous Systems segment, succeeds Kevin McDonnell, who will retire on July 31, 2026. McDonnell will assist in a smooth transition by continuing in a non-officer capacity from May 1, 2026. Woodward's compensation includes an annual base salary of $515,000, a target annual bonus of 70% of his base salary, and $736,450 in performance restricted stock units.

AeroVironment Inc. has announced the appointment of Robert Smith, age 53, as its new Executive Vice President and Chief Operating Officer, effective April 13, 2026. Dr. Smith brings extensive experience from prominent defense and aerospace companies, including Raytheon, Cobham Advanced Electronic Solutions, BWX Technologies, and Lockheed Martin Corp. He succeeds Brad Truesdell, who is retiring but will remain in an advisory role through April 30, 2026, and then transition to a consulting role to ensure a smooth leadership transition. This strategic hire is expected to leverage Dr. Smith's deep operational and leadership expertise to drive AeroVironment's future growth and efficiency.