Drone Maker AeroVironment Delivered Record Quarterly Sales. The Stock Is Down.

AeroVironment Switchblade 600 Loitering Munition System. Through Tuesday trading, AeroVironment shares were up 83% year to date. (Courtesy AeroVironment)

Key Points

• AeroVironment reported record second-quarter sales of $472.5 million, a 151% increase year over year, including BlueHalo acquisition revenue.
• Adjusted earnings per share were 44 cents, missing Wall Street estimates of 78 cents due to acquisition-related charges.
• The company projects full-year revenue between $1.95 billion and $2 billion, with adjusted Ebitda between $300 million and $320 million.

Military drone technology maker AeroVironment reported record, but messy, numbers on Tuesday evening. Its stock, which has been incredibly strong in 2025, fell shortly after results were released.

For the fiscal second quarter ended Nov. 1, AeroVironment announced record sales of $472.5 million, up 151% year over year. That includes revenue for the recently acquired BlueHalo. Comparable sales were up an impressive 21% year over year.

Wall Street was looking for revenue of $469 million.

Sales beat estimates. Earnings per share didn’t appear to exceed analyst estimates, but there was a bevy of charges related to the BlueHalo acquisition. Adjusted earnings per share were about 44 cents. Wall Street was looking for 78 cents. That’s a miss. Still, analysts’ new charges, such as amortization of acquisition-related intangibles, were coming. Unadjusted earnings per share were a loss of 34 cents, seven cents better than Street projections.

For the full year, AeroVironment expects revenue of between $1.95 and $2 billion and adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of between $300 and $320 million.

Wall Street projects revenue of $2 billion and Ebitda of $315 million.

Guidance is close to the Street, still, shares were lower after earnings. Aervironment stock was down 3% in after-hours trading. Shares dropped 0.4% in regular trading, while the S&P 500 and Dow Jones Industrial Average fell 0.1% and 0.4%, respectively.

Profit-taking might be part of the reaction. AeroVironment’s stock has been strong, boosted by growing demand for drone technology. Through Tuesday trading, shares were up 83% year to date.

Write to Al Root at allen.root@dowjones.com