Form 8-K

8-K — AeroVironment Inc

Accession: 0001104659-26-078824

Filed: 2026-06-29

Period: 2026-06-29

CIK: 0001368622

SIC: 3721 (AIRCRAFT)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — avav-20260629x8k.htm (Primary)

EX-99.1 (avav-20260629xex99d1.htm)

EX-99.2 (avav-20260629xex99d2.htm)

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8-K

8-K (Primary)

Filename: avav-20260629x8k.htm · Sequence: 1

AeroVironment Inc_June 29, 2026

AeroVironment Inc0001368622false00013686222026-06-292026-06-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 29, 2026

AEROVIRONMENT, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-33261

95-2705790

(State or other jurisdiction of

(Commission File Number)

(I.R.S. Employer Identification No.)

incorporation or organization)

241 18th Street South, Suite 650

Arlington, Virginia

22202

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (703) 418-2828

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

AVAV

The NASDAQ Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On June 29, 2026, AeroVironment, Inc. (the “Company”) issued a press release announcing fourth quarter results for the period ended April 30, 2026, a copy of which is attached hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure

The information under Item 2.02 above is incorporated herein by reference.

Attached as Exhibit 99.2 hereto is a presentation containing additional information regarding the Company’s fourth quarter fiscal 2026 financial results for the period ended April 30, 2026. A copy of the presentation is also available on the investor relations section of the Company’s website at https://investor.avinc.com/events-and-presentations. The information contained on the Company’s website is not incorporated by reference into, and does not form a part of, this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Items 2.02 and 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of AeroVironment, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit

Number

Description

99.1

Press release issued by AeroVironment, Inc., dated June 29, 2026.

99.2

Presentation regarding AeroVironment, Inc.’s fourth quarter fiscal 2026 financial results dated June 29, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AEROVIRONMENT, INC.

Date: June 29, 2026

By:

/s/ Wahid Nawabi

Wahid Nawabi

Chairman, President and Chief Executive Officer

EX-99.1

Filename: avav-20260629xex99d1.htm · Sequence: 2

Exhibit 99.1

AeroVironment Announces Fiscal 2026 Fourth Quarter and Fiscal Year Results

ARLINGTON, VA, June 29, 2026 — AeroVironment, Inc. (NASDAQ: AVAV) (“AeroVironment” or the “Company”) reported today financial results for the fiscal fourth quarter and year ended April 30, 2026.

Fourth Quarter Highlights:

● Record fourth quarter revenue of $641.6 million and fiscal year revenue of $1,976.8 million, up 133% and 141% year-over-year, respectively

● Bookings of $2.7 billion and book-to-bill ratio of 1.4 for the fiscal year

● Funded backlog of $1.2 billion

“Fiscal 2026 marked a transformational year for AV, which included the completion of our largest acquisition, meaningful investments toward diversifying our portfolio in critical areas aligned to our customer’s highest priorities, and the strongest financial performance in our history,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We are confident our proven ability to deliver at speed will continue to drive opportunities for AV across our global customer base.”

“We remain focused on executing with excellence and strengthening our supply chain to accelerate the commercialization of our platforms. AV is well-positioned to capture the rising global demand across lethal and non-lethal drones, counter-UAS, space and advanced technologies and deliver long-term shareholder value.”

FISCAL 2026 FOURTH QUARTER RESULTS

Revenue for the fourth quarter of fiscal 2026 was $641.6 million and $2.0 billion for the fiscal year. Revenue for fourth quarter of fiscal 2026 increased 133% as compared to $275.1 million for the fourth quarter of fiscal 2025, due to higher product sales of $256.7 million and higher service revenue of $109.8 million. The combined acquisitions of BlueHalo on May 1, 2025 and Empirical Systems Aerospace, Inc. on March 16, 2026 contributed $282.3 million of revenue to the current quarter. From a segment standpoint, Autonomous Systems (“AxS”) recorded revenue of $492.4 million and Space, Cyber and Directed Energy (“SCDE”) recorded revenue of $149.2 million.

Gross margin for the fourth quarter of fiscal 2026 was $202.6 million, an increase of 102% as compared to $100.3 million for the fourth quarter of fiscal 2025, reflecting higher product margin of $120.3 million offset by lower service margin of $(18.0) million. Fiscal 2026 fourth quarter gross margin was negatively impacted by $18.4 million of intangible amortization expense and other related non-cash purchase accounting expenses, as compared to $8.3 million in the fourth quarter of fiscal 2025. As a percentage of revenue, gross margin fell to 32% from 36%, primarily due to an increase in the proportion of service revenue resulting from the BlueHalo acquisition and the increased amortization and other non-cash purchase accounting expenses.

Income from operations for the fourth quarter of fiscal 2026 was $56.9 million as compared to income from operations of $13.8 million for the fourth quarter of last fiscal year. The current quarter was negatively impacted by $51.4 million of intangible amortization and other related non-cash purchase accounting expenses as compared to $9.0 million in the fourth quarter of fiscal 2025. The increase year-over-year was primarily due to an increase in gross margin of $102.3 million and a decrease in goodwill impairment of $18.4 million related to the UGV goodwill impairment in the fourth quarter of last fiscal year. The increase was partially offset by an increase in selling, general and administrative expense of $71.0 million, which includes an increase of $33.0 million of intangible amortization expense and incremental headcount

resulting from our acquisition of BlueHalo which closed on May 1, 2025, and an increase in research and development (“R&D”) expense of $6.6 million.

Other income, net for the fourth quarter of fiscal 2026 was $7.5 million, as compared to other loss, net of $(0.7) million for the fourth quarter of fiscal 2025. The increase year-over-year was primarily due to the realized gains from the sale of equity securities and an increase in interest income due to a combination of higher cash and investment balances and lower interest bearing debt balances.

Provision for income taxes for the fourth quarter of fiscal 2026 was $16.0 million, as compared to $0.2 million for the fourth quarter of last fiscal year. The increase year-over-year was primarily due to the increase in current quarter income before income taxes relative to the pretax loss for the first three quarters of fiscal year 2026.

Net income for the fourth quarter of fiscal 2026 was $63.2 million, or $1.25 per diluted share, as compared to net income of $16.7 million, or $0.59 per diluted share, in the prior-year period, respectively. The current quarter was negatively impacted by $51.4 million, or $0.80 per diluted share, of intangible amortization and other related non-cash purchase accounting expenses as compared to $9.0 million, or $0.25 per diluted share, in the fourth quarter of fiscal 2025.

Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2026 was $140.1 million and non-GAAP earnings per diluted share were $1.84, as compared to $61.6 million and $1.61, respectively, for the fourth quarter of fiscal 2025.

BACKLOG

As of April 30, 2026, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $1.2 billion, as compared to $726.6 million as of April 30, 2025.

FISCAL 2027 — OUTLOOK FOR THE FULL YEAR

For fiscal year 2027, the Company expects revenue of between $2.125 billion and $2.225 billion, net income of between $8 million and $24 million, non-GAAP adjusted EBITDA of between $305 million and $325 million, earnings per diluted share of between $0.16 and $0.48 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses, of between $3.02 and $3.34.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission.

CONFERENCE CALL AND PRESENTATION

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Monday, June 29, 2026, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Sean T. Woodward, executive vice president and chief financial officer, and Denise Pacioni, investor relations director, will host the call.

Investors may access the call by registering via the following participant registration link up to ten minutes prior to the start time.

Participant registration URL:

https://register-conf.media-server.com/register/BI1812701cade046388be08d47ca9d1de6

Investors may also listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

A supplementary investor presentation for the third quarter fiscal year 2026 can be accessed at https://investor.avinc.com/events-and-presentations.

Audio Replay

An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.

ABOUT AEROVIRONMENT, INC.

AeroVironment (“AV”) (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. The company develops and deploys autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities—built to meet the mission needs of today’s warfighter and tomorrow’s conflicts. With a national manufacturing footprint and a deep innovation pipeline, AV delivers proven systems and future-defining capabilities with speed, scale, and operational relevance. For more information visit: www.avinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products, whether due to restrictions and sanctions imposed by foreign governments or otherwise; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; our ability to win U.S. and international government R&D and procurement programs, including foreign military financing aid; changes in the timing and/or amount of government spending, including due to continuing resolutions and/or changing government priorities; adverse impacts of any U.S. government shutdown; our ability to realize the anticipated benefits of the BlueHalo transaction or other acquisitions; our ability to execute contracts for anticipated sales, perform under such contracts and other existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with applicable law, regulatory requirements, and contractual obligations; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and resulting misuse of our, our customers’ and/or our suppliers’ information and systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; our ability to increase production capacity to support anticipated growth; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable results in legal proceedings, including pending class actions, or litigation that may arise from or in conjunction with our recent acquisitions; our ability to respond and adapt to legal, regulatory and government budgetary changes; our ability to comply with the covenants in our loan documents, outstanding convertible notes or acquisition and merger agreements for acquisitions; our ability to attract and retain skilled employees, including retention of employees of acquired companies; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.

– Financial Tables Follow –

AeroVironment, Inc.

Consolidated Statements of Operations

(In thousands except share and per share data)

Three Months Ended

Year Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Revenue:

Product sales

498,965

242,234

1,415,349

692,722

Contract services

142,651

32,816

561,496

127,905

641,616

275,050

1,976,845

820,627

Cost of sales:

Product sales

287,173

150,775

959,230

404,347

Contract services

151,818

23,943

516,973

97,644

438,991

174,718

1,476,203

501,991

Gross margin:

Product sales

211,792

91,459

456,119

288,375

Contract services

(9,167)

8,873

44,523

30,261

202,625

100,332

500,642

318,636

Selling, general and administrative

114,225

43,254

443,251

158,753

Research and development

31,459

24,902

127,678

100,729

Impairment of goodwill

—

18,359

240,708

18,359

Income (loss) from operations

56,941

13,817

(310,995)

40,795

Other income (loss):

Interest income (expense), net

3,437

(1,011)

(5,613)

(2,188)

Other income, net

4,074

299

10,986

1,057

Income (loss) before income taxes

64,452

13,105

(305,622)

39,664

Provision for (benefit from) income taxes

16,031

223

(23,059)

882

Equity method investment income, net of tax

14,753

3,782

17,441

4,837

Net income (loss)

63,174

16,664

(265,122)

43,619

Net income (loss) per share

Basic

1.26

0.59

(5.40)

1.56

Diluted

1.25

0.59

(5.40)

1.55

Weighted-average shares outstanding:

Basic

50,097,894

28,068,584

49,087,346

28,018,656

Diluted

50,486,838

28,264,953

49,087,346

28,173,488

AeroVironment, Inc.

Consolidated Balance Sheets

(In thousands except share data)

April 30,

2026

2025

Assets

Current assets:

Cash and cash equivalents

377,325

40,862

Short-term investments

254,972

—

Accounts receivable, net of allowance for credit losses of $1,961 at April 30, 2026 and $203 at April 30, 2025

316,167

101,967

Unbilled receivables and retentions

570,408

290,009

Inventories, net

312,856

144,090

Income taxes receivable

6,210

622

Prepaid expenses and other current assets

52,485

28,966

Total current assets

1,890,423

606,516

Long-term investments

81,128

31,627

Property and equipment, net

166,719

50,704

Operating lease right-of-use assets

100,392

31,879

Deferred income taxes

—

61,460

Intangibles, net

929,826

48,711

Goodwill

2,493,678

256,781

Other assets

54,576

32,889

Total assets

5,716,742

1,120,567

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

160,507

72,462

Wages and related accruals

98,056

44,253

Customer advances

79,607

15,952

Current operating lease liabilities

17,594

10,479

Income taxes payable

524

356

Other current liabilities

82,949

28,659

Total current liabilities

439,237

172,161

Long-term debt

728,967

30,000

Non-current operating lease liabilities

88,228

23,812

Other non-current liabilities

1,986

2,026

Liability for uncertain tax positions

7,430

6,061

Deferred income taxes

50,494

—

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.0001 par value:

Authorized shares—10,000,000; none issued or outstanding at April 30, 2026 and April 30,2025

—

Common stock, $0.0001 par value:

Authorized shares—100,000,000

Issued and outstanding shares—50,610,514 shares at April 30, 2026 and 28,267,517 shares at April 30, 2025

Additional paid-in capital

4,396,845

618,711

Accumulated other comprehensive loss

(5,635)

(6,514)

Retained earnings

9,184

274,306

Total stockholders’ equity

4,400,400

886,507

Total liabilities and stockholders’ equity

5,716,742

1,120,567

AeroVironment, Inc.

Consolidated Statements of Cash Flows

(In thousands)

Year Ended April 30,

2026

2025

2024

Operating activities

Net (loss) income

(265,122)

43,619

59,666

Adjustments to reconcile net (loss) income to cash used in operating activities:

Depreciation and amortization

265,037

40,998

35,749

Impairment of goodwill

240,708

18,359

—

(Gain)/Loss from equity method investments

(17,441)

(4,837)

1,674

Amortization of debt issuance costs

11,408

1,195

1,009

Provision for credit losses

1,986

Reserve for inventory excess and obsolescence

8,460

2,882

13,937

Other non-cash expense, net

5,306

2,606

1,316

Non-cash lease expense

25,426

10,163

10,400

Loss on foreign currency transactions

491

(Gain) loss on sale of equity securities, net

(11,720)

(177)

3,945

Deferred income taxes

(27,111)

(20,157)

(23,290)

Stock-based compensation

38,334

21,461

17,069

Loss on disposal of property and equipment

2,136

311

621

Amortization of debt securities

(879)

—

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(128,697)

(31,761)

19,208

Unbilled receivables and retentions

(158,980)

(90,514)

(92,850)

Inventories

(111,610)

2,966

(23,045)

Income taxes receivable

(1,364)

(590)

—

Prepaid expenses and other assets

(19,940)

(21,010)

(20,279)

Accounts payable

28,081

22,331

12,968

Other liabilities

37,560

303

(2,832)

Net cash (used in) provided by operating activities

(78,404)

(1,318)

15,292

Investing activities

Acquisition of property and equipment

(62,544)

(19,547)

(22,983)

Acquisition of capitalized software to be sold

(23,674)

(3,269)

—

Contributions in equity method investments

(4,543)

(5,674)

(3,074)

Purchase of available-for-sale investments

(369,867)

—

Redemption of available-for-sale investments

94,500

—

Purchase of equity and debt investments

(8,000)

—

Proceeds from sale of equity securities

19,214

—

Exercise of warrants

(6,250)

—

Acquisition of intangibles

—

(1,500)

Business acquisitions, net of cash acquired

(871,507)

—

(24,157)

Net cash used in investing activities

(1,232,671)

(28,490)

(51,714)

Financing activities

Proceeds from revolving credit facility

233,939

40,000

—

Principal payments of term loan

(700,000)

(28,000)

(107,000)

Principal payments of revolver

(265,000)

(10,000)

—

Proceeds from long-term debt

693,202

—

Proceeds from shares issued, net of underwriter costs

968,515

—

88,437

Payment of contingent consideration

—

(2,132)

Proceeds from convertible debt, net of underwriter costs

726,944

—

Payment of debt issuance costs

(2,445)

(1,151)

(37)

Payment of equity issuance costs

(1,388)

(2,896)

—

Holdback and retention payments for business acquisition

—

(390)

(500)

Tax withholding payment related to net settlement of equity awards

(10,928)

(4,147)

(1,596)

Employee stock purchase plan contributions

4,355

1,910

—

Exercise of stock options

—

1,841

—

Other

(16)

(23)

(24)

Net cash provided by (used in) financing activities

1,647,178

(2,856)

(22,852)

Effects of currency translation on cash and cash equivalents

360

225

(284)

Net increase (decrease) in cash and cash equivalents

336,463

(32,439)

(59,558)

Cash and cash equivalents at beginning of period

40,862

73,301

132,859

Cash and cash equivalents at end of period

377,325

40,862

73,301

Supplemental disclosures of cash flow information

Cash paid, net during the period for:

Income taxes

3,606

24,631

20,438

Interest

12,847

1,757

6,823

Non-cash activities

Issuance of common stock for business acquisition

2,782,553

—

109,820

Unrealized loss on available-for-sale investments

(215)

—

Change in foreign currency translation adjustments

1,094

(922)

(1,140)

Acquisitions of property and equipment included in accounts payable

3,610

2,204

986

AeroVironment, Inc.

Reportable Segment Results (Unaudited)

(In thousands)

Three Months Ended April 30, 2026

AxS

SCDE

Total

Revenue

492,435

149,181

641,616

Segment adjusted EBITDA

138,653

1,413

140,066

Three Months Ended April 30, 2025

AxS

SCDE

Total

Revenue

275,050

—

275,050

Segment adjusted EBITDA

61,619

—

61,619

AeroVironment, Inc.

Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited)

Three Months Ended

Year Ended

April 30, 2026

April 30, 2025

April 30, 2026

April 30, 2025

Earnings (loss) per diluted share

1.25

0.59

(5.40)

1.55

Amortization of acquired intangible assets and other purchase accounting adjustments

0.80

0.25

3.60

0.66

Acquisition-related expenses

0.15

0.16

0.89

0.54

Legal accrual

—

0.06

—

0.06

Equity method and equity securities investments activity, net

(0.36)

(0.10)

(0.54)

(0.18)

Goodwill impairment

—

0.65

4.76

0.65

Earnings per diluted share as adjusted (non-GAAP)

1.84

1.61

3.31

3.28

Reconciliation of non-GAAP adjusted EBITDA (Unaudited)

Three Months Ended

Year Ended

(in millions)

April 30, 2026

April 30, 2025

April 30, 2026

April 30, 2025

Net income (loss)

63.2

16.7

(265.1)

43.6

Interest (income) expense, net

(3.4)

1.0

5.6

2.2

Provision for (benefit from) income taxes

16.0

0.2

(23.1)

0.9

Depreciation and amortization

62.1

13.9

265.0

41.0

EBITDA (non-GAAP)

137.9

31.8

(17.6)

87.7

Amortization of cloud computing arrangement implementation

1.6

0.6

5.7

2.4

Stock-based compensation

10.3

5.9

38.3

21.5

Acquisition-related expenses

9.3

5.6

48.2

19.3

Equity method and equity securities investments activity, net

(19.0)

(2.8)

(29.2)

(5.0)

Legal accrual

—

2.1

—

2.1

Goodwill impairment

—

18.4

240.7

18.4

Adjusted EBITDA (non-GAAP)

140.1

61.6

286.1

146.4

Reconciliation of Forecast Earnings per Diluted Share (Unaudited)

Fiscal year ending

April 30, 2027

Forecast earnings per diluted share

0.16 - 0.48

Amortization of acquired intangible assets and other purchase accounting adjustments

2.70

Acquisition-related expenses

0.16

Forecast earnings per diluted share as adjusted (non-GAAP)

3.02 - 3.34

Reconciliation of 2026 Forecast and Fiscal Year 2025 Actual Non-GAAP adjusted EBITDA (Unaudited)

Fiscal year ending

Fiscal year ended

(in millions)

April 30, 2027

April 30, 2026

Net income (loss)

8 - 24

(265)

Interest (income) expense, net

(8)

Benefit from income taxes

(6) - (2)

(23)

Depreciation and amortization

243

265

EBITDA (non-GAAP)

237 - 257

(17)

Amortization of cloud computing arrangement implementation

Stock-based compensation

Acquisition-related expenses

Equity method and equity securities investments activity, net

—

(29)

Goodwill impairment

—

241

Adjusted EBITDA (non-GAAP)

305 - 325

287

Statement Regarding Non-GAAP Measures

The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.

Non-GAAP Earnings per Diluted Share

We exclude acquisition-related expenses, amortization of acquisition-related intangible assets, equity method investment gains and losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization will recur in future periods until such intangible assets have been fully amortized.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA is defined as net income before interest income, interest expense, income tax expense (benefit) and depreciation and amortization, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, acquisition related expenses, equity method investment gains or losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating gains or losses. We present Adjusted EBITDA, which is not a recognized financial measure under U.S. GAAP, because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation, intangible asset amortization will recur in future periods until such intangible assets have been fully amortized and that interest and income tax expenses will recur in future periods. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

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CONTACT

Denise Pacioni

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ir@avinc.com

https://investor.avinc.com/contact-and-faq/contact-us

EX-99.2

Filename: avav-20260629xex99d2.htm · Sequence: 3

Exhibit 99.2

Safe Harbor

Statement

This presentation contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements

include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as

“will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on

current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and

technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully

close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and

other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened

disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products, whether due to

restrictions and sanctions imposed by foreign governments or otherwise; the ability to timely and sufficiently integrate international operations into our ongoing

business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed

terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; our ability to win U.S. and

international government R&D and procurement programs, including foreign military financing aid; changes in the timing and/or amount of government spending,

including due to continuing resolutions and/or changing government priorities; adverse impacts of any U.S. government shutdown; our ability to realize the

anticipated benefits of the BlueHalo transaction or other acquisitions; our ability to execute contracts for anticipated sales, perform under such contracts and other

existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing

regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and

reputation that could result from failing to comply with applicable law, regulatory requirements, and contractual obligations; unexpected technical and marketing

difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and

resulting misuse of our, our customers’ and/or our suppliers’ information and systems; failure to remain a market innovator, to create new market opportunities or to

expand into new markets; our ability to increase production capacity to support anticipated growth; unexpected changes in significant operating expenses, including

components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable

results in legal proceedings, including pending class actions, or litigation that may arise from or in conjunction with our recent acquisitions; our ability to respond and

adapt to legal, regulatory and government budgetary changes; our ability to comply with the covenants in our loan documents, outstanding convertible notes or

acquisition and merger agreements for acquisitions; our ability to attract and retain skilled employees, including retention of employees of acquired companies; the

impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective

internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange

Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or

otherwise.

Record bookings of $2.7

billion and book-to-bill

ratio of 1.4 for fiscal year

2026. Record funded

backlog3 of $1.2 billion.

Record fourth-quarter

revenue of $642 million

and fiscal-year revenue of

$1.98 billion, up 30% and

17%1

, respectively from

the same period last year.

Fourth-quarter organic

revenue was higher by 31

%, year over year, and

26%2

for the full year.

Strong fourth-quarter

adjusted EBITDA margin

of 22% on higher

revenues and favorable

sales mix.

Initiating FY27 guidance

with revenues between

$2.125 and $2.225 billion,

adjusted EBITDA between

$305 million and $325

million4 and adjusted

diluted EPS between

$3.02 and $3.344

Fourth Quarter and Fiscal Year 2026 Key Messages

1 PRO FORMA FY25 QUARTERLY & FULL YEAR REVENUE (unaudited) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND DOES NOT INCLUDE REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26.

2 WE DEFINE ORGANIC REVENUE AS REVENUE ATTRIBUTABLE TO OUR EXISTING OPERATIONS AS OF APRIL 30, 2025 (EXCLUDES REVENUE FROM OUR BLUEHALO AND ESAERO ACQUISITIONS COMPLETED DURING FSCAL YEAR 2026).

3 REFER TO APPENDIX F FOR DEFINITIONS OF BOOKINGS, FUNDED BACKLOG AND UNFUNDED BACKLOG.

4 REFER TO APPENDICES D & E FOR RECONCILIATION TO FY27 GUIDANCE FOR NET INCOME BETWEEN $8M and $24M AND DILUTED GAAP EPS BETWEEN $0.16 AND $0.48.

Fourth Quarter Fiscal Year 2026 Results

Metric Q4 FY26 Notes

Revenue $641.6 M o 30% YoY Pro forma revenue growth3

o 31% YoY organic revenue growth4

GAAP

Gross Margin $202.6 M o Record fourth-quarter gross margin driven by strong AxS sales

Non-GAAP

Adjusted EBITDA1 $140.1 M

o Record fourth-quarter adjusted EBITDA of 22% driven by strong AxS sales

o Adjusted non-GAAP SG&A = 11% of revenue5

o IRAD = 5% of revenue

Non-GAAP EPS

(diluted)2 $1.84 o Higher revenues due to contributions from AxS

Funded

Backlog $1.2 B o Continued strength in funded backlog driven by AxS

Unfunded

Backlog $1.5 B o Excludes $1.5 billion in unfunded backlog reported in prior quarters due to SCAR termination

1 Q4 GAAP NET INCOME WAS $63.2 MILLION. REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX C.

2 Q4 GAAP EPS WAS $1.25 PER DILUTED SHARE. REFER TO RECONCILIATION OF NON-GAAP EARNINGS PER DILUTED SHARE ON APPENDIX A.

3 PRO FORMA FY25 QUARTERLY (UNAUDITED) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26.

4 WE DEFINE ORGANIC REVENUE AS REVENUE ATTRIBUTABLE TO OUR EXISTING OPERATIONS AS OF APRIL 30, 2025 (EXCLUDES REVENUE FROM OUR BLUEHALO AND ESAERO ACQUISITIONS COMPLETED DURING FISCAL YEAR 2026).

5 GAAP SG&A WAS 18% of Q4 REVENUE. REFER TO GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED SG&A ON APPENDIX G.

Fiscal Year 2026 Results

Metric FY26 Notes

Revenue $1.98 B o 17% YoY Pro forma revenue growth3

o 26% YoY organic revenue growth4

GAAP

Gross Margin $500.6 M o Strong FY26 gross margin driven by strong AxS sales

Non-GAAP

Adjusted EBITDA1 $286.1 M

o Adjusted EBITDA of 14%

o Adjusted non-GAAP SG&A = 13% of revenue5

o IRAD = 6% of revenue

Non-GAAP EPS

(diluted)2 $3.31 o Strong adjusted EPS driven by sales in AxS

Funded

Backlog $1.2 B o Continued strength in funded backlog driven by AxS

Unfunded

Backlog $1.5 B o Excludes $1.5 billion in unfunded backlog reported in prior quarters due to SCAR termination

1 FY26 GAAP NET LOSS WAS ($265.1M). REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX E.

2 FY26 GAAP LOSS PER SHARE WAS ($5.40) PER DILUTED SHARE. REFER TO RECONCILIATION OF NON-GAAP EARNINGS PER DILUTED SHARE ON APPENDIX D.

3 PRO FORMA FY25 REVENUE (UNAUDITED) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26.

4 WE DEFINE ORGANIC REVENUE AS REVENUE ATTRIBUTABLE TO OUR EXISTING OPERATIONS AS OF APRIL 30, 2025 (EXCLUDES REVENUE FROM OUR BLUEHALO AND ESAERO ACQUISITIONS COMPLETED DURING FISCAL YEAR 2026).

5 GAAP SG&A WAS 22% of FY26 REVENUE. REFER TO GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED SG&A ON APPENDIX G.

Revenue Mix, Adjusted Profitability and Non-GAAP EPS

1 PRO FORMA FY25 QUARTERLY REVENUE (unaudited) INCLUDES ONLY BLUEHALO REVENUES FROM BEFORE ACQUISITION AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26.

2 Q4 FY26 GAAP PRODUCT MARGIN: 42% | SERVICE MARGIN (6%). REFER TO GAAP TO NON-GAAP RECONCILIATION OF GROSS MARGIN ON APPENDIX B.

3 Q4 FY25 GAAP EPS WAS $0.59 AND Q4 FY26 GAAP EPS WAS $1.25 PER DILUTED SHARE. REFER TO RECONCILIATION OF NON-GAAP DILUTED EARNINGS PER SHARE ON APPENDIX A.

Quarterly Revenue by Segment1

AxS: AUTONOMOUS SYSTEMS SCDE: SPACE, CYBER AND DIRECTED ENERGY

36%

33% 32%

44%

13% 14%

17%

29%

27% 27%

34%

20%

40%

60%

Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26

Adj Product Margin Adj Service Margin

Total Adj Gross Margin

$1.61

$1.84

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

Q4 FY25 Q4 FY26

Q4 FY26 Revenue: 77% Product | 23% Services

Adjusted Non-GAAP Gross Margin2

Non-GAAP Diluted EPS3

[$M]

$494.1

$454.7 $472.5

$408.0

$641.6

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26

AxS $330.6 $285.3 $301.6 $278.7 $492.4

SCDE $163.5 $169.4 $170.9 $129.3 $149.2

Fourth Quarter Year over Year Revenue Comparison by

Operating Group

1INCLUDES FY25 PRO FORMA REVENUE (unaudited) FROM BLUEHALO ONLY AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26.

[$M]

Pro Forma1 Q4 FY25 Actual Q4 FY26 Variance vs. Prior Year [$] Variance vs. Prior Year [%]

Uncrewed Aircraft Systems $ 103 $ 121 $ 18 17 %

Precision Strike & Defensive

Systems $ 185 $ 333 $ 148 80 %

Other $ 43 $ 38 $ [5] [12] %

AxS TOTAL $ 331 $ 492 $ 161 49 %

Space & Directed Energy $ 60 $ 74 $ 14 23 %

Cyber & Mission Solutions $ 103 $ 76 $ [27] [26] %

SCDE TOTAL $ 163 $ 150 $ [13] [8] %

COMBINED TOTAL $ 494 $ 642 $ 148 30 %

Full Year Revenue Comparison by Operating Group

1INCLUDES FY25 PRO FORMA REVENUE (unaudited) FROM BLUEHALO ONLY AND NOT REVENUES OF OTHER ACQUISITIONS COMPLETED DURING FY26.

[$M]

Pro Forma1 FY25 Actual FY26 Variance vs. Prior Fiscal YTD[$] Variance vs. Prior Fiscal YTD[%]

Uncrewed Aircraft Systems $ 352 $ 364 $ 12 3 %

Precision Strike & Defensive

Systems $ 527 $ 848 $ 321 61 %

Other $ 170 $ 146 $ [24] [14] %

AxS TOTAL $ 1,049 $ 1,358 $ 309 29 %

Space & Directed Energy $ 231 $ 274 $ 43 19 %

Cyber & Mission Solutions $ 415 $ 345 $ [70] [17] %

SCDE TOTAL $ 646 $ 619 $ [27] [4] %

COMBINED TOTAL $ 1,695 $ 1,977 $ 282 17 %

Updated Guidance: Fiscal 2027 Outlook

1 FY26 GAAP LOSS PER SHARE OF $(5.40). REFER TO GAAP EPS RECONCILIATION ON APPENDIX D.

2 FY26 GAAP NET LOSS OF $(265.1M). FORECAST FULL YEAR GAAP NET INCOME BETWEEN $8M AND $24M. REFER TO ADJUSTED EBITDA RECONCILIATION ON APPENDIX E.

3 FORECAST FULL YEAR GAAP NET INCOME PER DILUTED SHARE BETWEEN $0.16 AND $0.48. REFER TO FORECASTED NON-GAAP EPS RECONCILIATION ON APPENDIX D.

4 FORECAST FULL YEAR GAAP SG&A AS A PERCENT OF REVENUE BETWEEN 2O% AND 21%. REFER TO GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED SG&A ON APPENDIX G.

5 INCLUDES CLOUD IMPLEMENTATION CAPITAL EXPENDITURES AND SOFTWARE CAPITALIZATION.

As of 06/29/2026 FY26 Results FY27 Guidance Notes / Assumptions

Revenue $1.98 B $2.125 B to $2.225 B

10% year-over-year growth at midpoint o 1HFY27 = 45%; 2HFY27 = 55%

Adjusted EBITDA $286.1 M2 $305 M to $325 M2

14% at midpoint2

o IRAD 7% to 9%

o Adj SG&A 14% to 16% 4

o Stock based compensation of approx. $44 million for FY27

o Adj EBITDA 1HFY27 = 1/3 ; 2HFY27 = 2/3

Non-GAAP Earnings

Per Share (diluted) $3.311 $3.02 to $3.343

o Higher depreciation expenses due to additional capital

expenditures required for capacity and facility expansion

o 1HFY27 = 25% ; 2HFY27 75%

Capital Expenditures5 5% 12% to 14%

o Increased due to scaling manufacturing capabilities & facility

expansion

o Includes integration-related capital expenditures

Other o Deal & integration expenses approx. $10 M

990

314

192

$500

$1,000

$1,500

$2,000

$2,500

Q4 FY26 (6/29/26) Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27

Year-to-Date - FY27 Funded Backlog - FY27 Anticipated Qtr-to-Date Bookings - FY27 Anticipated Unfunded Backlog - FY27 Anticipated

FY27 Revenue Visibility

1BASED ON MIDPOINT OF GUIDANCE RANGE OF $2.125 BILLION TO $2.225 BILLION.

Company

visibility

supports

revenue

guidance

range

69% visibility 1

GUIDANCE RANGE

$2.125B -

$2.225B

IN MILLIONS

Major Awards Since Fourth Quarter Fiscal Year 2026

$20M

$25M

Contract to Integrate

PANTHER Phased Array

Antenna on SkyRange

Platforms for Hypersonic

Telemetry

Contract to Advance

Ceramic Materials

Research for the U.S. Air

Force and Space Force

Long Range Reconnaissance

(LRR): Completed System

Design Review #2, Delivery of

2nd Production Award

Army Selects AV’s

VAPOR® CLE for Medium

Range Reconnaissance

Program

Contract to Mature

Human Performance

Technologies for

Warfighter Readiness

U.S. Army Selects AV’s

Switchblade® 400 for

LASSO Program

CYBER AND

MISSION SOLUTIONS

CYBER AND

MISSION SOLUTIONS

FINANCIAL TABLES

Reconciliation of Non-GAAP Earnings

per Diluted Share (unaudited)

APPENDIX A - FINANCIAL TABLES

Three months ended

April 30, 2025

Three months ended

April 30, 2026

Earnings per diluted share $ 0.59 $ 1.25

Acquisition-related expenses $ 0.16 $ 0.15

Amortization of acquired intangible assets

and other purchase accounting adjustments $ 0.25 $ 0.80

Equity Method and equity securities investments activity, net $ (0.10) $ (0.36)

Legal accrual $ 0.06 $ ---

Goodwill impairment $ 0.65 $ ---

Earnings per diluted share as adjusted (non-GAAP) $ 1.61 $ 1.84

GAAP to Non-GAAP Reconciliation of

Adjusted Gross Margin

APPENDIX B - FINANCIAL TABLES

Products 1st Quarter

FY26 2nd Quarter FY26 3rd Quarter FY26 4th Quarter FY26

Gross Margin $ 82,846 $ 83,640 $ 77,841 $ 211,792

Intangible

Amortization $ 31,245 $ 23,482 $ 11,022 $ 6,814

Adjusted Gross Margin $ 114,901 $ 107,122 $ 88,863 $ 218,206

Adj. Prod GM% 36% 33% 32% 44%

Services

Gross Margin $ 12,272 $ 20,465 $ 20,953 $ (9,167)

Intangible

Amortization $ 6,134 $ 764 $ 1,661 $ 11,587

Adjusted Gross Margin $ 18,406 $ 21,229 $ 22,614 $ 2,420

Adj. Service GM% 13% 14% 17% 2%

[$Thousands]

Net Income to EBITDA and

non-GAAP Adjusted EBITDA Reconciliation

APPENDIX C - FINANCIAL TABLES

1st Quarter

FY26

2nd Quarter

FY26

3rd Quarter

FY26 As

Restated

4th Quarter

FY26

Net income/(loss) $ (67.4) $ (17.1) $ (243.9) $ 63.2

Interest expense (income), net $ 17.4 $ (4.7) $ (3.7) $ (3.4)

Tax (benefit) provision $ (15.2) $ (2.3) $ (21.6) $ 16.0

Depreciation $ 10.6 $ 9.9 $ 10.8 $ 10.7

Amortization $ 79.7 $ 48.2 $ 43.8 $ 51.4

EBITDA (Non-GAAP) $ 25.1 $ 34.0 $ (214.6) $ 137.9

Cloud amortization $ 0.9 $ 1.4 $ 1.7 $ 1.6

Stock-based compensation $ 11.4 $ 8.6 $ 8.1 $ 10.3

Acquisition-related expenses $ 23.7 $ 8.3 $ 6.9 $ 9.3

Equity method and equity security investment

activity $ (4.5) $ (7.3) $ 1.7 $ (19.0)

Goodwill Impairment $ --- $ --- $ 240.7 $ ---

Adj. EBITDA (Non-GAAP) $ 56.6 $ 45.0 $ 44.5 $ 140.1

[$M]

GAAP to Non-GAAP Reconciliation of

Earnings per Diluted Share (Unaudited)

APPENDIX D - FINANCIAL TABLES

Fiscal year ended

April 30, 2025

Fiscal year ended

April 30, 2026

Fiscal year ended

April 30, 2027

Earnings (loss) per diluted share

(GAAP) $ 1.55 $ (5.40) $ $0.16 - $0.48

Acquisition-related expenses $ 0.54 $ 0.89 $ $0.16

Amortization of acquired intangible

assets and other purchase accounting

adjustments

$ 0.66 $ 3.60 $ $2.70

Legal accrual $ 0.06 $ --- $ ---

Equity Method and equity securities

investments activity, net $ (0.18) $ (0.54) $ ---

Goodwill impairment $ 0.65 $ 4.76 $ ---

Earnings per diluted share as adjusted

(non-GAAP) $ 3.28 $ 3.31 $ $3.02 - $3.34

Reconciliation of 2027 Forecast and Fiscal Year 2026

Non-GAAP adjusted EBITDA (Unaudited)

APPENDIX E - FINANCIAL TABLES

[$M]

Fiscal year

ended April 30, 2026

Fiscal year

ended April 30, 2027

Net (loss) income from continued operations $ (265.1) $ 8 - 24

Interest expense (income), net $ 5.6 $ (8)

Tax benefit $ (23.1) $ (6) – (2)

Depreciation $ 41.9 $ 70

Amortization $ 223.1 $ 173

EBITDA (Non-GAAP) $ (17.6) $ 237 - 257

Cloud amortization $ 5.7 $ 14

Stock-based compensation $ 38.3 $ 44

Acquisition-related expenses $ 48.2 $ 10

Goodwill impairment $ 240.7 $ ---

Equity method and equity security investment activity $ (29.2) $ ---

Adj. EBITDA (Non-GAAP) $ 286.1 $ 305 - 325

AVAV Contracting Related Definitions

APPENDIX F - FINANCIAL TABLES

Term Definition Q4 FY26 Results

Bookings

The value of new authorized/exercised contract awards and contract modifications received during the reporting period.

Bookings typically include the total contract value for new awards and the incremental value of modifications. Bookings include

authorized contract values where the customer has provided contractual authority to perform work, even if funding has not yet

been obligated, but does not include the unauthorized portion of TCV.

$0.57B (QTD)

$2.7B (YTD)1

Funded Backlog

The portion of backlog for which the customer has provided appropriated, obligated funding that the company is currently

authorized to spend. Funded backlog is the most “cash-certain” portion of backlog, representing work the company can execute

immediately and bill against. This is often driven by U.S. DoD funding obligations and contract increments.

$1.2B

Unfunded Backlog

The remaining value of awarded contracts for which the customer has not yet obligated funding. These amounts reflect future

expected funding—commonly tied to multi-year programs where annual appropriations, options, or increments are still pending.

Unfunded backlog is typical in large defense programs and is converted to funded backlog as appropriations and task orders are

executed. Unfunded ceiling amounts for sole-source or multi-awardee Indefinite Delivery, Indefinite Quantity (“IDIQ”) contracts

are not included in unfunded backlog.

$1.5 B 1

Book-to-Bill Ratio The book-to-bill ratio measures the relationship between the value of new bookings in a given period (Fiscal YTD) and the revenue

billed or recognized over that same period. Book-to-bill ratio is calculated by dividing period bookings by period revenues. 1.4 (YTD) 2

1 UNFUNDED BACKLOG EXCLUDES $1.5 BILLION IN UNFUNDED BACKLOG REPORTED IN PRIOR QUARTERS DUE TO SCAR TERMINATION.

2 YEAR-TO-DATE TOTAL FOR THE FISCAL YEAR ENDED APRIL 30, 2026.

GAAP to Non-GAAP Reconciliation of

Adjusted SG&A (Unaudited)

APPENDIX G - FINANCIAL TABLES

[$Thousands] 4th Quarter FY25 4th Quarter FY26 FY2026

FY2027 Full Year Non-GAAP Forecast

SG&A Reconciliation

Revenue $ 275,050 $ 641,616 $ 1,976,845 $ 2,125,000 – 2,225,000

Total SG&A $ 43,254 $ 114,225 $ 443,251 $ 415,000 – 473,000

Total SG&A % of Revenue 16% 18% 22% 20% – 21%

Acquisition Expense $ 5,591 $ 9,294 $ 48,169 $ 8,000 – 10,000

Intangible Amortization $ 775 $ 32,995 $ 130,431 $ 99,262

Adjusted SG&A $ 36,888 $ 71,936 $ 264,651 $ 307,738 – 361,738

Adjusted SG&A % of Revenue 13% 11% 13% 14% – 16%

Q4 FY26 Total Unfunded Backlog Roll Forward

APPENDIX H - FINANCIAL TABLES

Total Unfunded Backlog [$M] Total Roll Forward

Q3 FY26 Unfunded Backlog as of 1/31/2026 $ 2,968.8

Q4 FY26 Expired Unfunded Backlog $ (8.1)

Q4 FY26 Orders Reducing Unfunded Backlog $ (150.1)

Q4 FY26 New Unfunded Bookings $ 140.3

SCAR Termination 1 $ (1,493.2)

Total Q4 FY26 Unfunded Backlog as of 4/30/2026 $ 1,457.7

1 Unfunded backlog excludes $1.5 billion in unfunded backlog reported in prior quarters due to SCAR termination.

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