Aerovironment Inc (AVAV) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 31, 2021

Exhibit 99.1

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AeroVironment, Inc. Announces Fiscal Year 2022 First Quarter Results

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ARLINGTON, VA, September 8, 2021

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“We delivered results in-line with our previous guidance, while building a record backlog, including both organic and inorganic growth. Further, we continue to successfully integrate our three recently acquired businesses, which are key contributors to our future success,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Our outstanding team continues to deliver on key milestones such as the recent launch of our next generation ground control station Crysalis. This new platform streamlines our customer’s small unmanned aircraft systems user experience while enabling next generation technologies and collaboration. We also deepened our customer relationships with key wins including our recent award by US Special Operations Command for SATCOM enabled beyond line of sight operations using Jump 20 medium unmanned aircraft systems.”

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“As our results this quarter demonstrate, we remain well positioned to deliver long term shareholder value through our focus on key growth markets leveraging our future defining capabilities. We remain on track to meet our Fiscal Year 2022 objectives and deliver our fifth consecutive year of top-line, profitable growth.”

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FISCAL 2022 FIRST QUARTER RESULTS

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Revenue for the first quarter of fiscal 2022 was $101.0 million, an increase of 16% from the first quarter of fiscal 2021 revenue of $87.5 million. The increase in revenue was due to an increase in service revenue of $18.8 million, partially offset by a decrease in product sales of $5.2 million. The increase was due to revenue from our Medium Unmanned Aircraft Systems (“MUAS”) segment of $22.4 million and Unmanned Ground Vehicles of $4.6 million resulting from our recent acquisitions of Arcturus UAV and Telerob GmbH in February and May 2021, respectively. The remaining increase in revenue was primarily due to an increase in our Tactile Missile Systems (“TMS”) segment of $9.6 million, partially offset by a decrease in revenue in our Small Unmanned Aircraft Systems (“Small UAS”) segment of $16.3 million.

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Gross margin for the first quarter of fiscal 2022 was $28.7 million, a decrease of 19% from the first quarter of fiscal 2021 gross margin of $35.4 million. The decrease in gross margin was primarily due to a decrease in product margin of $5.7 million and a decrease in service margin of $1.0 million. As a percentage of revenue, gross margin decreased to 28% from 40%. Gross margin was impacted by $4.0 million of intangible amortization expense and other related non-cash purchase accounting expenses in the first quarter of fiscal 2022 as compared to $0.6 million in the first quarter of fiscal 2021. Gross margin was also negatively impacted by our newly acquired businesses, which have lower margins than our historical core business as well as an unfavorable product mix.

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