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AeroVironment Provides FTUAS and Business Update

May 25, 2023

Company Remains Well Positioned for Growth Despite FTUAS Loss

ARLINGTON, Va., May 25, 2023 – AeroVironment, Inc. (NASDAQ: AVAV) today announced that the company’s JUMP 20 Medium UAS was not selected by the U.S. Army to proceed further within the Future Tactical Unmanned Aircraft System (FTUAS) Program Increment 2, the next development phase of the FTUAS program. Despite this news, the company had a strong close to its fiscal year 2023, ended April 30, 2023, achieving all key financial metrics. This outcome does not have a material impact on the company’s near-term outlook and AeroVironment remains poised for at least 15% top-line and robust bottom-line growth in fiscal 2024.

“While we are extremely disappointed with the US Army’s decision, we respect it. We are now fully assessing the US Army’s evaluation process to determine our next steps,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We remain convinced that our JUMP 20 system is the best-in-class Group 3 UAS on the market and we will continue investing in the platform to ensure it remains the top performing solution for our customers.”

AeroVironment maintains a positive outlook for the group 2/3 UAS market going forward. International opportunities and engagements for JUMP 20 systems continue to grow, and the company remains well-positioned to pursue additional domestic programs. “Our JUMP 20 has an unmatched ability to carry multiple armed payloads, including our Switchblade loitering munitions,” continued Nawabi. “We also recently incorporated autonomy functionality and other upgrades to improve operations in highly contested environments.”

Given AeroVironment’s broad portfolio of innovative unmanned solutions – and numerous contracts in the pipeline – the company expects to continue generating strong returns for shareholders.

About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) is a global leader in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics, and connectivity. Headquartered in Arlington, Virginia, AeroVironment delivers actionable intelligence so our customers can proceed with certainty. For more information, visit www.avinc.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of 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 those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. 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.

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AeroVironment, Inc.
Ashley Riser
+1 (805) 520-8350
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Mark Boyer
For AeroVironment, Inc.
+1 (310) 229-5956
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