United States Army Awards AeroVironment $20.6 Million Switchblade 300 Tactical Missile Systems Contract

Rhea-AI Summary

AeroVironment (NASDAQ: AVAV) announced a firm-fixed-price contract worth $20.6 million from the U.S. Army for its Switchblade® 300 tactical missile systems, awarded on August 18, 2022. The contract is set for delivery by July 2023 and is managed by the U.S. Army Contracting Command in Redstone Arsenal. The Switchblade 300 enhances soldiers' capabilities for precision strikes with minimal collateral damage, offering tactical advantages in various deployment scenarios.

Positive

• Received a contract award of $20.6 million from the U.S. Army for Switchblade® 300 missile systems.
• Contract delivery scheduled by July 2023, indicating ongoing demand for the product.

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• None.

• Combat-proven Switchblade with patented wave-off and recommit capability provides operators with increased lethality, reach and precision strike capabilities with minimal collateral effects

ARLINGTON, Va.--(BUSINESS WIRE)-- AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced it received a $20,602,464 firm-fixed-price contract award on Aug. 18, 2022 from the U.S. Army Tactical Aviation and Ground Munitions (TAGM) project office for the procurement of Switchblade® 300 tactical missile systems (TMS). The contract will be managed by the U.S. Army Contracting Command, Redstone Arsenal and is scheduled to be delivered by July 2023.

Designed for use in engaging beyond-line-of-sight targets with lethal effects, Switchblade 300 is deployed via tube-launch from land, sea, mobile or air organic platforms. (Image: AeroVironment, Inc.)

“Deployed by the U.S. Army for more than a decade, Switchblade 300 remains a critical force protection and soldier lethality solution for our customers, including Ukraine,” said Brett Hush, AeroVironment vice president and product line general manager for TMS. “It closes the gap between observation and action, giving soldiers the ability to identify threats and engage hostile beyond-line-of-sight targets from a greater distance with minimal collateral damage.”

AeroVironment’s combat-proven Switchblade 300 is back-packable and rapidly deployable from ground platforms, including a multipack launcher, providing warfighters with rapid-response force protection and precision strike capabilities up to six miles (10 kilometers) from its launch location.

ABOUT AEROVIRONMENT TACTICAL MISSILE SYSTEMS

AeroVironment’s tactical missile systems provide users with the ability to identify threats and deliver a precision lethal payload with minimal collateral damage. Switchblade® 300 and Switchblade® 600 loitering missile systems enable the warfighter to easily launch, fly, track and engage beyond line-of-sight targets and light armored vehicles across land, maritime and air-launched scenarios. The Blackwing™ loitering reconnaissance system is a variant of Switchblade designed to provide rapid-response intelligence, surveillance and reconnaissance capabilities and can be deployed from a submarine using an underwater-to-air delivery canister, shipboard or mobile ground vehicle via tube-launch or Multipack Launcher (MPL). AeroVironment’s tactical missile systems deliver the actionable intelligence and precision firepower needed to achieve mission success across multiple domains.

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 Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005302/en/

Makayla Thomas

AeroVironment, Inc.

+1 (805) 520-8350

pr@avinc.com

Mark Boyer

For AeroVironment, Inc.

+1 (310) 229-5956

mark@boyersyndicate.com

Source: AeroVironment, Inc.

FAQ

What is the significance of AeroVironment's contract awarded on August 18, 2022?

AeroVironment received a $20.6 million contract to supply Switchblade® 300 missile systems to the U.S. Army, highlighting its ongoing role in defense.

When is the delivery date for the Switchblade 300 systems under the new contract?

The Switchblade 300 systems are scheduled for delivery by July 2023 as per the contract.

What capabilities does the Switchblade 300 offer?

The Switchblade 300 provides precision strike capabilities and is designed for minimal collateral damage when deployed.

Who manages the contract for AeroVironment's Switchblade 300 systems?

The contract is managed by the U.S. Army Contracting Command at Redstone Arsenal.

How does the Switchblade 300 enhance military operations?

The Switchblade 300 improves soldier lethality and offers rapid-response force protection with a reach of up to six miles.