Aerovironment Inc (AVAV) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, April 30, 2022

Exhibit 99.1

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AeroVironment Announces Fiscal 2022 Fourth Quarter and Fiscal Year Results

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ARLINGTON, VA, June 28, 2022

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Fourth Quarter and Fiscal Year Highlights

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“Despite ongoing macroeconomic challenges, our team executed well in the fourth quarter enabling the Company to meet our guidance for fiscal 2022,” said Wahid Nawabi, AeroVironment president and chief executive officer. “While backlog fell slightly, reflecting ongoing contracting delays and task order timing, developments both at home and abroad give us confidence that fiscal 2023 will be a solid organic growth year for the business.

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“During the quarter, the Company continued to face supply chain constraints and a tight labor market, but several factors point to strengthening demand and an overall improving outlook. First, the federal government passed its fiscal 2022 omnibus appropriations bill in March, and contract decision-making has begun to accelerate, which, we believe, will continue through the end of September. At the same time, the war in Ukraine has brought increased awareness of our portfolio of innovative solutions, including the highly relevant Switchblade tactical missile system, and we anticipate benefiting from higher order volume going forward.

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“We are proud of our accomplishments in this difficult year and of the assistance we have provided to Ukraine and our allies. We still face continuing macroeconomic challenges in operating the business, but opportunities abound for our broad portfolio of unmanned robotic solutions. Our products and services enjoy strong bipartisan support in Congress, and we anticipate orders accelerating heading into calendar 2023. An improving mix of hardware sales should also lead to overall improved bottom line results. Overall, the future looks bright, and I would like to thank our employees, customers and shareholders for their dedication and continued support.”

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FISCAL 2022 FOURTH QUARTER RESULTS

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Revenue for the fourth quarter of fiscal 2022 was $132.6 million, a decrease of 2% from the fourth quarter of fiscal 2021 revenue of $136.0 million. The decrease in revenue reflects a decrease in product sales of $22.7 million, partially offset by higher service revenue of $19.3 million. The decrease in revenue was primarily due to a decrease in revenue in the Tactical Missile Systems (“TMS”) segment of $19.0 million and the Small Unmanned Aircraft Systems (“Small UAS”) segment of $11.7 million. These decreases were partially offset by an increase in revenue from the Unmanned Ground Vehicles product line of $8.5 million and the Medium

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