0001558370-25-008838 | 10-K | XBRL Viewer

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Geographic Information (Details) - USD ($)	12 Months Ended
Geographic Information (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Product Information
Fixed assets deployed	$ 50,704,000	$ 46,602,000
UxS \| UGV
Product Information
Fixed assets deployed	5,033,000	2,912,000
UxS \| MUAS
Product Information
Deploys in-service assets	1,486,000	0
Sales Revenue \| Country of Ukraine
Product Information
Revenues	$ 149,600,000	$ 274,136,000	$ 100,095,000
Customer concentration \| Sales Revenue \| Non-U.S. customers
Product Information
Percentage of revenue	52.00%	62.00%	53.00%
Customer concentration \| Sales Revenue \| Country of Ukraine
Product Information
Percentage of revenue	18.00%	38.00%	19.00%

Inventories, net (Tables)

12 Months Ended

Apr. 30, 2025

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


	April 30,
	2025		2024

	(In thousands)
Raw materials	$	52,567	$	57,218
Work in process		73,434		53,232
Finished goods		46,761		65,618
Inventories, gross		172,762		176,068
Reserve for inventory excess and obsolescence		(28,672)		(25,900)
Inventories, net	$	144,090	$	150,168

Employee Savings Plan	12 Months Ended
Apr. 30, 2025
Employee Savings Plan
Employee Savings Plan	10. Employee Savings Plan The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $9,679,000, $8,554,000 and $6,994,000 in contributions to the plan for the years ended April 30, 2025, 2024 and 2023, respectively.

Employee Savings Plan

12 Months Ended

Apr. 30, 2025

Employee Savings Plan

Employee Savings Plan

10. Employee Savings Plan

The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $9,679,000, $8,554,000 and $6,994,000 in contributions to the plan for the years ended April 30, 2025, 2024 and 2023, respectively.

Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Long-term investments:
Equity Method Investments.	$ 30,423	$ 19,933
Total long-term investments	$ 31,627	$ 20,960
Investment, Type [Extensible Enumeration]	Available-for-sale securities.	Available-for-sale securities.
Equity securities and warrants
Long-term investments:
Total long-term investments	$ 1,204	$ 1,027
Investment in limited partnership funds
Long-term investments:
Equity Method Investments.	30,423	19,933
Available-for-sale securities.
Long-term investments:
Total long-term investments	$ 1,204	$ 1,027

- 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

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

+ Details

Goodwill

12 Months Ended

Apr. 30, 2025

Goodwill.

Goodwill

6. Goodwill

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


	UxS		LMS		MW		Total
Balance at April 30, 2024
Goodwill	$	412,415	$	—	$	19,254	$	431,669
Accumulated impairment losses		(156,017)		—		—		(156,017)
		256,398		—		19,254		275,652
Change to goodwill		(512)		—		—		(512)
Impairment of goodwill		(18,359)		—		—		(18,359)
Balance at April 30, 2025
Goodwill		411,903		—		19,254		431,157
Accumulated impairment losses		(174,376)		—		—		(174,376)
	$	237,527	$	—	$	19,254	$	256,781


	UxS		LMS		MW		Total
Balance at April 30, 2023
Goodwill	$	317,564	$	—	$	19,254	$	336,818
Accumulated impairment losses		(156,017)		—		—		(156,017)
		161,547		—		19,254		180,801
Additions to goodwill		95,414		—		—		95,414
Change to goodwill		(563)		—		—		(563)
Balance at April 30, 2024
Goodwill		412,415		—		19,254		431,669
Accumulated impairment losses		(156,017)		—		—		(156,017)
	$	256,398	$	—	$	19,254	$	275,652

During the Company’s annual impairment test during the fiscal quarter ended April 30, 2025, the Company determined the carrying value of the UGV reporting unit exceeded its fair value due to a decrease in forecasted results of the UGV reporting unit resulting from reduced probability and delays of obtaining certain opportunities as well as an increase in forecast expenditures to support operational decisions identified during the fiscal quarter ended April 30, 2025. The changes in estimates resulted in the recognition of a goodwill impairment charge of $18,359,000 in the UGV reporting unit.

The addition during the fiscal year ended April 30, 2024 to the UxS segment relates to the Tomahawk Acquisition. The change to goodwill during the fiscal years ended April 30, 2025 and 2024 in UxS is attributable to the translation of the goodwill related to the Telerob Acquisition, which was recorded in Euros and translated to dollars at each reporting date. Refer to Note 21—Business Acquisitions for further details.

Subsequent to the performance of the Company’s annual goodwill impairment and identifiable asset test for the fiscal year ended April 30, 2023, in May 2023, a trigger event was identified that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. Specifically, the Company received notification that it was not down selected for a U.S. DoD program of record which resulted in a significant decrease in the projected future cash flows of the MUAS reporting unit. As a result, the Company updated its estimates of long-term future cash flows to reflect lower revenue and EBITDA growth rate expectations used in the valuation of the MUAS reporting unit. These changes in estimates resulted in the recognition of a goodwill impairment charge of $156,017,000 in the MUAS reporting unit.

During the most recent annual impairment test during the fourth quarter of fiscal year 2025, the estimated fair value of all reporting units, other than UGV, substantially exceeded their carrying value.

Debt

12 Months Ended

Apr. 30, 2025

Debt

Debt

11.Debt

In connection with the consummation of 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 included 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 drawn in full upon execution (the “Term Loan Facility”, and together with the Revolving Facility, the “Credit Facilities”). The Term Loan Facility required payment of 5% of the outstanding obligations in each of the first four loan years, consisting of three quarterly payments of 1.25% each, with the remaining 80% 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. Borrowings under the Revolving Facility may be used for working capital and other general corporate purposes.

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.

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. 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.

On October 4, 2024, the Company entered into a Third Amendment to Credit Agreement with the existing lenders, BofA NA, the administrative agent and the swingline lender, JPM, and U.S. Bank, and Citibank (the “New Lender”) (the “Third Amendment to Credit Agreement”).

The Third Amendment to Credit Agreement provided for an aggregate $200,000,000 revolving credit facility, including a $25,000,000 sublimit for the issuance of standby and commercial letters of credit, and a $10,000,000 sublimit for swingline loans, secured by all assets of the Company and the Guarantors, and extends the maturity date for obligations pursuant to the Credit Agreement to October 4, 2029. Upon effectiveness of the Third Amendment to Credit Agreement, the Company drew $15,000,000 from the amended Revolving Facility and repaid in full all outstanding amounts owed pursuant to the prior Term Loan Facility. The Third Amendment to Credit Agreement reflects the removal of the Term Loan Facility. The unamortized debt issuance costs allocated to the Term Loan Facility of $590,000 were expensed upon repayment of the Term Loan Facility and recorded in interest expense.

In addition to adding the New Lender and adjusting certain fee schedules, the Third Amendment to Credit Agreement also allowed the Company to incur additional forms of secured and unsecured permitted indebtedness without separate consent of the Administrative Agent and make certain payments related thereto, including certain bilateral letters of credit, supply chain financing transactions, securitization transactions pertaining to its accounts receivable, and issuance of unsecured convertible debt pertaining to its Common Stock (and certain call spread transactions related thereto), subject in each instance to further specified parameters, including aggregate dollar limits on certain activities and satisfaction of ongoing and pro forma financial covenants.

The Third Amendment to Credit Agreement substituted a Consolidated Senior Secured Leverage Ratio for the Consolidated Leverage Ratio required to be maintained under the existing Credit Agreement. The Consolidated Leverage Ratio became an incurrence test, used to determine whether or not the Company may take certain actions, such as borrowing under the Credit Agreement, making acquisitions, incurring certain unsecured debt, or making payments on junior debt. In order to take such actions, the Consolidated Leverage Ratio may not exceed 4.00 to 1.0. However, the ratio increases to 4.50 to 1.0 during a Leverage Increase Period, covering each of the four fiscal quarters of the Company immediately following the consummation of any qualified acquisition. The newly added Consolidated Senior Secured Leverage Ratio, measuring the Consolidated Senior Secured Funded Indebtedness, as of a date of determination, to Consolidated EBITDA for the applicable measurement period, shall not exceed 3.00 to 1.0 at the end of any fiscal quarter of the Company, increasing to 3.50 to 1.0 in a Leverage Increase Period. In each case, no more than one Leverage Increase Period shall be in effect at any time, and the basic ratio levels must be achieved and maintained for at least two fiscal quarters immediately following each Leverage Increase Period prior to giving effect to another Leverage Increase Period. The requirement for the Consolidated Fixed Charge Coverage Ratio to be no less than 1.25 to 1.0 at the end of any fiscal quarter of the Company remained unchanged in the Third Amendment to Credit Agreement. The Third Amendment to Credit Agreement removed the requirement that the Company prepay the loans with the proceeds of dispositions of assets or newly incurred debt. The Company’s ability to borrow under the Revolving Facility is reduced by outstanding letters of credit, which as of April 30, 2025 and 2024 was $9,376,000 and $15,668,000, respectively. As

of April 30, 2025, approximately $160,624,000 was available under the Revolving Facility. Borrowings under the Revolving Facility may be used for working capital and other general corporate purposes, including acquisitions that meet certain parameters. As of April 30, 2025, the Company was in compliance with all amended covenants.

On May 1, 2025 in connection with the consummation of the BlueHalo Acquisition, the Company entered into a Fourth Amendment to Credit Agreement with the existing lenders, BofA NA, the administrative agent and the swingline lender, JPM, and U.S. Bank, and Citibank (the “Fourth Amendment to Credit Agreement” and the existing Credit Agreement as amended thereby, the “Amended Credit Agreement”). The Amended Credit Agreement now provides for an aggregate $700,000,000 term loan and an aggregate $350,000,000 revolving credit facility, including a $25,000,000 sublimit for the issuance of standby and commercial letters of credit, and a $10,000,000 sublimit for swingline loans, secured by all assets of the Company and the Guarantors, and extends the maturity date for obligations pursuant to the Amended Credit Agreement to October 4, 2029. Upon effectiveness of the Amended Credit Agreement, the Company drew $225,000,000 from the amended Revolving Facility and the full $700,000,000 of the Term Loan Facility.

The Term A Loan matures two years after the Closing Date and amortizes at a rate of 5.00% per annum, with the remaining outstanding principal amount due and payable on the maturity date. The applicable margin on the Term A Loan is based upon the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement) and whether the Company elects as its benchmark rate (i) SOFR (in which case, the applicable margin ranges from 1.50 - 2.50% per annum depending on the Company’s Consolidated Leverage Ratio) plus a credit spread adjustment of 0.10% or (ii) Base Rate (in which case, the applicable margin ranges from 0.50 - 1.50% per annum depending on the Company’s Consolidated Leverage Ratio). Upon the occurrence of an event of default, an additional 2.00% per annum default interest rate may apply. Pursuant to the Fourth Amendment to Credit Agreement, the Company is subject to two financial maintenance covenants which require that (i) the Consolidated Senior Secured Leverage Ratio (as defined in the Credit Agreement) not exceed 3.50 to 1.00 as of the end of any fiscal quarter, for the four fiscal quarter following consummation of the BlueHalo Acquisition, and thereafter 3.00 to 1.00 as of the end of any fiscal quarter, and (ii) the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) not be less than 1.25 to 1.00 as of the end of any fiscal quarter. Notwithstanding the foregoing, for the first two fiscal quarters of fiscal year 2026, the Company shall not be required to comply with the Consolidated Senior Secured Leverage Ratio (as defined in the Credit Agreement) covenant, so long as at the end of each such fiscal quarter, the Company’s Consolidated Senior Secured Leverage Ratio does not exceed (i) 3.50 to 1.00 (calculated including certain projected synergies that would not otherwise be included in the definition of “Consolidated EBITDA” (as defined in the Credit Agreement)) and (ii) 3.75 to 1.00.

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


	April 30,		April 30,
	2025		2024
	(In thousands)		(In thousands)
Term loan	$	—	$	28,000
Revolving credit facility		30,000		—
Total debt		30,000		28,000
Less current portion		—		10,000
Total long-term debt, less current portion		30,000		18,000
Less unamortized debt issuance costs–term loans		—		908
Total long-term debt, net of unamortized debt issuance costs–term loans	$	30,000	$	17,092
Unamortized debt issuance costs–revolving credit facility	$	1,281	$	511
Current period interest rate		5.9%		6.9%

Future contractual long-term debt principal payments at April 30, 2025 were as follows:


	(In thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		30,000
	$	30,000

- 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
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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+ Details

Pension (Tables)

12 Months Ended

Apr. 30, 2025

Pension

Schedule of projected benefit obligation and fair value of plan assets


	April 30,
	2025
	(In thousands)
Projected benefit obligation	$	(3,335)
Fair value of plan assets		3,817
Funded status of the plan	$	482

Schedule of change in projected benefit obligation


	2025		2024
Pension benefit obligation balance as of April 30, 2024 and 2023, respectively	$	(3,246)	$	(3,192)
Interest cost		(112)		(119)
Actuarial loss		16		(206)
Benefits paid		190		190
Foreign currency exchange rate changes		(183)		81
Pension benefit obligation balance as of April 30, 2025 and 2024, respectively	$	(3,335)	$	(3,246)

Schedule of change in plan assets


	2025		2024
Fair value of plan assets as of April 30, 2024 and 2023, respectively	$	3,636	$	3,870
Expected return on plan assets		162		52
Benefits paid		(190)		(190)
Foreign currency exchange rate changes		209		(96)
Fair value of plan assets as of April 30, 2025 and 2024, respectively	$	3,817	$	3,636

Schedule of projected benefit obligation and projected fair value


	Year Ended	Year Ended
	April 30,	April 30,
	2025	2024
Discount rate	3.6%	3.9%
In-payment benefits	2.5%	2.5%
Expected return on plan assets	2.9%	2.9%

Schedule of expected benefits payments


2026	$	200
2027		208
2028		211
2029		213
2030		215
2031-2035		1,087
Total expected benefit payments	$	2,134

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


	Year Ended April 30,
		2025		2024		2023
		(In thousands)		(In thousands)		(In thousands)
Actual return on plan assets		$	162	$	52	$	472
Interest cost			(112)		(119)		(70)
Actuarial gain (loss)			16		(206)		167
Net periodic benefit cost		$	66	$	(273)	$	569

Organization and Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Stock-Based Compensation
Performance period	3 years
Research and Development
Revenue from customer funded research and development	$ 78,491	$ 82,104	$ 97,880
Cost of sales	58,028	62,181	70,711
Advertising Costs
Advertising expenses	416	457	494
Foreign currency transactions
Foreign currency losses	491	22	119
Numerator for basic earnings per share:
Net income (loss) attributable to AeroVironment, Inc.	$ 43,619	$ 59,666	$ (176,212)
Denominator for basic earnings per share:
Weighted average common shares	28,018,656	27,203,417	25,044,881
Dilutive effect of employee stock options, restricted stock and restricted stock units	154,832	124,576
Denominator for diluted (loss) earnings per share	28,173,488	27,327,993	25,044,881
Number of anti-dilutive shares	393	1,000	146,000
Number of anti-dilutive due to loss			0

Geographic Information

12 Months Ended

Apr. 30, 2025

Geographic Information

Geographic Information

24. Geographic Information

Sales to non-U.S. customers, including U.S. government foreign military sales in which an end user is a foreign government, accounted for 52%, 62% and 53% of revenue for each of the fiscal years ended April 30, 2025, 2024 and 2023, respectively. For the fiscal year ended April 30, 2025, 2024 and 2023, Ukraine represented $149,600,000, or 18%, $274,136,000, or 38%, and $100,095,000, or 19%, respectively, of the Company’s consolidated revenues. The Company’s internationally deployed fixed assets for UGV was $5,033,000 and $2,912,000 as of April 30, 2025 and 2024, respectively. The Company’s internationally deployed in-service assets for MUAS was $1,486,000 and $0 as of April 30, 2025 and 2024, respectively.

Subsequent Events (Details) - Subsequent Event - USD ($)	Jun. 02, 2025	May 01, 2025
Dayton
Subsequent Events
Purchase of a facility	$ 6,704,000
BlueHalo
Subsequent Events
Shares issued for business acquisition		17,425,849
Shares value issued for business acquisition		$ 2,640,365,000

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Performance Obligations
Remaining performance obligations	$ 726,627,000
Total revenue (as a percentage)	43.00%	57.00%	49.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-05-01
Performance Obligations
Year of performance obligations	1 year
Total revenue (as a percentage)	90.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-05-01
Performance Obligations
Year of performance obligations	1 year
Total revenue (as a percentage)	9.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-05-01
Performance Obligations
Year of performance obligations	0 years
Total revenue (as a percentage)	2.00%

Intangibles, net (Tables)

12 Months Ended

Apr. 30, 2025

Intangibles, net

Schedule of components of intangibles

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


	April 30,		April 30,
	2025		2024
Technology	$	101,645	$	101,012
Licenses		1,008		1,008
Customer relationships		77,588		77,313
Backlog		2,963		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		185,888		184,848
Less accumulated amortization		(137,177)		(112,624)
Intangibles, net	$	48,711	$	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,
2026	$	13,542
2027		11,174
2028		10,460
2029		7,764
2030		3,379
	$	46,319

Debt - Long-term debt (Details) - USD ($)	12 Months Ended
Debt - Long-term debt (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Oct. 04, 2024
Long-term debt
Total debt	$ 30,000,000	$ 28,000,000
Less current portion		10,000,000
Total long-term debt, less current portion	30,000,000	18,000,000
Less unamortized debt issuance costs - term loans		908,000
Total long-term debt, net of unamortized debt issuance costs - term loans	30,000,000	17,092,000
Unamortized debt issuance costs - revolving credit facility	1,281,000	511,000
Term loan
Long-term debt
Total debt		$ 28,000,000
Unamortized debt issuance costs - revolving credit facility			$ 590,000
Revolving credit facility
Long-term debt
Total debt	$ 30,000,000
Current period interest rate	5.90%	6.90%

Accumulated Other Comprehensive Loss

12 Months Ended

Apr. 30, 2025

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

17. Accumulated Other Comprehensive Loss

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


			Total Accumulated
			Other
	Foreign Currency		Comprehensive
	Translation Adjustments		Loss
Total accumulated other comprehensive loss balance as of April 30, 2024	$	(5,592)	$	(5,592)
Changes in foreign currency translation adjustments		(922)		(922)
Total accumulated other comprehensive loss balance as of April 30, 2025	$	(6,514)	$	(6,514)

Investments

12 Months Ended

Apr. 30, 2025

Investments

Investments

2. Investments

Investments consist of the following:


	April 30,
	2025		2024
Long-term investments:
Available-for-sale securities:
Equity securities and warrants	$	1,204	$	1,027
Total long-term available-for-sale securities investments		1,204		1,027
Equity method investments
Investments in limited partnership funds		30,423		19,933
Total equity method investments		30,423		19,933
Total long-term investments	$	31,627	$	20,960

Equity Securities

Equity securities and warrants are measured at fair value with net unrealized losses from changes in the fair value recognized in other expense, net.


	Year Ended		Year Ended
	April 30, 2025		April 30, 2024
Net gain (loss) recognized during the period on equity securities	$	177	$	(3,945)
Less: Net loss recognized during the period on equity securities sold during the period		—		—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$	177	$	(3,945)

Organization and Significant Accounting Policies - Accrued Sales Commission (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Self-Insurance Liability
Estimated self-insurance liability of employee medical claim	$ 1,559	$ 1,244
Other current liabilities
Accrued liabilities
Accrued sales commission	$ 6,535	$ 3,132

Goodwill (Tables)

12 Months Ended

Apr. 30, 2025

Goodwill.

Schedule of the changes in goodwill balances

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


	UxS		LMS		MW		Total
Balance at April 30, 2024
Goodwill	$	412,415	$	—	$	19,254	$	431,669
Accumulated impairment losses		(156,017)		—		—		(156,017)
		256,398		—		19,254		275,652
Change to goodwill		(512)		—		—		(512)
Impairment of goodwill		(18,359)		—		—		(18,359)
Balance at April 30, 2025
Goodwill		411,903		—		19,254		431,157
Accumulated impairment losses		(174,376)		—		—		(174,376)
	$	237,527	$	—	$	19,254	$	256,781


	UxS		LMS		MW		Total
Balance at April 30, 2023
Goodwill	$	317,564	$	—	$	19,254	$	336,818
Accumulated impairment losses		(156,017)		—		—		(156,017)
		161,547		—		19,254		180,801
Additions to goodwill		95,414		—		—		95,414
Change to goodwill		(563)		—		—		(563)
Balance at April 30, 2024
Goodwill		412,415		—		19,254		431,669
Accumulated impairment losses		(156,017)		—		—		(156,017)
	$	256,398	$	—	$	19,254	$	275,652

Subsequent Events

12 Months Ended

Apr. 30, 2025

Subsequent Events

Subsequent Events

25. Subsequent Events

On May 1, 2025, the Company closed its acquisition of BlueHalo, pursuant to the Agreement and Plan of Merger, dated as of November 18, 2024 (the “Merger Agreement”) by and among the Company, Merger Sub, BlueHalo, and BlueHalo Holdings Parent, LLC, a Delaware limited liability company and sole member of BlueHalo (“Seller”). Under the terms of the Merger Agreement, all of the equity interests of BlueHalo issued and outstanding immediately prior to the effective time of the acquisition were converted into the right to receive an aggregate of 17,425,849 shares of the Company’s common stock, fair value of $2,640,365,000.

Due to the size, complexity and timing of the close of the acquisition, the purchase accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed, pre-acquisition contingencies and goodwill. In addition, the Company is unable to provide pro forma revenues and earnings of the combined entity. All required disclosures will be included in the Company's Quarterly Report on Form 10-Q for the fiscal first quarter ending August 2, 2025.

Organization and Significant Accounting Policies - Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Goodwill [Line Items]
Impairment of goodwill		$ 18,359,000	$ 156,017,000	$ 156,017,000
Goodwill	$ 256,781,000	256,781,000	$ 275,652,000	$ 180,801,000
UGV
Goodwill [Line Items]
Impairment of goodwill	18,359,000
MUAS
Goodwill [Line Items]
Goodwill	$ 135,773,000	$ 135,773,000

- 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.

+ References

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+ Details

- 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/exampleRef
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+ Details

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Apr. 30, 2025 USD ($)
Maturities of operating lease liabilities:
2026	$ 9,713
2027	9,945
2028	7,890
2029	6,756
2030	3,686
Thereafter	373
Total lease payments	38,363
Less: imputed interest	(4,072)
Total present value of operating lease liabilities	$ 34,291

Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Warranty Reserves
Beginning balance	$ 5,538	$ 3,642
Balance acquired from acquisition		40
Warranty expense	1,151	4,364
Warranty costs settled	(2,500)	(2,508)
Ending balance	$ 4,189	$ 5,538

Business Acquisitions - Tomahawk (Details) - USD ($)		3 Months Ended		12 Months Ended
Business Acquisitions - Tomahawk (Details) - USD ($)	Sep. 15, 2023	Oct. 26, 2024	Jan. 27, 2024	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2025
Fair value of assets acquired:
Goodwill				$ 275,652,000	$ 180,801,000	$ 256,781,000
Tomahawk Robotics, Inc
Business Acquisitions
Ownership interest acquired	100.00%
Aggregate purchase price	$ 134,467,000
Cash-on-hand	27,205,000
Business acquisition, net of cash acquired	3,048,000
Original amount of Holdback	490,000
Amount of decrease of holdback			$ 100,000
Amount of decrease in goodwill			$ (100,000)
Payment of holdback amount during the period		$ 390,000
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 from operation in business acquisition	15,883,000			5,730,000
Revenue				727,241,000	551,845,000
Net income				57,273,000	$ (190,658,000)
Acquisition-related costs				$ 1,873,000
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

Property and Equipment, net (Details) - USD ($)	12 Months Ended
Property and Equipment, net (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Property and equipment, net
Property and equipment, gross	$ 230,439,000	$ 221,754,000
Less accumulated depreciation and amortization	(179,735,000)	(175,152,000)
Property and equipment, net	50,704,000	46,602,000
Depreciation expense	17,063,000	17,098,000	$ 41,803,000
Impairment loss			$ 16,597,000
Loss on disposal of property and equipment	1,979,000	1,486,000
In-service ISR assets
Property and equipment, net
Property and equipment, gross	1,486,000
Land, building, and leasehold improvements
Property and equipment, net
Property and equipment, gross	31,472,000	26,921,000
Machinery and equipment
Property and equipment, net
Property and equipment, gross	131,236,000	132,862,000
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	7,324,000	5,896,000
Computer equipment and software
Property and equipment, net
Property and equipment, gross	50,617,000	48,817,000
Construction in process
Property and equipment, net
Property and equipment, gross	$ 8,304,000	$ 7,258,000

Pension - Projected benefit obligation and fair value of plan assets (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2025 USD ($) employee	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)
Pension
Number of former employees \| employee	3
Pension Plan
Pension
Defined Benefit Plan, Funding Status [Extensible List]	us-gaap:UnfundedPlanMember
Projected benefit obligation	$ (3,335)	$ (3,246)	$ (3,192)
Fair value of plan assets	3,817	$ 3,636	$ 3,870
Funded status of the plan	$ 482

- 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.

+ References

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-Topic 715
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+ Details

Pension

12 Months Ended

Apr. 30, 2025

Pension

Pension

22. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) 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 taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2025.

The table below includes the projected benefit obligation and fair value of plan assets. The net fair value of plan assets is recorded in other assets on the consolidated balance sheets.


	April 30,
	2025
	(In thousands)
Projected benefit obligation	$	(3,335)
Fair value of plan assets		3,817
Funded status of the plan	$	482

Change in projected benefit obligation (in thousands):


	2025		2024
Pension benefit obligation balance as of April 30, 2024 and 2023, respectively	$	(3,246)	$	(3,192)
Interest cost		(112)		(119)
Actuarial loss		16		(206)
Benefits paid		190		190
Foreign currency exchange rate changes		(183)		81
Pension benefit obligation balance as of April 30, 2025 and 2024, respectively	$	(3,335)	$	(3,246)

Change in plan assets (in thousands):


	2025		2024
Fair value of plan assets as of April 30, 2024 and 2023, respectively	$	3,636	$	3,870
Expected return on plan assets		162		52
Benefits paid		(190)		(190)
Foreign currency exchange rate changes		209		(96)
Fair value of plan assets as of April 30, 2025 and 2024, respectively	$	3,817	$	3,636

The accumulated benefit obligation is approximately equal to the 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, 2026. The projected benefit obligation and projected fair value of plan assets include the assumptions in the table below.


	Year Ended	Year Ended
	April 30,	April 30,
	2025	2024
Discount rate	3.6%	3.9%
In-payment benefits	2.5%	2.5%
Expected return on plan assets	2.9%	2.9%

Expected benefits payments as of April 30, 2025 (in thousands):


2026	$	200
2027		208
2028		211
2029		213
2030		215
2031-2035		1,087
Total expected benefit payments	$	2,134

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


	Year Ended April 30,
		2025		2024		2023
		(In thousands)		(In thousands)		(In thousands)
Actual return on plan assets		$	162	$	52	$	472
Interest cost			(112)		(119)		(70)
Actuarial gain (loss)			16		(206)		167
Net periodic benefit cost		$	66	$	(273)	$	569

- Definition

The entire disclosure for retirement benefits.

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+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2025	Jun. 18, 2025	Oct. 26, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 30, 2025
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	703
Local Phone Number	418-2828
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AVAV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 6,162.2
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,692,904
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Los Angeles, California
Entity Central Index Key	0001368622
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the conclusion of the registrant’s fiscal year ended April 30, 2025, are incorporated by reference into Part III of this Form 10-K.

Debt - Future principle payments (Details) $ in Thousands	Apr. 30, 2025 USD ($)
Future principle payments
2030	$ 30,000
Total	$ 30,000

- Definition

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

+ References + Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Apr. 30, 2025
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

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	12 Months Ended
	Apr. 30, 2023 USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unrealized gain on available-for-sale investments, net of deferred tax expense	$ 0

Investments in Companies Accounted for Using the Equity Method - Investment in Altoy (Details) - USD ($)			12 Months Ended
	Oct. 14, 2022	Sep. 15, 2021	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Equity Method Investments
Equity method investment income (loss)			$ 4,837,000	$ (1,674,000)	$ (2,453,000)
Carrying value of investment			30,423,000	19,933,000
Altoy
Equity Method Investments
Percentage of ownership interest sold	35.00%	35.00%
Ownership interest	15.00%	85.00%
Altoy
Equity Method Investments
Payments for purchase of interest			21,000	108,000
Equity method investment income (loss)					$ 189,000
Carrying value of investment			$ 173,000	$ 152,000

- Definition

+ References + Details

- Definition

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

+ References + Details

Property and Equipment, net (Tables)

12 Months Ended

Apr. 30, 2025

Property and Equipment, net

Schedule of property and equipment


	April 30,
	2025		2024

	(In thousands)
In-service ISR assets		1,486		—
Land, building, and leasehold improvements		31,472		26,921
Machinery and equipment		131,236		132,862
Furniture and fixtures		7,324		5,896
Computer equipment and software		50,617		48,817
Construction in process		8,304		7,258
Property and equipment, gross		230,439		221,754
Less accumulated depreciation and amortization		(179,735)		(175,152)
Property and equipment, net	$	50,704	$	46,602

Investments in Companies Accounted for Using the Equity Method - Investment in Limited Partnership Fund (Details) - USD ($)	1 Months Ended	12 Months Ended			24 Months Ended
	Mar. 31, 2022	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Equity Method Investments
Equity method investment gain (loss), net of tax		$ 4,837,000	$ (1,674,000)	$ (2,453,000)
Carrying value of investment		30,423,000	19,933,000
Limited Partnership Fund
Equity Method Investments
Capital contributions					$ 10,000,000
Expected years contributions will be made	2 years
Additional capital contributions	$ 5,474,000
Limited Partnership Fund \| Equity method investment loss, net of tax
Equity Method Investments
Equity method investment gain (loss), net of tax		4,816,000	(1,782,000)	(2,453,000)
Income tax expense from equity method investments		0	0	0
Limited Partnership Fund \| Long term investments
Equity Method Investments
Carrying value of investment		30,423,000	19,933,000
Limited Partnership Fund, Technologies and Start-Up
Equity Method Investments
Capital contributions	$ 20,000,000	$ 5,674,000	$ 3,074,000	$ 5,778,000
Expected years contributions will be made	5 years

Organization and Significant Accounting Policies - Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2025
Long-Lived Assets
Impairment loss	$ 16,597,000
Machinery and equipment \| Minimum
Long-Lived Assets
Estimated useful life		2 years
Machinery and equipment \| Maximum
Long-Lived Assets
Estimated useful life		7 years
Computer equipment and software \| Minimum
Long-Lived Assets
Estimated useful life		2 years
Computer equipment and software \| Maximum
Long-Lived Assets
Estimated useful life		5 years
Buildings
Long-Lived Assets
Estimated useful life		5 years
In-service ISR assets
Long-Lived Assets
Estimated useful life		3 years
Furniture and fixtures \| Minimum
Long-Lived Assets
Estimated useful life		3 years
Leasehold improvements \| Minimum
Long-Lived Assets
Estimated useful life		3 years
Leasehold improvements \| Maximum
Long-Lived Assets
Estimated useful life		7 years

Organization and Significant Accounting Policies - Intangible Assets (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 30, 2025	Apr. 30, 2023	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Intangibles, net
Amortization expense			$ 23,391,000	$ 17,954,000	$ 58,121,000
MUAS
Intangibles, net
Amortization expense		$ 34,149,000
UGV
Intangibles, net
Amortization expense	$ 4,258,000
Backlog
Intangibles, net
Weighted average amortization period	1 year		1 year
Licenses
Intangibles, net
Weighted average amortization period	3 years		3 years
Customer relationships
Intangibles, net
Amortization expense					$ 34,149,000
In-process research and development
Intangibles, net
Weighted average amortization period	3 years		3 years
Trademarks and tradenames
Intangibles, net
Weighted average amortization period	6 years		6 years
Minimum \| Technology
Intangibles, net
Weighted average amortization period	3 years		3 years
Minimum \| Customer relationships
Intangibles, net
Weighted average amortization period	3 years		3 years
Maximum \| Technology
Intangibles, net
Weighted average amortization period	12 years		12 years
Maximum \| Customer relationships
Intangibles, net
Weighted average amortization period	5 years		5 years

Commitments and Contingencies

12 Months Ended

Apr. 30, 2025

Commitments and Contingencies

Commitments and Contingencies

20. Commitments and Contingencies

Commitments

The Company’s operations are primarily conducted in leased facilities. Refer to Note 12—Leases for additional information.

Contingencies

The Company is subject to legal proceedings and claims which arise out of the ordinary course of its business. Although adverse decisions or settlements may occur, the Company, in consultation with legal counsel, believes that the final disposition of such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company.

The Company’s ability to borrow under the Revolving Facility is reduced by outstanding letters of credit. Refer to Note 11—Debt for additional information.

Contract Cost Audits

Payments to the Company on government cost reimbursable 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 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 April 30, 2025 and 2024, the Company had no reserve for open incurred cost claim audits.

Inventories, net (Details) - USD ($)	12 Months Ended
Inventories, net (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Inventories, net
Raw materials	$ 52,567,000	$ 57,218,000
Work in process	73,434,000	53,232,000
Finished goods	46,761,000	65,618,000
Inventories, gross	172,762,000	176,068,000
Reserve for inventory excess and obsolescence	(28,672,000)	(25,900,000)
Inventories, net	144,090,000	150,168,000
Inventory reserve charge	$ 2,882,000	$ 13,937,000	$ 8,136,000

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 30, 2025

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SUPPLEMENTARY DATA

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS


					Additions
	Balance at		Balance		Charged to		Charged to				Balance at
	Beginning		Acquired from		Costs and		Other				End of
Description	of Period		Acquisition		Expenses		Accounts		Deductions		Period

	(In thousands)
Allowance for doubtful accounts for the year ended April 30:
2023	$	592	$	—	$	124	$	—	$	(560)	$	156
2024	$	156	$	—	$	89	$	—	$	(86)	$	159
2025	$	159	$	—	$	111	$	—	$	(67)	$	203
Warranty reserve for the year ended April 30:
2023	$	2,190	$	—	$	3,052	$	—	$	(1,600)	$	3,642
2024	$	3,642	$	40	$	4,364	$	—	$	(2,508)	$	5,538
2025	$	5,538	$	—	$	1,151	$	—	$	(2,500)	$	4,189
Reserve for inventory excess and obsolescence for the year ended April 30:
2023	$	12,334	$	—	$	8,136	$	—	$	(5,265)	$	15,205
2024	$	15,205	$	—	$	13,937	$	—	$	(3,242)	$	25,900
2025	$	25,900	$	—	$	2,882	$	—	$	(110)	$	28,672
Reserve for self-insured medical claims for the year ended April 30:
2023	$	1,653	$	—	$	13,863	$	—	$	(14,133)	$	1,383
2024	$	1,383	$	—	$	16,365	$	—	$	(16,504)	$	1,244
2025	$	1,244	$	—	$	17,436	$	—	$	(17,121)	$	1,559

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2025

Organization and Significant Accounting Policies

Schedule of estimated useful lives of property and equipment


Machinery and equipment		2 – 7 years
Computer equipment and software		2 – 5 years
Buildings		5 years
In-service ISR assets		3 years
Furniture and fixtures		3 – 7 years
Leasehold improvements		Lesser of useful life or term of lease

Schedule of estimated useful life for the Company's intangible assets


Technology		3 – 12 years
Backlog		1 year
Licenses		3 years
Customer relationships		3 – 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

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):


	Year Ended April 30,

Revenue by segment	2025		2024		2023
UxS	$	381,778	$	448,006	$	343,910
LMS		351,977		192,587		120,624
MW		86,872		76,127		76,002
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by contract type	2025		2024		2023
FFP	$	746,190	$	634,266	$	430,547
CPFF		67,986		77,458		104,444
T&M		6,451		4,996		5,545
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by customer category	2025		2024		2023
U.S. government	$	613,053	$	544,885	$	366,895
Non-U.S. government		207,574		171,835		173,641
Total revenue	$	820,627	$	716,720	$	540,536

	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by geographic location	2025		2024		2023
Domestic	$	390,744	$	271,727	$	251,428
International		429,883		444,993		289,108
Total revenue	$	820,627	$	716,720	$	540,536

Schedule of revenue percentage by recognition method


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue percentage by recognition method	2025		2024		2023
Over time		57%		43%		51%
Point in time		43%		57%		49%
Total revenue		100%		100%		100%

Schedule of reconciliation of basic to diluted shares


	Year Ended April 30,
	2025		2024		2023

Net income (loss) attributable to AeroVironment, Inc.	$	43,619,000	$	59,666,000	$	(176,212,000)
Denominator for basic earnings per share:
Weighted average common shares		28,018,656		27,203,417		25,044,881
Dilutive effect of employee stock options, restricted stock and restricted stock units		154,832		124,576		—
Denominator for diluted earnings per share		28,173,488		27,327,993		25,044,881

Business Acquisitions

12 Months Ended

Apr. 30, 2025

Business Acquisitions

Business Acquisitions

21. Business Acquisitions

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 three months ended January 27, 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 remaining $390,000 holdback was paid during the three months ended October 26, 2024. 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.

The following table summarizes the final allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Tomahawk (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

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, as such the goodwill associated with this purchase is not deductible.

Tomahawk Supplemental Pro Forma Information (unaudited)

Tomahawk revenue since acquisition on September 15, 2023 was $15,883,000 as of April 30, 2024. Other than the aforementioned revenue and intangible asset amortization expense of $5,730,000 for the year ended April 30, 2024 since the acquisition on September 15, 2023, the Tomahawk financial results were not significant. 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):


		Year Ended
		April 30,		April 30,
		2024		2023
Revenue	$	727,241	$	551,845
Net income	$	57,273	$	(190,658)

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 Company incurred approximately $1,873,000 of acquisition-related expenses for the fiscal year ended April 30, 2024. These expenses are included in selling, general and administrative on the Company’s consolidated statements of income (loss).

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.

Planck Acquisition

On August 17, 2022, the Company closed its acquisition of Planck, a leading provider of advanced uncrewed aircraft navigation solutions based in San Diego, California. Pursuant to the purchase agreement, the Company paid a total purchase price of $5,105,000 from cash-on-hand plus a $500,000 holdback for certain assets of Planck, which was paid during the three months ended October 28, 2023. Planck is a small technology company incorporated into AeroVironment’s UxS segment for the MUAS product line to focus on integrating its flight autonomy solutions, such as ACE™, or Autonomous Control Engine, into the Company’s offerings to enable safe, autonomous takeoff and landing from moving platforms on land or at sea in GPS-denied environments. Other solutions include AVEM™, a fully integrated mobile tethered sensor platform designed for persistent autonomous operation from moving vehicles and vessels in any environment, and a suite of machine-learning object detection and tracking systems that are customized for specific end-user needs. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.

The following table summarizes the final allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Planck. During the three months ended July 29, 2023, the Company finalized its determination of the fair value of the assets and liabilities assumed in the acquisition of Planck and no significant changes were recorded from the original estimation (in thousands):


	August 17,
	2022
Fair value of assets acquired:
Technology	$	3,200
Backlog		700
Inventories		109
Other assets		19
Property and equipment, net		13
Goodwill		1,633
Total identifiable net assets	$	5,674

Fair value of liabilities assumed:
Customer advances		69
Total liabilities assumed		69
Total identifiable net assets	$	5,605

Fair value of consideration transferred:
Cash	$	5,105
Holdback		500
Total consideration	$	5,605

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 intangibles 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 Planck and expected future customers in the MUAS market. For tax purposes the acquisition was treated as an asset acquisition and the goodwill is deductible.

Planck Supplemental Pro Forma Information (unaudited)

Planck revenue since acquisition on August 17, 2022 through April 30, 2023 was $368,000. Other than the aforementioned revenue and intangible asset amortization expense of $542,000 for the year ended April 30, 2023 since the acquisition on August 17, 2022, the Planck financial results were not significant. The following unaudited pro forma summary presents consolidated information of the Company as if the business acquisition had occurred on May 1, 2021 (in thousands):


		Year Ended
		April 30,
		2023
Revenue	$	544,961
Net income	$	(173,277)

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 31, 2021, reflecting the additional amortization that would have been charged and including the results of Planck prior to acquisition.

The Company incurred approximately $1,009,000 of acquisition-related expenses for the fiscal year ended April 30, 2023. These expenses are included in selling, general and administrative on the Company’s consolidated statements of income (loss).

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, 2021, nor are they indicative of results of operations that may occur in the future.

Telerob Acquisition

Pursuant to the Telerob Purchase Agreement, the Telerob Sellers were eligible to receive up to a maximum of €6,000,000 (approximately $6,418,000) in additional cash consideration if specific revenue and contract award targets for Telerob were achieved during the 36 month period after closing on May 3, 2021. The contingent consideration was valued using a Black-Scholes option-pricing model. The analysis considered, among other items, contractual terms of the Telerob Purchase Agreement, the Company’s discount rate, the timing of expected future cash flows and the probability that the revenue and contract award targets required for payment of the contingent consideration will be achieved. The first year earnout of €2,000,000 (approximately $2,139,000) was not achieved. During the fiscal year ended April 30, 2023, the second year earnout of €2,000,000 (approximately $2,132,000) was achieved and was paid in November 2023. The third earnout of €2,000,000 (approximately $2,139,000) was not achieved.

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Apr. 30, 2023 USD ($)
Director \| Consulting agreement
Long-Term Incentive Awards
Amount paid to related party	$ 76,000

Debt - (Details)					12 Months Ended
Debt - (Details)	May 01, 2025 USD ($) item	Oct. 04, 2024 USD ($)	Feb. 04, 2022	Feb. 19, 2021 USD ($) payment	Apr. 30, 2025 USD ($)	Apr. 30, 2024 USD ($)	Jun. 06, 2023 USD ($)	Jun. 05, 2023 USD ($)
Debt
Unamortized debt issuance costs allocated to term loan facility					$ 1,281,000	$ 511,000
Aggregate amount					30,000,000	28,000,000
Revolving credit facility
Debt
Aggregate amount					$ 30,000,000
Amount of sublimit of line of credit borrowing capacity							$ 25,000,000	$ 10,000,000
Revolving credit facility \| Arcturus UAV Inc.
Debt
Term of loan				5 years
Amount of loan				$ 100,000,000,000,000
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 \| Consolidated Leverage Ratio \| Minimum
Debt
Interest rate					3.00%
Revolving credit facility \| Consolidated Leverage Ratio \| Maximum
Debt
Interest rate					1.00%
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%
First Amendment to Credit Agreement \| Base Rate
Debt
Interest rate			0.50%
Additional interest rate if default occurs (as a percentage)			2.00%
First Amendment to Credit Agreement \| Base Rate \| Minimum
Debt
Interest rate			0.50%
First Amendment to Credit Agreement \| Base Rate \| Maximum
Debt
Interest rate			1.50%
First Amendment to Credit Agreement \| SOFR
Debt
SOFR adjustment			0.10%
First Amendment to Credit Agreement \| SOFR \| Minimum
Debt
Interest rate			1.50%
First Amendment to Credit Agreement \| SOFR \| Maximum
Debt
Interest rate			2.50%
First Amendment to Credit Agreement \| Term SOFR
Debt
Interest rate			0.00%
First Amendment to Credit Agreement \| One Month SOFR
Debt
Interest rate			1.00%
First Amendment to Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Minimum
Debt
Commitment fees (as a percentage)			0.20%
First Amendment to Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Maximum
Debt
Commitment fees (as a percentage)			0.35%
Third Amendment to Credit Agreement
Debt
Amount of loan		$ 15,000,000			$ 160,624,000
Aggregate amount		200,000,000
Amount of sublimit		$ 25,000,000
Third Amendment to Credit Agreement \| Consolidated Leverage Ratio \| Minimum
Debt
Consolidated leverage ratio		1.00%
Third Amendment to Credit Agreement \| Consolidated Leverage Ratio \| Minimum \| Period One Through Four
Debt
Consolidated leverage ratio		1.00%
Third Amendment to Credit Agreement \| Consolidated Leverage Ratio \| Maximum
Debt
Consolidated leverage ratio		4.00%
Third Amendment to Credit Agreement \| Consolidated Leverage Ratio \| Maximum \| Period One Through Four
Debt
Consolidated leverage ratio		4.50%
Third Amendment to Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Minimum
Debt
Interest rate		1.00%
Third Amendment to Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Maximum
Debt
Interest rate		1.25%
Third Amendment to Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Minimum
Debt
Consolidated leverage ratio		1.00%
Third Amendment to Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Maximum
Debt
Consolidated leverage ratio		3.00%
Third Amendment to Credit Agreement \| Leverage Increase Period \| Minimum
Debt
Consolidated leverage ratio		1.00%
Third Amendment to Credit Agreement \| Leverage Increase Period \| Maximum
Debt
Consolidated leverage ratio		3.50%
Fourth Amendment To Credit Agreement \| Subsequent events
Debt
Amount of loan	$ 225,000,000
Aggregate amount	350,000,000
Amount of sublimit	$ 25,000,000
Fourth Amendment To Credit Agreement \| Term loan \| Subsequent events
Debt
Term of loan	2 years
Additional interest rate if default occurs (as a percentage)	2.00%
Aggregate Term loan	$ 700,000,000
Amortization rate	5.00%
Number of financial maintenance covenants \| item	2
Fourth Amendment To Credit Agreement \| Base Rate \| Minimum \| Term loan \| Subsequent events
Debt
Interest rate	0.50%
Fourth Amendment To Credit Agreement \| Base Rate \| Maximum \| Term loan \| Subsequent events
Debt
Interest rate	1.50%
Fourth Amendment To Credit Agreement \| SOFR \| Term loan \| Subsequent events
Debt
SOFR adjustment	0.10%
Fourth Amendment To Credit Agreement \| SOFR \| Minimum \| Term loan \| Subsequent events
Debt
Interest rate	1.50%
Fourth Amendment To Credit Agreement \| SOFR \| Maximum \| Term loan \| Subsequent events
Debt
Interest rate	2.50%
Fourth Amendment To Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Minimum \| Term loan \| Subsequent events
Debt
Interest rate	1.00%
Fourth Amendment To Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Maximum \| Term loan \| Subsequent events
Debt
Interest rate	1.25%
Fourth Amendment To Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Minimum \| Term loan \| Subsequent events
Debt
Consolidated leverage ratio	1.00%
Fourth Amendment To Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Maximum \| Term loan \| Subsequent events
Debt
Consolidated leverage ratio	3.50%
Standby Letters of Credit
Debt
Amount of loan					$ 9,376,000	15,668,000
Standby Letters of Credit \| Arcturus UAV Inc.
Debt
Amount of sublimit				$ 25,000,000,000,000
Swingline Loan [Member]
Debt
Amount of sublimit		$ 10,000,000
Swingline Loan [Member] \| Subsequent events
Debt
Amount of sublimit	$ 10,000,000
Term loan
Debt
Unamortized debt issuance costs allocated to term loan facility		$ 590,000
Aggregate amount						$ 28,000,000
Term loan \| Arcturus UAV Inc.
Debt
Term of loan				4 years
Amount of loan				$ 200,000,000,000,000
Term of amortization				5 years
Term loan \| Period One Through Four \| Arcturus UAV Inc.
Debt
Amount of annual required payment expressed as a percent of the outstanding obligation				5.00%
Term loan \| Period Five \| Arcturus UAV Inc.
Debt
Number of quarterly payments \| payment				3
Amount of quarterly required payment expressed as a percentage of outstanding obligation				1.25%
Term loan \| Final Maturity date \| Arcturus UAV Inc.
Debt
Remaining outstanding principal amount				80.00%

Intangibles, net (Details) - USD ($)	3 Months Ended		12 Months Ended
Intangibles, net (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2023	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Intangibles, net
Amortization expense			$ 23,391,000	$ 17,954,000	$ 58,121,000
MUAS
Intangibles, net
Amortization expense		$ 34,149,000
UGV
Intangibles, net
Amortization expense	$ 4,258,000
Weighted average
Intangibles, net
Weighted average amortization period	3 years		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

Stock-Based Compensation Non-Vested Stock Options (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Options
Non-vested at beginning of year (in shares)	0
Options granted (in shares)	0	0	0
Non-vested at end of year (in shares)	0	0
Unrecognized compensation cost related to non-vested stock awards	$ 12,695,000
Period over which unrecognized compensation cost is expected to be recognized	2 years
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 9 months 18 days
Exercise of stock options	$ 1,841,000	$ 0	$ 2,278,000
Fair value of shares vested	8,543,000	6,170,000	6,264,000
Excess tax benefit from stock-based compensation	$ 6,984,000	$ 0	$ 3,387,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 203	$ 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	28,267,517	28,134,438
Common stock, outstanding shares	28,267,517	28,134,438

Segments (Tables)

12 Months Ended

Apr. 30, 2025

Segments

Schedule of segment results


	Year Ended April 30, 2025
	UxS		LMS		MW		Total
Revenue:
Product sales	$	352,932	$	333,506	$	6,284	$	692,722
Contract services		28,846		18,471		80,588		127,905
		381,778		351,977		86,872		820,627

Less: Cost of sales		213,133		223,422		65,436		501,991
Add: Intangible amortization included in cost of sales		18,480		—		925		19,405
Segment adjusted gross margin	$	187,125	$	128,555	$	22,361	$	338,041

Depreciation and amortization	$	49,942	$	3,806	$	5,609	$	59,357


	Year Ended April 30, 2024
	UxS		LMS		MW		Total
Revenue:
Product sales	$	415,074	$	168,863	$	1,834	$	585,771
Contract services		32,932		23,724		74,293		130,949
		448,006		192,587		76,127		716,720

Less: Cost of sales		249,763		124,363		58,663		432,789
Add: Intangible amortization included in cost of sales		12,280		—		1,268		13,548
Segment adjusted gross margin	$	210,523	$	68,224	$	18,732	$	297,479

Depreciation and amortization	$	27,595	$	2,808	$	5,346	$	35,749


	Year Ended April 30, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	268,021	$	84,686	$	355	$	353,062
Contract services		75,889		35,938		75,647		187,474
		343,910		120,624		76,002		540,536

Less: Cost of sales		231,960		77,888		57,174		367,022
Add: Intangible amortization included in cost of sales		12,731		—		1,275		14,006
Segment adjusted gross margin	$	124,681	$	42,736	$	20,103	$	187,520

Depreciation and amortization	$	249,925	$	2,788	$	3,303	$	256,016

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


	Year Ended April 30, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	268,021	$	84,686	$	355	$	353,062
Contract services		75,889		35,938		75,647		187,474
		343,910		120,624		76,002		540,536

Less: Cost of sales		231,960		77,888		57,174		367,022
Add: Intangible amortization included in cost of sales		12,731		—		1,275		14,006
Segment adjusted gross margin	$	124,681	$	42,736	$	20,103	$	187,520

Depreciation and amortization	$	249,925	$	2,788	$	3,303	$	256,016

Schedule of segment assets and capital expenditures by segment


	UxS		LMS		MW		Corporate		Total
As of April 30, 2025	$	511,505	$	313,046	$	47,979	$	248,037	$	1,120,567
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
Year Ended April 30, 2025	$	7,156	$	6,717	$	7,339	$	1,604	$	22,816
Year Ended April 30, 2024	$	9,630	$	5,078	$	4,521	$	3,754	$	22,983
Year Ended April 30, 2023	$	8,191	$	2,700	$	3,045	$	932	$	14,868

Income Taxes - Income Taxes Reconciliation (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Income Taxes
U.S. federal statutory income tax rate (as a percent)	21.00%	21.00%	21.00%
Foreign rate differential (as a percent)	(6.60%)	(0.50%)	(0.10%)
State income taxes, net of federal benefit (as a percent)	(2.50%)	0.90%	0.20%
Research and development credits (as a percent)	(13.30%)	(7.80%)	(1.80%)
Valuation allowance (as a percent)	5.80%	1.50%	1.10%
Return to provision adjustments (as a percent)	(0.30%)	1.60%
Limit on executive compensation (as a percent)	6.70%	2.70%	(0.40%)
Permanent items (as a percent)	3.70%	0.60%	(0.30%)
Foreign derived intangible income (as a percent)	(19.70%)	(16.00%)	2.30%
Excess benefit relating to stock-based compensation (as a percent)	(7.60%)	(0.60%)	0.80%
Goodwill impairment (as a percent)	13.80%		(17.20%)
Unrecognized tax benefit (as a percent)	1.20%	(0.60%)	2.00%
Other (as a percent)		0.20%	0.20%
Effective income tax rate (as a percent)	2.20%	3.00%	7.80%
Current:
Federal	$ 21,901,000	$ 20,990,000	$ 1,510,000
State	(320,000)	1,511,000	1,474,000
Foreign		(76,000)	2,273,000
Current	21,581,000	22,425,000	5,257,000
Deferred:
Federal	(19,301,000)	(18,844,000)	(17,226,000)
State	(734,000)	(625,000)	(1,488,000)
Foreign	(664,000)	(1,065,000)	(1,206,000)
Deferred	(20,699,000)	(20,534,000)	(19,920,000)
Total income tax expense (benefit)	882,000	1,891,000	$ (14,663,000)
Deferred income tax assets:
Accrued expenses	2,367,000	2,542,000
Stock based compensation	3,728,000	3,391,000
Allowances, reserves, and other		1,001,000
Outside basis difference		(33,000)
Unrealized loss on securities	3,787,000	3,588,000
Net operating loss and credit carry-forwards	21,620,000	19,800,000
Acquisition related costs	4,299,000
Capitalized research and development costs	57,266,000	42,788,000
Reserve for inventory excess and obsolescence	6,306,000	5,577,000
Lease liability	8,226,000	7,628,000
Total deferred income tax assets	107,599,000	86,282,000
Deferred income tax liabilities:
Fixed asset basis	(3,160,000)	(3,516,000)
Allowances, reserves, and other	(1,895,000)
Outside basis difference	(38,000)
Right-of-use asset	(7,645,000)	(7,053,000)
Intangibles basis	(6,631,000)	(11,239,000)
Total deferred income tax liabilities	(19,369,000)	(21,808,000)
Valuation allowance	(26,770,000)	(23,835,000)
Net deferred tax assets	$ 61,460,000	$ 40,639,000

Fair Value Measurements

12 Months Ended

Apr. 30, 2025

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 April 30, 2025, 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	$	1,080	$	—	$	—	$	1,080
Warrants		—		124		—		124
Total	$	1,080	$	124	$	—	$	1,204

The Company had no financial liabilities measured at fair value on a recurring basis at April 30, 2025.

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.

On September 9, 2022, the Company acquired 10,000 shares of Nauticus Robotics, Inc. for $100,000.

- 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.

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+ Details

Segments - Segment assets and Capital expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Segments
Total assets	$ 1,120,567	$ 1,015,860
Product segments
Segments
Capital expenditures	22,816	22,983	$ 14,868
UxS \| Product segments
Segments
Total assets	511,505	590,619
Capital expenditures	7,156	9,630	8,191
LMS \| Product segments
Segments
Total assets	313,046	165,413
Capital expenditures	6,717	5,078	2,700
MW \| Product segments
Segments
Total assets	47,979	50,767
Capital expenditures	7,339	4,521	3,045
Corporate \| Product segments
Segments
Total assets	248,037	209,061
Capital expenditures	$ 1,604	$ 3,754	$ 932

- Definition

Amount of asset recognized for present right to economic benefit.

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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warranty Reserves (Tables)

12 Months Ended

Apr. 30, 2025

Warranty Reserves

Summary of warranty reserve activity


	April 30,
	2025		2024

	(In thousands)
Beginning balance	$	5,538	$	3,642
Balance acquired from acquisition		—		40
Warranty expense		1,151		4,364
Warranty costs settled		(2,500)		(2,508)
Ending balance	$	4,189	$	5,538

Share Repurchase Plan and Issuances - Shelf Registration (Details) - Open Market Sale Agreement - USD ($)		12 Months Ended
	Sep. 08, 2022	Apr. 30, 2024	Apr. 30, 2023
Share Repurchase Plan and Issuances
Number of share sold		807,370	1,109,730
Total gross proceeds		$ 91,313,000	$ 108,686,000
Amount of cash inflow from sale of stock net of commission expense		88,574,000	105,425,000
Amount of cash inflow from sale of stock net of equity issuance cost		$ 88,437,000	$ 104,649,000
Maximum
Share Repurchase Plan and Issuances
Aggregate offering price	$ 200,000,000

Goodwill (Details) - USD ($)	12 Months Ended
Goodwill (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Goodwill
Goodwill, Beginning Balance	$ 431,669,000	$ 336,818,000
Accumulated impairment losses	(156,017,000)	(156,017,000)
Goodwill, Net - Beginning Balance	275,652,000	180,801,000
Additions to goodwill		95,414,000
Change to goodwill	(512,000)	(563,000)
Impairment of goodwill	(18,359,000)	(156,017,000)	$ (156,017,000)
Goodwill, Ending Balance	431,157,000	431,669,000	336,818,000
Accumulated impairment losses	(174,376,000)	(156,017,000)	(156,017,000)
Goodwill, Net - Ending Balance	256,781,000	275,652,000	180,801,000
UxS
Goodwill
Goodwill, Beginning Balance	412,415,000
Accumulated impairment losses	(156,017,000)
Goodwill, Net - Beginning Balance	256,398,000
Change to goodwill	(512,000)
Impairment of goodwill	(18,359,000)
Goodwill, Ending Balance	411,903,000	412,415,000
Accumulated impairment losses	(174,376,000)	(156,017,000)
Goodwill, Net - Ending Balance	237,527,000	256,398,000
UGV
Goodwill
Impairment of goodwill	(18,359,000)
UMS
Goodwill
Goodwill, Beginning Balance	412,415,000	317,564,000
Accumulated impairment losses	(156,017,000)	(156,017,000)
Goodwill, Net - Beginning Balance	256,398,000	161,547,000
Additions to goodwill		95,414,000
Change to goodwill		(563,000)
Goodwill, Ending Balance		412,415,000	317,564,000
Accumulated impairment losses		(156,017,000)	(156,017,000)
Goodwill, Net - Ending Balance		256,398,000	161,547,000
MW
Goodwill
Goodwill, Beginning Balance	19,254,000	19,254,000
Goodwill, Net - Beginning Balance	19,254,000	19,254,000
Goodwill, Ending Balance	19,254,000	19,254,000	19,254,000
Goodwill, Net - Ending Balance	$ 19,254,000	$ 19,254,000	$ 19,254,000

Business Acquisitions (Tables)

12 Months Ended

Apr. 30, 2025

Tomahawk Robotics, Inc

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 final allocation of the purchase price over the estimated fair value of the assets and liabilities assumed in the acquisition of Tomahawk (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):


		Year Ended
		April 30,		April 30,
		2024		2023
Revenue	$	727,241	$	551,845
Net income	$	57,273	$	(190,658)

Planck Aerosystems, Inc. ("Planck")

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

During the three months ended July 29, 2023, the Company finalized its determination of the fair value of the assets and liabilities assumed in the acquisition of Planck and no significant changes were recorded from the original estimation (in thousands):


	August 17,
	2022
Fair value of assets acquired:
Technology	$	3,200
Backlog		700
Inventories		109
Other assets		19
Property and equipment, net		13
Goodwill		1,633
Total identifiable net assets	$	5,674

Fair value of liabilities assumed:
Customer advances		69
Total liabilities assumed		69
Total identifiable net assets	$	5,605

Fair value of consideration transferred:
Cash	$	5,105
Holdback		500
Total consideration	$	5,605

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 consolidated information of the Company as if the business acquisition had occurred on May 1, 2021 (in thousands):


		Year Ended
		April 30,
		2023
Revenue	$	544,961
Net income	$	(173,277)

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Intangibles, net
Intangibles, gross	$ 185,888	$ 184,848
Less accumulated amortization	(137,177)	(112,624)
Intangibles, net	48,711	72,224
Technology
Intangibles, net
Intangibles, gross	101,645	101,012
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Customer relationships
Intangibles, net
Intangibles, gross	77,588	77,313
Backlog.
Intangibles, net
Intangibles, gross	2,963	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

Business Acquisitions - Planck (Details) - USD ($)		12 Months Ended
Business Acquisitions - Planck (Details) - USD ($)	Aug. 17, 2022	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Fair value of assets acquired:
Goodwill		$ 256,781,000	$ 275,652,000	$ 180,801,000
Supplemental Pro Forma Information (unaudited)
Amortization expense		$ 23,391,000	$ 17,954,000	58,121,000
Planck Aerosystems, Inc. ("Planck")
Business Acquisitions
Cash consideration, net of cash acquired	$ 5,105,000
Amount of holdback	500,000
Fair value of assets acquired:
Inventories	109,000
Other assets	19,000
Property and equipment, net	13,000
Goodwill	1,633,000
Total identifiable net assets	5,674,000
Fair value of liabilities assumed:
Customer advances	69,000
Total liabilities assumed	69,000
Total identifiable net assets	5,605,000
Fair value of consideration transferred:
Cash	5,105,000
Holdback	500,000
Total consideration	5,605,000
Supplemental Pro Forma Information (unaudited)
Revenue	368,000			544,961,000
Amortization expense				542,000
Net income				(173,277,000)
Planck Aerosystems, Inc. ("Planck") \| SG&A
Supplemental Pro Forma Information (unaudited)
Acquisition-related costs				$ 1,009,000
Planck Aerosystems, Inc. ("Planck") \| Technology
Fair value of assets acquired:
Intangible assets	3,200,000
Planck Aerosystems, Inc. ("Planck") \| Backlog.
Fair value of assets acquired:
Intangible assets	$ 700,000

Stock-Based Compensation

12 Months Ended

Apr. 30, 2025

Stock-Based Compensation

Stock-Based Compensation

13. Stock-Based Compensation

For the years ended April 30, 2025, 2024 and 2023, the Company recorded stock-based compensation expense of approximately $21,461,000, $17,069,000 and $10,765,000, respectively.

On September 24, 2021, the stockholders of the Company approved the 2021 Equity Incentive Plan (“2021 Plan”) effective September 24, 2021, for officers, directors, key employees and consultants. Under the 2021 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance

share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. The sum of any cash compensation, or other compensation, and the value of awards granted to a non-employee director as compensation for services as a non-employee director during any fiscal year may not exceed $500,000, which amount is increased to $700,000 in the fiscal year of a non-employee director’s initial year of service as a non-employee director. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant.

On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan (“2006 Plan”) effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan (“Restated 2006 Plan”). Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash to any one participant as a performance-based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant. The Restated 2006 Plan expired in July 2021.

On September 19, 2023, the stockholders of the Company approved the Company’s 2023 Employee Stock Purchase Plan (the “2023 ESPP”). The 2023 ESPP allows for eligible employees to purchase common stock through payroll deductions of up to $25,000 worth of common stock (determined at the fair market value of the shares at the time such rights are granted) for each calendar year in which the purchase rights are outstanding at any time. Shares of common stock are purchased under the 2023 ESPP at a discount to the market price of the shares of no less than 85% of the fair market value of the Company’s common stock on each purchase date. Subject to adjustments for changes in the Company’s capitalization and certain corporate transactions, the total number of shares available for issuance under the 2023 ESPP is 1,000,000 shares of common stock. As of April 30, 2025, 14,598 shares have been issued under the 2023 ESPP.

The fair value of the grants under the 2023 ESPP was estimated at the grant date using an option pricing model. Assumptions included in the option pricing model included the expected term of grants, the expected volatility, the risk-free interest rate, and the expected dividend yield. The expected term of stock options represents the weighted average period the Company expects the grants to remain outstanding, based on the offering period of the grant. The expected volatility is based on historical volatility for the Company’s stock. The risk-free interest rate is based on the implied yield on a U.S. Treasury zero coupon bond with a remaining term that approximates the expected term of the option. The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future.

The fair value of stock options granted previously was estimated at the grant date using the Black-Scholes option pricing model. Assumptions included in the Black-Scholes option pricing model included the expected term of stock options, the expected volatility, the risk-free interest rate, and the expected dividend yield. The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company’s historical exercise and post-vesting cancellation experience and the remaining contractual life of its outstanding options. The expected volatility is based on historical volatility for the Company’s stock. The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon bond with a remaining term that approximates the expected term of the option. The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future.

Information related to the stock option plans at April 30, 2025, 2024 and 2023, and for the years then ended is as follows:


	Restated 2006 Plan
		Weighted
		Average
		Exercise
	Shares	Price
Outstanding at April 30, 2022	166,164		24.78
Options granted	—		—
Options exercised	(100,000)		22.77
Options canceled	—		—
Outstanding at April 30, 2023	66,164		27.82
Options granted	—		—
Options exercised	—		—
Options canceled	—		—
Outstanding at April 30, 2024	66,164		27.82
Options granted	—		—
Options exercised	(66,164)		27.82
Options canceled	—		—
Outstanding at April 30, 2025	—		—
Options exercisable at April 30, 2025	—	$	—

The total intrinsic value of all options exercised during the years ended April 30, 2025, 2024 and 2023 was approximately $7,312,000, $0, and $7,369,000, respectively. The intrinsic value of all options outstanding and exercisable at April 30, 2025 and 2024 was $0 and $8,732,000, respectively. The Company had zero non-vested stock options as of April 30, 2025 and 2024 and the years then ended, respectively.

As of April 30, 2025, there was approximately $12,695,000 of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately two-year period or a weighted average period of approximately 1.8 years.

No options were granted during the fiscal years ended April 30, 2025, 2024 and 2023. The total fair value of shares vesting during the years ended April 30, 2025, 2024 and 2023 was $8,543,000, $6,170,000 and $6,264,000, respectively.

Proceeds from all option exercises under all stock option plans for the years ended April 30, 2025, 2024 and 2023 were approximately $1,841,000, $0 and $2,278,000, respectively. The tax benefit realized from stock-based compensation was $6,984,000, $0 and $3,387,000 for the fiscal years ended April 30, 2025, 2024, and 2023, respectively.

Information related to the Company’s restricted stock awards at April 30, 2025 and for the year then ended is as follows:


	2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2024	191,607	$	101.38	9,902	$	94.67
Stock granted	57,497		174.46	—		—
Stock vested	(76,511)		97.79	(9,902)		94.67
Stock canceled	(10,453)		118.72	—		—
Unvested stock at April 30, 2025	162,140	$	127.71	—	$	—

Information related to the Company’s restricted stock units at April 30, 2025 and for the year then ended is as follows:


	Restated 2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2024	3,415	$	101.38	1,349	$	97.69
Stock granted	992		175.67	—		—
Stock vested	(1,229)		100.26	(1,349)		97.69
Stock canceled	—		—	—		—
Unvested stock at April 30, 2025	3,178	$	125.00	—	$	—

Organization and Significant Accounting Policies - Contract Estimates (Details)	12 Months Ended
	Apr. 30, 2025 USD ($) item contract	Apr. 30, 2024 USD ($) contract	Apr. 30, 2023 USD ($) contract
Material adjustment to any one contract	$ 0	$ 0	$ 0
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods increased	$ 6,002,000	$ 5,408,000
Number of active contracts \| contract	1	1	1
Forward Loss Reserve	$ 104,000	$ 374,000
LMS
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods increased	$ 9,870,000	$ 2,672,000
Undefinitized contract actions \| contract	4
Unpriced change orders \| item	8
Decrease in revenue due to revised estimates to complete a contract	$ 2,874,000		$ 1,898,000
Number of active contracts \| contract		2
Loitering munition systems unpriced change orders
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods increased	$ 2,177,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 43,619	$ 59,666	$ (176,167)
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of deferred tax expense of $0 for the fiscal years ended April 30, 2023			53
Change in foreign currency translation adjustments	(922)	(1,140)	2,009
Total comprehensive income (loss)	42,697	58,526	(174,105)
Net income attributable to noncontrolling interest			(45)
Comprehensive income (loss) attributable to AeroVironment, Inc.	$ 42,697	$ 58,526	$ (174,150)

- Definition

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

+ References + Details

- Definition

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

+ References

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-Name Accounting Standards Codification
-Section 45
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-SubTopic 10
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+ Details

- 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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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2025

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 April 30, 2025, 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	$	1,080	$	—	$	—	$	1,080
Warrants		—		124		—		124
Total	$	1,080	$	124	$	—	$	1,204

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

Income Taxes

12 Months Ended

Apr. 30, 2025

Income Taxes

Income Taxes

15. Income Taxes

The components of income (loss) before income taxes are as follows (in thousands):


	Year Ended April 30,
	2025		2024		2023
Domestic	$	68,814	$	68,968	$	(187,647)
Foreign		(29,150)		(5,737)		(730)
Income (loss) before income taxes		39,664		63,231		(188,377)

Equity method investment income (loss)		4,837		(1,674)		(2,453)
Total income (loss) before income taxes	$	44,501	$	61,557	$	(190,830)

The Company expects any foreign earnings to be reinvested in such foreign jurisdictions and, therefore, no deferred tax liabilities for U.S. income taxes on undistributed earnings are recorded. The foreign subsidiaries do not have any undistributed earnings.

A reconciliation of income tax expense (benefit) computed using the U.S. federal statutory rates to actual income tax expense is as follows:


	Year Ended April 30,
	2025		2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign rate differential	(6.6)		(0.5)		(0.1)
State income taxes, net of federal benefit	(2.5)		0.9		0.2
Research and development credits	(13.3)		(7.8)		(1.8)
Valuation allowance	5.8		1.5		1.1
Return to provision adjustments	(0.3)		1.6		—
Limit on executive compensation	6.7		2.7		(0.4)
Permanent items	3.7		0.6		(0.3)
Foreign derived intangible income	(19.7)		(16.0)		2.3
Excess benefit relating to stock-based compensation	(7.6)		(0.6)		0.8
Goodwill impairment	13.8		—		(17.2)
Unrecognized tax benefit	1.2		(0.6)		2.0
Other	—		0.2		0.2
Effective income tax rate	2.2	%	3.0	%	7.8	%

The components of the provision for (benefit from) income taxes are as follows (in thousands):


	Year Ended April 30,
	2025		2024		2023
Current:
Federal	$	21,901	$	20,990	$	1,510
State		(320)		1,511		1,474
Foreign		—		(76)		2,273
		21,581		22,425		5,257
Deferred:
Federal		(19,301)		(18,844)		(17,226)
State		(734)		(625)		(1,488)
Foreign		(664)		(1,065)		(1,206)
		(20,699)		(20,534)		(19,920)
Total income tax expense (benefit)	$	882	$	1,891	$	(14,663)

Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands):


	April 30,
	2025		2024
Deferred income tax assets:
Accrued expenses	$	2,367	$	2,542
Stock based compensation		3,728		3,391
Allowances, reserves, and other		—		1,001
Outside basis difference		—		(33)
Unrealized loss on securities		3,787		3,588
Net operating loss and credit carry-forwards		21,620		19,800
Acquisition related costs		4,299		—
Capitalized research and development costs		57,266		42,788
Reserve for inventory excess and obsolescence		6,306		5,577
Lease liability		8,226		7,628
Total deferred income tax assets		107,599		86,282
Deferred income tax liabilities:
Fixed asset basis		(3,160)		(3,516)
Allowances, reserves, and other		(1,895)		—
Outside basis difference		(38)		—
Right-of-use asset		(7,645)		(7,053)
Intangibles basis		(6,631)		(11,239)
Total deferred income tax liabilities		(19,369)		(21,808)
Valuation allowance		(26,770)		(23,835)
Net deferred tax assets	$	61,460	$	40,639

For tax years beginning in 2022, the Tax Cuts and Jobs Act of 2017 (“TCJA”) eliminated the option to currently deduct research and experimental (“R&E”) expenditures in the period incurred and requires taxpayers to capitalize and amortize such expenditures over a period of five years (for U.S.-based research) or fifteen years (for non-U.S. based research), as applicable, pursuant to Section 174 of the Internal Revenue Code. As of April 30, 2025 and 2024, the Company recorded a tax adjustment to capitalize and amortize its R&D costs, which resulted in an increase to income taxes payable of approximately $57,266,000 and $42,788,000, respectively.

At April 30, 2025 and 2024 the Company recorded a valuation allowance of $26,770,000 and $23,835,000, respectively, primarily against state R&D credits as the Company is currently generating more tax credits than it will utilize in future years and against its capital loss carryforward. The valuation allowance increased by $2,935,000 and $1,332,000 for April 30, 2025 and April 30, 2024, respectively primarily due to a full valuation allowance against foreign deferred tax assets.

At April 30, 2025 the Company had California R&D credit carryforwards of $24,728,000. These credits carryforward indefinitely.

At April 30, 2025, the Company had federal, state and foreign net operating loss carryforwards of approximately $1,757,000, $97,314,000 and $5,012,000, respectively. The federal net operating losses carry forward indefinitely. The state net operating losses will begin expiring in fiscal year 2035, and foreign net operating losses carry forward indefinitely. Utilization of federal and state net operating loss carryforwards may be subject to substantial annual limitation due to the ownership changes as provided by Section 382 of the Internal Revenue Code and similar state provisions.

At April 30, 2025 and 2024, the Company had approximately $13,429,000 and $13,601,000, respectively, of unrecognized tax benefits, respective to the 2025 balance, $5,004,000 would impact the Company’s tax expense and $6,377,000 would result in an increase in California R&D credit valuation allowance. The Company estimates that

$1,478,000 of its unrecognized tax benefits will decrease in the next twelve months due to statute of limitation expiration.

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2025 and 2024 (in thousands):


	April 30,
	2025		2024
Balance as of May 1	$	13,601	$	12,841
Increases related to prior year tax positions		30		—
Decreases related to prior year tax positions		(18)		(59)
Increases related to current year tax positions		1,582		2,060
Decreases related to lapsing of statute of limitations		(1,766)		(1,241)
Balance as of April 30	$	13,429	$	13,601

The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2025 and 2024, the Company had accrued approximately $454,000 and $283,000, respectively, of interest and penalties related to uncertain tax positions. The 2021 to 2024 tax years remain open to examination by the IRS for federal income taxes. The tax years 2019 to 2024 remain open for major state taxing jurisdictions.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Significant Accounting Policies - Cloud Computing (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Cloud Computing Arrangements
Amortization expense	$ 23,391,000	$ 17,954,000	$ 58,121,000
Cloud Computing Arrangements
Cloud Computing Arrangements
Capitalized costs	33,656,000	15,424,000
Accumulated amortization	4,887,000	2,346,000
Amortization expense	$ 2,541,000	$ 1,444,000	$ 560,000
Cloud Computing Arrangements \| Minimum
Cloud Computing Arrangements
Estimated useful life	3 years
Cloud Computing Arrangements \| Maximum
Cloud Computing Arrangements
Estimated useful life	7 years

Organization and Significant Accounting Policies - (Details) - segment			12 Months Ended
	Oct. 14, 2022	Sep. 15, 2021	Apr. 30, 2025
Number of Reportable Segments			3
Altoy
Percentage of ownership interest sold	35.00%	35.00%
Total ownership interest	15.00%	85.00%

Income Taxes - Components of (loss) income (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Income Taxes
Domestic	$ 68,814	$ 68,968	$ (187,647)
Foreign	(29,150)	(5,737)	(730)
Income (loss) before income taxes	39,664	63,231	(188,377)
Equity method investment income (loss)	4,837	(1,674)	(2,453)
Income (loss) before income taxes	44,501	$ 61,557	$ (190,830)
Deferred tax liabilities for income taxes on undistributed earnings	$ 0

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Organization and Significant Accounting Policies

12 Months Ended

Apr. 30, 2025

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation, 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 (“DoD”), other federal agencies and to international allied governments.

Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly-owned subsidiaries Arcturus UAV, Inc. (“Arcturus”), Telerob Gesellschaft für Fernhantierungstechnik mbH (“Telerob”), Tomahawk Robotics, Inc. (“Tomahawk”) and Archangel Merger Sub LLC (collectively referred to herein as the “Company”).

On August 17, 2022, the Company purchased certain assets of, and assumed certain liabilities of Planck Aerosystems, Inc. (“Planck”) pursuant to the purchase agreement, and post-acquisition, Planck has been incorporated into the UxS segment. The assets, liabilities and operating results of Planck have been included in the Company’s consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

On September 15, 2023, the Company closed its acquisition of 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 consolidated financial statements. Refer to Note 21—Business Acquisitions for further details.

On November 13, 2024, the Company formed Archangel Merger Sub LLC, a Delaware limited liability company and a direct wholly owned subsidiary of the Company (“Merger Sub”), for the purpose of the announced acquisition of BlueHalo Financing Topco, LLC (“BlueHalo”). On May 1, 2025, the Company completed the acquisition of BlueHalo. Refer to Note 25—Subsequent Events for further details.

Investments in Companies Accounted for Using the Equity or Cost Method

Investments in other non-consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company’s ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company’s proportionate share of the investees’ net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company’s share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended.

When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company’s proportionate interest in the investee is reflected in equity as an adjustment to paid-in-capital. The Company evaluates its investments in companies accounted for by the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary.

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. In March 2022, the Company entered into a second related limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. Refer to Note 8—Investments in Companies Accounted for Using the Equity Method for further details.

On September 15, 2021, the Company entered into a Share Sale and Purchase Agreement with Toygun Savunma Sanayi ve Havacilik Anonim Sirketi (“Toygun”) whereby the Company sold 35% of the common shares of the Company’s Turkish joint venture, Altoy Savunma Sanayi ve Havacilik Anonim Sirketi (“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 share sales, the Company decreased its interest in Altoy from 85% to 15% and has determined that it no longer controls Altoy. Therefore, the Company no longer consolidates Altoy in the Company’s consolidated financial statements. As the Company has the ability to exercise significant influence over the operating and financial policies of Altoy, the Company accounts for the investment as an equity method investment and records its proportion of any gains or losses of Altoy in equity method investments (loss) income, net of tax. Refer to Note 8— Investments in Companies Accounted for Using the Equity Method for further details.

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 in assessing performance. The Company’s CODM, who is the Chief Executive Officer, makes operating decisions, assesses performance and makes resource allocation decisions, including the focus of research and development (“R&D”) and other significant expenses, leading to decisions related to resource allocations in relation to profit and loss. Accordingly, the Company identifies three reportable segments.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, acquired intangibles, goodwill, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, warranty liabilities, long-term incentive plan liabilities and estimates of anticipated contract costs and transaction price utilized in the revenue recognition process. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company’s segment disclosures for prior periods have been recast to conform to the adoption of Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions and U.S. Treasury bills.

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. 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) income, net. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. 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, retentions and accounts payable approximate cost due to the short period of time to maturity.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities, U.S. government-guaranteed agency securities, U.S. government sponsored agency debt securities, highly rated corporate bonds, and accounts receivable. The Company currently invests in equity securities and limited partnership funds. The Company’s revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 75%, 76% and 68% of the Company’s revenue came from agencies of the U.S. government for the years ended April 30, 2025, 2024 and 2023, respectively. These agencies accounted for 75% and 41% of the accounts receivable balances at April 30, 2025 and 2024, respectively. One such agency, the U.S. Army, accounted for 20%, 11% and 6% of the Company’s consolidated revenue for the years ended April 30, 2025, 2024 and 2023, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses.

Accounts Receivable, Unbilled Receivables and Retentions

Accounts receivable represents primarily U.S. government and allied foreign governments, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long-term contracts on which revenue has been recognized, but for which the customer has not yet been billed. Unbilled receivables are considered contract assets.

Retentions represent amounts withheld by customers until contract completion. At April 30, 2025 and 2024, the retention balances were $746,000 and $744,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience, age of receivable and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company’s best estimate of expected credit losses over the life of the receivable; such losses have historically been within management’s expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received.

Inventories

Inventories are stated at the lower of cost (using the weighted average costing method) or net realizable value. Inventory write-offs and write-down provisions are provided to cover risks arising from slow-moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its net realizable value.

Long-Lived Assets

Property, plant and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight-line method over the following estimated useful lives:


Machinery and equipment		2 – 7 years
Computer equipment and software		2 – 5 years
Buildings		5 years
In-service ISR assets		3 years
Furniture and fixtures		3 – 7 years
Leasehold improvements		Lesser of useful life or term of lease

Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative (“SG&A”) in the period incurred with the exception of in-service intelligence, surveillance and reconnaissance (“ISR”) assets which is included in cost of sales in the period incurred. Following the closure of all of the Company’s contractor-owned, contractor-operated (“COCO”) site locations, in-service ISR assets determined to have an alternate business use were reclassified to machinery and equipment as of April 30, 2023.

The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made.

Cloud Computing Arrangements

Implementation costs incurred in a cloud computing arrangement that is a service contract are capitalized and recorded on the consolidated balance sheets in prepaid expenses and other current assets and other assets. The amounts capitalized are amortized on a straight-line basis over the estimated useful life of the service arrangement, which generally range from three to seven years. As of April 30, 2025 and 2024, capitalized costs related to cloud computing arrangements was $33,656,000 and $15,424,000, respectively, net of accumulated amortization of $4,887,000 and $2,346,000, respectively. Amortization expense related to cloud computing arrangements for the fiscal years ended April 30, 2025, 2024 and 2023 was $2,541,000, $1,444,000 and $560,000.

Costs of Software to Be Sold

Costs incurred for internally developed and produced or purchased software to be sold, leased or marketed once the software has established technological feasibility are capitalized and recorded on the consolidated balance sheets in other assets. The amounts capitalized are amortized according to the greater of a straight-line basis over the estimated useful life of the service arrangement, which generally range from two to five years, or the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. As of April 30, 2025 and 2024, capitalized costs of software to be sold, leased or marketed was $3,269,000 and $0, respectively, net of accumulated amortization of $460,000 and $0, respectively.

Intangibles Assets — Acquired in Business Combinations

The Company performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price of the acquired business to the respective net tangible and intangible assets. Acquired intangible assets include technology, backlog, licenses, in-process research and development,

customer relationships, trademarks and tradenames, and non-compete agreements. The Company determines the appropriate useful life by performing an analysis of expected cash flows based on historical experience of the acquired businesses. Intangible assets are amortized over their estimated useful lives using the straight-line method which approximates the pattern in which the economic benefits are consumed. The estimated useful life for the Company’s intangible assets are as follows:


Technology		3 – 12 years
Backlog		1 year
Licenses		3 years
Customer relationships		3 – 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset’s useful life and the impact of an event or circumstance on either an asset’s useful life or carrying value involve significant judgment. As part of the Company’s annual goodwill impairment and identifiable asset test during the fiscal quarter ended April 30, 2025, a decrease in forecasted results of the Uncrewed Ground vehicles (“UGV”) reporting unit resulted in accelerated intangible amortization expenses of $4,258,000, which was recorded during the three months ended April 30, 2025. Due to the closure of all the Company’s MUAS COCO sites, the Company revised the estimated useful life for the MUAS customer relationships which resulted in accelerated intangible amortization expenses of $34,149,000 during the fiscal year ended April 30, 2023. Additionally, in conjunction with the goodwill impairment test performed during the year ended April 30, 2023, the remaining intangibles in the MUAS reporting unit were tested for recoverability. The asset recoverability test did not result in an impairment for the remaining intangibles in the MUAS reporting unit. Refer to Note 6—Goodwill for further details.

Goodwill

Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. The Company tests goodwill for impairment annually during the fourth quarter of the fiscal year or when events or circumstances change in a manner that indicates goodwill might be impaired. Events or circumstances that could trigger an impairment review include, but are not limited to, a significant adverse change in legal factors or in the business or political climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to projected future results of operations.

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. For the impairment test, we first assess qualitative factors, macroeconomic conditions, industry and market considerations, triggering events, cost factors, and overall financial performance, to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, we may bypass the qualitative assessment for some or all of its reporting units and apply the quantitative impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). For the quantitative impairment test we estimate the fair value by weighting the results from the income approach and the market approach. These valuation approaches consider a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in the Company’s industry and require the Company to make certain assumptions and estimates regarding industry economic factors and future profitability of its business.

the UGV reporting unit resulting from reduced probability and delays of obtaining certain opportunities as well as an increase in forecast expenditures to support operational decisions identified during the fiscal quarter ended April 30, 2025. These changes in estimates resulted in the recognition of a goodwill impairment charge of $18,359,000 in the UGV reporting unit.

Subsequent to the performance of our annual goodwill impairment test for the fiscal year ended April 30, 2023, in May 2023, a trigger event was identified that indicated that the carrying value of the MUAS reporting unit exceeded its fair value. Specifically, we received notification that we were not down selected for a U.S. DoD program of record which resulted in a significant decrease in the projected future cash flows of the MUAS reporting unit. As a result, we updated our estimates of long-term future cash flows to reflect lower revenue and EBITDA growth rate expectations used in the valuation of the MUAS reporting unit. These changes in estimates, resulted in the recognition of a goodwill impairment charge of $156,017,000 in the MUAS reporting unit recorded during the fiscal year ended April 30, 2023.

As of April 30, 2025, our MUAS reporting unit has a goodwill balance of $135,773,000. During the most recent annual impairment test during the fourth quarter of fiscal year 2025, the estimated fair value of all reporting units, other than UGV, substantially exceeded their carrying value.

The estimates and assumptions used to determine the fair value of our reporting units are highly subjective in nature. Actual results can be materially different from the estimates and assumptions. If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the estimated fair value of our indefinite-lived intangible assets below the carrying amounts, we could recognize future impairment charges, the amount of which could be material.

Product Warranty

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities. Warranties are provided on certain contracts but do not typically provide for services beyond standard assurances. As such, warranties are in general not considered to be separate performance obligations.

Accrued Sales Commissions

As of April 30, 2025 and 2024, the Company accrued sales commissions in other current liabilities of $6,535,000 and $3,132,000, respectively.

Self-Insurance Liability

The Company is self-insured for employee medical claims, subject to individual and aggregate stop loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2025 and 2024, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,559,000 and $1,244,000, respectively.

Income Taxes

Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company records a deferred tax asset for acquisition-related costs incurred

for an acquisition that closes in a subsequent reporting period. The Company reevaluates the deferred tax asset in the period the acquisition closes and reverses the deferred tax asset to tax expense for deductible expenses.

Customer Advances

The Company receives advances, performance-based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government resulting in contract liabilities. These advances are classified as customer advances and will be offset against billings.

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 the 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 ASC Topic 606, 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 reasonable 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.

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 Loitering Munitions Systems (“LMS”) product deliveries, customization of UGV transport vehicles and customer-funded R&D 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, including ISR services, is recognized over time as services are rendered. 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. Training services are recognized over time using an output method based on days of training completed.

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 UxS product sales revenue is primarily composed of revenue recognized on contracts for the delivery of UxS systems and spare parts. 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 April 30, 2025, the Company had approximately $726,627,000 of remaining performance obligations under contracts with its customers, which the Company also refers to as backlog. The Company currently expects to recognize approximately 90% of the remaining performance obligations as revenue in fiscal 2026, an additional 9% in fiscal 2027 and the remaining thereafter.

The Company collects sales, value add, 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.

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 and unpriced change orders, 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 including definitization of contracts, are recorded using a cumulative catch-up adjustment in the period identified. In the period undefinitized contract actions or unpriced change orders 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 and the contract falls under the scope of onerous contract guidance, contracts for which specifications are provided by the customer for the construction of facilities or the production of goods or the provision of related services, 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 April 30, 2025 and April 30, 2024 was $104,000 and $374,000, respectively. The Company records forward loss reserves when 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 consolidated financial statements for the fiscal years ended April 30, 2025, 2024 or 2023.

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 an increase to revenue of $6,002,000 and $5,408,000 for the years ended April 30, 2025 and 2024, respectively, and not significant for the year ended April 30, 2023. During the year ended April 30, 2025, the Company definitized four LMS undefinitized contract actions, which resulted in a cumulative catch-up revenue adjustment of $9,870,000 increase to revenue, and eight LMS unpriced change orders, which resulted in a cumulative catch-up revenue adjustment of $2,177,000 increase to revenue. The Company also revised estimates of the total expected costs to complete contracts, including one LMS contract which decreased revenue by approximately $2,874,000. During the year ended April 30, 2024, the Company revised estimates of the total expected costs to complete contracts, including two LMS contracts which increased revenue by approximately $2,672,000. During the year ended April 30, 2023, the Company revised its estimates of the total expected costs to complete contracts, including one LMS contract which decreased revenue by approximately $1,898,000.

Revenue by Category

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


	Year Ended April 30,

Revenue by segment	2025		2024		2023
UxS	$	381,778	$	448,006	$	343,910
LMS		351,977		192,587		120,624
MW		86,872		76,127		76,002
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by contract type	2025		2024		2023
FFP	$	746,190	$	634,266	$	430,547
CPFF		67,986		77,458		104,444
T&M		6,451		4,996		5,545
Total revenue	$	820,627	$	716,720	$	540,536

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.


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by customer category	2025		2024		2023
U.S. government	$	613,053	$	544,885	$	366,895
Non-U.S. government		207,574		171,835		173,641
Total revenue	$	820,627	$	716,720	$	540,536

	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by geographic location	2025		2024		2023
Domestic	$	390,744	$	271,727	$	251,428
International		429,883		444,993		289,108
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue percentage by recognition method	2025		2024		2023
Over time		57%		43%		51%
Point in time		43%		57%		49%
Total revenue		100%		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 consolidated balance sheets. 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 consolidated balance sheets. 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 consolidated balance sheets. 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 consolidated balance sheets 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 years ended April 30, 2025 or 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 years ended April 30, 2025, 2024, and 2023 that was included in contract liability balances at the beginning of each year were $9,980,000, $13,757,000 and $3,413,000, respectively.

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 April 30, 2025, the Company’s costs to fulfill were 1,948,000. As of April 30, 2024, the Company had no costs to fulfill future performance obligations on contracts considered to be probable of occurrence.

Stock-Based Compensation

Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.

Long-Term Incentive Awards

For long-term incentive awards outstanding as of April 30, 2025, the awards include time-based awards which vest equally over three years and performance-based awards which vest based on the achievement of a target payout established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company’s achievement of such targets. Payouts are made in shares of restricted stock which become immediately vested upon issuance.

At each reporting period, the Company reassesses the probability of achieving the performance targets. 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.

Research and Development

Internally funded R&D costs sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. Internally funded R&D costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations.

Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer-funded R&D was $78,491,000, $82,104,000 and $97,880,000 for the years ended April 30, 2025, 2024 and 2023, respectively. The related cost of sales for customer-funded R&D totaled $58,028,000, $62,181,000 and $70,711,000 for the years ended April 30, 2025, 2024 and 2023, respectively.

Lease Accounting

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.

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 six years, some of which may include options to extend the lease for up to ten years, and some of which may include options to terminate the lease after one to twelve months. 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.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were $416,000, $457,000 and $494,000 for the years ended April 30, 2025, 2024 and 2023, respectively.

Foreign Currency Transactions

Foreign currency transaction gains and losses are charged or credited to earnings as incurred. For the fiscal years ended April 30, 2025, 2024 and 2023, foreign currency transaction losses that are included in other expense, net in the accompanying consolidated statements of income (loss) were $491,000, $22,000, and $119,000, respectively.

Earnings (Loss) Per Share

Basic earnings (loss) per share are computed using the weighted-average number of common shares outstanding and excludes any anti-dilutive effects of options, restricted stock and restricted stock units. The dilutive effect of potential common shares outstanding is included in diluted earnings (loss) per share.

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2025		2024		2023

Net income (loss) attributable to AeroVironment, Inc.	$	43,619,000	$	59,666,000	$	(176,212,000)
Denominator for basic earnings per share:
Weighted average common shares		28,018,656		27,203,417		25,044,881
Dilutive effect of employee stock options, restricted stock and restricted stock units		154,832		124,576		—
Denominator for diluted earnings per share		28,173,488		27,327,993		25,044,881

During the years ended April 30, 2025, 2024 and 2023, certain options, shares of restricted stock and restricted stock units were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive. Due to the net loss for the fiscal year ended April 30, 2023, no shares reserved for issuance upon exercise of stock options or shares of unvested restricted stock were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. The number of options, restricted stock and restricted stock units which met this anti-dilutive criterion was approximately 393, 1,000 and 146,000 for the years ended April 30, 2025, 2024 and 2023, respectively.

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued 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. Effective April 30, 2025, the Company adopted the ASU 2023-07. ASU 2023-07 was adopted retrospectively and the required disclosures are made for all periods presented. The Company adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards

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.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses included in each expense caption on the face of the income statement at interim and annual reporting periods. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, and should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the potential impact of this adoption on our consolidated financial statements.

Organization and Significant Accounting Policies - Revenue percentage by recognition method (Details)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Organization and Significant Accounting Policies
Over time (as a percentage)	100.00%	100.00%	100.00%
Point in time (as a percentage)	57.00%	43.00%	51.00%
Total revenue (as a percentage)	43.00%	57.00%	49.00%

Stock-Based Compensation Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Shares
Options granted (in shares)	0	0	0
Stock options
Intrinsic value of options
Intrinsic value of options exercised	$ 7,312	$ 0	$ 7,369
Intrinsic value of options outstanding	$ 0	$ 8,732
Restated 2006 Plan \| Stock options
Shares
Outstanding at the beginning of the year (in shares)	66,164	66,164	166,164
Options exercised (in shares)	(66,164)		(100,000)
Outstanding at the end of the year (in shares)		66,164	66,164
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)	$ 27.82	$ 27.82	$ 24.78
Options exercised (in dollars per share)	$ 27.82		22.77
Outstanding at the end of the year (in dollars per share)		$ 27.82	$ 27.82

Stock-Based Compensation (Details) - USD ($)				12 Months Ended
Stock-Based Compensation (Details) - USD ($)	Sep. 19, 2023	Sep. 24, 2021	Sep. 29, 2011	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Stock Based Compensation
Stock based compensation expense				$ 21,461,000	$ 17,069,000	$ 10,765,000
Number of shares authorized to be issued pursuant to awards	1,000,000
Share-based compensation arrangement by share-based payment award, maximum purchase limit	$ 25,000
Share-based compensation arrangement by share-based payment award, shares issued in period				14,598
Exercisable period from grant date				3 years
Minimum
Stock Based Compensation
Percentage of the fair market value on date of grant	85.00%
Maximum
Stock Based Compensation
Amount that may be paid in cash as a performance-based award to one participant during the inital period		$ 700,000
Restated 2006 Plan
Stock Based Compensation
Number of shares that may be granted to one participant during any twelve month period			2,000,000
Restated 2006 Plan \| Maximum
Stock Based Compensation
Number of shares authorized to be issued pursuant to awards			4,884,157
Amount that may be paid in cash as a performance-based award to one participant during any twelve month period			$ 5,000,000
Restated 2006 Plan \| Incentive stock options \| Minimum
Stock Based Compensation
Percentage of the fair market value on date of grant			100.00%
2001 Plan
Stock Based Compensation
Percentage of the fair market value on date of grant		100.00%
2001 Plan \| Maximum
Stock Based Compensation
Amount that may be paid in cash as a performance-based award to one participant during any twelve month period		$ 500,000

Changes in Accounting Estimates

12 Months Ended

Apr. 30, 2025

Changes in Accounting Estimates

Changes in Accounting Estimates

18. Changes in Accounting Estimates

As part of the Company’s annual goodwill impairment and identifiable asset test during the fiscal quarter ended April 30, 2025, a decrease in forecasted results of the UGV reporting unit resulted in accelerated intangible amortization expenses of $4,258,000, or loss per diluted share of $0.12, which was recorded during the three months ended April 30, 2025. During the fiscal year ended April 30, 2023, due to the closure of all of the Company’s MUAS COCO sites, the Company revised the estimated useful life of the MUAS customer relationship intangible asset which resulted in accelerated intangible amortization expenses of $34,149,000, increasing net loss by $26,158,000, or loss per diluted share of $1.04.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share Repurchase Plan and Issuances

12 Months Ended

Apr. 30, 2025

Share Repurchase Plan and Issuances

Share Repurchase Plan and Issuances

16.Share Repurchase Plan and Issuances

The Company’s share repurchase program announced September 2015 was terminated by the Company’s Board of Directors in September 2022.

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. 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. During the fiscal year ended April 30, 2023, the Company sold 1,109,730 of its shares for total gross proceeds of $108,686,000, total proceeds received of $105,425,000, net of commission expense and $104,649,000, net of equity issuance costs.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Accumulated Other Comprehensive Loss
Beginning Balance	$ 822,745	$ 550,970	$ 608,210
Change in foreign currency translation adjustments	(922)	(1,140)	2,009
Ending Balance	886,507	822,745	550,970
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Beginning Balance	(5,592)	(4,452)	(6,514)
Change in foreign currency translation adjustments	(922)
Ending Balance	(6,514)	(5,592)	$ (4,452)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Loss
Beginning Balance	(5,592)
Change in foreign currency translation adjustments	(922)
Ending Balance	$ (6,514)	$ (5,592)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Allowance for doubtful accounts
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 159	$ 156	$ 592
Charged to Cost and Expenses	111	89	124
Deductions	(67)	(86)	(560)
Balance at End of Period	203	159	156
Warranty reserve
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	5,538	3,642	2,190
Balance Acquired from Acquisition		40
Charged to Cost and Expenses	1,151	4,364	3,052
Deductions	(2,500)	(2,508)	(1,600)
Balance at End of Period	4,189	5,538	3,642
Reserve for inventory excess and obsolescence
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	25,900	15,205	12,334
Charged to Cost and Expenses	2,882	13,937	8,136
Deductions	(110)	(3,242)	(5,265)
Balance at End of Period	28,672	25,900	15,205
Reserve for self-insured medical claims
Movement in valuation and qualifying accounts and reserves
Balance at Beginning of Period	1,244	1,383	1,653
Charged to Cost and Expenses	17,436	16,365	13,863
Deductions	(17,121)	(16,504)	(14,133)
Balance at End of Period	$ 1,559	$ 1,244	$ 1,383

Organization and Significant Accounting Policies - Lease Accounting (Details)	12 Months Ended
	Apr. 30, 2025
Lessee, Lease, Description [Line Items]
Option to terminate	true
Option to extend	true
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	1 year
Option to terminate period	1 month
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	6 years
Option to terminate period	12 months
Option to extend period (in years)	10 years

Income Taxes - Tax Cuts and Jobs Act (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Income Taxes
Increase to income taxes payable	$ 57,266,000	$ 42,788,000

Segments -Reconciliation from adjusted income from operations to income (loss) before taxes (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Segments
Selling, general and administrative	$ 158,753,000	$ 114,420,000	$ 131,905,000
Research and development	100,729,000	97,687,000	64,255,000
Impairment of goodwill	18,359,000	156,017,000	156,017,000
Interest expense, net	(2,188,000)	(4,220,000)	(9,368,000)
Other income (expense), net	1,057,000	(4,373,000)	(346,000)
Income (loss) before income taxes	44,501,000	61,557,000	(190,830,000)
Product segments
Segments
Segment adjusted gross margin	338,041,000	297,479,000	187,520,000
Intangible amortization included in cost of sales	19,405,000	13,548,000	14,006,000
Selling, general and administrative	158,753,000	114,420,000	131,905,000
Research and development	100,729,000	97,687,000	64,255,000
Impairment of goodwill	18,359,000		156,017,000
Interest expense, net	(2,188,000)	(4,220,000)	(9,368,000)
Other income (expense), net	1,057,000	(4,373,000)	(346,000)
Income (loss) before income taxes	$ 39,664,000	$ 63,231,000	$ (188,377,000)

Inventories, net

12 Months Ended

Apr. 30, 2025

Inventories, net

Inventories, net

4. Inventories, net

Inventories consist of the following (in thousands):


	April 30,
	2025		2024

	(In thousands)
Raw materials	$	52,567	$	57,218
Work in process		73,434		53,232
Finished goods		46,761		65,618
Inventories, gross		172,762		176,068
Reserve for inventory excess and obsolescence		(28,672)		(25,900)
Inventories, net	$	144,090	$	150,168

For the fiscal years ended April 30, 2025, 2024 and 2023, the Company recorded inventory reserve charges of $2,882,000, $13,937,000 and $8,136,000, respectively.

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2025 USD ($)
Estimated amortization expense
2026	$ 13,542
2027	11,174
2028	10,460
2029	7,764
2030	3,379
Total	$ 46,319

Pension - Change in projected benefit obligation (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Pension
Pension benefit obligation balance as of April 30, 2024 and April 30, 2023, respectively	$ (3,246)	$ (3,192)
Interest cost	(112)	(119)
Actuarial loss	16	(206)
Benefits paid	190	190
Foreign currency exchange rate changes	(183)	81
Pension benefit obligation balance as of April 30, 2025 and April 30, 2024, respectively	$ (3,335)	$ (3,246)

Investments (Tables)

12 Months Ended

Apr. 30, 2025

Investments

Schedule of investments


	April 30,
	2025		2024
Long-term investments:
Available-for-sale securities:
Equity securities and warrants	$	1,204	$	1,027
Total long-term available-for-sale securities investments		1,204		1,027
Equity method investments
Investments in limited partnership funds		30,423		19,933
Total equity method investments		30,423		19,933
Total long-term investments	$	31,627	$	20,960

Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of available-for-sale investments


	Year Ended		Year Ended
	April 30, 2025		April 30, 2024
Net gain (loss) recognized during the period on equity securities	$	177	$	(3,945)
Less: Net loss recognized during the period on equity securities sold during the period		—		—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$	177	$	(3,945)

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 30, 2025

Accumulated Other Comprehensive Loss

Schedule of components of accumulated other comprehensive loss

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


			Total Accumulated
			Other
	Foreign Currency		Comprehensive
	Translation Adjustments		Loss
Total accumulated other comprehensive loss balance as of April 30, 2024	$	(5,592)	$	(5,592)
Changes in foreign currency translation adjustments		(922)		(922)
Total accumulated other comprehensive loss balance as of April 30, 2025	$	(6,514)	$	(6,514)

Income Taxes - Income Taxes Other (Details) - USD ($)	12 Months Ended
Income Taxes - Income Taxes Other (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024
Unrecognized tax benefits
Federal net operating loss carryforwards	$ 1,757,000
State net operating loss carryforwards	97,314,000
Foreign net operating loss carryforwards	5,012,000
Unrecognized tax benefits which would impact the Company's effective tax rate if recognized	5,004,000
Increase in valuation allowance	2,935,000	$ 1,332,000
Activity related to gross unrecognized tax benefits
Beginning balance	13,601,000	12,841,000
Increases related to prior year tax positions	30,000
Decreases related to prior year tax positions	(18,000)	(59,000)
Increases related to current year tax positions	1,582,000	2,060,000
Decreases related to lapsing of statute of limitations	(1,766,000)	(1,241,000)
Ending balance	13,429,000	13,601,000
Accrued interest and penalties related to unrecognized tax positions	454,000	283,000
Statute of limitations expiration
Unrecognized tax benefits
Unrecognized tax benefits which would impact the Company's effective tax rate if recognized	13,429,000	$ 13,601,000
Increase in valuation allowance	6,377,000
Estimated decrease in unrecognized tax benefits in the next twelve months	$ 1,478,000

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Components of lease costs
Operating lease cost	$ 10,163	$ 10,400
Short term lease cost	822	1,198
Variable lease cost	1,627	1,678
Total lease costs, net	$ 12,612	$ 13,276

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) $ in Thousands	12 Months Ended
	Apr. 30, 2023 USD ($)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unrealized gain on available-for-sale investments, net of deferred tax expense	$ 0

Warranty Reserves

12 Months Ended

Apr. 30, 2025

Warranty Reserves

Warranty Reserves

9. Warranty Reserves

Warranty reserve activity is summarized as follows:


	April 30,
	2025		2024

	(In thousands)
Beginning balance	$	5,538	$	3,642
Balance acquired from acquisition		—		40
Warranty expense		1,151		4,364
Warranty costs settled		(2,500)		(2,508)
Ending balance	$	4,189	$	5,538

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 40,862	$ 73,301
Accounts receivable, net of allowance for doubtful accounts of $203 at April 30, 2025 and $159 at April 30, 2024	101,967	70,305
Unbilled receivables and retentions	290,009	199,474
Inventories, net	144,090	150,168
Income taxes receivable	622
Prepaid expenses and other current assets	28,966	22,333
Total current assets	606,516	515,581
Long-term investments	31,627	20,960
Property and equipment, net	50,704	46,602
Operating lease right-of-use assets	31,879	30,033
Deferred income taxes	61,460	41,303
Intangibles, net	48,711	72,224
Goodwill	256,781	275,652
Other assets	32,889	13,505
Total assets	1,120,567	1,015,860
Current liabilities:
Accounts payable	72,462	48,298
Wages and related accruals	44,253	44,312
Customer advances	15,952	11,192
Current portion of long-term debt		10,000
Current operating lease liabilities	10,479	9,841
Income taxes payable	356	4,162
Other current liabilities	28,659	17,074
Total current liabilities	172,161	144,879
Long-term debt, net of current portion	30,000	17,092
Non-current operating lease liabilities	23,812	22,745
Other non-current liabilities	2,026	2,132
Liability for uncertain tax positions	6,061	5,603
Deferred income taxes		664
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at April 30, 2025 and April 30, 2024
Issued and outstanding shares-28,267,517 shares at April 30, 2025 and 28,134,438 shares at April 30, 2024	4	4
Additional paid-in capital	618,711	597,646
Accumulated other comprehensive loss	(6,514)	(5,592)
Retained earnings	274,306	230,687
Total stockholders' equity	886,507	822,745
Total liabilities and stockholders' equity	$ 1,120,567	$ 1,015,860

Segments

12 Months Ended

Apr. 30, 2025

Segments

Segments

23. Segments

The Company’s reportable segments are as follows:

Uncrewed Systems (“UxS”)—The UxS segment 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 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 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 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.

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. The following table (in thousands) sets forth segment revenue and segment adjusted gross margin for the periods indicated. Segment adjusted gross margin is defined as gross margin before intangible amortization and amortization of other purchase accounting adjustments related to increasing the carrying value of certain assets to fair value. 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.


	Year Ended April 30, 2025
	UxS		LMS		MW		Total
Revenue:
Product sales	$	352,932	$	333,506	$	6,284	$	692,722
Contract services		28,846		18,471		80,588		127,905
		381,778		351,977		86,872		820,627

Less: Cost of sales		213,133		223,422		65,436		501,991
Add: Intangible amortization included in cost of sales		18,480		—		925		19,405
Segment adjusted gross margin	$	187,125	$	128,555	$	22,361	$	338,041

Depreciation and amortization	$	49,942	$	3,806	$	5,609	$	59,357


	Year Ended April 30, 2024
	UxS		LMS		MW		Total
Revenue:
Product sales	$	415,074	$	168,863	$	1,834	$	585,771
Contract services		32,932		23,724		74,293		130,949
		448,006		192,587		76,127		716,720

Less: Cost of sales		249,763		124,363		58,663		432,789
Add: Intangible amortization included in cost of sales		12,280		—		1,268		13,548
Segment adjusted gross margin	$	210,523	$	68,224	$	18,732	$	297,479

Depreciation and amortization	$	27,595	$	2,808	$	5,346	$	35,749


	Year Ended April 30, 2023
	UxS		LMS		MW		Total
Revenue:
Product sales	$	268,021	$	84,686	$	355	$	353,062
Contract services		75,889		35,938		75,647		187,474
		343,910		120,624		76,002		540,536

Less: Cost of sales		231,960		77,888		57,174		367,022
Add: Intangible amortization included in cost of sales		12,731		—		1,275		14,006
Segment adjusted gross margin	$	124,681	$	42,736	$	20,103	$	187,520

Depreciation and amortization	$	249,925	$	2,788	$	3,303	$	256,016

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


	Year Ended		Year Ended		Year Ended
	April 30,		April 30,		April 30,
	2025		2024		2023
Segment adjusted gross margin	$	338,041	$	297,479	$	187,520
Intangible amortization included in cost of sales		19,405		13,548		14,006
Selling, general and administrative		158,753		114,420		131,905
Research and development		100,729		97,687		64,255
Impairment of goodwill		18,359		—		156,017
Interest expense, net		(2,188)		(4,220)		(9,368)
Other income (expense), net		1,057		(4,373)		(346)
Income (loss) before income taxes	$	39,664	$	63,231	$	(188,377)

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 April 30, 2025	$	511,505	$	313,046	$	47,979	$	248,037	$	1,120,567
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
Year Ended April 30, 2025	$	7,156	$	6,717	$	7,339	$	1,604	$	22,816
Year Ended April 30, 2024	$	9,630	$	5,078	$	4,521	$	3,754	$	22,983
Year Ended April 30, 2023	$	8,191	$	2,700	$	3,045	$	932	$	14,868

- 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

Fair Value Measurements - (Details) - Recurring basis - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 1,080	$ 937
Warrants	124	90
Total	1,204	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	1,080	937
Total	1,080	937
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	124	90
Total	$ 124	$ 90

- Definition

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

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+ Details

Commitments and Contingencies (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024
Commitments and Contingencies
Reserve for incurred cost claim audits	$ 0	$ 0

Long-Term Incentive Awards (Details) - USD ($)	3 Months Ended				12 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Jul. 27, 2024	Jul. 29, 2023	Jul. 30, 2022	Jul. 31, 2021	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Stock Based Compensation
Exercisable period from grant date					3 years
Stock based compensation expense					$ 21,461,000	$ 17,069,000	$ 10,765,000
LTIP \| Performance based restricted stock units
Stock Based Compensation
Stock based compensation expense					27,141,000	16,662,000
Fiscal 2025 LTIP
Stock Based Compensation
Exercisable period from grant date	3 years
Stock based compensation expense					3,134,000
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					18,735,000
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
Exercisable period from grant date		3 years
Stock based compensation expense					4,177,000	3,916,000
Fiscal 2024 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense					15,511,000
Fiscal 2023 LTIP
Stock Based Compensation
Exercisable period from grant date			3 years
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					3,139,000	3,349,000	2,690,000
Fiscal 2023 LTIP \| Performance based restricted stock units \| Maximum
Stock Based Compensation
Stock based compensation expense					$ 11,448,000
Fiscal 2022 LTIP
Stock Based Compensation
Exercisable period from grant date				3 years
Stock based compensation expense						$ 902,000	$ 846,000
Fiscal 2022 LTIP \| Performance based restricted stock units
Stock Based Compensation
Issue of fully-vested shares of common stock to settle	15,427

Leases (Tables)

12 Months Ended

Apr. 30, 2025

Leases

Schedule of components of lease costs


	Year Ended		Year Ended
	April 30,		April 30,
	2025		2024
Operating lease cost	$	10,163	$	10,400
Short term lease cost		822		1,198
Variable lease cost		1,627		1,678
Sublease income		—		—
Total lease costs, net	$	12,612	$	13,276

Schedule of supplemental lease information

Supplemental lease information was as follows:


	Year Ended		Year Ended
	April 30,		April 30,
	2025		2024
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,229	$	9,626
Right-of-use assets obtained in exchange for new lease liabilities	$	10,099	$	10,193

Weighted average remaining lease term		48 months		51 months
Weighted average discount rate		5.4%		5.4%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of April 30, 2025 were as follows (in thousands):


2026	$	9,713
2027		9,945
2028		7,890
2029		6,756
2030		3,686
Thereafter		373
Total lease payments	$	38,363
Less: imputed interest		(4,072)
Total present value of operating lease liabilities	$	34,291

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total AeroVironment, Inc. Equity	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest	Total
Beginning Balance at Apr. 30, 2022	$ 607,969	$ 2	$ 267,248	$ 347,233	$ (6,514)	$ 241	$ 608,210
Beginning Balance (in shares) at Apr. 30, 2022		24,951,287
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(176,212)			(176,212)		45	(176,167)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest							(176,167)
Unrealized loss on investments	53				53		53
Foreign currency translation	2,009				2,009		2,009
Stock options exercised	2,278		2,278				2,278
Stock options exercised (in shares)		100,000
Restricted stock awards (in shares)		80,168
Restricted stock awards forfeited (in shares)		(11,476)
Tax withholding payment related to net share settlement of equity awards	(1,065)		(1,065)				(1,065)
Tax withholding payment related to net share settlement of equity awards (in shares)		(12,812)
Shares issued, net of issuance costs	105,173	$ 2	105,171				105,173
Shares issued, net of issuance costs (in shares)		1,109,730
Deconsolidation of previously controlled subsidiary						$ (286)	(286)
Stock-based compensation	10,765		10,765				10,765
Ending Balance at Apr. 30, 2023	550,970	$ 4	384,397	171,021	(4,452)		550,970
Ending Balance (in shares) at Apr. 30, 2023		26,216,897
Increase (Decrease) in Stockholders' Equity
Net income (loss)	59,666			59,666			59,666
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest							59,666
Foreign currency translation	(1,140)				(1,140)		(1,140)
Restricted stock awards (in shares)		151,113
Restricted stock awards forfeited (in shares)		(11,470)
Tax withholding payment related to net share settlement of equity awards	(1,596)		(1,596)				(1,596)
Tax withholding payment related to net share settlement of equity awards (in shares)		(15,471)
Shares issued, net of issuance costs	87,956		87,956				87,956
Shares issued, net of issuance costs (in shares)		807,370
Issuance of common stock for business acquisition	109,820		109,820				109,820
Issuance of common stock for business acquisition (in shares)		985,999
Stock-based compensation	17,069		17,069				17,069
Ending Balance at Apr. 30, 2024	822,745	$ 4	597,646	230,687	(5,592)		822,745
Ending Balance (in shares) at Apr. 30, 2024		28,134,438
Increase (Decrease) in Stockholders' Equity
Net income (loss)	43,619			43,619			43,619
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest							43,619
Foreign currency translation	(922)				(922)		(922)
Employee stock purchase plan contributions	1,910		1,910				1,910
Employee stock purchase plan contributions (in shares)		14,598
Stock options exercised	1,841		1,841				1,841
Stock options exercised (in shares)		66,164
Restricted stock awards (in shares)		75,499
Restricted stock awards forfeited (in shares)		(10,453)
Tax withholding payment related to net share settlement of equity awards	(4,147)		(4,147)				(4,147)
Tax withholding payment related to net share settlement of equity awards (in shares)		(12,729)
Stock-based compensation	21,461		21,461				21,461
Ending Balance at Apr. 30, 2025	$ 886,507	$ 4	$ 618,711	$ 274,306	$ (6,514)		$ 886,507
Ending Balance (in shares) at Apr. 30, 2025		28,267,517

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2025

Income Taxes

Schedule of components of income before income taxes

The components of income (loss) before income taxes are as follows (in thousands):


	Year Ended April 30,
	2025		2024		2023
Domestic	$	68,814	$	68,968	$	(187,647)
Foreign		(29,150)		(5,737)		(730)
Income (loss) before income taxes		39,664		63,231		(188,377)

Equity method investment income (loss)		4,837		(1,674)		(2,453)
Total income (loss) before income taxes	$	44,501	$	61,557	$	(190,830)

Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense

A reconciliation of income tax expense (benefit) computed using the U.S. federal statutory rates to actual income tax expense is as follows:


	Year Ended April 30,
	2025		2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign rate differential	(6.6)		(0.5)		(0.1)
State income taxes, net of federal benefit	(2.5)		0.9		0.2
Research and development credits	(13.3)		(7.8)		(1.8)
Valuation allowance	5.8		1.5		1.1
Return to provision adjustments	(0.3)		1.6		—
Limit on executive compensation	6.7		2.7		(0.4)
Permanent items	3.7		0.6		(0.3)
Foreign derived intangible income	(19.7)		(16.0)		2.3
Excess benefit relating to stock-based compensation	(7.6)		(0.6)		0.8
Goodwill impairment	13.8		—		(17.2)
Unrecognized tax benefit	1.2		(0.6)		2.0
Other	—		0.2		0.2
Effective income tax rate	2.2	%	3.0	%	7.8	%

Schedule of components of the provision for income taxes

The components of the provision for (benefit from) income taxes are as follows (in thousands):


	Year Ended April 30,
	2025		2024		2023
Current:
Federal	$	21,901	$	20,990	$	1,510
State		(320)		1,511		1,474
Foreign		—		(76)		2,273
		21,581		22,425		5,257
Deferred:
Federal		(19,301)		(18,844)		(17,226)
State		(734)		(625)		(1,488)
Foreign		(664)		(1,065)		(1,206)
		(20,699)		(20,534)		(19,920)
Total income tax expense (benefit)	$	882	$	1,891	$	(14,663)

Schedule of components of the Company's deferred income tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands):


	April 30,
	2025		2024
Deferred income tax assets:
Accrued expenses	$	2,367	$	2,542
Stock based compensation		3,728		3,391
Allowances, reserves, and other		—		1,001
Outside basis difference		—		(33)
Unrealized loss on securities		3,787		3,588
Net operating loss and credit carry-forwards		21,620		19,800
Acquisition related costs		4,299		—
Capitalized research and development costs		57,266		42,788
Reserve for inventory excess and obsolescence		6,306		5,577
Lease liability		8,226		7,628
Total deferred income tax assets		107,599		86,282
Deferred income tax liabilities:
Fixed asset basis		(3,160)		(3,516)
Allowances, reserves, and other		(1,895)		—
Outside basis difference		(38)		—
Right-of-use asset		(7,645)		(7,053)
Intangibles basis		(6,631)		(11,239)
Total deferred income tax liabilities		(19,369)		(21,808)
Valuation allowance		(26,770)		(23,835)
Net deferred tax assets	$	61,460	$	40,639

Summary of activity related to gross unrecognized tax benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2025 and 2024 (in thousands):


	April 30,
	2025		2024
Balance as of May 1	$	13,601	$	12,841
Increases related to prior year tax positions		30		—
Decreases related to prior year tax positions		(18)		(59)
Increases related to current year tax positions		1,582		2,060
Decreases related to lapsing of statute of limitations		(1,766)		(1,241)
Balance as of April 30	$	13,429	$	13,601

Stock-Based Compensation Restricted Stock Awards (Details)	12 Months Ended
	Apr. 30, 2025 $ / shares shares
Restricted stock awards \| 2021 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	191,607
Stock granted (in shares) \| shares	57,497
Stock vested (in shares) \| shares	(76,511)
Stock canceled (in shares) \| shares	(10,453)
Unvested stock at end of year (in shares) \| shares	162,140
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 101.38
Stock granted (in dollars per shares) \| $ / shares	174.46
Stock vested (in dollars per shares) \| $ / shares	97.79
Stock canceled (in dollars per shares) \| $ / shares	118.72
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 127.71
Restricted stock awards \| Restated 2006 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	9,902
Stock vested (in shares) \| shares	(9,902)
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 94.67
Stock vested (in dollars per shares) \| $ / shares	$ 94.67
Restricted stock units \| Restated 2021 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	3,415
Stock granted (in shares) \| shares	992
Stock vested (in shares) \| shares	(1,229)
Unvested stock at end of year (in shares) \| shares	3,178
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 101.38
Stock granted (in dollars per shares) \| $ / shares	175.67
Stock vested (in dollars per shares) \| $ / shares	100.26
Unvested stock at end of year (in dollars per share) \| $ / shares	$ 125
Restricted stock units \| Restated 2006 Plan
Shares
Unvested stock at beginning of year (in shares) \| shares	1,349
Stock vested (in shares) \| shares	(1,349)
Weighted Average Grant Date Fair Value
Unvested stock at beginning of year (in dollars per share) \| $ / shares	$ 97.69
Stock vested (in dollars per shares) \| $ / shares	$ 97.69

Organization and Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2025

Organization and Significant Accounting Policies

Reclassifications

Reclassifications

Principles of Consolidation

Principles of Consolidation

Investments in Companies Accounted for Using the Equity or Cost Method

Investments in Companies Accounted for Using the Equity or Cost Method

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. In March 2022, the Company entered into a second related limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. Refer to Note 8—Investments in Companies Accounted for Using the Equity Method for further details.

Segments

Use of Estimates

Cash Equivalents

Investments

Fair Values of Financial Instruments

Fair Values of Financial Instruments

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

Concentration of Credit Risk

Concentration of Credit Risk

Accounts Receivable, Unbilled Receivables and Retentions

Accounts Receivable, Unbilled Receivables and Retentions

Inventories

Inventories

Long-Lived Assets

Long-Lived Assets


Machinery and equipment		2 – 7 years
Computer equipment and software		2 – 5 years
Buildings		5 years
In-service ISR assets		3 years
Furniture and fixtures		3 – 7 years
Leasehold improvements		Lesser of useful life or term of lease

Cloud Computing Arrangements

Cloud Computing Arrangements

Costs of Software to Be Sold

Costs of Software to Be Sold

Intangible Assets-Acquired in Business Combinations

Intangibles Assets — Acquired in Business Combinations


Technology		3 – 12 years
Backlog		1 year
Licenses		3 years
Customer relationships		3 – 5 years
In-process research and development		3 years
Trademarks and tradenames		6 years
Non-compete agreements		Contractual term

Goodwill

Goodwill

Product Warranty

Product Warranty

Accrued Sales Commissions

Accrued Sales Commissions

As of April 30, 2025 and 2024, the Company accrued sales commissions in other current liabilities of $6,535,000 and $3,132,000, respectively.

Self-Insurance Liability

Self-Insurance Liability

Income Taxes

Income Taxes

Customer Advances

Customer Advances

Revenue Recognition

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):


	Year Ended April 30,

Revenue by segment	2025		2024		2023
UxS	$	381,778	$	448,006	$	343,910
LMS		351,977		192,587		120,624
MW		86,872		76,127		76,002
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by contract type	2025		2024		2023
FFP	$	746,190	$	634,266	$	430,547
CPFF		67,986		77,458		104,444
T&M		6,451		4,996		5,545
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by customer category	2025		2024		2023
U.S. government	$	613,053	$	544,885	$	366,895
Non-U.S. government		207,574		171,835		173,641
Total revenue	$	820,627	$	716,720	$	540,536

	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue by geographic location	2025		2024		2023
Domestic	$	390,744	$	271,727	$	251,428
International		429,883		444,993		289,108
Total revenue	$	820,627	$	716,720	$	540,536


	Year Ended April 30,
	April 30,		April 30,		April 30,
Revenue percentage by recognition method	2025		2024		2023
Over time		57%		43%		51%
Point in time		43%		57%		49%
Total revenue		100%		100%		100%

Contract Balances

Cost to Fulfill a Contract with a Customer

Stock-Based Compensation

Stock-Based Compensation

Long-Term Incentive Awards

Long-Term Incentive Awards

Research and Development

Research and Development

Lease Accounting

Lease Accounting

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

Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were $416,000, $457,000 and $494,000 for the years ended April 30, 2025, 2024 and 2023, respectively.

Foreign Currency Transactions

Foreign Currency Transactions

Earnings (Loss) Per Share

Earnings (Loss) Per Share

The reconciliation of diluted to basic shares is as follows:


	Year Ended April 30,
	2025		2024		2023

Net income (loss) attributable to AeroVironment, Inc.	$	43,619,000	$	59,666,000	$	(176,212,000)
Denominator for basic earnings per share:
Weighted average common shares		28,018,656		27,203,417		25,044,881
Dilutive effect of employee stock options, restricted stock and restricted stock units		154,832		124,576		—
Denominator for diluted earnings per share		28,173,488		27,327,993		25,044,881

Recently Adopted Accounting Standards And Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 10,229	$ 9,626
Right-of-use assets obtained in exchange for new lease liabilities	$ 10,099	$ 10,193
Weighted average remaining lease term	48 months	51 months
Weighted average discount rate	5.40%	5.40%

Pension - Expected benefits paid (Details) $ in Thousands	Apr. 30, 2025 USD ($)
Pension
2026	$ 200
2027	208
2028	211
2029	213
2030	215
2031-2035	1,087
Total expected benefit payments	$ 2,134

Pension - Projected benefit obligation and projected fair value (Details) - item	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Pension
Number of pension commitments	3
Pension Plan
Pension
Discount rate	3.60%	3.90%
In-payment benefits	2.50%	2.50%
Expected return on plan assets	2.90%	2.90%

Related Party Transactions

12 Months Ended

Apr. 30, 2025

Related Party Transactions

Related Party Transactions

19. Related Party Transactions

Pursuant to a consulting agreement, the Company paid a board member approximately $76,000 for fiscal year ended April 30, 2023, for consulting services independent of his board service.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Business Acquisitions - Telerob (Details) - Telerob.			12 Months Ended
Business Acquisitions - Telerob (Details) - Telerob.	May 03, 2021 USD ($)	May 03, 2021 EUR (€)	Apr. 30, 2025 USD ($)	Apr. 30, 2025 EUR (€)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 EUR (€)
Business Acquisitions
Period to obtain target	36 months	36 months
Amount of earnout that was not achieved			$ 2,139,000	€ 2,000,000
Amount of second year earnout amount achieved					$ 2,132,000	€ 2,000,000
Business Combination, Specific Revenue Targets Achieved In First Earnout Year
Business Acquisitions
Amount of earnout that was not achieved			$ 2,139,000	€ 2,000,000
Maximum
Business Acquisitions
Cash consideration	$ 6,418,000	€ 6,000,000

Investments in Companies Accounted for Using the Equity Method

12 Months Ended

Apr. 30, 2025

Investments in Companies Accounted for Using the Equity Method

Investments in Companies Accounted for Using the Equity Method

8.Investments in Companies Accounted for Using the Equity Method

Investment in Limited Partnership Fund

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 years ended April 30, 2025, 2024 and 2023, the Company made total contributions of $5,674,000, $3,074,000 and $5,778,000, respectively. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $5,474,000 to the fund expected to be paid over the next two fiscal years. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have influence when it holds more than a minor interest. For the fiscal years ended April 30, 2025, 2024 and 2023, the Company recorded its ownership percentage of the net gain (loss) of the limited partnership, or $4,816,000, $(1,782,000), and $(2,453,000) respectively, in equity method investment income (loss), net of deferred taxes $0, respectively, in the consolidated statements of income (loss). At April 30, 2025 and 2024, the carrying value of the investment in the limited partnership of $30,423,000 and $19,933,000, respectively, was recorded in available-for-sale long-term investments.

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 consolidated financial statements, which resulted in a loss of $189,000 during the fiscal year ended April 30, 2023. 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) income, net of tax. For the fiscal

year ended April 30, 2025 and 2024, the Company’s proportion of the net income of Altoy for the Company’s ownership was $21,000 and $108,000, respectively. For the fiscal year ended April 30, 2023, the Company’s proportion of the net income of Altoy for the Company’s ownership was not significant. At April 30, 2025 and 2024, the carrying values of the investment in Altoy of $173,000 and $152,000, respectively, was recorded in other assets on the consolidated balance sheets.

Segments (Details) - USD ($) $ in Thousands	12 Months Ended
Segments (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Segments
Cost of sales	$ 501,991	$ 432,789	$ 367,022
Depreciation and amortization	40,998	35,749	99,999
Product sales
Segments
Cost of sales	404,347	340,174	203,419
Contract services
Segments
Cost of sales	97,644	92,615	163,603
Product segments
Segments
Revenue	820,627	716,720	540,536
Cost of sales	501,991	432,789	367,022
Intangible amortization included in cost of sales	19,405	13,548	14,006
Segment adjusted gross margin	338,041	297,479	187,520
Depreciation and amortization	59,357	35,749	256,016
Product segments \| Product sales
Segments
Revenue	692,722	585,771	353,062
Product segments \| Contract services
Segments
Revenue	127,905	130,949	187,474
UxS \| Product segments
Segments
Revenue	381,778	448,006	343,910
Cost of sales	213,133	249,763	231,960
Intangible amortization included in cost of sales	18,480	12,280	12,731
Segment adjusted gross margin	187,125	210,523	124,681
Depreciation and amortization	49,942	27,595	249,925
UxS \| Product segments \| Product sales
Segments
Revenue	352,932	415,074	268,021
UxS \| Product segments \| Contract services
Segments
Revenue	28,846	32,932	75,889
LMS \| Product segments
Segments
Revenue	351,977	192,587	120,624
Cost of sales	223,422	124,363	77,888
Segment adjusted gross margin	128,555	68,224	42,736
Depreciation and amortization	3,806	2,808	2,788
LMS \| Product segments \| Product sales
Segments
Revenue	333,506	168,863	84,686
LMS \| Product segments \| Contract services
Segments
Revenue	18,471	23,724	35,938
MW \| Product segments
Segments
Revenue	86,872	76,127	76,002
Cost of sales	65,436	58,663	57,174
Intangible amortization included in cost of sales	925	1,268	1,275
Segment adjusted gross margin	22,361	18,732	20,103
Depreciation and amortization	5,609	5,346	3,303
MW \| Product segments \| Product sales
Segments
Revenue	6,284	1,834	355
MW \| Product segments \| Contract services
Segments
Revenue	$ 80,588	$ 74,293	$ 75,647

Property and Equipment, net

12 Months Ended

Apr. 30, 2025

Property and Equipment, net

Property and Equipment, net

7. Property and Equipment, net

Property and equipment, net consist of the following:


	April 30,
	2025		2024

	(In thousands)
In-service ISR assets		1,486		—
Land, building, and leasehold improvements		31,472		26,921
Machinery and equipment		131,236		132,862
Furniture and fixtures		7,324		5,896
Computer equipment and software		50,617		48,817
Construction in process		8,304		7,258
Property and equipment, gross		230,439		221,754
Less accumulated depreciation and amortization		(179,735)		(175,152)
Property and equipment, net	$	50,704	$	46,602

Depreciation expense for the years ended April 30, 2025, 2024 and 2023 was $17,063,000, $17,098,000 and $41,803,000, respectively. During the fiscal year ended April 30, 2023, the Company recorded accelerated the depreciation of $16,597,000 related to in-service ISR assets associated with the closure of all of the Company’s MUAS COCO sites. The Company reclassified certain in-service ISR assets determined to have an alternate business use to machinery and equipment. At April 30, 2025 and 2024, the reclassified assets had a carrying value of $1,486,000 and $1,979,000, respectively.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Revenue:
Revenue	$ 820,627,000	$ 716,720,000	$ 540,536,000
Cost of sales:
Cost of sales	501,991,000	432,789,000	367,022,000
Gross margin:
Total gross margin	318,636,000	283,931,000	173,514,000
Selling, general and administrative	158,753,000	114,420,000	131,905,000
Research and development	100,729,000	97,687,000	64,255,000
Impairment of goodwill	18,359,000	156,017,000	156,017,000
Income (loss) from operations	40,795,000	71,824,000	(178,663,000)
Other (loss) income:
Interest expense, net	(2,188,000)	(4,220,000)	(9,368,000)
Other income (expense), net	1,057,000	(4,373,000)	(346,000)
Income (loss) before income taxes	39,664,000	63,231,000	(188,377,000)
Provision for (benefit from) income taxes	882,000	1,891,000	(14,663,000)
Equity method investment gain (loss), net of tax	4,837,000	(1,674,000)	(2,453,000)
Net income (loss)	43,619,000	59,666,000	(176,167,000)
Net income attributable to noncontrolling interest			(45,000)
Net income (loss) attributable to AeroVironment, Inc.	$ 43,619,000	$ 59,666,000	$ (176,212,000)
Net income (loss) per share
Basic (in dollars per share)	$ 1.56	$ 2.19	$ (7.04)
Diluted (in dollars per share)	$ 1.55	$ 2.18	$ (7.04)
Weighted-average shares outstanding:
Basic (in shares)	28,018,656	27,203,417	25,044,881
Diluted (in shares)	28,173,488	27,327,993	25,044,881
Product sales
Revenue:
Revenue	$ 692,722,000	$ 585,771,000	$ 353,062,000
Cost of sales:
Cost of sales	404,347,000	340,174,000	203,419,000
Gross margin:
Total gross margin	288,375,000	245,597,000	149,643,000
Contract services
Revenue:
Revenue	127,905,000	130,949,000	187,474,000
Cost of sales:
Cost of sales	97,644,000	92,615,000	163,603,000
Gross margin:
Total gross margin	$ 30,261,000	$ 38,334,000	$ 23,871,000

Pension - Change in plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Pension
Expected return on plan assets	$ 162	$ 52	$ 472
Pension Plan
Pension
Fair value of plan assets as of April 30, 2024 and April 30, 2023, respectively	3,636	3,870
Expected return on plan assets	162	52
Benefits paid	(190)	(190)
Foreign currency exchange rate changes	209	(96)
Fair value of plan assets as of April 30, 2025 and April 30, 2024, respectively	$ 3,817	$ 3,636	$ 3,870

- Definition

+ References + Details

Debt (Tables)

12 Months Ended

Apr. 30, 2025

Debt

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


	April 30,		April 30,
	2025		2024
	(In thousands)		(In thousands)
Term loan	$	—	$	28,000
Revolving credit facility		30,000		—
Total debt		30,000		28,000
Less current portion		—		10,000
Total long-term debt, less current portion		30,000		18,000
Less unamortized debt issuance costs–term loans		—		908
Total long-term debt, net of unamortized debt issuance costs–term loans	$	30,000	$	17,092
Unamortized debt issuance costs–revolving credit facility	$	1,281	$	511
Current period interest rate		5.9%		6.9%

Schedule of Future long-term debt principle payments

Future contractual long-term debt principal payments at April 30, 2025 were as follows:


	(In thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		30,000
	$	30,000

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ Details

Investments - Equity Securities (Details) - Equity securities and warrants - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Debt Securities, Available-for-Sale [Line Items]
Net gain (loss) recognized during the period on equity securities	$ 177	$ (3,945)
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$ 177	$ (3,945)

- 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
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+ Details

Organization and Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer concentration	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Sales Revenue \| US Government Agencies
Concentration of Credit Risk
Concentration Risk, Percentage	75.00%	76.00%	68.00%
Sales Revenue \| US Army
Concentration of Credit Risk
Concentration Risk, Percentage	20.00%	11.00%	6.00%
Accounts receivable balances \| US Government Agencies
Concentration of Credit Risk
Concentration Risk, Percentage	75.00%	41.00%

Organization and Significant Accounting Policies - Costs of Software to Be Sold (Details) - Software and software development costs - USD ($)	Apr. 30, 2025	Apr. 30, 2024
Capitalized Contract Cost [Line Items]
Capitalized costs	$ 3,269,000	$ 0
Accumulated amortization	$ 460,000	$ 0
Maximum
Capitalized Contract Cost [Line Items]
Estimated useful life	5 years
Minimum
Capitalized Contract Cost [Line Items]
Estimated useful life	2 years

Organization and Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Apr. 30, 2024
Accounts Receivable , Unbilled Receivables and Retentions
Retentions	$ 746	$ 744

Changes in Accounting Estimates (Details) - USD ($)	3 Months Ended	12 Months Ended
Changes in Accounting Estimates (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods increased		$ 6,002,000	$ 5,408,000
Amortization expense		$ 23,391,000	$ 17,954,000	$ 58,121,000
Diluted (in dollars per share)		$ 1.55	$ 2.18	$ (7.04)
Net income (loss)		$ 43,619,000	$ 59,666,000	$ (176,167,000)
Revision of estimate of total costs required to complete the contracts \| UxS \| UGV
Amortization expense	$ 4,258,000
Diluted (in dollars per share)	$ 0.12
Revision of estimate of total costs required to complete the contracts \| Customer Related Intangible Assets
Amortization expense				$ 34,149,000
Diluted (in dollars per share)				$ 1.04
Net income (loss)				$ 26,158,000
LMS
Amount of aggregate impact of adjustments in contract estimates on revenue related to performance obligations satisfied or partially satisfied in previous periods increased		$ 9,870,000	$ 2,672,000

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Disaggregation of revenue
Revenue	$ 820,627,000	$ 716,720,000	$ 540,536,000
Contract Liability
Disaggregation of revenue
Revenue	9,980,000	13,757,000	3,413,000
Domestic
Disaggregation of revenue
Revenue	390,744,000	271,727,000	251,428,000
International
Disaggregation of revenue
Revenue	429,883,000	444,993,000	289,108,000
U.S. government
Disaggregation of revenue
Revenue	613,053,000	544,885,000	366,895,000
Non-U.S. government
Disaggregation of revenue
Revenue	207,574,000	171,835,000	173,641,000
Prepaid expenses and other current assets
Disaggregation of revenue
Capitalized Contract Cost, Net	1,948,000	0
FFP
Disaggregation of revenue
Revenue	746,190,000	634,266,000	430,547,000
CPFF
Disaggregation of revenue
Revenue	67,986,000	77,458,000	104,444,000
T&M
Disaggregation of revenue
Revenue	6,451,000	4,996,000	5,545,000
UxS
Disaggregation of revenue
Revenue	381,778,000	448,006,000	343,910,000
LMS
Disaggregation of revenue
Revenue	351,977,000	192,587,000	120,624,000
MW
Disaggregation of revenue
Revenue	$ 86,872,000	$ 76,127,000	$ 76,002,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Operating activities
Net income (loss)	$ 43,619,000	$ 59,666,000	$ (176,167,000)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	40,998,000	35,749,000	99,999,000
Impairment of goodwill	18,359,000	156,017,000	156,017,000
(Gain) loss from equity method investments	(4,837,000)	1,674,000	2,453,000
Loss on deconsolidation of previously controlled subsidiary			189,000
Amortization of debt issuance costs	1,195,000	1,009,000	845,000
Provision for doubtful accounts	43,000	4,000	99,000
Reserve for inventory excess and obsolescence	2,882,000	13,937,000	8,136,000
Other non-cash expense, net	2,606,000	1,316,000	1,995,000
Non-cash lease expense	10,163,000	10,400,000	8,048,000
Loss on foreign currency transactions	491,000	22,000	119,000
Unrealized (gain) loss on available-for-sale equity securities, net	(177,000)	3,945,000	132,000
Deferred income taxes	(20,157,000)	(23,290,000)	(18,661,000)
Stock-based compensation	21,461,000	17,069,000	10,765,000
Loss on disposal of property and equipment	311,000	621,000	1,497,000
Amortization of debt securities discount			125,000
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(31,761,000)	19,208,000	(27,423,000)
Unbilled receivables and retentions	(90,514,000)	(92,850,000)	(1,446,000)
Inventories	2,966,000	(23,045,000)	(61,846,000)
Income taxes receivable	(590,000)		442,000
Prepaid expenses and other assets	(21,010,000)	(20,279,000)	(3,821,000)
Accounts payable	22,331,000	12,968,000	12,538,000
Other liabilities	303,000	(2,832,000)	(2,635,000)
Net cash provided by operating activities	(1,318,000)	15,292,000	11,400,000
Investing activities
Acquisition of property and equipment and capitalized software to be sold	(22,816,000)	(22,983,000)	(14,868,000)
Contributions in equity method investments	(5,674,000)	(3,074,000)	(5,778,000)
Equity security investments			(5,100,000)
Business acquisitions, net of cash acquired		(24,157,000)	(5,105,000)
Acquisition of intangibles		(1,500,000)
Proceeds from deconsolidation of previously controlled subsidiary, net of cash deconsolidated			(635,000)
Redemptions of available-for-sale investments			26,059,000
Purchase of available-for-sale investments			(1,326,000)
Other			(250,000)
Net cash used in investing activities	(28,490,000)	(51,714,000)	(7,003,000)
Financing activities
Proceeds from revolving credit facility	40,000,000
Principal payments of term loan	(28,000,000)	(107,000,000)	(55,000,000)
Principal payments of revolver	(10,000,000)
Holdback and retention payments for business acquisition	(390,000)	(500,000)
Payment of contingent consideration		(2,132,000)
Proceeds from shares issued, net of issuance costs		88,437,000	104,649,000
Payment of debt issuance costs	(1,151,000)	(37,000)
Payment of equity issuance costs	(2,896,000)
Tax withholding payment related to net settlement of equity awards	(4,147,000)	(1,596,000)	(1,065,000)
Employee stock purchase plan contributions	1,910,000
Exercise of stock options	1,841,000	0	2,278,000
Other	(23,000)	(24,000)	(28,000)
Net cash (used in) provided by financing activities	(2,856,000)	(22,852,000)	50,834,000
Effects of currency translation on cash and cash equivalents	225,000	(284,000)	397,000
Net (decrease) increase in cash and cash equivalents	(32,439,000)	(59,558,000)	55,628,000
Cash and cash equivalents at beginning of period	73,301,000	132,859,000	77,231,000
Cash and cash equivalents at end of period	40,862,000	73,301,000	132,859,000
Cash paid, net during the period for:
Income taxes	24,631,000	20,438,000	2,911,000
Interest	1,757,000	6,823,000	10,229,000
Non-cash activities
Issuance of common stock for business acquisition		109,820,000
Unrealized gain on available-for-sale investments, net of deferred tax expense of $0 for the fiscal years ended April 30, 2023			53,000
Change in foreign currency translation adjustments	(922,000)	(1,140,000)	2,009,000
Issuances of inventory to property and equipment, ISR in-service assets			6,306,000
Acquisitions of property and equipment included in accounts payable	$ 2,204,000	$ 986,000	$ 721,000

Long-Term Incentive Awards

12 Months Ended

Apr. 30, 2025

Long-Term Incentive Awards.

Long-Term Incentive Awards

14. Long-Term Incentive Awards

During the three months ended July 27, 2024, the Company granted awards under 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. During the fiscal year ended April 30, 2025, the Company recorded $3,134,000 of compensation expense related to the Fiscal 2025 LTIP. At April 30, 2025, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2025 LTIP is $18,735,000.

During the three months ended July 29, 2023, the Company granted awards under its 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 adjusted EBITDA 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 adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. During the fiscal years ended April 30, 2025 and 2024 the Company recorded $4,177,000 and $3,916,000 of compensation expense related to the Fiscal 2024 LTIP PRSUs, respectively. At April 30, 2025, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2024 LTIP PRSUs is $15,511,000.

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. During the fiscal year ended April 30, 2025, 2024, and 2023, the Company recorded $3,139,000, $3,349,000 and $2,690,000 of compensation expense related to the Fiscal 2023 LTIP PRSUs, respectively. At April 30, 2025, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2023 LTIP PRSUs is $11,448,000.

During the three months ended July 31, 2021, the Company granted awards under its amended and restated 2006 Equity Incentive Plan (the “Restated 2006 Plan”) to key employees (“Fiscal 2022 LTIP”). Awards under the Fiscal 2022 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, 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 non-GAAP 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. During the fiscal years ended April 30, 2024 and 2023, the company recorded $902,000 and $846,000 related to the fiscal year 2022 LTIP PRSUs.

At April 30, 2025 and 2024, the Company recorded cumulative stock-based compensation expense from these long-term incentive award PRSUs of $27,141,000 and $16,662,000, respectively. At each reporting period, the Company reassesses the probability of achieving the performance targets. 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.

Employee Savings Plan (Details) - USD ($)	12 Months Ended
Employee Savings Plan (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Employee Savings Plan
Amount of expense in contribution to the plan	$ 9,679,000	$ 8,554,000	$ 6,994,000

Intangibles, net

12 Months Ended

Apr. 30, 2025

Intangibles, net

Intangibles, net

5. Intangibles, net

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


	April 30,		April 30,
	2025		2024
Technology	$	101,645	$	101,012
Licenses		1,008		1,008
Customer relationships		77,588		77,313
Backlog		2,963		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		185,888		184,848
Less accumulated amortization		(137,177)		(112,624)
Intangibles, net	$	48,711	$	72,224

The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. The weighted average amortization period at April 30, 2025 and 2024 was three years. Amortization expense for the years ended April 30, 2025, 2024 and 2023 was $23,391,000, $17,954,000 and $58,121,000, respectively.

As part of the Company’s annual goodwill impairment and identifiable assets test during the fiscal quarter ended April 30, 2025, a decrease in forecasted results of the UGV reporting unit resulted in accelerated intangible amortization expenses of $4,258,000, which was during the three months ended April 30, 2025.

Due to the closure of all of the Company’s MUAS COCO sites during the three months ended April 30, 2023, we revised the estimated useful life for MUAS customer relationships which resulted in accelerated intangible amortization expenses of $34,149,000 during the fiscal year ended April 30, 2023. Additionally, in conjunction with the goodwill impairment test performed during the year ended April 30, 2023, the remaining intangibles in the MUAS reporting unit were tested for recoverability. The asset recoverability test did not result in an impairment recorded for the remaining intangibles in the MUAS reporting unit. Refer to Note 6—Goodwill for further details.

Technology, customer relationship and tradename intangibles were recognized in conjunction with the Company’s acquisition of Tomahawk on September 15, 2023. Technology and backlog intangible assets were recognized in conjunction with the Company’s acquisition of Planck on August 17, 2022. Refer to Note 21—Business Acquisitions for further details.

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


	Year ending
	April 30,
2026	$	13,542
2027		11,174
2028		10,460
2029		7,764
2030		3,379
	$	46,319

Leases

12 Months Ended

Apr. 30, 2025

Leases

Leases

12. Leases

The components of lease costs recorded in cost of sales and SG&A expense were as follows (in thousands):


	Year Ended		Year Ended
	April 30,		April 30,
	2025		2024
Operating lease cost	$	10,163	$	10,400
Short term lease cost		822		1,198
Variable lease cost		1,627		1,678
Sublease income		—		—
Total lease costs, net	$	12,612	$	13,276

Supplemental lease information was as follows:


	Year Ended		Year Ended
	April 30,		April 30,
	2025		2024
	(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	10,229	$	9,626
Right-of-use assets obtained in exchange for new lease liabilities	$	10,099	$	10,193

Weighted average remaining lease term		48 months		51 months
Weighted average discount rate		5.4%		5.4%

Maturities of operating lease liabilities as of April 30, 2025 were as follows (in thousands):


2026	$	9,713
2027		9,945
2028		7,890
2029		6,756
2030		3,686
Thereafter		373
Total lease payments	$	38,363
Less: imputed interest		(4,072)
Total present value of operating lease liabilities	$	34,291

Fair Value Measurements - Acquisitions (Details) - USD ($)	Sep. 12, 2022	Sep. 09, 2022
Amprius Technologies, Inc.
Fair Value Measurement
Company Invested amount	$ 5,000,000
Amprius Technologies, Inc. \| Equity securities
Fair Value Measurement
Number of shares purchased	500,000
Amprius Technologies, Inc. \| Redeemable warrant
Fair Value Measurement
Number of warrants acquired	500,000
Exercise Price of warrants	$ 12.5
Redemption price	$ 20
Amprius Technologies, Inc. \| Redeemable warrant \| Measurement Input, Exercise Price \| Significant other observable inputs (Level 2)
Fair Value Measurement
Investment in warrants	11.5
Amprius Technologies, Inc. \| Redeemable warrant \| Measurement Input, Redemption Price \| Significant other observable inputs (Level 2)
Fair Value Measurement
Investment in warrants	18
Nauticus Robotics, Inc. \| Equity securities
Fair Value Measurement
Company Invested amount		$ 100,000
Number of shares purchased		10,000

Pension - Net benefit income (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Pension
Actual return on plan assets	$ 162	$ 52	$ 472
Interest cost	(112)	(119)	(70)
Actuarial gain (loss)	16	(206)	167
Net periodic benefit cost	$ 66	$ (273)	$ 569

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2025

Stock-Based Compensation

Schedule of stock option plans


	Restated 2006 Plan
		Weighted
		Average
		Exercise
	Shares	Price
Outstanding at April 30, 2022	166,164		24.78
Options granted	—		—
Options exercised	(100,000)		22.77
Options canceled	—		—
Outstanding at April 30, 2023	66,164		27.82
Options granted	—		—
Options exercised	—		—
Options canceled	—		—
Outstanding at April 30, 2024	66,164		27.82
Options granted	—		—
Options exercised	(66,164)		27.82
Options canceled	—		—
Outstanding at April 30, 2025	—		—
Options exercisable at April 30, 2025	—	$	—

Schedule of Company's restricted stock awards


	2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2024	191,607	$	101.38	9,902	$	94.67
Stock granted	57,497		174.46	—		—
Stock vested	(76,511)		97.79	(9,902)		94.67
Stock canceled	(10,453)		118.72	—		—
Unvested stock at April 30, 2025	162,140	$	127.71	—	$	—


	Restated 2021 Plan			Restated 2006 Plan
		Weighted			Weighted
		Average			Average
		Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value
Unvested stock at April 30, 2024	3,415	$	101.38	1,349	$	97.69
Stock granted	992		175.67	—		—
Stock vested	(1,229)		100.26	(1,349)		97.69
Stock canceled	—		—	—		—
Unvested stock at April 30, 2025	3,178	$	125.00	—	$	—

Income Taxes - Income Taxes Carryforward (Details) - USD ($)	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Tax Credit Carryforward
Valuation allowance	$ 26,770,000	$ 23,835,000
Increase in valuation allowance	2,935,000	$ 1,332,000
IRS
Tax Credit Carryforward
Tax credit carryforwards	$ 24,728,000