AeroVironment Announces Fiscal 2024 First Quarter Results
- Q1 revenue up 40% YoY
- Record funded backlog
- Raising guidance for FY2024
- None.
First Quarter Highlights:
-
First quarter revenue of
, up$152.3 million 40% year-over-year -
First quarter net income of
and Adjusted EBITDA of$21.9 million , an increase of$37 million 361% and185% , respectively -
Record funded backlog of
as of July 29, 2023, an increase of$539.7 million 27% from prior quarter - Raising revenue and Non-GAAP adjusted EBITDA guidance ranges
“We delivered record first quarter results,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Revenue climbed
“Additionally, we took steps to further strengthen and expand our product portfolio through our previously announced acquisition of Tomahawk Robotics. This transaction – which is expected to close in the second quarter – will add common control solutions with advanced open standard communications technologies – namely the Kinesis Ecosystem – to our current AI enabled software suite. We expect that this acquisition enhances AeroVironment’s existing control and communications solutions, opens up adjacent market opportunities, enables multi-domain integration across all unmanned platforms, and brings additional top notch software engineering talent to our growing team,” continued Nawabi. “We look forward to continued strong execution by our team and are optimistic about growing AeroVironment to new heights this fiscal year.”
FISCAL 2024 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2024 was
Gross margin for the first quarter of fiscal 2024 was
Income from operations for the first quarter of fiscal 2024 was
Other loss, net, for the first quarter of fiscal 2024 was
Provision for income taxes for the first quarter of fiscal 2024 was
Net income attributable to AeroVironment for the first quarter of fiscal 2024 was
Non-GAAP adjusted EBITDA for the first quarter of fiscal 2024 was approximately
BACKLOG
As of July 29, 2023, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was
FISCAL 2024 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2024, the Company now expects revenue of between
The outlook does not reflect the impacts of the recently announced acquisition of Tomahawk Robotics, Inc. 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
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, September 5, 2023, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Kevin P. McDonnell, chief financial officer, and Jonah Teeter-Balin, senior director corporate development and investor relations, 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.vevent.com/register/BI15f3f4201ad342ac9ad87ea3031189a2
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 first quarter fiscal year 2024 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 (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in
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 “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, including the pending acquisition of Tomahawk Robotics; 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 disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the
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.
AeroVironment, Inc. Consolidated Statements of Operations (In thousands except share and per share data) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
July 29, |
|
July 30, |
||||
|
|
2023 |
|
2022 |
||||
|
|
(Unaudited) |
||||||
Revenue: |
|
|
|
|
|
|
||
Product sales |
|
$ |
119,471 |
|
|
$ |
57,974 |
|
Contract services |
|
|
32,876 |
|
|
|
50,542 |
|
|
|
|
152,347 |
|
|
|
108,516 |
|
Cost of sales: |
|
|
|
|
|
|
||
Product sales |
|
|
61,608 |
|
|
|
32,899 |
|
Contract services |
|
|
25,079 |
|
|
|
41,903 |
|
|
|
|
86,687 |
|
|
|
74,802 |
|
Gross margin: |
|
|
|
|
|
|
||
Product sales |
|
|
57,863 |
|
|
|
25,075 |
|
Contract services |
|
|
7,797 |
|
|
|
8,639 |
|
|
|
|
65,660 |
|
|
|
33,714 |
|
Selling, general and administrative |
|
|
23,827 |
|
|
|
21,943 |
|
Research and development |
|
|
15,466 |
|
|
|
15,045 |
|
Income (loss) from operations |
|
|
26,367 |
|
|
|
(3,274 |
) |
Other loss: |
|
|
|
|
|
|
||
Interest expense, net |
|
|
(2,008 |
) |
|
|
(1,603 |
) |
Other income (expense), net |
|
|
(1,129 |
) |
|
|
(406 |
) |
Income (loss) before income taxes |
|
|
23,230 |
|
|
|
(5,283 |
) |
Provision for income taxes |
|
|
1,314 |
|
|
|
2,606 |
|
Equity method investment loss, net of tax |
|
|
(21 |
) |
|
|
(500 |
) |
Net income (loss) |
|
|
21,895 |
|
|
|
(8,389 |
) |
Net income attributable to noncontrolling interest |
|
|
— |
|
|
|
(6 |
) |
Net income (loss) attributable to AeroVironment, Inc. |
|
$ |
21,895 |
|
|
$ |
(8,395 |
) |
Net income (loss) per share attributable to AeroVironment, Inc. |
|
|
|
|
|
|
||
Basic |
|
$ |
0.84 |
|
|
$ |
(0.34 |
) |
Diluted |
|
$ |
0.84 |
|
|
$ |
(0.34 |
) |
Weighted-average shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
|
26,088,277 |
|
|
|
24,804,232 |
|
Diluted |
|
|
26,179,042 |
|
|
|
24,804,232 |
|
AeroVironment, Inc. Consolidated Balance Sheets (In thousands except share data) |
||||||||
|
|
|
|
|||||
|
|
July 29, |
|
April 30, |
||||
|
|
2023 |
|
2023 |
||||
|
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
|
$ |
105,871 |
|
|
$ |
132,859 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
|
79,214 |
|
|
|
87,633 |
|
Unbilled receivables and retentions |
|
|
107,258 |
|
|
|
105,653 |
|
Inventories, net |
|
|
175,396 |
|
|
|
138,814 |
|
Prepaid expenses and other current assets |
|
|
13,949 |
|
|
|
12,043 |
|
Total current assets |
|
|
481,688 |
|
|
|
477,002 |
|
Long-term investments |
|
|
22,578 |
|
|
|
23,613 |
|
Property and equipment, net |
|
|
39,770 |
|
|
|
39,795 |
|
Operating lease right-of-use assets |
|
|
25,742 |
|
|
|
27,363 |
|
Deferred income taxes |
|
|
27,633 |
|
|
|
27,206 |
|
Intangibles, net |
|
|
40,540 |
|
|
|
43,577 |
|
Goodwill |
|
|
180,797 |
|
|
|
180,801 |
|
Other assets |
|
|
7,312 |
|
|
|
5,220 |
|
Total assets |
|
$ |
826,060 |
|
|
$ |
824,577 |
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
28,824 |
|
|
$ |
31,355 |
|
Wages and related accruals |
|
|
16,875 |
|
|
|
35,637 |
|
Customer advances |
|
|
19,940 |
|
|
|
16,645 |
|
Current portion of long-term debt |
|
|
10,000 |
|
|
|
7,500 |
|
Current operating lease liabilities |
|
|
8,272 |
|
|
|
8,229 |
|
Income taxes payable |
|
|
4,058 |
|
|
|
2,342 |
|
Other current liabilities |
|
|
19,220 |
|
|
|
19,626 |
|
Total current liabilities |
|
|
107,189 |
|
|
|
121,334 |
|
Long-term debt, net of current portion |
|
|
118,537 |
|
|
|
125,904 |
|
Non-current operating lease liabilities |
|
|
19,454 |
|
|
|
21,189 |
|
Other non-current liabilities |
|
|
1,901 |
|
|
|
746 |
|
Liability for uncertain tax positions |
|
|
2,705 |
|
|
|
2,705 |
|
Deferred income taxes |
|
|
1,729 |
|
|
|
1,729 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock, |
|
|
|
|
||||
Authorized shares—10,000,000; none issued or outstanding at July 29, 2023 and April 30, 2023 |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
|
|
||||
Authorized shares—100,000,000 |
|
|
|
|
||||
Issued and outstanding shares—26,292,130 shares at July 29, 2023 and 26,216,897 shares at April 30, 2023 |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
386,140 |
|
|
|
384,397 |
|
Accumulated other comprehensive loss |
|
|
(4,515 |
) |
|
|
(4,452 |
) |
Retained earnings |
|
|
192,916 |
|
|
|
171,021 |
|
Total AeroVironment, Inc. stockholders’ equity |
|
|
574,545 |
|
|
|
550,970 |
|
Noncontrolling interest |
|
|
— |
|
|
|
— |
|
Total equity |
|
|
574,545 |
|
|
|
550,970 |
|
Total liabilities and stockholders’ equity |
|
$ |
826,060 |
|
|
$ |
824,577 |
|
AeroVironment, Inc. Consolidated Statements of Cash Flows (In thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
July 29, |
|
July 30, |
||||
|
|
2023 |
|
2022 |
||||
|
|
(Unaudited) |
||||||
Operating activities |
|
|
|
|
|
|||
Net income (loss) |
|
$ |
21,895 |
|
|
$ |
(8,389 |
) |
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
6,951 |
|
|
|
14,000 |
|
Loss from equity method investments |
|
|
21 |
|
|
|
500 |
|
Amortization of debt issuance costs |
|
|
214 |
|
|
|
211 |
|
Provision for doubtful accounts |
|
|
(15 |
) |
|
|
23 |
|
Reserve for inventory excess and obsolescence |
|
|
3,330 |
|
|
|
220 |
|
Other non-cash expense, net |
|
|
173 |
|
|
|
153 |
|
Non-cash lease expense |
|
|
2,184 |
|
|
|
1,590 |
|
Loss (gain) on foreign currency transactions |
|
|
132 |
|
|
|
(44 |
) |
Unrealized loss on available-for-sale equity securities, net |
|
|
1,013 |
|
|
|
— |
|
Deferred income taxes |
|
|
(427 |
) |
|
|
(381 |
) |
Stock-based compensation |
|
|
3,204 |
|
|
|
2,217 |
|
Loss on disposal of property and equipment |
|
|
116 |
|
|
|
485 |
|
Amortization of debt securities discount |
|
|
— |
|
|
|
130 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
8,207 |
|
|
|
8,053 |
|
Unbilled receivables and retentions |
|
|
(1,603 |
) |
|
|
14,754 |
|
Inventories |
|
|
(40,004 |
) |
|
|
(11,927 |
) |
Income taxes receivable |
|
|
— |
|
|
|
442 |
|
Prepaid expenses and other assets |
|
|
(4,401 |
) |
|
|
46 |
|
Accounts payable |
|
|
(2,780 |
) |
|
|
3,323 |
|
Other liabilities |
|
|
(15,272 |
) |
|
|
(9,519 |
) |
Net cash (used in) provided by operating activities |
|
|
(17,062 |
) |
|
|
15,887 |
|
Investing activities |
|
|
|
|
|
|
||
Acquisition of property and equipment |
|
|
(3,632 |
) |
|
|
(5,393 |
) |
Equity method investments |
|
|
— |
|
|
|
(2,774 |
) |
Redemptions of available-for-sale investments |
|
|
— |
|
|
|
13,280 |
|
Purchases of available-for-sale investments |
|
|
— |
|
|
|
(1,326 |
) |
Net cash (used in) provided by investing activities |
|
|
(3,632 |
) |
|
|
3,787 |
|
Financing activities |
|
|
|
|
|
|
||
Principal payments of term loan |
|
|
(5,000 |
) |
|
|
(2,500 |
) |
Payment of debt issuance costs |
|
|
(9 |
) |
|
|
— |
|
Tax withholding payment related to net settlement of equity awards |
|
|
(1,298 |
) |
|
|
(824 |
) |
Other |
|
|
(8 |
) |
|
|
(7 |
) |
Net cash used in financing activities |
|
|
(6,315 |
) |
|
|
(3,331 |
) |
Effects of currency translation on cash and cash equivalents |
|
|
21 |
|
|
|
(391 |
) |
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(26,988 |
) |
|
|
15,952 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
132,859 |
|
|
|
77,231 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
105,871 |
|
|
$ |
93,183 |
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
||
Cash paid, net during the period for: |
|
|
|
|
|
|
||
Income taxes |
|
$ |
35 |
|
|
$ |
— |
|
Interest |
|
$ |
1,782 |
|
|
$ |
2,169 |
|
Non-cash activities |
|
|
|
|
|
|
||
Unrealized gain on available-for-sale investments, net of deferred tax expense of |
|
$ |
— |
|
|
$ |
(20 |
) |
Change in foreign currency translation adjustments |
|
$ |
(63 |
) |
|
$ |
(1,064 |
) |
Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
— |
|
|
$ |
3,364 |
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
969 |
|
|
$ |
543 |
|
AeroVironment, Inc. Reportable Segment Results (Unaudited) (In thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended July 29, 2023 |
||||||||||||||
|
|
UMS |
|
LMS |
|
MW |
|
Total |
||||||||
Revenue |
|
$ |
98,207 |
|
|
$ |
30,917 |
|
|
$ |
23,223 |
|
|
$ |
152,347 |
|
Gross margin |
|
|
48,369 |
|
|
|
12,323 |
|
|
|
4,968 |
|
|
|
65,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
|
|
21,749 |
|
|
|
4,910 |
|
|
|
(292 |
) |
|
|
26,367 |
|
Acquisition-related expenses |
|
|
673 |
|
|
|
— |
|
|
|
— |
|
|
|
673 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
2,601 |
|
|
|
— |
|
|
|
565 |
|
|
|
3,166 |
|
Adjusted income from operations |
|
$ |
25,023 |
|
|
$ |
4,910 |
|
|
$ |
273 |
|
|
$ |
30,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended July 30, 2022 |
||||||||||||||
|
|
UMS |
|
LMS |
|
MW |
|
Total |
||||||||
Revenue |
|
$ |
67,775 |
|
|
$ |
23,011 |
|
|
$ |
17,730 |
|
|
$ |
108,516 |
|
Gross margin |
|
|
21,504 |
|
|
|
7,746 |
|
|
|
4,464 |
|
|
|
33,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from operations |
|
|
(3,698 |
) |
|
|
(1,031 |
) |
|
|
1,455 |
|
|
|
(3,274 |
) |
Acquisition-related expenses |
|
|
304 |
|
|
|
— |
|
|
|
31 |
|
|
|
335 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
6,231 |
|
|
|
— |
|
|
|
616 |
|
|
|
6,847 |
|
Adjusted income (loss) from operations |
|
$ |
2,837 |
|
|
$ |
(1,031 |
) |
|
$ |
2,102 |
|
|
$ |
3,908 |
|
AeroVironment, Inc. Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Three Months Ended |
||||
|
|
July 29, 2023 |
|
July 30, 2022 |
||||
|
|
|
|
|
|
|
||
Earnings (loss) per diluted share |
|
$ |
0.84 |
|
$ |
(0.34 |
) |
|
Acquisition-related expenses |
|
|
0.02 |
|
|
|
0.02 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.10 |
|
|
|
0.22 |
|
Equity method and equity securities investments activity, net |
|
|
0.04 |
|
|
|
0.02 |
|
Earnings (loss) per diluted share as adjusted (Non-GAAP) |
|
$ |
1.00 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
||
Reconciliation of non-GAAP adjusted EBITDA (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
Three Months Ended |
||||
(in millions) |
|
July 29, 2023 |
|
July 30, 2022 |
||||
Net income (loss) |
|
$ |
22 |
|
|
$ |
(8 |
) |
Interest expense, net |
|
|
2 |
|
|
|
2 |
|
Provision for income taxes |
|
|
1 |
|
|
|
2 |
|
Depreciation and amortization |
|
|
7 |
|
|
|
14 |
|
EBITDA (Non-GAAP) |
|
|
32 |
|
|
|
10 |
|
Stock-based compensation |
|
|
3 |
|
|
|
2 |
|
Equity method and equity securities investments activity, net |
|
|
1 |
|
|
|
1 |
|
Acquisition-related expenses |
|
|
1 |
|
|
|
— |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
37 |
|
|
$ |
13 |
|
Reconciliation of Forecast Earnings per Diluted Share (Unaudited) |
||||
|
|
|
|
|
|
|
Fiscal year ending |
||
|
|
April 30, 2024 |
||
Forecast earnings per diluted share |
|
$ |
1.91 - 2.21 |
|
Acquisition-related expenses |
|
|
0.02 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.35 |
|
Equity method and equity securities investments activity, net |
|
|
0.02 |
|
Forecast earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
2.30 - 2.60 |
|
Reconciliation of 2024 Forecast and Fiscal Year 2023 Actual Non-GAAP adjusted EBITDA (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Fiscal year ending |
|
Fiscal year ended |
||||
(in millions) |
|
April 30, 2024 |
|
April 30, 2023 |
||||
Net income (loss) |
|
$ |
51 - 59 |
|
$ |
(176 |
) |
|
Interest expense, net |
|
|
8 |
|
|
|
9 |
|
Provision for income taxes |
|
|
3 - 5 |
|
|
|
(15 |
) |
Depreciation and amortization |
|
|
35 |
|
|
|
100 |
|
EBITDA (Non-GAAP) |
|
|
97 - 107 |
|
|
|
(82 |
) |
Amortization of cloud computing arrangement implementation |
|
|
1 |
|
|
|
1 |
|
Stock-based compensation |
|
|
17 |
|
|
|
11 |
|
Equity method and equity securities investments activity, net |
|
|
1 |
|
|
|
3 |
|
Acquisition-related expenses |
|
|
1 |
|
|
|
1 |
|
Goodwill impairment |
|
|
— |
|
|
|
156 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
117 - 127 |
|
|
$ |
90 |
|
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 Adjusted Operating Income
Adjusted operating income is defined as operating income before intangible amortization, amortization of non-cash purchase accounting adjustments, goodwill impairment and acquisition related expenses.
Non-GAAP Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of acquisition-related intangible assets, 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 including amortization of purchase accounting adjustments, 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
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230905108351/en/
Jonah Teeter-Balin
+1 (805) 520-8350 x4278
https://investor.avinc.com/contact-and-faq/contact-us
Source: AeroVironment, Inc.