Key Takeaways:
AEVEX Corp. (NYSE: AVEX) reported first-quarter revenue of $216.7 million, a 307% increase from the prior-year period, as the defense technology firm sees surging demand for its unmanned autonomous systems in its first earnings report as a public company.
"AEVEX entered 2026 with strong momentum, and our first‑quarter performance reflects both continued execution and the robust demand for the battle-tested autonomous systems and mission software we deliver," Roger Wells, CEO of AEVEX, said in a statement.
The Solana Beach, California-based company posted a net income of $21.0 million, or $0.22 per share, a sharp turnaround from a net loss of $27.3 million a year earlier. Adjusted EBITDA was $36.4 million, reversing an adjusted EBITDA loss of $13.4 million in the first quarter of 2025.
The strong performance was primarily driven by the Tactical Systems segment, which saw revenue explode by 547.8% to $190.8 million. The company attributed this growth to higher revenue from its Unmanned Aerial Systems (UAS) products. The Global Solutions segment also grew, with revenue up 8.8% to $25.9 million.
For the full fiscal year 2026, AEVEX introduced a robust outlook, projecting total revenue of between $600 million and $620 million and Adjusted EBITDA between $88.0 million and $94.5 million.
The company's funded backlog stood at $356.6 million at the end of the quarter. AEVEX expects to convert approximately 93% of this backlog into revenue during the remainder of 2026, providing strong visibility for the year.
The results signal strong investor and customer confidence in AEVEX's portfolio of autonomous and AI-enabled defense technologies. Investors will be watching the company's execution on its backlog and its ability to maintain margin strength as it scales production throughout 2026.
This article is for informational purposes only and does not constitute investment advice.
