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

Aerovironment Inc

CIK: 1368622 Ticker: AVAV

Exhibit 99.1

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AeroVironment, Inc. Announces Fiscal Year 2022 First Quarter Results

ARLINGTON, VA, September 8, 2021

— AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for its first quarter ended July 31, 2021.

First quarter revenue of $101 million increased 16% year-over-year

Diluted loss per share of $0.57 and non-GAAP diluted loss per share of $0.17

Record funded backlog of $257.7 million

“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.”

“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.”

FISCAL 2022 FIRST QUARTER RESULTS

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.

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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The following information was filed by Aerovironment Inc (AVAV) on Wednesday, September 8, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Aerovironment Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income And Reclassifications Adjustments (Details)
Accumulated Other Comprehensive Income And Reclassifications Adjustments - Taxes (Details)
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - Arcturus (Details)
Business Acquisitions - Isg (Details)
Business Acquisitions - Pulse (Details)
Business Acquisitions - Telerob (Details)
Customer-Funded Research &Amp; Development
Customer-Funded Research &Amp; Development (Details)
Debt
Debt (Tables)
Debt - (Details)
Debt - Future Principle Payments (Details)
Debt - Long-Term Debt (Details)
Discontinued Operations (Details)
Equity Method Investments
Equity Method Investments (Details)
Equity Methods Investments - Investment In Limited Partnership Fund (Details)
Fair Value Measurements
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Fair Value Measurements - Pulse Purchase Agreement (Details)
Fair Value Measurements - Reconciliation (Details)
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Intangibles, Net
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Intangibles, Net (Tables)
Intangibles, Net - Estimated Amortization Expense (Details)
Intangibles, Net - Intangibles Included In Other Assets On The Balance Sheet (Details)
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Inventories, Net (Details)
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Leases - Components Of Lease Costs (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Supplemental Lease Information (Details)
Long-Term Incentive Awards
Long-Term Incentive Awards (Details)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (Policies)
Organization And Significant Accounting Policies (Tables)
Organization And Significant Accounting Policies - (Details)
Organization And Significant Accounting Policies - Contract Estimates (Details)
Organization And Significant Accounting Policies - Government Contracts (Details)
Organization And Significant Accounting Policies - Performance Obligations (Details)
Organization And Significant Accounting Policies - Revenue By Category (Details)
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Pension (Tables)
Pension - Expected Benefits Paid (Details)
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Material Contracts, Statements, Certifications & more

Aerovironment Inc provided additional information to their SEC Filing as exhibits

Ticker: AVAV
CIK: 1368622
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-012327
Submitted to the SEC: Wed Sep 08 2021 6:03:53 PM EST
Accepted by the SEC: Thu Sep 09 2021
Period: Saturday, July 31, 2021
Industry: Aircraft

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