0001558370-24-012587 | 10-Q | XBRL Viewer

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Organization and Significant Accounting Policies - Contract Estimates (Details)	3 Months Ended
	Jul. 27, 2024 USD ($) contract	Jul. 29, 2023 USD ($) contract	Apr. 30, 2024 USD ($)
Material adjustment to any one contract	$ 0	$ 0
Amount of revised aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods	$ 0	$ 0
Number of active contracts \| contract	1	1
Forward Loss Reserve	$ 496,000		$ 374,000
LMS
Material adjustment to any one contract	$ 0	$ 0
Number of active contracts	1	1

Pension

3 Months Ended

Jul. 27, 2024

Pension

Pension

17. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies that were taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2024.

The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2024. The net fair value of plan assets (in thousands) is recorded in other assets on the unaudited condensed consolidated balance sheet.


	April 30,
	2024
	(In thousands)
Projected benefit obligation	$	(3,246)
Fair value of plan assets		3,636
Funded status of the plan	$	390

The projected benefit obligation includes assumptions of a discount rate of 3.9% and pension increase for in-payment benefits of 2.5% for July 27, 2024 and April 30, 2024. The accumulated benefit obligation is approximately equal to the Company’s projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the plan in the fiscal year ending April 30, 2025. The Company assumed expected return on plan assets of 2.9% for July 27, 2024 and April 30, 2024.

Expected benefit payments as of April 30, 2024 (in thousands):


2025	$	188
2026		192
2027		195
2028		197
2029		199
2030-2034		1,014
Total expected benefit payments	$	1,985

Net periodic benefit cost (in thousands) is recorded in interest expense, net.


	Three Months Ended
	July 27,		July 29,
	2024		2023
	(In thousands)		(In thousands)
Expected return on plan assets	$	—	$	—
Interest cost		28		30
Actuarial gain		—		—
Net periodic benefit cost	$	28	$	30

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Goodwill

3 Months Ended

Jul. 27, 2024

Goodwill.

Goodwill

8. Goodwill

The following table presents the changes in the Company’s goodwill balance by segment (in thousands):


	UxS		LMS		MW		Total
Balance at April 30, 2024	$	256,398	$	—	$	19,254	$	275,652
Change to goodwill		280		—		—		280
Balance at July 27, 2024	$	256,678	$	—	$	19,254	$	275,932

The UxS segment includes goodwill from the acquisitions of Pulse Aerospace, LLC (“Pulse”), Arcturus UAV, Inc. (“Arcturus”), Telerob, Planck and Tomahawk acquisitions. The goodwill change to UxS is attributable to the Telerob acquisition recorded in Euros and translated to U.S. dollars at each reporting date. The MW segment includes goodwill from the purchase of certain assets of Intelligent Systems Group business segment (“ISG”) of Progeny Systems Corporation.

The estimated fair value of the MUAS reporting unit, the renamed Arcturus acquisition included in the UxS reportable segment, does not substantially exceed its carrying value due to the impairment recorded during the fourth quarter ended April 30, 2023. The fair value of the MUAS reporting unit exceeded its carrying value by 10% as of January 28, 2024, the date of the most recent annual goodwill impairment test. Fair value determinations utilized in the quantitative goodwill impairment test require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires the Company to make assumptions and estimates regarding future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates, and other market factors. Estimated future annual net cash flows based in part upon the Company’s ability to obtain contracts from the U.S. Department of Defense and foreign allied nations and negotiate the estimated pricing are considered the most significant, sensitive assumptions. If current expectations of future growth rates and margins are not met, if market factors outside of the Company’s control, such as discount rates, income tax rates, or inflation, change, or if management’s expectations or plans otherwise change, including updates to long-term operating plans, then the MUAS reporting unit goodwill may become impaired in the future. Accordingly, the MUAS reporting unit is considered at an increased risk of failing future quantitative goodwill impairment tests. The MUAS reporting unit has a goodwill balance of $135,774,000 as of July 27, 2024. During the most recent annual impairment test during the fourth quarter of fiscal year 2024, the estimated fair value of all reporting units, other than MUAS, substantially exceeded their carrying value.

As of July 27, 2024, the company has not identified any events or circumstances that could trigger an impairment review prior to the Company’s annual impairment test. The annual impairment test for the fiscal year ending April 30, 2025 will be performed during the fourth quarter. The intangibles included in the MUAS reporting unit of $12,771,000 as of July 27, 2024 will also be evaluated for potential impairment during the fourth quarter.

Organization and Significant Accounting Policies - (Details)	3 Months Ended
	Jul. 27, 2024 USD ($) segment	Apr. 30, 2024 USD ($)
Organization and Significant Accounting Policies
Costs to fulfill future performance obligations	$ 4,396,000
Number of Reportable Segments \| segment	3
Reserves for Incurred Cost Claim Audits	$ 0	$ 0

Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Segments (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Jul. 29, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 8,852	$ 6,951
Product segments
Segment Reporting Information [Line Items]
Revenue	189,483	152,347
Segment adjusted gross margin	85,181	68,057
Depreciation and amortization	8,852	6,951
Product segments \| Product sales
Segment Reporting Information [Line Items]
Revenue	159,504	119,471
Product segments \| Contract services
Segment Reporting Information [Line Items]
Revenue	29,979	32,876
UMS \| Product segments
Segment Reporting Information [Line Items]
Revenue	119,976	98,207
Segment adjusted gross margin	67,252	50,426
Depreciation and amortization	6,901	5,153
UMS \| Product segments \| Product sales
Segment Reporting Information [Line Items]
Revenue	112,301	93,231
UMS \| Product segments \| Contract services
Segment Reporting Information [Line Items]
Revenue	7,675	4,976
LMS \| Product segments
Segment Reporting Information [Line Items]
Revenue	51,973	30,917
Segment adjusted gross margin	13,272	12,323
Depreciation and amortization	800	559
LMS \| Product segments \| Product sales
Segment Reporting Information [Line Items]
Revenue	47,180	25,325
LMS \| Product segments \| Contract services
Segment Reporting Information [Line Items]
Revenue	4,793	5,592
MW \| Product segments
Segment Reporting Information [Line Items]
Revenue	17,534	23,223
Segment adjusted gross margin	4,657	5,308
Depreciation and amortization	1,151	1,239
MW \| Product segments \| Product sales
Segment Reporting Information [Line Items]
Revenue	23	915
MW \| Product segments \| Contract services
Segment Reporting Information [Line Items]
Revenue	$ 17,511	$ 22,308

Accumulated Other Comprehensive Loss and Reclassifications Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Accumulated other comprehensive income
Balance as of April 30, 2024 and April 30, 2023, respectively	$ (5,592)
Change in foreign currency translation adjustments	538	$ (63)
Balance as of July 27, 2024 and July 29, 2023, respectively	(5,054)
Accumulated Other Comprehensive Income
Accumulated other comprehensive income
Balance as of April 30, 2024 and April 30, 2023, respectively	(5,592)	(4,452)
Change in foreign currency translation adjustments	538	(63)
Balance as of July 27, 2024 and July 29, 2023, respectively	$ (5,054)	$ (4,515)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Equity Method Investments

3 Months Ended

Jul. 27, 2024

Equity Method Investments

Equity Method Investments

5. Equity Method Investments

Investments in Limited Partnership Funds

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company contributed a total of $10,000,000 during the fiscal years ended April 30, 2021 and 2022, and there were no further contribution commitments to this fund as of April 30, 2022. In March 2022, the Company entered into a limited partnership agreement with a second limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company is committed to contributions totaling $20,000,000 over an expected five year period. During the fiscal year ended April 30, 2024 and 2023, the Company made total contributions of $3,074,000 and $5,778,000, respectively. During the three months ended July 27, 2024, the Company made a contribution of $1,183,000. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $9,965,000 to the fund expected to be paid over the next three fiscal years. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have significant influence when it holds more than a minor interest. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded its ownership percentage of the net gains (losses) of the limited partnerships, or $65,000 and $(21,000), respectively, in equity method investment income (loss), net of $0 tax in the unaudited condensed consolidated statements of operations, respectively. At July 27, 2024 and April 30, 2024, the carrying value of the investments in the limited partnership funds of $21,181,000 and $19,933,000, respectively, was recorded in long-term investments on the unaudited condensed consolidated balance sheet.

Investment in Altoy

On September 15, 2021, the Company entered into a Share Sale and Purchase Agreement with Toygun whereby the Company sold 35% of the common shares of Altoy to Toygun. On October 14, 2022, the company sold an additional 35% of the common shares of Altoy to Toygun. As a result of the sales, the Company decreased its interest in Altoy from 85% to 15%. The Company no longer controls Altoy, and therefore, has deconsolidated Altoy in the Company’s unaudited condensed consolidated financial statements. The Company maintains significant influence, accounts for its investment in Altoy as an equity method investment and records its proportion of any gains or losses of Altoy in equity method investment loss, net of tax. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded $0 for its ownership percentage of the net activity of Altoy in equity method investment income (loss), net of tax in the

unaudited condensed consolidated statements of operations. At July 27, 2024 and April 30, 2024, the carrying value of the investment in Altoy of $152,000 was recorded in other assets on the unaudited condensed consolidated balance sheet.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Net income	$ 21,166	$ 21,895
Other comprehensive income:
Change in foreign currency translation adjustments	538	(63)
Total comprehensive income	$ 21,704	$ 21,832

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Disaggregation of revenue
Revenue	$ 189,483,000	$ 152,347,000
Contract Liability
Disaggregation of revenue
Revenue	5,486,000	2,538,000
Domestic
Disaggregation of revenue
Revenue	66,998,000	58,126,000
International
Disaggregation of revenue
Revenue	122,485,000	94,221,000
U.S. government
Disaggregation of revenue
Revenue	148,600,000	101,348,000
Non-U.S. government
Disaggregation of revenue
Revenue	40,883,000	50,999,000
FFP
Disaggregation of revenue
Revenue	171,869,000	129,942,000
CPFF
Disaggregation of revenue
Revenue	16,231,000	21,293,000
T&M
Disaggregation of revenue
Revenue	1,383,000	1,112,000
UxS
Disaggregation of revenue
Revenue	119,976,000	98,207,000
LMS
Disaggregation of revenue
Revenue	51,973,000	30,917,000
MW
Disaggregation of revenue
Revenue	$ 17,534,000	$ 23,223,000

Customer-Funded Research & Development

3 Months Ended

Jul. 27, 2024

Customer-Funded Research & Development

Customer-Funded Research & Development

12. Customer-Funded Research & Development

Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform R&D activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales as costs are incurred. Revenue from customer-funded R&D contracts is recognized in accordance with ASC 606 over time as costs are incurred. Revenue from customer-funded R&D was approximately $18,559,000 for the three months ended July 27, 2024. Revenue from customer-funded R&D was approximately $24,383,000 for the three months ended July 29, 2023.

Leases

3 Months Ended

Jul. 27, 2024

Leases

Leases

10. Leases

The Company leases certain buildings, land and equipment. At contract inception the Company determines whether the contract is, or contains, a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are recorded in operating lease right-of-use assets, current operating lease liabilities and non-current operating lease liabilities on the unaudited condensed consolidated balance sheet.

The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of future payments and the appropriate lease classification. The Company defines the initial lease term to include renewal options determined to be reasonably certain. The Company’s leases have remaining lease terms of less than one year to seven years, some of which may include options to extend the lease for up to nine years, and some of which may include options to terminate the lease after three years. If the Company determines the option to extend or terminate is reasonably certain, it is included in the determination of lease assets and liabilities. For operating leases, the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Many of the Company’s real estate lease agreements contain incentives for tenant improvements, rent holidays, or rent escalation clauses. For tenant improvement incentives, if the incentive is determined to be a leasehold improvement owned by the lessee, the Company generally records incentive as a reduction to fixed lease payments thereby reducing rent expense. For rent holidays and rent escalation clauses during the lease term, the Company records rental expense on a straight-line basis over the term of the lease. For these lease incentives, the Company uses the date of initial possession

as the commencement date, which is generally when the Company is given the right of access to the space and begins to make improvements in preparation for intended use.

The Company does not have any material restrictions or covenants in its lease agreements, sale-leaseback transactions, land easements or residual value guarantees.

In determining the inputs to the incremental borrowing rate calculation, the Company makes judgments about the value of the leased asset, its credit rating and the lease term including the probability of its exercising options to extend or terminate the underlying lease. Additionally, the Company makes judgments around contractual asset substitution rights in determining whether a contract contains a lease.

The components of lease costs recorded in cost of sales and selling, general and administrative (“SG&A”) expense were as follows (in thousands):


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
Operating lease cost	$	2,430	$	2,184
Short term lease cost		155		385
Variable lease cost		423		513
Sublease income		—		—
Total lease costs, net	$	3,008	$	3,082

Supplemental lease information was as follows:


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,550	$	2,241
Right-of-use assets obtained in exchange for new lease liabilities	$	239	$	247

Weighted average remaining lease term		49 months		51 months
Weighted average discount rate		5.4%		4.3%

Maturities of operating lease liabilities as of July 27, 2024 were as follows (in thousands):


2025	$	8,213
2026		8,335
2027		7,649
2028		5,621
2029		4,503
Thereafter		1,628
Total lease payments		35,949
Less: imputed interest		(5,435)
Total present value of operating lease liabilities	$	30,514

Equity Method Investments (Details) - USD ($)		3 Months Ended
Equity Method Investments (Details) - USD ($)	Sep. 15, 2021	Jul. 27, 2024	Jul. 29, 2023	Apr. 30, 2024	Oct. 14, 2022
Equity Method Investments
Carrying value of investment		$ 21,181,000		$ 19,933,000
Altoy
Equity Method Investments
Percentage of shares sold	35.00%
Equity method investment (loss) income		0	$ 0
Ownership interest	85.00%				15.00%
Altoy \| Other assets, long term
Equity Method Investments
Carrying value of investment		$ 152,000		$ 152,000

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Jul. 29, 2023
Warranty Reserves
Beginning balance	$ 5,538	$ 3,642
Warranty expense	(647)	1,750
Warranty costs settled	(651)	(765)
Ending balance	$ 4,240	$ 4,627

Pension (Tables)

3 Months Ended

Jul. 27, 2024

Pension

Schedule of projected benefit obligation and fair value of plan assets


	April 30,
	2024
	(In thousands)
Projected benefit obligation	$	(3,246)
Fair value of plan assets		3,636
Funded status of the plan	$	390

Schedule of expected benefits payments

Expected benefit payments as of April 30, 2024 (in thousands):


2025	$	188
2026		192
2027		195
2028		197
2029		199
2030-2034		1,014
Total expected benefit payments	$	1,985

Schedule net periodic benefit cost (in thousands) is recorded in interest (expense) income, net

Net periodic benefit cost (in thousands) is recorded in interest expense, net.


	Three Months Ended
	July 27,		July 29,
	2024		2023
	(In thousands)		(In thousands)
Expected return on plan assets	$	—	$	—
Interest cost		28		30
Actuarial gain		—		—
Net periodic benefit cost	$	28	$	30

Leases (Details)	3 Months Ended
Leases (Details)	Jul. 27, 2024
Leases
Option to extend	true
Option to terminate	true
Option to terminate period (in years)	3 years
Minimum
Leases
Remaining lease terms (in years)	1 year
Maximum
Leases
Remaining lease terms (in years)	7 years
Option to extend period (in years)	9 years

Investments - Equity Securities (Details) - Equity securities and warrants - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Debt Securities, Available-for-Sale [Line Items]
Net loss recognized during the period on equity securities	$ (321)	$ (1,013)
Unrealized loss recognized during the period on equity securities still held at the reporting date	$ (321)	$ (1,013)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Debt - Long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - Long-term debt (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Long-term debt
Total debt	$ 17,500	$ 28,000
Less current portion	10,000	10,000
Total long-term debt, less current portion	7,500	18,000
Less unamortized debt issuance costs - term loans	712	908
Total long-term debt, net of unamortized debt issuance costs - term loans	6,788	17,092
Unamortized debt issuance costs - revolving credit facility	441	511
Term loan
Long-term debt
Total debt	$ 17,500	$ 28,000
Revolving credit facility
Long-term debt
Current period interest rate	6.90%	6.90%

Fair Value Measurements (Tables)

3 Months Ended

Jul. 27, 2024

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis

The Company’s financial assets measured at fair value on a recurring basis at July 27, 2024, were as follows (in thousands):


	Fair Value Measurement Using
			Significant
	Quoted prices in		other		Significant
	active markets for		observable		unobservable
	identical assets		inputs		inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	596	$	—	$	—	$	596
Warrants		—		110		—		110
Total	$	596	$	110	$	—	$	706

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2024, were as follows (in thousands):


	Fair Value Measurement Using
			Significant
	Quoted prices in		other		Significant
	active markets for		observable		unobservable
	identical assets		inputs		inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	937	$	—	$	—	$	937
Warrants		—		90		—		90
Total	$	937	$	90	$	—	$	1,027

Inventories, net (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Inventories, net
Raw materials	$ 59,829	$ 57,218
Work in process	51,333	53,232
Finished goods	61,169	65,618
Inventories, gross	172,331	176,068
Reserve for inventory excess and obsolescence	(28,496)	(25,900)
Inventories, net	$ 143,835	$ 150,168

Accumulated Other Comprehensive Loss and Reclassifications Adjustments (Tables)

3 Months Ended

Jul. 27, 2024

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

Schedule of components of accumulated other comprehensive loss and adjustments

The components of accumulated other comprehensive loss and adjustments are as follows (in thousands):


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
Balance as of April 30, 2024 and April 30, 2023, respectively	$	(5,592)	$	(4,452)
Change in foreign currency translation adjustments		538		(63)
Balance as of July 27, 2024 and July 29, 2023, respectively	$	(5,054)	$	(4,515)

Fair Value Measurements

3 Months Ended

Jul. 27, 2024

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:

●Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.

●Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data.

●Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability.

The Company’s financial assets measured at fair value on a recurring basis at July 27, 2024, were as follows (in thousands):


	Fair Value Measurement Using
			Significant
	Quoted prices in		other		Significant
	active markets for		observable		unobservable
	identical assets		inputs		inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	596	$	—	$	—	$	596
Warrants		—		110		—		110
Total	$	596	$	110	$	—	$	706

The Company had no financial liabilities measured at fair value on a recurring basis at July 27, 2024.

The Company’s financial assets measured at fair value on a recurring basis at April 30, 2024, were as follows (in thousands):


	Fair Value Measurement Using
			Significant
	Quoted prices in		other		Significant
	active markets for		observable		unobservable
	identical assets		inputs		inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	937	$	—	$	—	$	937
Warrants		—		90		—		90
Total	$	937	$	90	$	—	$	1,027

The Company had no financial liabilities measured at fair value on a recurring basis at April 30, 2024.

On September 12, 2022, the Company invested $5,000,000 and acquired 500,000 shares and 500,000 privately placed, redeemable warrants of Amprius Technologies, Inc. The privately placed, redeemable warrants have an exercise price of $12.50 and redemption price of $20.00. The Company measures the fair value of the privately placed, redeemable warrants using the quoted market price of the public warrants which have an exercise price of $11.50 and a redemption price of $18.00 and classifies the warrants as a level 2 fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Jul. 27, 2024

Organization and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three months ended July 27, 2024 are not necessarily indicative of the results for the full year ending April 30, 2025. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2024, included in the Company’s Annual Report on Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

The Company’s unaudited condensed consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

On September 15, 2023, the Company closed its acquisition of Tomahawk Robotics, Inc. (“Tomahawk”) pursuant to a merger agreement, and post-acquisition, Tomahawk has been incorporated into the UxS segment. The assets, liabilities and operating results of Tomahawk have been included in the Company’s unaudited condensed consolidated financial statements. Refer to Note 16—Business Acquisitions for further details.

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three months ended July 27, 2024.

Revenue Recognition

The Company’s revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products and to provide related engineering, technical and other services according to the specifications of its customers. These contracts may be firm fixed price (“FFP”), cost plus fixed fee (“CPFF”), or time and materials (“T&M”). The Company considers all such contracts to be within the scope of ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”).

Performance Obligations

A performance obligation is a promise in a contract to transfer distinct goods or services to a customer, and it is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when each performance obligation under the terms of a contract is satisfied. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its observable standalone selling price for products and services. When the standalone selling price is not directly observable, the Company uses its best estimate of the standalone selling price of each distinct good or service in the contract using the cost plus margin approach. This approach estimates the Company’s expected costs of satisfying the performance obligation and then adds an appropriate margin for that distinct good or service.

Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for additional goods and/or services that are distinct and, therefore, accounted for as new contracts.

The Company’s performance obligations are satisfied over time or at a point in time. Performance obligations are satisfied over time if the customer receives the benefits as the Company performs, if the customer controls the asset as it is being developed or produced, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for the Company’s costs incurred to date plus a reasonable margin. The contractual right to payment is generally supported by termination for convenience clauses that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit, and take control of any work in process. Revenue for LMS product deliveries, certain Tomahawk product deliveries and Customer-Funded Research and Development contracts is recognized over time as costs are incurred. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs and maintenance, training, engineering design, development and prototyping activities, and technical support services. Contract services revenue is recognized over time as services are rendered. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Contract services revenue, which historically included revenue from intelligence, surveillance, and reconnaissance (“ISR”) services, is recognized over time as services are

rendered. In accordance with ASC 606, the Company elected the right to invoice practical expedient in which if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, such as flight hours for ISR services, the entity may recognize revenue in the amount to which the entity has a right to invoice. In the past, the Company operated its MUAS in overseas locations to support U.S. military operations under ISR services contracts under a contractor-owned, contractor-operated (“COCO”) arrangement.

For performance obligations satisfied over time, revenue is generally recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with, and thereby best depict, transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts.

For performance obligations which are not satisfied over time per the aforementioned criteria above, revenue is recognized at the point in time in which each performance obligation is fully satisfied. The Company’s SUAS, MUAS, UGV product sales revenue is composed of revenue recognized on contracts for the delivery of SUAS, MUAS and UGV systems and spare parts, respectively. Revenue is recognized at the point in time when control transfers to the customer, which generally occurs when title and risk of loss have passed to the customer.

On July 27, 2024, the Company had approximately $372,904,000 of remaining performance obligations under fully funded contracts with its customers, which the Company also refers to as funded backlog. The Company currently expects to recognize approximately 85% of the remaining performance obligations as revenue in fiscal 2025 and the remaining 15% in fiscal 2026.

The Company collects sales, value added, and other taxes concurrent with revenue producing activities, which are excluded from revenue when they are both imposed on a specific transaction and collected from a customer.

Contract Estimates

Accounting for contracts and programs primarily with a duration of less than six months involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the total expected costs to complete the contract and recognizes revenue based on the percentage of costs incurred at period end. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company’s performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, materials, subcontractors’ costs, other direct costs, and indirect costs applicable on government and commercial contracts.

Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, the performance of subcontractors, and the availability and timing of funding from the customer.

The nature of the Company’s contracts gives rise to several types of variable consideration, including undefinitized contract actions which are within the scope of ASC 606 with final contract values to be negotiated, penalty fees and incentive awards generally for late delivery and early delivery, respectively. The Company generally estimates such variable consideration as the most likely amount. In addition, the Company includes the estimated variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. These estimates are based on historical award experience, anticipated performance and the Company’s best judgment at the time. Based on experience in estimating these amounts, they are included in the transaction price of the Company’s contracts and the associated remaining performance obligations.

As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, the Company regularly reviews and updates its contract-related estimates. Changes in cumulative revenue estimates, due to changes in the estimated transaction price or cost estimates, are recorded using a cumulative catch-up adjustment in the

period identified for contracts with performance obligations recognized over time. Changes in cumulative revenue estimates due to changes in the estimated transaction price are recorded using a cumulative catch-up adjustment in the period identified for contracts with performance obligations at a point in time, including undefinitized contract actions. In the period undefinitized contract actions become definitized, a cumulative catch-up adjustment is recorded to reflect the final consideration, which could have a material positive or negative impact.

If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the quarter it is identified, and it is recorded in other current liabilities. The balance of forward loss reserves as of July 27, 2024 and April 30, 2024 was $496,000 and $374,000, respectively. The Company recorded the forward loss reserves as the total estimated costs to complete the contracts are in excess of the total remaining consideration of the contracts. No adjustment on the forward loss reserve for any one contract was material to the Company’s unaudited condensed consolidated financial statements for the three months ended July 27, 2024 or July 29, 2023, respectively.

The impact of adjustments in contract estimates on the Company’s operating earnings can be reflected in either operating costs and expenses, or revenue. The aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods was not material for the three month period ended July 27, 2024 or July 29, 2023, respectively. No adjustment on any one contract was material to the Company’s unaudited condensed consolidated financial statements for the three month periods ended July 27, 2024 or July 29, 2023.

Revenue by Category

The following tables present the Company’s revenue disaggregated by segment, contract type, customer category and geographic location (in thousands):


	Three Months Ended
	July 27,		July 29,
Revenue by segment	2024		2023
UxS	$	119,976	$	98,207
LMS		51,973		30,917
MW		17,534		23,223
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue by contract type	2024		2023
FFP	$	171,869	$	129,942
CPFF		16,231		21,293
T&M		1,383		1,112
Total revenue	$	189,483	$	152,347

Each of these contract types presents advantages and disadvantages. Typically, the Company assumes more risk with FFP contracts. However, these types of contracts generally offer additional profits when the Company completes the work for less than originally estimated. CPFF contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


	Three Months Ended
	July 27,		July 29,
Revenue by customer category	2024		2023
U.S. government	$	148,600	$	101,348
Non-U.S. government		40,883		50,999
Total revenue	$	189,483	$	152,347

	Three Months Ended
	July 27,		July 29,
Revenue by geographic location	2024		2023
Domestic	$	66,998	$	58,126
International		122,485		94,221
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue percentage by recognition method	2024		2023
Over time		41%		39%
Point in time		59%		61%
Total revenue		100%		100%

Contract Balances

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits on the condensed consolidated balance sheet. In the Company’s services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, which is generally monthly, or upon the achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets recorded in unbilled receivables and retentions on the condensed consolidated balance sheet. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities recorded in customer advances on the condensed consolidated balance sheet. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements. These assets and liabilities are reported on the condensed consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. For the Company’s product revenue, the Company generally receives cash payments subsequent to satisfying the performance obligation via delivery of the product, resulting in billed accounts receivable. Changes in the contract asset and liability balances during the three month period ended July 27, 2024 were not materially impacted by any other factors. For the Company’s contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration.

Revenue recognized for the three month period ended July 27, 2024 that was included in customer advances balances as of April 30, 2024 was $5,486,000 and revenue recognized for the three month period ended July 29, 2023 that was included in customer advances balances as of April 30, 2023 was $2,538,000.

Cost to Fulfill a Contract with a Customer

The Company recognizes assets for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered in accordance with ASC 340-40 Other Assets and Deferred Costs: Contracts with Customers. The assets related to costs to

fulfill contracts with customers are capitalized and amortized over the period the related performance obligations are satisfied. As of July 27, 2024 the Company’s costs to fulfill were $4,396,000, and as of April 30, 2024, the Company’s costs to fulfill were not material.

Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. As of July 27, 2024, the Company’s CODM, the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the allocation for research and development (“R&D”). Accordingly, the Company identifies three reportable segments. Refer to Note 18—Segments for further details.

Investments

The Company’s investments are accounted for as available-for-sale and are reported at fair value. Unrealized gains and losses for debt securities are excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred income taxes for available-for-sale investments. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Investments in equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other expense, net. Management determines the appropriate classification of securities at the time of purchase and reevaluates such designation as of each balance sheet date.

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables and retentions, and accounts payable approximate cost due to the short period of time to maturity.

Government Contracts

Payments to the Company on government CPFF or T&M contracts are based on provisional, or estimated indirect rates, which are subject to an annual audit by the Defense Contract Audit Agency (“DCAA”). The cost audits result in the negotiation and determination of the final indirect cost rates that the Company may use for the period(s) audited. The final rates, if different from the provisional rates, may create an additional receivable or liability for the Company for CPFF and T&M contracts.

For example, during the course of its audits, the DCAA may question the Company’s incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. The Company’s revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at actual rates unless collectability is not reasonably assured. At July 27, 2024 and April 30, 2024, the Company had no reserve for incurred cost claim audits.

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock.

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


		Three Months Ended
	July 27, 2024		July 29, 2023
Net income	$	21,166	$	21,895
Denominator for basic earnings per share:
Weighted average common shares		27,959,692		26,088,277
Dilutive effect of employee stock options, restricted stock and restricted stock units		322,135		90,765
Denominator for diluted earnings per share		28,281,827		26,179,042

Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 72 for the three months ended July 27, 2024. Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 738 for the three months ended July 29, 2023.

Recently Issued Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses reported to the CODM. ASU 2023-07 also requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is adopted retrospectively. The Company will include the required enhanced disclosures in its Annual Report on Form 10-K for the fiscal year ending April 30, 2025.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires updates to the rate reconciliation, income taxes paid and other disclosures. The new standard is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. ASU 2023-09 is adopted retrospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements.

Debt - Future principle payments (Details) $ in Thousands	Jul. 27, 2024 USD ($)
Future principle payments
2025	$ 10,000
2026	7,500
Total	$ 17,500

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Jul. 27, 2024 USD ($)
Maturities of operating lease liabilities:
2025	$ 8,213
2026	8,335
2027	7,649
2028	5,621
2029	4,503
Thereafter	1,628
Total lease payments	35,949
Less: imputed interest	(5,435)
Total present value of operating lease liabilities	$ 30,514

Warranty Reserves (Tables)

3 Months Ended

Jul. 27, 2024

Warranty Reserves

Summary of warranty reserve activity

Warranty reserve activity is summarized as follows for the three months ended July 27, 2024 and July 29, 2023, respectively (in thousands):


	Three Months Ended
	July 27,		July 29,
	2024		2023
Beginning balance	$	5,538	$	3,642
Warranty expense		(647)		1,750
Warranty costs settled		(651)		(765)
Ending balance	$	4,240	$	4,627

Fair Value Measurements - (Details) - Recurring basis - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 596	$ 937
Warrants	110	90
Total	706	1,027
Financial liabilities measured at fair value	0	0
Quoted prices in active market for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	596	937
Total	596	937
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	110	90
Total	$ 110	$ 90

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Customer-Funded Research & Development (Details) - USD ($)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Customer-Funded Research & Development
Revenue from customer funded research and development	$ 18,559,000	$ 24,383,000

Business Acquisitions (Tables) - Tomahawk Robotics, Inc

3 Months Ended

Jul. 27, 2024

Summary of the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition

The following table summarizes the provisional allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Tomahawk. The purchase price allocation is expected to be finalized as soon as practicable within the measurement period, but not later than one year following the acquisition date (in thousands):


	September 15,
	2023
Fair value of assets acquired:
Accounts receivable	$	2,314
Unbilled receivable		993
Inventories, net		2,882
Prepaid and other current assets		148
Property and equipment, net		1,789
Operating lease assets		1,337
Other assets		71
Technology		39,000
Customer relationship		4,800
Trademarks		1,600
Deferred tax asset		2,865
Goodwill		95,414
Total identifiable net assets	$	153,213

Fair value of liabilities assumed:
Accounts payable		3,788
Wages and related accruals		620
Customer advances		1,648
Current operating lease liabilities		482
Other current liabilities		411
Non-current operating lease liabilities		855
Other non-current liabilities		7
Deferred income taxes		11,035
Total liabilities assumed		18,846
Total identifiable net assets	$	134,367

Fair value of consideration transferred:
Equity consideration	$	109,820
Cash consideration, net of cash acquired		24,157
Holdback		390
Total consideration	$	134,367

Summary of unaudited pro forma summary presents condensed consolidated information of the Company as if the business combination had occurred

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2022 (in thousands):


		Three Months Ended
		July 29,
		2023
Revenue	$	155,174
Net income	$	18,752

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 81,162	$ 73,301
Accounts receivable, net of allowance for doubtful accounts of $58 at July 27, 2024 and $159 at April 30, 2024	35,487	70,305
Unbilled receivables and retentions	219,766	199,474
Inventories, net	143,835	150,168
Income taxes receivable	338
Prepaid expenses and other current assets	19,758	22,333
Total current assets	500,346	515,581
Long-term investments	21,887	20,960
Property and equipment, net	48,071	46,602
Operating lease right-of-use assets	28,283	30,033
Deferred income taxes	41,303	41,303
Intangibles, net	67,521	72,224
Goodwill	275,932	275,652
Other assets	15,826	13,505
Total assets	999,169	1,015,860
Current liabilities:
Accounts payable	43,596	48,298
Wages and related accruals	20,413	44,312
Customer advances	10,993	11,192
Current portion of long-term debt	10,000	10,000
Current operating lease liabilities	9,428	9,841
Income taxes payable	5,597	4,162
Other current liabilities	17,331	17,074
Total current liabilities	117,358	144,879
Long-term debt, net of current portion	6,788	17,092
Non-current operating lease liabilities	21,086	22,745
Other non-current liabilities	2,123	2,132
Liability for uncertain tax positions	5,603	5,603
Deferred income taxes	673	664
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at July 27, 2024 and April 30, 2024
Issued and outstanding shares-28,206,480 shares at July 27, 2024 and 28,134,438 shares at April 30, 2024	4	4
Additional paid-in capital	598,735	597,646
Accumulated other comprehensive loss	(5,054)	(5,592)
Retained earnings	251,853	230,687
Total stockholders' equity	845,538	822,745
Total liabilities and stockholders' equity	$ 999,169	$ 1,015,860

Leases (Tables)

3 Months Ended

Jul. 27, 2024

Leases

Schedule of components of lease costs

The components of lease costs recorded in cost of sales and selling, general and administrative (“SG&A”) expense were as follows (in thousands):


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
Operating lease cost	$	2,430	$	2,184
Short term lease cost		155		385
Variable lease cost		423		513
Sublease income		—		—
Total lease costs, net	$	3,008	$	3,082

Schedule of supplemental lease information

Supplemental lease information was as follows:


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,550	$	2,241
Right-of-use assets obtained in exchange for new lease liabilities	$	239	$	247

Weighted average remaining lease term		49 months		51 months
Weighted average discount rate		5.4%		4.3%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of July 27, 2024 were as follows (in thousands):


2025	$	8,213
2026		8,335
2027		7,649
2028		5,621
2029		4,503
Thereafter		1,628
Total lease payments		35,949
Less: imputed interest		(5,435)
Total present value of operating lease liabilities	$	30,514

Investments (Tables)

3 Months Ended

Jul. 27, 2024

Investments

Schedule of investments

Investments consist of the following (in thousands):


	July 27,		April 30,
	2024		2024
Long-term investments:
Available-for-sale securities:
Equity securities and warrants		706		1,027
Total long-term available-for-sale securities investments		706		1,027
Equity method investments
Investments in limited partnership funds		21,181		19,933
Total equity method investments		21,181		19,933
Total long-term investments	$	21,887	$	20,960

Schedule of equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income


	Three Months Ended		Three Months Ended
	July 27, 2024		July 29, 2023
Net losses recognized during the period on equity securities	$	(321)	$	(1,013)
Less: Net loss recognized during the period on equity securities sold during the period		—		—
Unrealized loss recognized during the period on equity securities still held at the reporting date	$	(321)	$	(1,013)

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Jul. 29, 2023
Performance Obligations
Remaining performance obligations	$ 372,904
Remaining performance obligations (as a percentage)	100.00%	100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-30
Performance Obligations
Year of performance obligations	3 months
Remaining performance obligations (as a percentage)	85.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-30
Performance Obligations
Year of performance obligations	1 year
Remaining performance obligations (as a percentage)	15.00%

Organization and Significant Accounting Policies - Revenue percentage by recognition method (Details)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Organization and Significant Accounting Policies
Remaining performance obligations satisfied over time (as a percentage)	41.00%	39.00%
Remaining performance obligations at a point in time (as a percentage)	59.00%	61.00%
Remaining performance obligations (as a percentage)	100.00%	100.00%

Pension - Net benefit income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Pension
Interest cost	$ 28	$ 30
Net periodic benefit cost	$ 28	$ 30

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,550	$ 2,241
Right-of-use assets obtained in exchange for new lease liabilities	$ 239	$ 247
Weighted average remaining lease term	49 months	51 months
Weighted average discount rate	5.40%	4.30%

Inventories, net (Tables)

3 Months Ended

Jul. 27, 2024

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


	July 27,		April 30,
	2024		2024


Raw materials	$	59,829	$	57,218
Work in process		51,333		53,232
Finished goods		61,169		65,618
Inventories, gross		172,331		176,068
Reserve for inventory excess and obsolescence		(28,496)		(25,900)
Inventories, net	$	143,835	$	150,168

Income Taxes

3 Months Ended

Jul. 27, 2024

Income Taxes

Income Taxes

14. Income Taxes

For the three months ended July 27, 2024, the Company recorded a provision for income taxes of $1,485,000, yielding an effective tax rate of 6.6%. For the three months ended July 29, 2023, the Company recorded a provision for income taxes of $1,314,000 yielding an effective tax rate of 5.7%. The variance from statutory rates for the three months ended July 27, 2024 was primarily due to foreign-derived intangible income (“FDII”) deductions, federal R&D credits and excess tax benefits from the exercise of stock options and vesting of equity awards. The variance from statutory rates for the three months ended July 29, 2023 was primarily due to FDII deductions and federal R&D credits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

3 Months Ended

Jul. 27, 2024

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

11. Accumulated Other Comprehensive Loss and Reclassifications Adjustments

The components of accumulated other comprehensive loss and adjustments are as follows (in thousands):


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
Balance as of April 30, 2024 and April 30, 2023, respectively	$	(5,592)	$	(4,452)
Change in foreign currency translation adjustments		538		(63)
Balance as of July 27, 2024 and July 29, 2023, respectively	$	(5,054)	$	(4,515)

Debt

3 Months Ended

Jul. 27, 2024

Debt

Debt

9. Debt

In connection with the consummation of the acquisition of Arcturus, a California corporation, pursuant to a Stock Purchase Agreement with Arcturus and each of the shareholders and other equity interest holders of Arcturus, to purchase 100% of the issued and outstanding equity of Arcturus (the “Arcturus Acquisition”) on February 19, 2021, the Company, as borrower, and Arcturus, as guarantor, entered into a Credit Agreement with certain lenders, letter of credit issuers, Bank of America, N.A., as the administrative agent and the swingline lender, and BofA Securities, Inc., JPMorgan Chase Bank, N.A., and U.S. Bank National Association, as joint lead arrangers and joint bookrunners (the “Credit Agreement”).

The Credit Agreement and its associated Security and Pledge Agreement set forth the terms and conditions for (i) a five-year $100,000,000 revolving credit facility, which includes a $25,000,000 sublimit for the issuance of standby and commercial letters of credit (the “Revolving Facility”), and (ii) a five-year amortized $200,000,000 term A loan (the “Term Loan Facility”, and together with the Revolving Facility, the “Credit Facilities”). Certain existing letters of credit issued by JPMorgan Chase Bank were reserved for under the Revolving Facility at closing and remain outstanding under

the terms thereof. Upon execution of the Credit Agreement, the Company drew the full principal of the Term Loan Facility for use in the acquisition of Arcturus. The Term Loan Facility requires payment of 5% of the outstanding obligations in each of the first four loan years, with the remaining 80% payable in loan year five, consisting of three quarterly payments of 1.25% each, with the remaining outstanding principal amount of the Term Loan Facility due and payable on the final maturity date. Proceeds from the Term Loan Facility were used in part to finance a portion of the cash consideration for the Arcturus Acquisition. The Company’s ability to borrow under the Revolving Facility is reduced by outstanding letters of credit of $7,508,000 as of July 27, 2024. As of July 27, 2024, approximately $92,492,000 was available under the Revolving Facility. Borrowings under the Revolving Facility may be used for working capital and other general corporate purposes.

Any borrowing under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid under the Revolving Facility may be reborrowed. Mandatory prepayments are required under the revolving loans when borrowings and letter of credit usage exceed the aggregate revolving commitments of all lenders. Mandatory prepayments are also required in connection with the disposition of assets to the extent not reinvested and unpermitted debt transactions.

In support of its obligations pursuant to the Credit Facilities, the Company has granted security interests in substantially all of the personal property of the Company and its domestic subsidiaries, including a pledge of the equity interests in its subsidiaries (limited to 65% of outstanding equity interests in the case of foreign subsidiaries), and the proceeds thereof, with customary exclusions and exceptions. The Company’s existing and future domestic subsidiaries, including Arcturus, are guarantors for the Credit Facilities.

The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on the ability of the Company and its subsidiaries (as defined in the Credit Agreement) to incur any additional indebtedness or guarantee indebtedness of others, to create liens on properties or assets, or to enter into certain asset and stock-based transactions. In addition, the Credit Agreement includes certain financial maintenance covenants, requiring that (x) the Consolidated Leverage Ratio (as defined in the Credit Agreement) shall not be more than 3.00 to 1.00 as of the end of any fiscal quarter and (y) the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) shall not be less than 1.25 to 1.00 as of the end of any fiscal quarter.

On February 4, 2022, the Company entered into a First Amendment to Credit Agreement and Waiver relating to its existing Credit Agreement (the “First Amendment to Credit Agreement”). The First Amendment to Credit Agreement waives any event of default that may have occurred as a result of the potential failure by the Company to comply with the consolidated leverage ratio covenant set forth in the Credit Agreement for the fiscal quarter ended January 29, 2022. In addition, the parties amended the maximum permitted Consolidated Leverage Ratio, such that such ratio may not exceed 4.00 to 1.00 for the Company’s fiscal quarters ended January 29, 2022 and April 30, 2022; 3.50 to 1.00 for any of the Company’s fiscal quarters ending during the period from May 1, 2022 to October 31, 2022; and 3.00 to 1.00 for any fiscal quarter ending thereafter. On June 6, 2023, the Company entered into a Second Amendment to Credit Agreement relating to its existing credit Agreement which increased the sublimit from $10,000,000 to $25,000,000.

The Credit Agreement, as amended by the First Amendment to Credit Agreement and Second Amendment to the Credit Agreement, contains certain customary events of default, which include failure to make payments when due thereunder, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, invalidity of loan documents, or a Change of Control (as defined in the Credit Agreement). Upon the occurrence and continuation of an event of default, the Lenders may cease making future loans under the Credit Agreement and may declare all amounts owing under the Credit Agreement to be immediately due and payable.

The First Amendment to Credit Agreement also implemented certain secured overnight financing rate (“SOFR”) interest rate mechanics and interest rate reference benchmark replacement provisions in order to effectuate the transition from LIBOR as a reference interest rate. Following the First Amendment to Credit Agreement, the Company has a choice of interest rates between (a) Term SOFR (with a 0% floor) plus the Applicable Margin; or (b) Base Rate (defined as the highest of (a) the Federal Funds Rate plus one-half percent (0.50%), (b) the Bank of America prime rate, and (c) the one (1) month SOFR plus one percent (1.00%)) plus the Applicable Margin. The Applicable Margin is based upon the

Consolidated Leverage Ratio (as defined in the Credit Agreement) and whether the Company elects SOFR (ranging from 1.50 - 2.50%) or Base Rate (ranging from 0.50 - 1.50%). The Company may choose interest periods of one, three or six months with respect to Term SOFR and all such rates will include a 0.10% SOFR adjustment. The Company also remains responsible for certain commitment fees from 0.20-0.35% depending on the Consolidated Leverage Ratio, and administrative agent expenses incurred in relation to the Credit Facilities. In the event of a default, an additional 2% default interest rate in addition to the applicable rate if specified or the Base Rate plus Applicable Margin if an applicable rate is not specified. As of July 27, 2024, the Company is in compliance with all amended covenants.

Long-term debt and the current period interest rates were as follows:


	July 27,		April 30,
	2024		2024
	(In thousands)		(In thousands)
Term loan	$	17,500	$	28,000
Revolving credit facility		—		—
Total debt		17,500		28,000
Less current portion		10,000		10,000
Total long-term debt, less current portion		7,500		18,000
Less unamortized debt issuance costs–term loans		712		908
Total long-term debt, net of unamortized debt issuance costs–term loans	$	6,788	$	17,092
Unamortized debt issuance costs–revolving credit facility	$	441	$	511
Current period interest rate		6.9%		6.9%

Future contractual long-term debt principal payments at July 27, 2024 were as follows:


	(In thousands)
2025	$	10,000
2026		7,500
	$	17,500

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt (Tables)

3 Months Ended

Jul. 27, 2024

Debt

Schedule of long-term debt and the current period interest rates


	July 27,		April 30,
	2024		2024
	(In thousands)		(In thousands)
Term loan	$	17,500	$	28,000
Revolving credit facility		—		—
Total debt		17,500		28,000
Less current portion		10,000		10,000
Total long-term debt, less current portion		7,500		18,000
Less unamortized debt issuance costs–term loans		712		908
Total long-term debt, net of unamortized debt issuance costs–term loans	$	6,788	$	17,092
Unamortized debt issuance costs–revolving credit facility	$	441	$	511
Current period interest rate		6.9%		6.9%

Schedule of Future long-term debt principle payments


	(In thousands)
2025	$	10,000
2026		7,500
	$	17,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Share Repurchase Plan and Issuances

3 Months Ended

Jul. 27, 2024

Share Repurchase Plan and Issuances

Share Repurchase Plan and Issuances

15. Share Repurchase Plan and Issuances

On September 8, 2022 the Company filed an S-3 shelf registration statement to offer and sell shares of the Company’s common stock, including a prospectus supplement in relation to an Open Market Sale Agreement^SM, also dated September 8, 2022, with Jefferies LLC relating to the proposed offer and sale of shares of the Company’s common stock having an aggregate offering price of up to $200,000,000 from time to time through Jefferies LLC as the sales agent. There were no shares sold during the three months ended July 29, 2023. During the fiscal year ended April 30, 2024, the Company completed the Open Market Sale Agreement^SM, and the Company sold 807,370 shares, for total gross proceeds of $91,313,000, total proceeds received of $88,574,000, net of commission expense, and $88,437,000, net of equity issuance costs.

Pension - Projected benefit obligation and projected fair value (Details)	3 Months Ended	12 Months Ended
	Jul. 27, 2024 item employee	Apr. 30, 2024
Pension
Number of former employees \| employee	3
Number of pension commitments \| item	3
Pension Plan
Pension
Discount rate	3.90%	3.90%
In-payment benefits	2.50%	2.50%
Expected return on plan assets	2.90%	2.90%

Pension - Expected benefits paid (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Pension
2025	$ 188
2026	192
2027	195
2028	197
2029	199
2030-2034	1,014
Total expected benefit payments	$ 1,985

Goodwill (Tables)

3 Months Ended

Jul. 27, 2024

Goodwill.

Schedule of the changes in goodwill balances

The following table presents the changes in the Company’s goodwill balance by segment (in thousands):


	UxS		LMS		MW		Total
Balance at April 30, 2024	$	256,398	$	—	$	19,254	$	275,652
Change to goodwill		280		—		—		280
Balance at July 27, 2024	$	256,678	$	—	$	19,254	$	275,932

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Estimated amortization expense
2025	$ 14,369
2026	15,022
2027	12,655
2028	11,941
2029	7,764
Total	$ 61,751

Long-Term Incentive Awards

3 Months Ended

Jul. 27, 2024

Long-Term Incentive Awards.

Long-Term Incentive Awards

13. Long-Term Incentive Awards

During the three months ended July 27, 2024, the Company granted awards under its 2021 Equity Incentive Plan (the “2021 Plan”) to key employees (“Fiscal 2025 LTIP”). Awards under the Fiscal 2025 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2025, July 2026 and July 2027, and (ii) performance-based restricted stock units (“PRSUs”), which vest based on the Company’s achievement of revenue and non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) targets for the three-year period ending April 30, 2027. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three months ended July 27, 2024, the Company recorded $306,000 of compensation expense related to the Fiscal 2025 LTIP. The Company recorded no compensation expense related to the Fiscal 2025 LTIP for the three months ended July 29, 2023. At July 27, 2024, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2025 LTIP is $18,207,000.

During the three months ended July 29, 2023, the Company granted awards under the 2021 Plan to key employees (“Fiscal 2024 LTIP”). Awards under the Fiscal 2024 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2024, July 2025 and July 2026, and (ii) PRSUs, which vest based on the Company’s achievement of revenue and non-GAAP operating income targets for the three-year period ending April 30, 2026. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP operating income targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded $1,112,000 and $634,000 of compensation expense related to the Fiscal 2024 LTIP, respectively. At July 27, 2024, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2024 LTIP is $15,836,000.

During the three months ended July 30, 2022, the Company granted awards under the 2021 Plan to key employees (“Fiscal 2023 LTIP”). Awards under the Fiscal 2023 LTIP consist of: (i) time-based restricted stock awards and time-

based restricted stock units, which vest in equal tranches in July 2023, July 2024 and July 2025, and (ii) PRSUs, which vest based on the Company’s achievement of revenue and non-GAAP adjusted EBITDA targets for the three-year period ending April 30, 2025. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded $865,000, and $661,000 of compensation expense related to the Fiscal 2023 LTIP, respectively. At July 27, 2024, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2023 LTIP is $11,611,000.

During the three months ended July 31, 2021, the Company also granted awards under the Restated 2006 Plan to key employees (“Fiscal 2022 LTIP”). Awards under the Fiscal 2021 LTIP consist of: (i) time-based restricted stock awards, which vest in equal tranches in July 2022, July 2023 and July 2024, and (ii) PRSUs, which vest based on the Company’s achievement of revenue and operating income targets for the three-year period ending April 30, 2024. During the three months ended July 27, 2024, the Company issued a total of 15,427 fully-vested shares of the Company’s common stock to settle the PRSUs in the Fiscal 2022 LTIP. For the three months ended July 27, 2024 and July 29, 2023, the Company recorded no compensation expense and $132,000 of compensation expense related to the Fiscal 2021 LTIP, respectively.

At each reporting period, the Company reassesses the probability of achieving the performance targets for the PRSUs. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.

Share Repurchase Plan and Issuances - Shelf Registration (Details) - USD ($)		3 Months Ended
	Sep. 08, 2022	Apr. 30, 2024	Jul. 29, 2023
Share Repurchase Plan and Issuances
Number of share sold		807,370	0
Total gross proceeds		$ 91,313,000
Amount of cash inflow from sale of stock		88,574,000
Commission expense		$ 88,437,000
Maximum
Share Repurchase Plan and Issuances
Aggregate offering price	$ 200,000,000

Business Acquisitions - Tomahawk (Details) - USD ($)		3 Months Ended	12 Months Ended
Business Acquisitions - Tomahawk (Details) - USD ($)	Sep. 15, 2023	Jul. 29, 2023	Apr. 30, 2024	Jul. 27, 2024
Fair value of assets acquired:
Goodwill			$ 275,652,000	$ 275,932,000
Tomahawk Robotics, Inc
Business Acquisitions
Aggregate purchase price	$ 134,467,000
Original amount of Holdback	490,000
Amount of decrease of holdback			(100,000)
Amount of decrease in goodwill			$ (100,000)
Cash consideration, net of cash acquired	24,157,000
Cash-on-hand	27,205,000
Business aquisition, net of cash acquired	3,048,000
Amount of holdback	$ 390,000
Ownership interest acquired	100.00%
Fair value of assets acquired:
Accounts receivable	$ 2,314,000
Unbilled receivable	993,000
Inventories, net	2,882,000
Prepaid and other current assets	148,000
Property and equipment, net	1,789,000
Operating lease assets	1,337,000
Other assets	71,000
Deferred tax asset	2,865,000
Goodwill	95,414,000
Total identifiable net assets	153,213,000
Fair value of liabilities assumed:
Accounts payable	3,788,000
Wages and related accruals	620,000
Customer advances	1,648,000
Current operating lease liabilities	482,000
Other current liabilities	411,000
Non-current operating lease liabilities	855,000
Other non-current liabilities	7,000
Deferred income taxes	11,035,000
Total liabilities assumed	18,846,000
Total identifiable net assets	134,367,000
Fair value of consideration transferred:
Equity consideration	109,820,000
Cash consideration, net of cash acquired	24,157,000
Holdback	390,000
Total consideration	134,367,000
Supplemental Pro Forma Information (unaudited)
Revenue		$ 155,174,000
Net income (loss) attributable to AeroVironment, Inc.		$ 18,752,000
Tomahawk Robotics, Inc \| Technology
Fair value of assets acquired:
Intangible assets	39,000,000
Tomahawk Robotics, Inc \| Customer relationship
Fair value of assets acquired:
Intangible assets	4,800,000
Tomahawk Robotics, Inc \| Trademarks
Fair value of assets acquired:
Intangible assets	$ 1,600,000
Tomahawk Robotics, Inc \| Restricted common stock
Business Acquisitions
Shares issued for business acquisition	985,999
Shares value issued for business acquisition	$ 109,820,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Operating activities
Net income	$ 21,166	$ 21,895
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	8,852	6,951
(Gain) loss from equity method investments	(65)	21
Amortization of debt issuance costs	266	214
Provision for doubtful accounts	(101)	(15)
Reserve for inventory excess and obsolescence	2,667	3,330
Other non-cash expense, net	616	173
Non-cash lease expense	2,430	2,184
Loss on foreign currency transactions	142	132
Unrealized loss (gain) on available-for-sale equity securities, net	321	1,013
Deferred income taxes	(1)	(427)
Stock-based compensation	4,536	3,204
Loss on disposal of property and equipment	143	116
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	34,993	8,207
Unbilled receivables and retentions	(20,274)	(1,603)
Inventories	3,867	(40,004)
Income taxes receivable	(336)
Prepaid expenses and other assets	(814)	(4,401)
Accounts payable	(4,976)	(2,780)
Other liabilities	(25,081)	(15,272)
Net cash provided by (used in) operating activities	28,351	(17,062)
Investing activities
Acquisition of property and equipment	(5,430)	(3,632)
Contributions in equity method investments	(1,183)
Net cash used in investing activities	(6,613)	(3,632)
Financing activities
Principal payments of term loan	(10,500)	(5,000)
Payment of debt issuance costs		(9)
Tax withholding payment related to net settlement of equity awards	(3,953)	(1,298)
Exercise of stock options	506
Other	(7)	(8)
Net cash used in financing activities	(13,954)	(6,315)
Effects of currency translation on cash and cash equivalents	77	21
Net increase (decrease) in cash and cash equivalents	7,861	(26,988)
Cash and cash equivalents at beginning of period	73,301	132,859
Cash and cash equivalents at end of period	81,162	105,871
Cash paid (refunded), net during the period for:
Income taxes	101	35
Interest	370	1,782
Non-cash activities
Change in foreign currency translation adjustments	538	(63)
Acquisitions of property and equipment included in accounts payable	$ 1,208	$ 969

Equity Method Investments - Investment in Limited Partnership Fund (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2022	Jul. 31, 2019	Jul. 27, 2024	Jul. 29, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Equity Method Investments
Equity method investment income (loss), net of tax			$ 65,000	$ (21,000)
Carrying value of investment			21,181,000		$ 19,933,000
Limited Partnership Fund
Equity Method Investments
Capital contributions							$ 10,000,000	$ 10,000,000
Expected years contributions will be made		3 years
Limited Partnership Fund \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment income (loss), net of tax			65,000	$ (21,000)
Income tax expense from equity method investments			0
Limited Partnership Fund \| Long term investments
Equity Method Investments
Carrying value of investment			21,181,000		19,933,000
Limited Partnership Fund, Technologies and Start-Up
Equity Method Investments
Capital contributions	$ 20,000,000		$ 1,183,000		$ 3,074,000	$ 5,778,000
Expected years contributions will be made	5 years
Additional capital contributions		$ 9,965,000

Goodwill (Details) - USD ($)	3 Months Ended
Goodwill (Details) - USD ($)	Jul. 27, 2024	Jan. 28, 2024
Goodwill
Goodwill, Beginning Balance	$ 275,652,000
Change to goodwill	280,000
Goodwill, Ending Balance	275,932,000
UMS
Goodwill
Goodwill, Beginning Balance	256,398,000
Change to goodwill	280,000
Goodwill, Ending Balance	256,678,000
MW
Goodwill
Goodwill, Beginning Balance	19,254,000
Goodwill, Ending Balance	19,254,000
MUAS
Goodwill
Goodwill, Ending Balance	135,774,000
Percentage of estimated fair value exceeded the carrying value		10.00%
Intangible assets	$ 12,771,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Organization and Significant Accounting Policies (Tables)

3 Months Ended

Jul. 27, 2024

Organization and Significant Accounting Policies

Schedule of revenue by category

The following tables present the Company’s revenue disaggregated by segment, contract type, customer category and geographic location (in thousands):


	Three Months Ended
	July 27,		July 29,
Revenue by segment	2024		2023
UxS	$	119,976	$	98,207
LMS		51,973		30,917
MW		17,534		23,223
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue by contract type	2024		2023
FFP	$	171,869	$	129,942
CPFF		16,231		21,293
T&M		1,383		1,112
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue by customer category	2024		2023
U.S. government	$	148,600	$	101,348
Non-U.S. government		40,883		50,999
Total revenue	$	189,483	$	152,347

	Three Months Ended
	July 27,		July 29,
Revenue by geographic location	2024		2023
Domestic	$	66,998	$	58,126
International		122,485		94,221
Total revenue	$	189,483	$	152,347

Schedule of revenue percentage by recognition method


	Three Months Ended
	July 27,		July 29,
Revenue percentage by recognition method	2024		2023
Over time		41%		39%
Point in time		59%		61%
Total revenue		100%		100%

Schedule of reconciliation of basic to diluted shares

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


		Three Months Ended
	July 27, 2024		July 29, 2023
Net income	$	21,166	$	21,895
Denominator for basic earnings per share:
Weighted average common shares		27,959,692		26,088,277
Dilutive effect of employee stock options, restricted stock and restricted stock units		322,135		90,765
Denominator for diluted earnings per share		28,281,827		26,179,042

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income taxes
Provision for income taxes	$ 1,485,000	$ 1,314,000
Effective tax benefit rate (as a percent)	6.60%	5.70%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total AeroVironment, Inc. Equity	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Beginning Balance at Apr. 30, 2023	$ 550,970	$ 4	$ 384,397	$ 171,021	$ (4,452)
Beginning Balance (in shares) at Apr. 30, 2023		26,216,897
Increase (Decrease) in Stockholders' Equity
Net income	21,895			21,895		$ 21,895
Foreign currency translation	(63)				(63)
Restricted stock awards (in shares)		91,913
Restricted stock awards forfeited (in shares)		(3,438)
Tax withholding payment related to net share settlement of equity awards	(1,298)		(1,298)
Tax withholding payment related to net share settlement of equity awards (in shares)		(13,242)
Issuance cost for shares issued	(163)		(163)
Stock-based compensation	3,204		3,204
Ending Balance at Jul. 29, 2023	574,545	$ 4	386,140	192,916	(4,515)
Ending Balance (in shares) at Jul. 29, 2023		26,292,130
Beginning Balance at Apr. 30, 2024	822,745	$ 4	597,646	230,687	(5,592)	822,745
Beginning Balance (in shares) at Apr. 30, 2024		28,134,438
Increase (Decrease) in Stockholders' Equity
Net income	21,166			21,166		21,166
Foreign currency translation	538				538
Stock options exercised	506		506
Stock options exercised (in shares)		16,164
Restricted stock awards (in shares)		69,522
Restricted stock awards forfeited (in shares)		(2,194)
Tax withholding payment related to net share settlement of equity awards	(3,953)		(3,953)
Tax withholding payment related to net share settlement of equity awards (in shares)		(11,450)
Stock-based compensation	4,536		4,536
Ending Balance at Jul. 27, 2024	$ 845,538	$ 4	$ 598,735	$ 251,853	$ (5,054)	$ 845,538
Ending Balance (in shares) at Jul. 27, 2024		28,206,480

Fair Value Measurements - Acquisitions (Details) - Amprius Technologies, Inc.	Sep. 12, 2022 USD ($) $ / shares shares
Fair Value Measurement
Company Invested amount	$ 5,000,000
Equity securities
Fair Value Measurement
Number of shares purchased \| shares	500,000
Redeemable warrant
Fair Value Measurement
Number of warrants acquired \| shares	500,000
Exercise Price of warrants \| $ / shares	$ 12.50
Redemption price \| $ / shares	$ 20.00
Redeemable warrant \| Measurement Input, Exercise Price \| Significant other observable inputs (Level 2)
Fair Value Measurement
Investment in warrants	11.50
Redeemable warrant \| Measurement Input, Redemption Price \| Significant other observable inputs (Level 2)
Fair Value Measurement
Investment in warrants	18.00

Intangibles, net (Details) - USD ($)	3 Months Ended
Intangibles, net (Details) - USD ($)	Jul. 27, 2024	Jul. 29, 2023	Apr. 30, 2024
Intangibles, net
Amortization expense	$ 4,774,000	$ 3,030,000
Weighted average
Intangibles, net
Weighted average amortization period	3 years		3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangibles, net (Tables)

3 Months Ended

Jul. 27, 2024

Intangibles, net

Schedule of components of intangibles

The components of intangibles are as follows (in thousands):


	July 27,		April 30,
	2024		2024
Technology	$	101,163	$	101,012
Licenses		1,008		1,008
Customer relationships		77,379		77,313
Backlog		2,863		2,831
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		1,668		1,668
Other		146		146
Intangibles, gross		185,097		184,848
Less accumulated amortization		(117,576)		(112,624)
Intangibles, net	$	67,521	$	72,224

Schedule of estimated amortization expense for the next five years

Estimated amortization expense for the next five years is as follows (in thousands):


	Year ending
	April 30,
2025	$	14,369
2026		15,022
2027		12,655
2028		11,941
2029		7,764
	$	61,751

Segments -Reconciliation from adjusted income from operations to income (loss) before taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Segment Reporting Information [Line Items]
Selling, general and administrative	$ (33,795)	$ (23,827)
Research and development	(24,613)	(15,466)
Other expense, net	(234)	(1,129)
Interest expense, net	(239)	(2,008)
Product segments
Segment Reporting Information [Line Items]
Segment adjusted gross margin	85,181	68,057
Amortization in cost of sales	(3,714)	(2,397)
Selling, general and administrative	(33,795)	(23,827)
Research and development	(24,613)	(15,466)
Other expense, net	(234)	(1,129)
Interest expense, net	(239)	(2,008)
Income before income taxes	$ 22,586	$ 23,230

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pension - Projected benefit obligation and fair value of plan assets (Details) - Pension Plan $ in Thousands	12 Months Ended
	Apr. 30, 2024 USD ($)
Pension
Defined Benefit Plan, Funding Status [Extensible List]	us-gaap:UnfundedPlanMember
Projected benefit obligation	$ (3,246)
Fair value of plan assets	3,636
Funded status of the plan	$ 390

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

- Definition

Indicates status of funding for defined benefit plan designed to provide retirement benefits.

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Reference 53: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 54: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 55: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 56: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Intangibles, net
Intangibles, gross	$ 185,097	$ 184,848
Less accumulated amortization	(117,576)	(112,624)
Intangibles, net	67,521	72,224
Technology
Intangibles, net
Intangibles, gross	101,163	101,012
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Customer relationships
Intangibles, net
Intangibles, gross	77,379	77,313
Backlog.
Intangibles, net
Intangibles, gross	2,863	2,831
In-process research and development
Intangibles, net
Intangibles, gross	550	550
Non-compete agreements
Intangibles, net
Intangibles, gross	320	320
Trademarks and tradenames
Intangibles, net
Intangibles, gross	1,668	1,668
Other
Intangibles, net
Intangibles, gross	$ 146	$ 146

Warranty Reserves

3 Months Ended

Jul. 27, 2024

Warranty Reserves

Warranty Reserves

6. Warranty Reserves

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. The warranty reserve is included in other current liabilities on the unaudited condensed consolidated balance sheet. The related expense is included in cost of sales. Warranty reserve activity is summarized as follows for the three months ended July 27, 2024 and July 29, 2023, respectively (in thousands):


	Three Months Ended
	July 27,		July 29,
	2024		2023
Beginning balance	$	5,538	$	3,642
Warranty expense		(647)		1,750
Warranty costs settled		(651)		(765)
Ending balance	$	4,240	$	4,627

Investments

3 Months Ended

Jul. 27, 2024

Investments

Investments

2. Investments

Investments consist of the following (in thousands):


	July 27,		April 30,
	2024		2024
Long-term investments:
Available-for-sale securities:
Equity securities and warrants		706		1,027
Total long-term available-for-sale securities investments		706		1,027
Equity method investments
Investments in limited partnership funds		21,181		19,933
Total equity method investments		21,181		19,933
Total long-term investments	$	21,887	$	20,960

Equity Securities

Equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other expense, net. Unrealized loss recorded (in thousands):


	Three Months Ended		Three Months Ended
	July 27, 2024		July 29, 2023
Net losses recognized during the period on equity securities	$	(321)	$	(1,013)
Less: Net loss recognized during the period on equity securities sold during the period		—		—
Unrealized loss recognized during the period on equity securities still held at the reporting date	$	(321)	$	(1,013)

Intangibles, net

3 Months Ended

Jul. 27, 2024

Intangibles, net

Intangibles, net

7. Intangibles, net

The components of intangibles are as follows (in thousands):


	July 27,		April 30,
	2024		2024
Technology	$	101,163	$	101,012
Licenses		1,008		1,008
Customer relationships		77,379		77,313
Backlog		2,863		2,831
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		1,668		1,668
Other		146		146
Intangibles, gross		185,097		184,848
Less accumulated amortization		(117,576)		(112,624)
Intangibles, net	$	67,521	$	72,224

The weighted average amortization period at each of July 27, 2024 and April 30, 2024 was three years. Amortization expense for the three months ended July 27, 2024 and July 29, 2023 was $4,774,000 and $3,030,000 respectively.

Estimated amortization expense for the next five years is as follows (in thousands):


	Year ending
	April 30,
2025	$	14,369
2026		15,022
2027		12,655
2028		11,941
2029		7,764
	$	61,751

Long-Term Incentive Awards (Details) - USD ($)		1 Months Ended	3 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Jan. 27, 2024	Jan. 27, 2024	Jul. 27, 2024	Apr. 30, 2024	Jul. 29, 2023	Jul. 30, 2022
Fiscal 2025 LTIP
Stock Based Compensation
Stock based compensation expense			$ 306,000		$ 0
Exercisable period from grant date			3 years
Fiscal 2025 LTIP \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)			100.00%
Fiscal 2025 LTIP \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)			50.00%
Fiscal 2025 LTIP \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)			250.00%
Fiscal 2025 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense			$ 18,207,000
Fiscal 2024 LTIP \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)					100.00%
Fiscal 2024 LTIP \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)					50.00%
Fiscal 2024 LTIP \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)					250.00%
Fiscal 2024 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense			$ 1,112,000		$ 634,000
Exercisable period from grant date					3 years
Fiscal 2024 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense					$ 15,836,000
Fiscal 2023 LTIP \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)						100.00%
Fiscal 2023 LTIP \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)						50.00%
Fiscal 2023 LTIP \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)						250.00%
Fiscal 2023 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense		$ 865,000			661,000
Fiscal 2023 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense	$ 11,611,000
Fiscal 2022 LTIP
Stock Based Compensation
Exercisable period from grant date				3 years
Fiscal 2022 LTIP \| Performance based restricted stock units
Stock Based Compensation
Issue of fully-vested shares of common stock to settle			15,427
Fiscal 2021 LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense			$ 0		$ 132,000

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Components of lease costs
Operating lease cost	$ 2,430	$ 2,184
Short term lease cost	155	385
Variable lease cost	423	513
Total lease costs, net	$ 3,008	$ 3,082

Segments - Assets (Details) - USD ($) $ in Thousands	3 Months Ended
Segments - Assets (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Jul. 29, 2023	Apr. 30, 2024
Segment Reporting Information [Line Items]
Total assets	$ 999,169		$ 1,015,860
Product segments
Segment Reporting Information [Line Items]
Capital expenditures	5,430	$ 3,632
UxS \| Product segments
Segment Reporting Information [Line Items]
Total assets	535,001		590,619
Capital expenditures	2,151	2,054
LMS \| Product segments
Segment Reporting Information [Line Items]
Total assets	197,738		165,413
Capital expenditures	1,069	642
MW \| Product segments
Segment Reporting Information [Line Items]
Total assets	49,874		50,767
Capital expenditures	1,353	638
Corporate \| Product segments
Segment Reporting Information [Line Items]
Total assets	216,556		$ 209,061
Capital expenditures	$ 857	$ 298

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Segments (Tables)

3 Months Ended

Jul. 27, 2024

Segments

Schedule of segment results


	Three Months Ended July 27, 2024
	UxS		LMS		MW		Total
Revenue:
Product sales	$	112,301	$	47,180	$	23	$	159,504
Contract services		7,675		4,793		17,511		29,979
	$	119,976	$	51,973	$	17,534	$	189,483

Segment adjusted gross margin	$	67,252	$	13,272	$	4,657	$	85,181

Depreciation and amortization	$	6,901	$	800	$	1,151	$	8,852


	Three Months Ended July 29, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	93,231	$	25,325	$	915	$	119,471
Contract services		4,976		5,592		22,308		32,876
	$	98,207	$	30,917	$	23,223	$	152,347

Segment adjusted gross margin	$	50,426	$	12,323	$	5,308	$	68,057

Depreciation and amortization	$	5,153	$	559	$	1,239	$	6,951

Schedule of reconciliation from segment adjusted income from operations to income (loss) before taxes

The following table (in thousands) provides a reconciliation from segment adjusted gross margin to income before income taxes:


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
Segment adjusted gross margin	$	85,181	$	68,057
Amortization in cost of sales		(3,714)		(2,397)
Selling, general and administrative		(33,795)		(23,827)
Research and development		(24,613)		(15,466)
Interest expense, net		(239)		(2,008)
Other expense, net		(234)		(1,129)
Income before income taxes	$	22,586	$	23,230

Schedule of identifiable assets by segment

Identifiable segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.


	UxS		LMS		MW		Corporate		Total
As of July 27, 2024	$	535,001	$	197,738	$	49,874	$	216,556	$	999,169
As of April 30, 2024	$	590,619	$	165,413	$	50,767	$	209,061	$	1,015,860

Capital expenditures are summarized in the table below (in thousands):


	UxS		LMS		MW		Corporate		Total
Three Months Ended July 27, 2024	$	2,151	$	1,069	$	1,353	$	857	$	5,430
Three Months Ended July 29, 2023	$	2,054	$	642	$	638	$	298	$	3,632

Organization and Significant Accounting Policies

3 Months Ended

Jul. 27, 2024

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation (the “Company”), is engaged in the design, development, production, delivery and support of a technologically advanced portfolio of intelligent, multi-domain robotic systems and related services for government agencies and businesses. AeroVironment, Inc. supplies uncrewed aircraft and ground robot systems, loitering munitions systems and related services primarily to organizations within or supplying the U.S. Department of Defense (“D.o.D”), other federal agencies and to international allied governments.

Effective May 1, 2023, the Company reorganized its segments. Due to the Company’s growth as an organization, the reorganization was implemented to drive additional operational improvements, foster synergies and provide leaders with greater autonomy over their product lines. The Company’s reportable segments are as follows:

Uncrewed Systems (“UxS”)—The UxS segment, which consists of the former small uncrewed aircraft systems (“SUAS”), medium uncrewed aircraft systems (“MUAS”) and uncrewed ground vehicles (“UGV”) segments and the acquired Tomahawk, focuses primarily on small UAS products designed to operate reliably at lower altitudes in a wide range of environmental conditions, providing a vantage point from which to collect and deliver valuable information as well as related support including training, spare and accessory parts, product repair, product replacement, maintenance and upgrades; medium UAS products designed to operate reliably at medium altitudes with longer range while carrying larger payloads including airborne platforms, payloads and payload integration, and ground support equipment and other items and services related generally to uncrewed aircraft systems historically including ISR services; UGV products designed to help responders remove, contain or neutralize these hazards in situations where improvised explosive devices, caustic chemicals, nuclear, radiological or biological hazards or violent individuals represent significant danger to humans; and AI-enabled common control and communication solutions that allow any uncrewed system to be controlled from a common user interface while aggregating data from multiple platforms to provide real time intelligence.

Loitering Munitions Systems (“LMS”)—The LMS segment, which consists of the former Tactical Missile Systems segment, focuses primarily on tube-launched aircraft that deploy with the push of a button, fly at higher speeds than small UAS products, and perform either effects delivery or reconnaissance missions, and related support services including training, spare parts, product repair, and product replacement. The LMS segment also includes customer-funded research and development programs.

MacCready Works (“MW”)—The MW segment, which consists of the former MacCready Works and High Altitude Pseudo-Satellite systems (“HAPS”) segments, focuses on customer-funded research and development in the areas of HAPS, robotics, sensors, software analytics, data intelligence and connectivity. This segment contains the Company’s center of excellence for the development of machine learning, object identification and autonomy solutions and also seeks to identify new products, services and businesses for the Company.

Basis of Presentation

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three months ended July 27, 2024.

Revenue Recognition

Performance Obligations

Contract Estimates

Revenue by Category

The following tables present the Company’s revenue disaggregated by segment, contract type, customer category and geographic location (in thousands):


	Three Months Ended
	July 27,		July 29,
Revenue by segment	2024		2023
UxS	$	119,976	$	98,207
LMS		51,973		30,917
MW		17,534		23,223
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue by contract type	2024		2023
FFP	$	171,869	$	129,942
CPFF		16,231		21,293
T&M		1,383		1,112
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue by customer category	2024		2023
U.S. government	$	148,600	$	101,348
Non-U.S. government		40,883		50,999
Total revenue	$	189,483	$	152,347

	Three Months Ended
	July 27,		July 29,
Revenue by geographic location	2024		2023
Domestic	$	66,998	$	58,126
International		122,485		94,221
Total revenue	$	189,483	$	152,347


	Three Months Ended
	July 27,		July 29,
Revenue percentage by recognition method	2024		2023
Over time		41%		39%
Point in time		59%		61%
Total revenue		100%		100%

Contract Balances

Cost to Fulfill a Contract with a Customer

Segments

Investments

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables and retentions, and accounts payable approximate cost due to the short period of time to maturity.

Government Contracts

Earnings Per Share

Basic earnings per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock.

The reconciliation of basic to diluted shares is as follows (in thousands except share data):


		Three Months Ended
	July 27, 2024		July 29, 2023
Net income	$	21,166	$	21,895
Denominator for basic earnings per share:
Weighted average common shares		27,959,692		26,088,277
Dilutive effect of employee stock options, restricted stock and restricted stock units		322,135		90,765
Denominator for diluted earnings per share		28,281,827		26,179,042

Recently Issued Accounting Standards

Segments

3 Months Ended

Jul. 27, 2024

Segments

Segments

18. Segments

The accounting policies of the segments are the same as those described in Note 1, “Organization and Significant Accounting Policies.” The operating segments do not make sales to each other. Effective May 1, 2024, segment adjusted gross margin is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance. Segment adjusted gross margin is defined as gross margin before intangible amortization expense including amortization of purchase accounting adjustments. Prior period segment information has been revised to align with the new segment measure of profitability.


	Three Months Ended July 27, 2024
	UxS		LMS		MW		Total
Revenue:
Product sales	$	112,301	$	47,180	$	23	$	159,504
Contract services		7,675		4,793		17,511		29,979
	$	119,976	$	51,973	$	17,534	$	189,483

Segment adjusted gross margin	$	67,252	$	13,272	$	4,657	$	85,181

Depreciation and amortization	$	6,901	$	800	$	1,151	$	8,852


	Three Months Ended July 29, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	93,231	$	25,325	$	915	$	119,471
Contract services		4,976		5,592		22,308		32,876
	$	98,207	$	30,917	$	23,223	$	152,347

Segment adjusted gross margin	$	50,426	$	12,323	$	5,308	$	68,057

Depreciation and amortization	$	5,153	$	559	$	1,239	$	6,951

The following table (in thousands) provides a reconciliation from segment adjusted gross margin to income before income taxes:


	Three Months Ended		Three Months Ended
	July 27,		July 29,
	2024		2023
Segment adjusted gross margin	$	85,181	$	68,057
Amortization in cost of sales		(3,714)		(2,397)
Selling, general and administrative		(33,795)		(23,827)
Research and development		(24,613)		(15,466)
Interest expense, net		(239)		(2,008)
Other expense, net		(234)		(1,129)
Income before income taxes	$	22,586	$	23,230


	UxS		LMS		MW		Corporate		Total
As of July 27, 2024	$	535,001	$	197,738	$	49,874	$	216,556	$	999,169
As of April 30, 2024	$	590,619	$	165,413	$	50,767	$	209,061	$	1,015,860

Capital expenditures are summarized in the table below (in thousands):


	UxS		LMS		MW		Corporate		Total
Three Months Ended July 27, 2024	$	2,151	$	1,069	$	1,353	$	857	$	5,430
Three Months Ended July 29, 2023	$	2,054	$	642	$	638	$	298	$	3,632

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Revenue:
Revenue	$ 189,483,000	$ 152,347,000
Cost of sales:
Cost of sales	108,016,000	86,687,000
Gross margin:
Total gross margin	81,467,000	65,660,000
Selling, general and administrative	33,795,000	23,827,000
Research and development	24,613,000	15,466,000
Income from operations	23,059,000	26,367,000
Other loss:
Interest expense, net	(239,000)	(2,008,000)
Other expense, net	(234,000)	(1,129,000)
Income before income taxes	22,586,000	23,230,000
Provision for income taxes	1,485,000	1,314,000
Equity method investment income (loss), net of tax	65,000	(21,000)
Net income	$ 21,166,000	$ 21,895,000
Net income per share
Basic (in dollars per share)	$ 0.76	$ 0.84
Diluted (in dollars per share)	$ 0.75	$ 0.84
Weighted-average shares outstanding:
Basic (in shares)	27,959,692	26,088,277
Diluted (in shares)	28,281,827	26,179,042
Product sales
Revenue:
Revenue	$ 159,504,000	$ 119,471,000
Cost of sales:
Cost of sales	85,519,000	61,608,000
Gross margin:
Total gross margin	73,985,000	57,863,000
Contract services
Revenue:
Revenue	29,979,000	32,876,000
Cost of sales:
Cost of sales	22,497,000	25,079,000
Gross margin:
Total gross margin	$ 7,482,000	$ 7,797,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 27, 2024	Aug. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 27, 2024
Document Transition Report	false
Entity File Number	001-33261
Entity Registrant Name	AEROVIRONMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2705790
Entity Address, Address Line One	241 18th Street South, Suite 650
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22202
City Area Code	805
Local Phone Number	520-8350
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AVAV
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,206,032
Entity Central Index Key	0001368622
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Inventories, net

3 Months Ended

Jul. 27, 2024

Inventories, net

Inventories, net

4. Inventories, net

Inventories consist of the following (in thousands):


	July 27,		April 30,
	2024		2024


Raw materials	$	59,829	$	57,218
Work in process		51,333		53,232
Finished goods		61,169		65,618
Inventories, gross		172,331		176,068
Reserve for inventory excess and obsolescence		(28,496)		(25,900)
Inventories, net	$	143,835	$	150,168

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 58	$ 159
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	28,206,480	28,134,438
Common stock, outstanding shares	28,206,480	28,134,438

Investments (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 30, 2024
Long-term investments:
Total long-term available-for-sale securities investments	$ 706	$ 1,027
Equity Method Investments.	21,181	19,933
Total long-term investments	21,887	20,960
Equity securities and warrants
Long-term investments:
Total long-term investments	$ 706	$ 1,027
Investment, Type [Extensible Enumeration]	us-gaap:DebtSecuritiesMember	us-gaap:DebtSecuritiesMember
Investment in limited partnership fund
Long-term investments:
Equity Method Investments.	$ 21,181	$ 19,933

- Definition

+ References + Details

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

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+ Details

Organization and Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Numerator for basic earnings per share:
Net income (loss) attributable to AeroVironment, Inc.	$ 21,166	$ 21,895
Denominator for basic earnings (loss) per share:
Weighted average common shares	27,959,692	26,088,277
Dilutive effect of employee stock options, restricted stock and restricted stock units	322,135	90,765
Denominator for diluted earnings (loss) per share	28,281,827	26,179,042
Number of anti-dilutive shares	72	738

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

Business Acquisitions

3 Months Ended

Jul. 27, 2024

Business Acquisitions

Business Acquisitions

16. Business Acquisitions

Tomahawk Acquisition

On September 15, 2023, the Company closed its acquisition of Tomahawk Robotics, Inc., a leader in AI-enabled robotic control systems. Pursuant to the merger agreement, the Company acquired 100% of Tomahawk equity for an aggregate purchase price of $134,467,000 consisting of 985,999 shares of restricted common stock of the Company valued at $109,820,000 and $27,205,000 cash-on-hand, net of $3,048,000 cash acquired, plus a $490,000 holdback. During the

fiscal year ended April 30, 2024, the holdback was decreased $100,000 as part of the working capital adjustment, and the total purchase price and goodwill, therefore, decreased by $100,000 as well. The fair value of the shares issued was the closing price on September 15, 2023, the close of the Tomahawk purchase agreement. Tomahawk is incorporated into AeroVironment’s UxS segment. The acquisition will enable deeper integration of both companies’ technology, leading to enhanced interoperability and interconnectivity of uncrewed systems through a singular platform with similar control features. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.


	September 15,
	2023
Fair value of assets acquired:
Accounts receivable	$	2,314
Unbilled receivable		993
Inventories, net		2,882
Prepaid and other current assets		148
Property and equipment, net		1,789
Operating lease assets		1,337
Other assets		71
Technology		39,000
Customer relationship		4,800
Trademarks		1,600
Deferred tax asset		2,865
Goodwill		95,414
Total identifiable net assets	$	153,213

Fair value of liabilities assumed:
Accounts payable		3,788
Wages and related accruals		620
Customer advances		1,648
Current operating lease liabilities		482
Other current liabilities		411
Non-current operating lease liabilities		855
Other non-current liabilities		7
Deferred income taxes		11,035
Total liabilities assumed		18,846
Total identifiable net assets	$	134,367

Fair value of consideration transferred:
Equity consideration	$	109,820
Cash consideration, net of cash acquired		24,157
Holdback		390
Total consideration	$	134,367

Determining the fair value of the intangible assets acquired requires significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The fair value of the intangible assets was determined using a discounted cash flow analysis, which were based on the Company’s preliminary estimates of future sales, earnings and cash flows after considering such factors as general market conditions, anticipated customer demand, changes in working capital, long term business plans and recent operating performance. Use of different estimates and judgments could yield materially different results.

The goodwill is attributable to the synergies the Company expects to achieve through leveraging the acquired technology to its existing customers, the workforce of Tomahawk and expected future customers in the UxS market. For income tax purposes the acquisition is treated as a stock acquisition, and none of the goodwill is expected to be deductible.

Tomahawk Supplemental Pro Forma Information (unaudited)

The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2022 (in thousands):


		Three Months Ended
		July 29,
		2023
Revenue	$	155,174
Net income	$	18,752

The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business acquisition included in the reported pro forma revenue and earnings.

These pro forma amounts have been calculated by applying the Company’s accounting policies, assuming transaction costs had been incurred during the three months ended July 30, 2022, reflecting the additional amortization that would have been charged and including the results of Tomahawk prior to acquisition.

The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable and are not necessarily indicative of the results that have been realized had the acquisition been consolidated in the tables above as of May 1, 2022, nor are they indicative of results of operations that may occur in the future.

Debt - (Details)			3 Months Ended
Debt - (Details)	Feb. 04, 2022	Feb. 19, 2021 USD ($) payment	Jul. 27, 2024 USD ($)	Jun. 06, 2023 USD ($)	Jun. 05, 2023 USD ($)
Arcturus UAV Inc. \| Aerovironment
Debt
Ownership interest		100.00%
Revolving credit facility
Debt
Amount of loan			$ 92,492,000
Amount of sublimit of line of credit borrowing capacity				$ 25,000,000	$ 10,000,000
Additional interest rate if default occurs (as a percentage)	2.00%
Revolving credit facility \| Arcturus UAV Inc.
Debt
Term of loan		5 years
Amount of loan		$ 100,000,000
Revolving credit facility \| Minimum \| Fiscal quarter ended January 29, 2022 and April, 2022
Debt
Consolidated leverage ratio	4.00%
Revolving credit facility \| Minimum \| Fiscal quarters ending during the period from May 1, 2022 to October 31, 2022
Debt
Consolidated leverage ratio	3.50%
Revolving credit facility \| Minimum \| Fiscal quarter ending thereafter which is after October 31, 2022
Debt
Consolidated leverage ratio	3.00%
Revolving credit facility \| Maximum \| Fiscal quarter ended January 29, 2022 and April, 2022
Debt
Consolidated leverage ratio	1.00%
Revolving credit facility \| Maximum \| Fiscal quarters ending during the period from May 1, 2022 to October 31, 2022
Debt
Consolidated leverage ratio	1.00%
Revolving credit facility \| Maximum \| Fiscal quarter ending thereafter which is after October 31, 2022
Debt
Consolidated leverage ratio	1.00%
Revolving credit facility \| Maximum \| Arcturus UAV Inc.
Debt
Percentage of outstanding equity interests in foreign subsidiaries		65.00%
Revolving credit facility \| Base Rate
Debt
Interest rate	0.50%
Revolving credit facility \| Base Rate \| Minimum
Debt
Interest rate	0.50%
Revolving credit facility \| Base Rate \| Maximum
Debt
Interest rate	1.50%
Revolving credit facility \| SOFR
Debt
Interest rate	1.00%
SOFR adjustment	0.10%
Revolving credit facility \| SOFR \| Minimum
Debt
Interest rate	1.50%
Revolving credit facility \| SOFR \| Maximum
Debt
Interest rate	2.50%
Revolving credit facility \| London Interbank Offered Rate (LIBOR)
Debt
Interest rate	0.00%
Revolving credit facility \| Consolidated Leverage Ratio \| Minimum
Debt
Interest rate			3.00%
Commitment fees (as a percentage)	0.20%
Revolving credit facility \| Consolidated Leverage Ratio \| Maximum
Debt
Interest rate			1.00%
Commitment fees (as a percentage)	0.35%
Revolving credit facility \| Consolidated Fixed Charge Coverage Ratio \| Minimum
Debt
Interest rate			1.25%
Revolving credit facility \| Consolidated Fixed Charge Coverage Ratio \| Maximum
Debt
Interest rate			1.00%
Standby Letters of Credit
Debt
Amount of loan			$ 7,508,000
Standby Letters of Credit \| Arcturus UAV Inc.
Debt
Amount of sublimit		$ 25,000,000
Term loans \| Arcturus UAV Inc.
Debt
Term of loan		4 years
Amount of loan		$ 200,000,000
Term of amortization		5 years
Term loans \| Period One Through Four \| Arcturus UAV Inc.
Debt
Amount of annual required payment expressed as a percent of the outstanding obligation		5.00%
Term loans \| Period Five \| Arcturus UAV Inc.
Debt
Amount of annual required payment expressed as a percent of the outstanding obligation		80.00%
Number of quarterly payments \| payment		3
Amount of quarterly required payment expressed as a percentage of outstanding obligation		1.25%