10 hours ago
1
Joel South
Wed, March 11, 2026 astatine 9:07 AM CDT 6 min read
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AeroVironment (AVAV) reported Q3 2026 gross of $408.05M, missing statement by 14.21%, aft a stop-work bid connected the BADGER SCAR programme triggered a $151.31M goodwill impairment and removed $1.49B successful unfunded backlog options; however, funded backlog reached a grounds $1.10B with a 1.6x book-to-bill ratio, and Uncrewed Aircraft Systems gross grew 50.3% year-over-year.
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A Space Force declaration rebid and SCAR programme disruption forced AeroVironment to little full-year guidance, prompting KeyBanc to chopped its terms people to $295 from $330 portion maintaining condemnation that the company’s halfway drone and loitering munitions concern volition payment from escalating geopolitical tensions and accrued defence spending.
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KeyBanc Capital Markets trimmed its terms people connected AeroVironment (NASDAQ:AVAV) to $295 from $330 pursuing the company's fiscal third-quarter 2026 net report, portion maintaining an Overweight standing connected the shares. The chopped reflects fallout from a stop-work bid connected the BADGER SCAR programme and declaration timing disruptions successful the Space, Cyber and Directed Energy conception - though KeyBanc sees the halfway drone and defence thesis intact, peculiarly if tensions with Iran escalate further.
| AVAV | AeroVironment Inc. | KeyBanc | Overweight (maintained) | $295 (from $330) | ~33% | Rating held; people trimmed connected SCAR disruption and timing headwinds |
KeyBanc lowered its terms people to $295 from $330 and kept its Overweight standing aft adjusting estimates post-earnings. The steadfast attributes the people simplification to caller changes to the SCAR programme and timing successful declaration awards. Despite the revision, KeyBanc's broader condemnation connected AeroVironment is unchanged: the steadfast maintains that AeroVironment is positioned to capitalize connected the proliferation of UAS/cUAS and accrued authorities spending successful defence and space-related programs.
The geopolitical space is cardinal to KeyBanc's bull case. Should the struggle successful Iran intensify, AeroVironment is positioned arsenic 1 of the apical beneficiaries, successful KeyBanc's view. That presumption is grounded successful the company's Switchblade loitering munitions franchise and its increasing uncrewed craft systems portfolio, some of which person seen surging demand.
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AeroVironment is simply a defence exertion institution specializing successful autonomous systems and loitering munitions, with products including the Switchblade, Puma, BADGER, Titan, and Defender ROV. In May 2025, the institution acquired BlueHalo for astir $1.35 billion, adding Space, Cyber and Directed Energy capabilities and importantly expanding its gross base.
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