AeroVironment (AVAV): $1.5 Billion Backlog — and LOCUST Goes International

AeroVironment (AVAV) opened FY2027 with record first-quarter revenue and record funded backlog, while its directed-energy business added another significant win.

Q1 by the Numbers

AVAV	Q1 FY2027
Revenue	$480.5M
Revenue Growth	+6% YoY
Bookings	$683M
Book-to-Bill	1.4x
Funded Backlog	$1.5B
Backlog Growth	+37% YoY
Adjusted EBITDA	$53.4M
Non-GAAP EPS	$0.59

Funded backlog increased 23% sequentially and 37% year over year, while Q1 bookings of $683 million exceeded quarterly revenue by roughly $200 million.

AeroVironment's Autonomous Systems segment generated $346 million of revenue, up 21% YoY.

• Uncrewed Aircraft Systems: $120M, +71%

• Precision Strike & Defensive Systems: $197M, +8%

That helped offset weakness in Space, Cyber & Directed Energy, where revenue declined 21% to $134 million.

Locust Laser Systems

One week after receiving a $464 million U.S. Army production award for LOCUST, AeroVironment secured its first international commercial order for the directed-energy counter-drone system for $52M.

Testing → $464M U.S. Army production award → $52M international order

Management says it already has approximately 86% visibility into the midpoint of its FY2027 revenue guidance when funded backlog, anticipated quarterly bookings and anticipated unfunded backlog are considered.

AVAV finished Q1 with roughly a $1.5B funded and $1.4B unfunded backlog.

AV reported a $5.1 million GAAP net loss in Q1, and management did not raise full-year guidance despite the record backlog.

The company is also planning elevated capital spending—12%–14% of FY2027 revenue—as it expands manufacturing capabilities and facilities.

Within roughly a week, the directed-energy platform moved from a $464M U.S. Army production award to its first $52M international order.