AeroVironment, Inc. (AVAV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la innovación tecnológica de vanguardia, Aerovironment, Inc. (AVAV) emerge como una fuerza pionera que transforma los sistemas aéreos no tripulados y las tecnologías robóticas en sectores de energía militar, comercial y renovable. Al aprovechar estratégicamente las soluciones avanzadas de drones, la experiencia de ingeniería patentada y las diversas fuentes de ingresos, esta compañía dinámica se ha posicionado en la intersección de la defensa, la agricultura, la infraestructura y las tecnologías de vehículos eléctricos, creando un modelo comercial multifacético que redefine las capacidades del sistema autónomo y la adaptabilidad tecnológica de la adaptabilidad tecnológica .

Aerovironment, Inc. (AVAV) - Modelo de negocio: asociaciones clave

Contratos de drones militares del Departamento de Defensa de EE. UU.

Aerovironment tiene $ 297.4 millones en contratos de defensa activa a partir del cuarto trimestre de 2023. Los detalles de la asociación específicos incluyen:

Tipo de contrato	Valor	Duración
Sistemas de misiles tácticos	$ 124.6 millones	2024-2026
Sistemas de aeronaves no tripulados	$ 172.8 millones	2024-2025

Colaboración tecnológica de la NASA

Asociación de desarrollo de tecnología colaborativa centrada en:

• Investigación avanzada de vehículos aéreos no tripulados
• Tecnologías de drones con energía solar
• Sistemas de dureza a largo plazo (sano) a gran altitud

Asociaciones comerciales de inspección agrícola e infraestructura

Sector industrial	Empresas asociadas	Valor anual del contrato
Monitoreo agrícola	John Deere, Bayer Crop Science	$ 43.2 millones
Inspección de infraestructura	Duke Energy, sur de California Edison	$ 37.5 millones

Tecnología estratégica y colaboradores de fabricación

La tecnología clave y las asociaciones de fabricación incluyen:

• Qualcomm - Sistemas de comunicación de drones
• Sistemas FLIR - Tecnologías de imágenes térmicas
• Honeywell - Integración avanzada del sensor

Pareja	Enfoque tecnológico	Valor de colaboración
Qualcomm	Conectividad de drones 5G	$ 22.7 millones
Sistemas FLIR	Imagen térmica	$ 18.3 millones
Honeywell	Integración del sensor	$ 15.9 millones

Aerovironment, Inc. (Avav) - Modelo de negocio: actividades clave

Diseño y fabricación de sistemas aéreos no tripulados y no tripulados

Aerovironment fabricó 4.100 pequeñas unidades UAS en el año fiscal 2023. La producción de drones de la compañía se centró en sistemas de reconocimiento táctico para aplicaciones militares.

Tipo de dron	Volumen de producción anual	Segmento principal de clientes
Munición de merodeo táctico de switchblade	1.200 unidades	Departamento de Defensa de los Estados Unidos
Raven RQ-11B Drone de reconocimiento	2.500 unidades	Agencias militares/de defensa
PUMA AE Vigilance Drone	400 unidades	Fuerzas de seguridad internacionales

Investigación y desarrollo de tecnologías robóticas avanzadas

Aerovironment invirtió $ 78.4 millones en I + D durante el año fiscal 2023, que representa el 11.2% de los ingresos totales de la compañía.

• Desarrolló tecnologías de drones autónomos de próxima generación
• Sistemas de navegación impulsados ​​por la IA mejorados
• Plataformas de innovación de carga de vehículos eléctricos ampliados

Proporcionar soluciones tácticas de reconocimiento y vigilancia

La compañía entregó sistemas de reconocimiento a 27 países diferentes, con un valor contractual total de $ 412 millones en 2023.

Región geográfica	Número de países	Valor de contrato
América del norte	12	$ 218 millones
Oriente Medio	8	$ 124 millones
Europa	7	$ 70 millones

Ingeniería Innovadora infraestructura de carga de vehículos eléctricos

Aerovironment desarrolló 3.200 estaciones de carga comerciales de EV en 2023, con un valor de instalación total de $ 94.6 millones.

• Soluciones de carga rápida de nivel 2 y DC diseñados
• Implementado tecnologías de red de carga inteligente
• Proporcionó sistemas de gestión de carga empresarial

Aerovironment, Inc. (Avav) - Modelo de negocio: recursos clave

Patentes patentadas de drones y tecnología robótica

A partir del año fiscal 2023, Aerovironment posee 46 patentes activas específicamente relacionado con tecnologías de vehículos aéreos no tripulados (UAV). La cartera de patentes de la compañía cubre áreas críticas como:

• Diseño de micro drones
• Sistemas de navegación autónomos
• Mecanismos de propulsión de eficiencia energética

Categoría de patente	Número de patentes	Valor estimado
Tecnología de drones	28	$ 42.5 millones
Sistemas robóticos	18	$ 31.2 millones

Equipos de ingeniería e investigación altamente calificados

Aerovironment emplea 1.124 profesionales de investigación e ingeniería a tiempo completo A diciembre de 2023. El desglose de la fuerza laboral incluye:

• Ingenieros de doctorado: 87
• Titulares de título de maestría: 342
• Titulares de licenciatura: 695

Instalaciones de fabricación avanzadas

La compañía opera 3 instalaciones de fabricación primarias ubicado en:

• Simi Valley, California (sede)
• Monrovia, California
• Arlington, Virginia

Ubicación de la instalación	Hoques cuadrados totales	Capacidad de producción anual
Valle Simi	185,000 pies cuadrados	1.200 unidades UAV/año
Monrovia	95,000 pies cuadrados	800 sistemas robóticos/año
Arlington	65,000 pies cuadrados	500 sistemas de defensa especializados/año

Cartera de propiedad intelectual extensa

Valoración total de propiedad intelectual a partir de 2023: $ 124.6 millones. La composición incluye:

• Patentes activas: 46
• Aplicaciones de patentes pendientes: 22
• Secretos comerciales: 18

Fuertes relaciones gubernamentales y clientes comerciales

La cartera actual del cliente incluye:

• Contratos del Departamento de Defensa de los Estados Unidos: $ 287.4 millones
• Clientes aeroespaciales comerciales: $ 93.2 millones
• Contratos del gobierno internacional: $ 64.7 millones

Categoría de cliente	Valor anual del contrato	Número de contratos activos
Militar estadounidense	$ 287.4 millones	14
Aeroespacial comercial	$ 93.2 millones	22
Gobiernos internacionales	$ 64.7 millones	8

Aerovironment, Inc. (Avav) - Modelo de negocio: propuestas de valor

Soluciones de drones autónomos de vanguardia para mercados militares y comerciales

En el año fiscal 2023, Aerovironment reportó $ 531.1 millones en ingresos totales, con Segmento de sistemas de aeronaves no tripuladas (UAS) que generan $ 440.3 millones.

Categoría de productos	Segmento de mercado	Ingresos anuales
Sistemas de misiles tácticos Switchblade	Militar	$ 247.8 millones
Drone Quantix Recon	Comercial	$ 38.5 millones

Sistemas aéreos no tripulados de alta precisión

La flota de drones de Aerovironment incluye 14 plataformas diferentes de vehículos aéreos no tripulados (UAV).

• Raven RQ-11b: dron de reconocimiento táctico
• PUMA AE: Sistema de vigilancia marítima y de tierras
• AVA AE: Vehículo aéreo micro

Soluciones energéticas innovadoras para la carga de vehículos eléctricos

Los ingresos por infraestructura de carga EV alcanzaron los $ 90.8 millones en el año fiscal 2023.

Solución de carga	Penetración del mercado	Instalación anual
Cargadores comerciales de nivel 2	58% del mercado comercial	3.200 unidades
DC Carga rápida	42% del mercado comercial	1.800 unidades

Tecnologías robóticas personalizables

I + D Inversión en tecnologías robóticas: $ 67.3 millones en año fiscal 2023.

• Soluciones de robótica de defensa
• Robots de inspección comercial
• Sistemas de monitoreo agrícola

Plataformas de sistema no tripuladas rentables

Costo promedio por plataforma de drones: $ 85,000 a $ 250,000, dependiendo de la complejidad y las capacidades.

Plataforma de drones	Costo unitario	Costo operativo por hora
Raven RQ-11b	$85,000	$ 125/hora
Switchblade 300	$180,000	$ 250/hora
PUMA AE	$250,000	$ 300/hora

Aerovironment, Inc. (Avav) - Modelo de negocios: relaciones con los clientes

Equipos de ventas directos para clientes gubernamentales y comerciales

A partir del año fiscal 2023, Aerovironment reportó $ 531.8 millones en ingresos totales, con clientes gubernamentales y comerciales atendidos a través de equipos especializados de ventas directas.

Segmento de clientes	Composición del equipo de ventas	Contribución anual de ingresos
Departamento de Defensa de los Estados Unidos	15 representantes de ventas gubernamentales dedicados	$ 372.6 millones
Mercado de drones comerciales	8 profesionales de ventas comerciales especializadas	$ 159.2 millones

Soporte técnico y servicios de mantenimiento

Aerovironment proporciona soporte técnico integral en múltiples plataformas.

• Línea directa de soporte técnico 24/7
• Servicios de mantenimiento en el sitio
• Capacidades de diagnóstico remoto

Servicio de apoyo	Costo anual	Tiempo de respuesta
Soporte técnico estándar	$ 4.2 millones	4 horas
Contrato de mantenimiento de primas	$ 7.8 millones	2 horas

Desarrollo de productos en curso basado en comentarios de los clientes

Inversión en I + D para mejoras de productos: $ 87.3 millones en el año fiscal 2023.

• Tasa de integración de comentarios de los clientes: 68%
• Nuevos ciclos de desarrollo de productos: 12-18 meses
• Solicitudes de patentes presentadas: 22 en 2023

Asociaciones por contrato a largo plazo

Valor del contrato con entidades de defensa clave y comerciales: $ 1.2 mil millones en acuerdos de varios años.

Tipo de socio	Número de contratos	Duración promedio del contrato
Sector de defensa	14 contratos	5.3 años
Entidades comerciales	7 contratos	3.7 años

Aerovironment, Inc. (Avav) - Modelo de negocio: canales

Fuerza de ventas directa

La fuerza de ventas directas de Aerovironment consta de 247 representantes de ventas a partir del año fiscal 2023. El equipo se enfoca en la orientación:

• Departamento de Defensa de los Estados Unidos
• Agencias gubernamentales
• Clientes empresariales comerciales

Canal de ventas	Número de representantes	Segmento del mercado objetivo
Ventas del sector de defensa	137	Militar & Gobierno
Ventas de drones comerciales	68	Industrial & Empresas comerciales
Ventas de soluciones de energía	42	Utilidad & Energía renovable

Catálogos de productos en línea y especificaciones técnicas

Aerovironment mantiene una plataforma en línea integral con:

• 3.247 especificaciones del producto
• 87 páginas de documentación técnica detalladas
• Catálogo de productos digitales con precios en tiempo real

Conferencias de la industria y ferias comerciales

Métricas de participación anual:

Tipo de evento	Número de eventos	Alcance estimado
Conferencias de tecnología de defensa	12	8.500 profesionales de la industria
Exposiciones de drones y uav	8	6.200 clientes potenciales
Foros de energía renovable	5	3.800 partes interesadas de la industria

Plataformas de adquisición del gobierno

Canales de adquisición del gobierno activo:

• Proveedor aprobado por la Agencia de Logística de Defensa (DLA)
• Titular de contrato de programación de GSA
• 6 plataformas de adquisiciones federales activas

Redes de asociación estratégica

Composición actual de asociación estratégica:

Categoría de socio	Número de socios	Enfoque de colaboración
Contratistas de defensa	17	Sistemas de drones y tácticos
Socios de integración de tecnología	23	Soluciones de software y hardware
Distribuidores internacionales	12	Expansión del mercado global

Aerovironment, Inc. (AVAV) - Modelo de negocio: segmentos de clientes

Departamento de Defensa de los Estados Unidos

A partir de 2023, Aerovironment ha asegurado $ 312.4 millones En premios de contrato de defensa. Los sistemas de drones primarios incluyen Raven, WASP y Switchblade.

Categoría de contrato de defensa	Valor de contrato
Sistemas aéreos tácticos no tripulados	$ 187.6 millones
Sistemas de munición merodeadores	$ 94.8 millones
Inteligencia, vigilancia, reconocimiento	$ 30 millones

Contratistas militares y de defensa

Bases globales de clientes militares 28 países con ventas internacionales representando 24% de ingresos totales de defensa.

• Aliados de la OTAN: 12 países
• Socios del Medio Oriente: 8 países
• Región de Asia-Pacífico: 8 países

Empresas de tecnología agrícola

El segmento del mercado de drones agrícolas genera aproximadamente $ 67.3 millones anualmente.

Aplicación de drones agrícolas	Penetración del mercado
Monitoreo de cultivos	42%
Agricultura de precisión	35%
Pulverización	23%

Organizaciones de inspección de infraestructura

El segmento del mercado de inspección de infraestructura genera $ 53.7 millones en ingresos anuales.

• Inspecciones de infraestructura energética
• Monitoreo de la línea de servicios públicos
• Encuestas de línea de tuberías y transmisión

Mercados de energía renovable y vehículos eléctricos

Segmento del mercado emergente con $ 22.5 millones en ingresos anuales proyectados para 2024.

Subsector de mercado	Contribución de ingresos
Inspecciones de granja solar	$ 12.3 millones
Inspecciones de turbinas eólicas	$ 6.7 millones
Infraestructura de carga de vehículos eléctricos	$ 3.5 millones

Aerovironment, Inc. (AVAV) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Aerovironment reportó gastos de I + D de $ 93.6 millones, lo que representa el 11.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 93.6 millones	11.8%
2022	$ 85.2 millones	10.5%

Equipo de fabricación avanzado

Los gastos de capital para equipos de fabricación en 2023 totalizaron $ 24.3 millones.

• Equipo de fabricación de drones de precisión
• Líneas de ensamblaje automatizadas
• Pruebas avanzadas y sistemas de control de calidad

Fuerza laboral de ingeniería calificada

Los costos totales de personal para la fuerza laboral de ingeniería en 2023 fueron de $ 187.4 millones.

Categoría de empleado	Número de empleados	Compensación promedio
Personal de ingeniería	1,042	$180,000
Apoyo técnico	412	$95,000

Gestión de la cadena de suministro compleja

La cadena de suministro y los gastos de logística para 2023 ascendieron a $ 62.7 millones.

• Abastecimiento de componentes globales
• Gestión de inventario
• Logística internacional

Gastos de cumplimiento y certificación

Los costos de cumplimiento regulatorio para 2023 fueron de $ 17.5 millones.

Categoría de cumplimiento	Gastos
Certificaciones de la FAA	$ 8.2 millones
Cumplimiento del contrato de defensa	$ 6.3 millones
Cumplimiento regulatorio internacional	$ 3.0 millones

Aerovironment, Inc. (AVAV) - Modelo de negocios: flujos de ingresos

Ventas del sistema de drones militares

En el año fiscal 2023, Aerovironment reportó $ 457.7 millones en ingresos del segmento de sistemas de aviones no tripulados (UAS), con contribuciones significativas de las ventas de drones militares.

Sistema de drones	Volumen de ventas anual	Precio unitario promedio
Raven RQ-11b	2.500 unidades	$35,000
PUMA AE	1.200 unidades	$250,000
Misil táctico switchblade	800 unidades	$180,000

Contratos de defensa gubernamental

En 2023, Aerovironment obtuvo $ 612.3 millones en valor total del contrato de defensa, con contratos clave del Departamento de Defensa de los EE. UU.

• Contrato del Ejército de EE. UU.: $ 287.5 millones
• Contrato del Cuerpo de Marines de EE. UU.: $ 164.2 millones
• Ventas militares internacionales: $ 160.6 millones

Licencias de tecnología de drones comerciales

La licencia de tecnología de drones comerciales generó $ 42.5 millones en ingresos para el año fiscal 2023.

Categoría de licencias	Ganancia
Tecnología de drones agrícolas	$ 18.3 millones
Drones de inspección industrial	$ 14.7 millones
Investigación & Licencia de desarrollo	$ 9.5 millones

Soluciones de infraestructura de carga de vehículos eléctricos

El segmento de infraestructura de carga EV generó $ 89.6 millones en ingresos para 2023.

• Estaciones de carga comercial: $ 62.3 millones
• Soluciones de carga residencial: $ 27.3 millones

Servicios continuos de mantenimiento y soporte

Los servicios de mantenimiento y soporte contribuyeron con $ 76.4 millones a los ingresos totales en el año fiscal 2023.

Categoría de servicio	Ingresos anuales
Mantenimiento del sistema de drones	$ 45.2 millones
Actualizaciones y soporte de software	$ 21.6 millones
Servicios de capacitación	$ 9.6 millones

AeroVironment, Inc. (AVAV) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose AeroVironment, Inc. (AVAV) right now, late in 2025. It's all about proven capability and rapid technological expansion across domains. The numbers show a company that's delivering on massive contracts while simultaneously building out next-generation tech.

The value proposition starts with delivering battle-proven, autonomous, and integrated multi-domain solutions. AeroVironment, Inc. is positioned as a defense technology leader providing integrated capabilities across air, land, sea, space, and cyber. This is backed by a significant financial commitment from the customer base; total bookings for fiscal year 2025 hit a record $1.2 billion. Furthermore, the funded backlog at the end of that fiscal year stood at $726 million, which is an 82% increase year-over-year. Honestly, that backlog growth signals deep customer confidence in their integrated approach.

For precision strike and ISR (Intelligence, Surveillance, Reconnaissance) capabilities, the Switchblade loitering munition system is a clear anchor. This combat-proven system is part of a 5-year Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Army, which has a ceiling value of $990 million. Just recently, the third delivery order on that contract was for $288 million. The value here is in the system's next-generation features, like the high-resolution EO/IR panning camera suite on the Block 20 variant, which helps operators with targeting and situational awareness. The market is responding, too; revenue from the Loitering Munitions Systems segment increased 87% year-over-year in the fourth quarter of fiscal 2025.

The commitment to a rapid innovation cycle is evident in their new platforms. Take the Red Dragon unmanned aircraft system (UAS), for example. It's a fully autonomous, software-defined system designed specifically for one-way attack missions where GPS is denied. This system is built on the AVACORE shared software architecture, which is key because it enables rapid development and scalable manufacturing-they are evolving at the speed of software. This focus on R&D is also seen in the $499 million, 10-year IDIQ contract awarded by the U.S. Air Force Research Laboratory (AFRL) for the HELMSSMAN program, which included two initial task orders valued at $246 million.

AeroVironment, Inc. has substantially expanded its portfolio through strategic moves, notably completing the BlueHalo acquisition, which added capabilities across space, cyber, and directed energy. This isn't just talk; they are actively securing contracts in these new areas. They recently announced a nearly $240 million order for long-haul laser communications terminals, which will be deployed on orbit. This positions them to deliver high-bandwidth data exchange across LEO, MEO, and GEO orbits. Starting in fiscal year 2026, the company is formally structuring itself around two segments: Autonomous Systems (AXS) and Space, Cyber, and Directed Energy (SCDE).

Finally, the reliability in contested environments is a core offering. The Red Dragon is engineered to operate effectively in denied, disrupted, intermittent, and low-bandwidth (DDIL) conditions without continuous operator input or satellite navigation. Similarly, their new space-based laser communication terminals have demonstrated reliable space-to-space crosslink capabilities while managing the challenges of space, such as jitter, extreme temperatures, and the absence of atmosphere. You can see the overall financial health supporting this development: Q4 fiscal 2025 revenue hit $275.1 million, a 40% jump from the prior year.

Here's a quick look at how some of these key offerings translate into recent contract wins and scale:

Value Proposition Area	Specific System/Program	Associated Real-Life Number/Amount
Battle-Proven Solutions	Total FY2025 Bookings	$1.2 billion
Precision Strike/ISR	Switchblade U.S. Army Contract Ceiling	$990 million
Rapid Innovation (R&D)	HELMSSMAN AFRL Contract Value	$499 million
Expanded Portfolio (Space)	Long-Haul Laser Comms Order	Nearly $240 million
High Reliability/Contested Ops	FY2025 Funded Backlog	$726 million

If onboarding takes 14+ days, churn risk rises, but for AeroVironment, Inc., the speed of fielding seems to be a key part of their value delivery, evidenced by their ability to continue fulfilling that monumental Switchblade contract.

AeroVironment, Inc. (AVAV) - Canvas Business Model: Customer Relationships

You're looking at how AeroVironment, Inc. manages its core customer base, which is heavily weighted toward government and defense agencies. This relationship structure is built on deep integration and long-term commitments, which is typical for defense prime contractors.

The customer concentration is significant, with the U.S. Army accounting for 47% of sales under the Department of Defense (DoD) umbrella. When you add other U.S. government subcontractors and agencies, that total dependency on U.S. government business hits 80% of revenues. Foreign and commercial consumers make up the remaining 20%. This concentration necessitates dedicated, high-touch account management to navigate the specific procurement cycles and requirements of these primary clients.

The long-term, consultative relationships are cemented through large, multi-year contract vehicles. For instance, a multi-year Indefinite Delivery/Indefinite Quantity (IDIQ) award from the U.S. Army is valued at nearly $1 billion, specifically designed to allow for the easy conversion of requirements into funded backlog. This structure provides excellent revenue visibility, which is reflected in the balance sheet metrics as of April 30, 2025:

Metric	Value as of April 30, 2025	Comparison/Context
FY2025 Total Bookings	$1.2 billion	Record level for the fiscal year
Funded Backlog	$726.6 million	Up 82% from $400.2 million as of April 30, 2024
International Revenue Share (FY2025)	52% of total revenue	Driven by systems like Switchblade
UGV Contract with Germany	41 Uncrewed Ground Vehicles	Deliveries scheduled from summer 2025 through 2027

Training and field support services are a necessary component of maintaining deployed systems, though this area saw some margin pressure. For the fourth quarter of fiscal 2025, service gross margin was down by $2.3 million year-over-year, and full-year adjusted service gross margins declined by 6%. Still, the need for ongoing support reinforces the long-term nature of these customer ties.

Management of these relationships is clearly tied to contract execution and international expansion. You see this in specific international wins:

• Switchblade orders received from eight different nations.
• Negotiations active with eight additional nations for Switchblade.
• JUMP 20 platform secured an initial $46 million international contract with Italy.

However, even with strong backlog growth, the reliance on government funding carries near-term risks. As of January 25, 2025, a Department of the Army stop-work order impacted approximately $13 million of funded backlog. This highlights the need for dedicated account management to resolve such issues quickly; the company is definitely managing complex government dynamics.

Finance: draft 13-week cash view by Friday.

AeroVironment, Inc. (AVAV) - Canvas Business Model: Channels

You're looking at how AeroVironment, Inc. gets its advanced robotic systems into the hands of its core customers. The channel strategy is heavily concentrated on government entities, which is typical for this defense technology space.

The primary routes to market are direct engagement with the U.S. Federal Government and structured sales to international allies. For the fiscal year ended April 30, 2025, AeroVironment, Inc. achieved total GAAP revenue of $820.6 million.

The distribution of this revenue across customer types highlights the reliance on government channels:

• - Direct sales to the U.S. Department of Defense (DoD) represent a significant portion, with the U.S. Army component alone accounting for 47% of sales under the DoD umbrella in one reported breakdown for FY2025.
• - Other U.S. government subcontractors and agencies accounted for an additional 33% of revenues in that same breakdown.
• - Direct sales to international allied governments were substantial, with international revenue making up 52% of the total FY2025 revenue.
• - AeroVironment, Inc. acts as a prime contractor for integrated defense solutions, delivering unmanned aircraft systems, loitering munitions systems, and related services.

The international channel is clearly a major growth engine. For instance, Switchblade orders were secured from eight different nations, and negotiations were active with eight more as of the end of FY2025. This international focus is also seen in major contract wins, such as the sole-source contract with the Danish military for JUMP 20 UAS, valued up to $181 million over 10 years.

Here's a look at the reported customer revenue mix for a portion of the fiscal year 2025:

Customer Group	Reported Percentage of Revenue (FY2025 Context)	Key Activity/Note
U.S. Department of Defense (US Army Portion)	47%	Largest single component of sales under the DoD
Other U.S. Government (Subcontractors/Agencies)	33%	Sales to other federal agencies
International Allied Governments (Total International Revenue)	52%	Total international revenue share of FY2025 total revenue
Foreign & Commercial Consumers (Alternative Breakdown)	20%	This figure represents a different segmentation view

The Foreign Military Sales (FMS) programs are a critical part of the international channel, though they can face timing uncertainties. For example, a stop-work order impacting certain FMS contracts funded by the U.S. government via foreign military financing amounted to roughly $13 million in bookings that were expected to ship in Q4 of FY2025.

The company also secured a massive domestic contract, the U.S. Army IDIQ contract for Switchblade products and services, valued at nearly $1 billion, which flows through the direct U.S. government channel.

It's important to note the shift in geographic focus within the international segment; shipments related to Ukraine represented only 17% of revenues for fiscal year 2025, a significant drop from 38% the prior fiscal year, showing the diversification of the FMS pipeline.

Finance: draft 13-week cash view by Friday.

AeroVironment, Inc. (AVAV) - Canvas Business Model: Customer Segments

You're looking at the core customer base for AeroVironment, Inc. as of the close of fiscal year 2025, which ended April 30, 2025. The total revenue for that fiscal year hit a record of $821 million.

The customer segments are heavily weighted toward government and defense entities, which is clear when you look at the revenue distribution and major contract wins from that period.

Customer Segment Focus	Key Metric/Data Point (FY2025)	Associated Value/Amount
U.S. Department of Defense (DoD)	Estimated Revenue Share (U.S. Army)	47%
Allied International Governments	Percentage of Total Revenue	52%
Allied International Governments	Number of Nations with Switchblade Orders	Eight
U.S. Government Agencies/Public Safety	Revenue Share (Other U.S. Gov Agencies/Subcontractors)	33%
U.S. Department of Defense (Army)	Value of Largest Single Contract (IDIQ)	Nearly $1 billion (Five-year term)
International Governments (Europe)	Revenue Share from Non-Ukraine European Customers	Over 24%

The business model relies on deep integration with the U.S. military structure, but international sales are a massive and growing component of the top line. The acquisition of BlueHalo in Q4 FY2025 also expanded the customer set into space, cyber, and directed energy domains, which will feed into the FY2026 revenue guidance of $1.9 billion to $2.0 billion.

Here are the specific customer reach details based on FY2025 activity:

• Total FY2025 Bookings reached a record $1.2 billion.
• The funded backlog ended FY2025 at $726 million, an 82% jump year-over-year.
• Negotiations were active with an additional eight nations for Switchblade systems.
• Loitering Munitions Systems (LMS) revenue grew 83% to $352 million for the full fiscal year 2025.
• Defense Prime Contractors are served as AeroVironment supplies key subsystems, evidenced by the growth in the MacCready Works segment, which increased 24% in Q4 FY2025.

AeroVironment, Inc. (AVAV) - Canvas Business Model: Cost Structure

You're looking at the cost structure for AeroVironment, Inc. (AVAV) as of late 2025, right after integrating the BlueHalo acquisition. This structure is heavily weighted toward future capability, meaning a lot of money goes out the door before the revenue is fully recognized.

High Research and Development (R&D) investment is the company's DNA, keeping its product line ahead in the unmanned systems and loitering munitions space. For the fiscal year ended April 30, 2025, R&D expenditure totaled $100.7 million, which represented about 12% of the total fiscal year revenue of $820.6 million. This investment level is a constant pressure point on near-term GAAP profitability, though management views it as essential for long-term contract wins.

The Cost of Goods Sold (COGS) is derived from the reported gross profit figures. For the full fiscal year 2025, AeroVironment, Inc. reported Total Gross Profit of $319 million on Total Revenue of $820.6 million. This implies a COGS of approximately $501.6 million for the year. The gross margin percentage can fluctuate based on product mix; for instance, the fourth quarter of fiscal 2025 saw the gross margin fall to 36% from 38% in the prior year period, partly due to an accelerated intangible amortization charge.

The recent acquisition of BlueHalo, which closed on May 1, 2025, immediately introduced Significant amortization of acquired intangibles into the cost base. While the company could not provide a precise GAAP estimate for the full fiscal year 2025 due to the complexity and timing of the BlueHalo valuation, specific quarterly impacts are visible. For example, the fourth quarter of fiscal 2025 included an accelerated intangible amortization expense of $4.6 million related to the Uncrewed Ground Vehicle business unit impairment analysis.

Labor costs for specialized engineering and technical staff are a major, non-COGS operating expense, supporting both R&D and the specialized manufacturing required for defense contracts. While a total annual figure wasn't explicitly broken out in the search results, the increase in Selling, General & Administrative (SG&A) expenses hints at increased headcount and associated costs following strategic moves.

SG&A expenses saw notable increases driven by integration activities. The fourth quarter of fiscal 2025 saw an SG&A increase of $8.6 million year-over-year, which included $5.2 million in acquisition-related costs for BlueHalo. To give you a sense of the ramp-up, the third quarter of fiscal 2025 already showed an SG&A increase of $16.0 million, containing $10.1 million in expenses related to the expected acquisition.

Here's a look at the key financial components for the fiscal year ended April 30, 2025, and the related quarterly impacts:

Cost Component / Metric	FY 2025 Full Year Amount (USD Millions)	Relevant Quarterly Impact (Q4 FY2025)
Total Revenue	$820.6	$275.1 (Q4 Revenue)
Total Gross Profit	$319	$100.3 (Q4 Gross Profit)
Implied COGS	$501.6 (Calculated)	N/A
R&D Expense	$100.7	R&D expense decreased by $10.2 million year-over-year in Q4
SG&A Expense Increase (Y/Y)	Not Available (Total)	Increase of $8.6 million in Q4
Acquisition-Related Costs (Included in SG&A)	Not Available (Total)	$5.2 million increase in Q4
Intangible Amortization Expense (Impact)	Not Available (Total GAAP)	Accelerated charge of $4.6 million in Q4

You can see the cost structure is dynamic. The company booked a record $1.2 billion in total orders during fiscal year 2025, which will drive future COGS and service revenue, but the upfront costs, especially R&D and integration expenses, are what you see hitting the income statement now. Finance: draft 13-week cash view by Friday.

AeroVironment, Inc. (AVAV) - Canvas Business Model: Revenue Streams

You're looking at how AeroVironment, Inc. actually brings in the money, which, as of late 2025, is heavily weighted toward product sales, especially from defense contracts. The total revenue for the fiscal year ending April 30, 2025, hit $820.6 million. This is a significant jump, showing strong demand for their autonomous systems.

The revenue streams flow primarily from the sale of hardware and related services across their main operating segments. Product sales are the engine here, covering Uncrewed Aerial Systems (UAS) like Puma and JUMP 20, Loitering Munitions Systems (LMS) like Switchblade, and Ground Robots (UGV), although the UGV business saw some negative impact on amortization this year.

Here's how the main segments contributed to that $820.6 million in FY2025 revenue:

Segment	FY2025 Revenue (Approximate)	Key Driver/Note
Loitering Munitions Systems (LMS)	$352 million	Key growth driver, fueled by Switchblade demand.
Uncrewed Systems (UxS)	$382 million	Largest segment, led by Puma and JUMP 20 platforms.
MacCready Works (MW)	Remainder (Approx. $86.6 million)	Impacted by delayed U.S. government approval timing in parts of the year.

The Loitering Munitions Systems (LMS) segment brought in $352 million in FY2025, marking an 83% increase year-over-year. That's serious momentum, especially with the U.S. Army's nearly $1 billion IDIQ contract for Switchblade products and services. Conversely, the Uncrewed Systems (UxS) segment posted $382 million in FY2025. For context, in the fourth quarter alone, UxS revenue was $112.6 million, with Puma products making up over 50% of that segment's revenue.

Service Revenue is the second component of the revenue mix, covering training, maintenance, and field support for these complex systems. While product sales drive the top-line growth, service revenue provides a steadier, recurring element, though it can be more volatile quarter-to-quarter. For instance, service gross margin was noted as being lower in Q4 FY2025 compared to the prior year.

AeroVironment, Inc. secures these sales through various contract structures common in defense contracting. You'll see revenue recognized under both Firm Fixed Price (FFP) and Cost Plus Fixed Fee (CPFF) contracts. The structure of the contract dictates how revenue is recognized over the performance period, which is critical for forecasting. The company ended the year with a funded backlog-remaining performance obligations under firm orders-of $726.6 million as of April 30, 2025. That backlog represents near-term revenue visibility.

The total bookings for the full fiscal year 2025 reached a record $1.2 billion. That's the total value of firm orders entered into during the year, which translates directly into future revenue recognition across these product and service streams.

Finance: draft 13-week cash view by Friday.