Euro tumbles after unexpected resignation of new French Prime Minister
ARLINGTON, Va. - AeroVironment, Inc. (NASDAQ:AVAV), a defense technology company with a market capitalization of $15.7 billion and impressive revenue growth of 44% over the last twelve months, has secured a 10-year, $499 million contract from the U.S. Air Force Research Laboratory to develop materials that protect warfighters from harmful electromagnetic radiation, the company announced Wednesday.
The single-award, indefinite-delivery/indefinite-quantity contract for the High-Performance Electromagnetic Spectrum Survivable Materials Advancement program includes two initial task orders valued at $246 million. According to InvestingPro data, AeroVironment maintains a strong financial position with liquid assets exceeding short-term obligations and operates with a moderate level of debt.
The first task order, worth $98 million, focuses on developing vision protection materials against electromagnetic spectrum threats. The second task order, valued at $148 million, involves researching how electromagnetic sources impact U.S. materials and systems, and developing mitigation options.
Work under the contract is scheduled to begin this month at the company’s Dayton, Ohio facility, where AeroVironment’s Advanced Research and Development team specializes in developing hardened, adaptive materials to protect military personnel and equipment.
"We have demonstrated unique strengths in managing and executing strategic research programs," said Dr. John Hogan, Vice President of Advanced Research and Development at AeroVironment, in a press release statement.
The company will conduct research, testing, evaluation, prototyping and demonstration of technologies related to vision protection materials and electromagnetic spectrum resilience. AeroVironment has previously supported the Air Force Research Laboratory through the development of laser-hardened materials and electronic warfare solutions.
The defense technology provider specializes in autonomous systems, loitering munitions, counter-UAS technologies, and directed energy systems for military applications. InvestingPro analysis shows strong momentum in the company’s performance, with the stock trading near its 52-week high and analysts expecting sales growth in the current year. For deeper insights into AVAV’s growth potential and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, AeroVironment has been actively making strides in various areas. The company has received continued support from Cantor Fitzgerald and Raymond James, with both firms reiterating their positive ratings. Cantor Fitzgerald maintained an Overweight rating with a price target of $335, while Raymond James reiterated a Strong Buy rating with a target of $348. AeroVironment has also introduced new enhancements to its Puma LE drone, adding a laser target designator and a universal gimbal kit, enhancing its capabilities beyond reconnaissance.
In leadership changes, AeroVironment appointed Johnathan Jones as Senior Vice President of Cyber and Mission Solutions. Jones brings over two decades of experience and will oversee the strategic direction of the CMS division. Additionally, AeroVironment secured a contract with the U.S. Space Force to deliver BADGER phased array antenna systems, marking a significant step in the Satellite Communication Augmentation Resource program. These developments highlight AeroVironment’s ongoing efforts to expand its technological capabilities and maintain strong industry partnerships.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.