Aerovironment Inc (AVAV) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 30, 2022

Exhibit 99.1

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AeroVironment Announces Fiscal 2023 First Quarter Results

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ARLINGTON, VA, September 7, 2022

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First Quarter Highlights

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“The company achieved first quarter results in line with expectations, and we are reaffirming our fiscal 2023 guidance as shared last quarter, “ said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We’re excited about the traction we’re receiving in the market, underscored by recent Switchblade orders and award of the U.S. Army’s Future Tactical UAS Increment 1. Even though backlog was flat relative to last quarter, strong August bookings have led to a record funded backlog.

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“Overall, we are successfully managing ongoing supply chain challenges and are well positioned for continued value creation due to strong demand across nearly all our product lines led by heightened global interest in our Switchblade Tactical Missile Systems, Small Unmanned Aircraft Systems, and Medium Unmanned Aircraft Systems product lines.”

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FISCAL 2023 FIRST QUARTER RESULTS

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Revenue for the first quarter of fiscal 2023 was $108.5 million, an increase of 7% from the first quarter of fiscal 2022 revenue of $101.0 million. The increase in revenue reflects an increase in product sales of $4.9 million and an increase in service revenue of $2.6 million. The increase in revenue was primarily due to increases in revenue in the Tactical Missile Systems (“TMS”) segment of $3.8 million, All Other segment of $3.6 million primarily due to an increase in customer-funded research and development revenue and the Small Unmanned Aircraft Systems (“Small UAS”) segment of $3.3 million. These increases were partially offset by a decrease in revenue from the Medium Unmanned Aircraft Systems (“MUAS”) segment of $3.1 million.

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Gross margin for the first quarter of fiscal 2023 was $33.7 million, an increase of 17% from the first quarter of fiscal 2022 gross margin of $28.7 million. The increase in gross margin reflects higher product margin of $4.5 million and higher service margin of $0.4 million. As a percentage of revenue, gross margin increased to 31% from 28%. Gross margin was negatively impacted by $3.0 million of intangible amortization expense and other related non-cash purchase accounting expenses in the first quarter of fiscal 2023 as compared to $4.0 million in the first quarter of fiscal 2022.

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