The strong beat and positive guidance confirm the defense tech growth story, but watch for cash burn (-$10.4M operating cash flow) and backlog conversion. Expect positive momentum near-term; monitor Q2 for sustained execution.
Price Chart
Executive Summary
AEVEX reported Q1 2026 revenue of $216.7M (+307% YoY) and GAAP EPS of $0.22, significantly beating consensus estimates of $201.0M and $0.17. The company turned profitable with net income of $21.0M vs a loss of $27.3M a year ago, and initiated FY2026 guidance of $600-620M revenue and $88-94.5M Adjusted EBITDA.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $216.7M, up 307% YoY from $53.3M, beating $201M consensus
- GAAP EPS $0.22 vs $0.17 consensus, a 29% beat; net income of $21.0M vs loss of $27.3M
- Tactical Systems revenue surged 548% to $190.8M, driving profitability
- FY2026 guidance: revenue $600-620M, Adjusted EBITDA $88-94.5M
- Funded backlog $356.6M, down from $503.1M due to revenue recognition on EUCOM Deep Strike program
Financial Impact
Revenue beat by $15.7M (+7.8%) and EPS beat by $0.05 (+29%) against consensus
Risk Factors
- Customer concentration: 73.9% of backlog from U.S. Government
- Funded backlog decreased 29% QoQ, though explained by revenue recognition
- Negative operating cash flow of -$10.4M in Q1
- Dependence on large program wins and government budget cycles
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002096300-26-000011 |
| Document: avex-20260520.htm | 0002096300-26-000011 |
| Document: 0002096300-26-000011-index-headers.html | 0002096300-26-000011 |
| Document: 0002096300-26-000011-index.html | 0002096300-26-000011 |
| Document: 0002096300-26-000011.txt | 0002096300-26-000011 |
| 8-K Data (Synthetic) | 0002096300-26-000011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $11.14 | awaiting T+1 | — | $11.02 (−1.03%) |
Aug 12, 2026 10w ago | 8-K | $20.89 $21.54 | ▲ +3.11% | ▲ +3.31% | $11.02 (−47.22%) |
Jun 5, 2026 20w ago | 8-K | $23.01 $22.20 | ▼ −3.52% | ▼ −3.23% | $11.02 (−52.09%) |
Jun 4, 2026 20w ago | EFFECT | $24.61 $22.87 | ▼ −7.07% | ▼ −4.47% | $11.02 (−55.20%) |
Jun 1, 2026 21w ago | S-1 | $32.44 $27.66 | ▼ −14.73% | ▼ −14.01% | $11.02 (−66.01%) |
May 20, 2026 22w ago | 8-K | $26.72 $26.82 | ▲ +0.37% | ▼ −0.07% | $11.02 (−58.74%) |
Apr 24, 2026 26w ago | 8-K | $33.95 $29.90 | ▼ −11.93% | ▼ −11.44% | $11.02 (−67.53%) |
Apr 20, 2026 27w ago | 8-K | $35.99 $30.17 | ▼ −16.17% | ▼ −17.19% | $11.02 (−69.37%) |
Apr 17, 2026 27w ago | 3 | $33.41 $35.99 | ▲ +7.72% | ▲ +8.38% | $11.02 (−67.00%) |
Apr 17, 2026 27w ago | 3 | $33.41 $35.99 | ▲ +7.72% | ▲ +8.38% | $11.02 (−67.00%) |
US Market Status
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