AeroVironment Files 2024 10-K

TL;DR

AVAV 2024 10-K filed. Financials and reserves detailed for FY ending 4/30/24.

AI Summary

AeroVironment Inc. filed its 10-K for the fiscal year ending April 30, 2024, reporting on its financial performance and business operations. The company, incorporated in Delaware, is involved in the aircraft industry. Key financial data and reserves, such as warranty reserves and inventory valuation reserves, for the fiscal years 2023 and 2024 are detailed within the filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of AeroVironment's financial health and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the nature of the aerospace and defense industry can introduce inherent risks not fully captured in a summary.

Key Numbers

• 26216897 — Warranty Reserves (As of April 30, 2024)
• 28134438 — Inventory Valuation Reserve (As of April 30, 2024)

Key Players & Entities

• AeroVironment Inc. (company) — Filer of the 10-K
• 2024-04-30 (date) — Fiscal year end
• 2023-05-01 (date) — Start of fiscal year
• DE (location) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share AVAV The NASDAQ Stock Mar

Filing Documents

• avav-20240430x10k.htm (10-K) — 4433KB
• avav-20240430xex19d19.htm (EX-19.19) — 158KB
• avav-20240430xex21d1.htm (EX-21.1) — 6KB
• avav-20240430xex23d1.htm (EX-23.1) — 2KB
• avav-20240430xex31d1.htm (EX-31.1) — 12KB
• avav-20240430xex31d2.htm (EX-31.2) — 12KB
• avav-20240430xex32d1.htm (EX-32.1) — 11KB
• avav-20240430xex97.htm (EX-97) — 63KB
• avav-20240430x10k002.jpg (GRAPHIC) — 28KB
• avav-20240430xex19d19006.jpg (GRAPHIC) — 17KB
• 0001558370-24-009515.txt ( ) — 19496KB
• avav-20240430.xsd (EX-101.SCH) — 108KB
• avav-20240430_cal.xml (EX-101.CAL) — 121KB
• avav-20240430_def.xml (EX-101.DEF) — 522KB
• avav-20240430_lab.xml (EX-101.LAB) — 999KB
• avav-20240430_pre.xml (EX-101.PRE) — 850KB
• avav-20240430x10k_htm.xml (XML) — 3903KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 55 Item 1C. Cybersecurity 56 Item 2.

Properties

Properties 57 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosure 58 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. R eserved 60 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 130 Item 9A.

Controls and Procedures

Controls and Procedures 130 Item 9B. Other Information 131 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 131 PART III Item 10. Directors, Executive Officers and Corporate Governance 133 Item 11.

Executive Compensation

Executive Compensation 133 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133 Item 13. Certain Relationships and Related Transactions, and Director Independence 133 Item 14. Principal Accounting Fees and Services 133 PART IV Item 15. Exhibits, Financial Statement Schedules 134 1 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K ("Annual Report"), contains forward-looking statements, which reflect our current views about future events and financial results. We have made these statements in reliance on the safe harbor created by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Forward-looking statements include our views on future financial results, financing sources, product development, capital requirements, market growth and the like, and are generally identified by terms including, but not limited to, "may," "will," "should," "could," "targets," "projects," "predicts," "contemplates," "anticipates," "believes," "estimates," "expects," "intends," "plans," "forecasts," "seeks" and similar words. Forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors which could cause the actual results to differ materially from the forward-looking statement. These uncertainties and other factors include, among other things: unexpected technical and marketing difficulties inherent in major research and product development efforts; availability of U.S. government and allied government funding for defense procurement and research and development ("R&D") programs and the changes in the timing and/or amount of government spending; our reliance on certain customers, including the U.S. government and allied foreign governments, for a significant portion of our revenues; the extensive regulatory requirements governing our contracts with the U.S. government and international customers and the results of any audit or investigation of our compliance therewith; our ability to remain a market innovator, to create new market opportunities and/ or to expand into new markets ; the potential need for changes

Business

Item 1. Business. Overview We design, develop, produce, deliver and support a technologically-advanced portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. We supply uncrewed aircraft and ground robot systems, loitering munitions systems and related services primarily to organizations within or supplying the U.S. Department of Defense ("DoD"), other federal agencies and to international allied governments. We derive the majority of our revenue from these business areas, and we believe that the markets for these solutions offer the potential for significant long-term growth. In addition, we believe that some of the innovative potential products, services and technologies in our R&D pipeline will emerge as new growth platforms in the future, creating additional market opportunities. The success of our current product and service offerings stems from our investments in R&D to invent and deliver advanced solutions, our utilization of proprietary and commercially available technologies, and our acquisitions of leading businesses that help our customers achieve their desired outcomes. We develop and acquire these highly innovative solutions by working closely with our key customers to solve their most important challenges related to our areas of expertise. Our core technological capabilities, developed through more than 50 years of innovation, include robotics and robotics systems autonomy; modular open systems architecture; sensor design, development, miniaturization and integration; embedded software and firmware; miniature, low power, secure wireless digital communications and networks; lightweight aerostructures; high-altitude systems design, integration and operations; machine vision, machine learning and autonomy; land, maritime and air deployment of munitions and aircraft systems; design and qualification for robotics in extreme terrestrial and space environments; munitions systems warhead integrat