Aerovironment Inc (AVAV) SEC Filing 10-Q Quarterly report for the period ending Saturday, October 31, 2020

Exhibit 99.1

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AeroVironment, Inc. Announces Fiscal 2021 Second Quarter Results

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Acquires Telerob GmbH, a leading German robotics company, to expand product offering and customer base

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SIMI VALLEY, Calif., December 8, 2020

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“Our team produced second quarter revenue of $92.7 million, an increase of 11 percent over last year, despite the unprecedented challenges from the COVID-19 pandemic” said Wahid Nawabi, AeroVironment president and chief executive officer. “Second quarter earnings per diluted share of $0.09 declined compared to last year, primarily from our HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC. Non-GAAP earnings per diluted share of $0.48 increased by $0.14 over last year, reflecting the continued strength of our team and our business. In addition, we achieved major milestones this quarter, including the successful stratospheric flight of the solar HAPS Sunglider and its demonstration of broadband connectivity, the introduction of our Switchblade family of loitering missile systems and our larger Switchblade 600, and continued leadership in the global small UAS market. With strong momentum underway, we are confident in our ability to build on our strong foundation and extend our record of financial and operational growth and success.”

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Telerob Acquisition

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AeroVironment today also announced the acquisition of Telerob, a leading German robotics company, for approximately $45.4 million in cash plus a three-year, milestone-based earn-out of up to $7.3 million and the payoff of $9.4 million in debt at closing. The Company expects the acquisition to be accretive to non-GAAP EPS in fiscal 2022 (excluding intangible amortization and integration costs). Upon closing, Telerob will operate as a wholly-owned subsidiary of AeroVironment. The acquisition remains subject to German government clearance and is expected to close by Spring 2021.

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“Acquiring Telerob, a leader in ground robotic solutions, gives us the opportunity to offer a broader portfolio of highly complementary robotic solutions to a larger set of global customers. We have already submitted a joint proposal for a multi-year United States Air Force robotics program and have also identified multiple U.S. and international opportunities that we plan to pursue in the future. This acquisition supports our goal of transforming AeroVironment into a global leader in intelligent, multi-domain robotic solutions for defense and commercial customers. Telerob’s ground robotics solutions and global footprint will enhance our offering and customer base, levering our strong financial foundation and positioning us to continue creating long-term shareholder value,” Mr. Nawabi added.

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FISCAL 2021 SECOND QUARTER RESULTS

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Revenue for the second quarter of fiscal 2021 was $92.7 million, an increase of 11% from the second quarter of fiscal 2020 revenue of $83.3 million. The increase in revenue was due to an increase in product sales of $8.1 million and an increase in service revenue of $1.3 million.

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Gross margin for the second quarter of fiscal 2021 was $40.9 million, an increase of 16% from the second quarter of fiscal 2020 gross margin of $35.2 million. The increase in gross margin was primarily due to an

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