AeroVironment Inc reported a 32% increase in revenues in Q2, but downgraded the full-year outlook of its earnings, according to a press release by AeroVironment on Tuesday.
- The increase in revenue shows an increase in service revenue of $23.9 million and product sales of $5.5 million.
- The gross margin of the Arlington-based company increased by 4% to $42.5 million in the second quarter, from a gross margin of $40.9 million, the prior year.
- Meanwhile, the income from operations for Q2 dropped by $10.6 million to $3.3 million, largely attributable to an increase in selling, general, and administrative expenses of $9.8 million.
- For full-year 2022, AeroVironment reduced its expectations and now anticipates revenue of between $440M and $460M and a net loss of between $12M and $8M.
The negative impact from supply chain delays, prolonged procurement cycles, staffing shortages, and slower decision-making in Washington weighed down the outlook. AVAV down -27.48%