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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Q1 revenue reached $480.490M, but SCDE adjusted EBITDA was negative $8.896M while Autonomous Systems earned $62.285M. The full-year outlook requires stronger second-half execution. September management commentary says new directed-energy awards are already included in guidance; treating the headline contracts as extra annual sales would overstate the opportunity. The real test is cash after manufacturing and software investment.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track funded backlog conversion, segment margins, inventory and unbilled receivables. Verify the second-half profit ramp and control remediation; treat future capacity as an investment that must earn returns."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1368622/000110465926106304/avav-20260909xex99d1.htm","title":"September 9 Q1 results and FY2027 outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1368622/000110465926106423/avav-20260801x10q.htm","title":"September 10 Form 10-Q: backlog, cash, fiscal dates and controls","retrieved":"2026-09-19"},{"url":"https://investor.avinc.com/static-files/6712bc85-71db-4a20-98af-30b7a3331166","title":"September 10 management conference: cadence and awards already in guidance","retrieved":"2026-09-19"}],"business":{"drivers":["Funded orders converting into accepted deliveries","Autonomous Systems scale and SCDE recovery","Inventory, contract billing and manufacturing investment"],"description":"AeroVironment supplies defense technology through Autonomous Systems and Space, Cyber and Directed Energy. Product deliveries, contract-service execution and government funding determine revenue. BlueHalo broadened the portfolio and added substantial acquired intangible amortization. Manufacturing expansion, inventory and unbilled work require cash before customer acceptance and payment. Funded contracts, unfunded awards and large contract ceilings have different economic certainty."},"earnings":{"source":"estimated from 10-Q filed 2026-09-10 plus 90 days","next_report_date":"2026-12-09"},"identity":{"cik":1368622,"sic":"3721","name":"AeroVironment Inc","symbol":"AVAV","cluster":"Transport, industrials & defense","exchange":"Nasdaq"},"research":{"risks":["Government funding, export approvals and customer acceptance can shift deliveries.","Unfunded backlog and contract ceilings do not guarantee purchases.","SCDE margins and BlueHalo integration can lag the consolidated recovery.","Inventories and unbilled work can absorb cash ahead of milestones.","Factory and software investment can exceed the desk cash allowance.","Acquired goodwill, intangibles and unresolved control weaknesses affect reporting risk."],"title":"Funded demand must convert through a costly production ramp","question":"Can segment recovery and delivery growth finance inventory, software and new production capacity?","economics":"Q1 revenue of $480.490M produced $124.599M gross profit, a $10.871M GAAP operating loss and $53.389M adjusted EBITDA. CFO was $13.496M; PP&E cash of $44.033M and capitalized software of $5.417M left negative $35.954M before $9.563M award withholding. Receivable collections supplied $128.346M while inventory consumed $100.310M and unbilled work $68.041M. August 1 funded backlog was $1,457.822M, with 78% expected in the remaining fiscal year; $1,366.5M unfunded backlog is not a firm funded obligation. Cash and marketable investments totaled $675.004M. The August campus purchase cost $29.250M. September guidance remains $2.125B-$2.225B revenue and $305M-$325M adjusted EBITDA, with 45% of sales and one-third of EBITDA in H1. The annual depreciation, amortization and ordinary equity expenses materially reduce GAAP earnings.","change_note":"First sourced segment/cash scenarios using September results and conference cadence, with actual April 30 fiscal year ends.","checkpoints":[{"event":"First-half cadence","watch":"Compare H1 against approximately 45% of annual revenue and one-third of annual EBITDA.","timing":"FY2027 Q2 ends October 31","date_status":"estimated"},{"event":"Backlog conversion","watch":"Separate funded obligations, new orders and previously guided awards.","timing":"Each quarterly release","date_status":"estimated"},{"event":"Capacity and cash","watch":"Reconcile campus/equipment spending with inventory, unbilled collections and SCDE economics.","timing":"FY2027 second half","date_status":"estimated"}],"countercase":"Contract demand can grow while low-margin services, capacity investment and unbilled work weaken cash. SCDE recovery is not established by an award announcement. BlueHalo-related financial-control weaknesses and the prior Space impairment make execution and accounting review central to the thesis.","limitations":["Funded backlog, unfunded awards and contract ceilings are distinct. August 1 funded-backlog conversion percentages use that date and perimeter; September visibility commentary is not the same measure.","September management commentary says E-HEL and international LOCUST work is already in FY2027 guidance. The model does not add their headline award values to forecast revenue.","Segment sales, gross margins and EBITDA allocations are desk assumptions except for reported Q1. Guidance is consolidated; the SCDE recovery is a sensitivity rather than a guaranteed turnaround.","The GAAP operating proxy subtracts ordinary SBC, depreciation, acquired amortization, cloud amortization and cash integration expense. Equity-method earnings, nonoperating gains and complete taxes/dilution are not forecast, so EPS is omitted.","Company fiscal years end April 30, not the final Saturday. FY2027 intermediate quarter ends are directly disclosed; FY2028 intermediate dates are estimated from its 13-week convention.","No complete backlog, debt, inventory or balance-sheet rollforward is provided. Future impairment, working-capital reversals and more capacity investment could materially change cash."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":498260000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q3","revenue":550275000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q4","revenue":645975000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2028Q1","revenue":587862000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"q1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q1 revenue","value":480.49,"period":"2027Q1","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1368622/000110465926106423/avav-20260801x10q.htm","source_date":"2026-09-10"},{"id":"q1_axs","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q1 axs","value":345.969,"period":"2027Q1","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1368622/000110465926106423/avav-20260801x10q.htm","source_date":"2026-09-10"},{"id":"q1_scde","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q1 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