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Call sheet · Q1'27

AeroVironment (AVAV)

Q1'27 earnings call · held September 9, 2026 · compared with the Q4'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
The order opportunity is credible, but stronger adjusted EPS overstates improvement in operating earnings: adjusted EBITDA declined, acquired sales exceeded reported growth, and collections financed a substantial inventory build. The investment case now needs production economics and repeatable cash conversion to catch up with backlog-not another increase in aspirational franchise values. Annual commitments remain open. [1][3][5]

What changed this quarter

MetricQ4'26Q1'27Change
Revenue$454.676 million, Q1 FY2026$480.490 million, Q1 FY2027Up 5.7%; disclosed ESAero contribution exceeds total growth. [5]
GAAP net income / diluted EPSLoss $67.370 million / loss $1.44Loss $5.066 million / loss $0.10Loss narrows; purchase accounting and financing comparisons matter. [3][5]
Management-adjusted EBITDA / EPS$56.556 million / $0.32$53.389 million / $0.59EBITDA declines 5.6%; EPS increases 84.4%. [3][5]
Quarterly operating cash flow / derived FCFNegative $123.726 million / negative $155.794 million$13.496 million / negative $35.954 millionFCF subtracts equipment and capitalized software; these are quarterly, also Q1 YTD, amounts. [3]
Funded backlog$1,183.0 million, April 30, 2026$1,457.8 million, August 1, 2026Up 23.2% sequentially, distinct from the reported 37% year-over-year increase. [4][5]

Accountability tracked

4 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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