Aerovironment Inc (AVAV) SEC Filing 10-K Annual Report for the fiscal year ending Friday, April 30, 2021

Exhibit 99.1

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AeroVironment, Inc. Announces Fourth Quarter and Full Fiscal 2021 Year Results

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ARLINGTON, Va., June 29, 2021

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“Our team again delivered record fourth quarter and full fiscal year 2021 revenue, representing a fourth consecutive year of profitable topline growth,” said Wahid Nawabi, AeroVironment president and chief executive officer. “In addition to producing solid financial and operational results despite the continued macroeconomic challenges our industry and economy are experiencing, we expanded our total addressable markets with the strategic acquisitions of Arcturus UAV, Progeny Systems ISG and Telerob. We continued our momentum over the course of the year securing a key initial contract for our new anti-armor Switchblade 600 loitering missile system, completing the fifth successful test flight of the Sunglider solar HAPS and demonstrating broadband LTE communication from the stratosphere. The AeroVironment team also made aviation history by developing critical propulsion and structural elements of the Ingenuity Mars Helicopter, the first aircraft to take flight in the atmosphere of another world.”

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“We executed our growth strategy effectively in fiscal year 2021 and are well positioned to achieve significant revenue and adjusted EBITDA growth in fiscal year 2022 with our expanded team, geographic footprint and broad portfolio of intelligent, multi-domain robotic systems,” Mr. Nawabi added.

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FISCAL 2021 FOURTH QUARTER RESULTS

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Revenue for the fourth quarter of fiscal 2021 was $136.0 million, representing an increase from the fourth quarter of fiscal 2020 revenue of $135.2 million. The increase was due to an increase in revenue in our Medium Unmanned Aircraft Systems (MUAS) segment of $15.8 million resulting from our acquisition of Arcturus UAV in February 2021, partially offset by a decrease in revenue in our Unmanned Aircraft Systems (UAS) segment of $15.0 million. The decrease in UAS segment revenue was due to a decrease in service revenue of $14.2 million and a decrease in product sales of $0.8 million. Our UAS segment consists of our existing small UAS, tactical missile systems and HAPS product lines and the recently acquired Progeny Systems Corporation’s Intelligent Systems Group (“ISG”).

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Gross margin for the fourth quarter of fiscal 2021 was $59.7 million, an increase of 12% from the fourth quarter of fiscal 2020 gross margin of $53.2 million. The increase in gross margin was primarily due to an increase in product margin of $8.8 million, partially offset by a decrease in service margin of $2.3 million. As a percentage of revenue, gross margin increased to 44% from 39%. The increase in gross margin percentage was primarily due to a favorable product and services mix. Cost of sales for the fourth quarter of fiscal 2021

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