0001104659-26-025979 | 10-Q | XBRL Viewer

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Business Acquisitions (Details) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended
Business Acquisitions (Details) - USD ($)	May 01, 2025	Nov. 01, 2025	Aug. 02, 2025	Jan. 31, 2026	Jan. 31, 2026
Business Acquisitions
Additions to goodwill				$ 73,460,000	$ 2,356,239,000
Reduction of amortization expense		$ 10,957,000	$ (7,427,000)
BlueHalo
Business Acquisitions
Equity consideration transferred	$ 2,640,365,000
Settlement of BlueHalo's transaction expenses	25,214,000
Settlement of BlueHalo's debt	863,207,000
Merger consideration	3,528,786,000
Less cash acquired	(43,841,000)
Fair value of consideration transferred	$ 3,484,945,000
Shares issued for business acquisition	17,425,849
Share price	$ 151.52

Organization and Significant Accounting Policies - Revenue percentage by recognition method (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Organization and Significant Accounting Policies
Over time (as a percentage)	72.00%	66.00%	73.00%	55.00%
Point in time (as a percentage)	28.00%	34.00%	27.00%	45.00%
Total revenue (as a percentage)	100.00%	100.00%	100.00%	100.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Condensed Consolidated Statements of Cash Flows (Unaudited)
Unrealized gain on available-for-sale investments, net of deferred tax expense	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025
Operating activities
Net (loss) income	$ (241,024,000)	$ 26,955,000
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:
Depreciation and amortization	202,960,000	27,144,000
Impairment of goodwill	151,306,000
Gain from equity method investments	(2,688,000)	(1,055,000)
Amortization of debt issuance costs	10,273,000	1,121,000
Provision for credit losses	1,867,000	(64,000)
Reserve for inventory excess and obsolescence	5,125,000	2,025,000
Other non-cash expense, net	3,543,000	1,810,000
Non-cash lease expense	18,889,000	7,379,000
Loss on foreign currency transactions	264,000	(22,000)
Unrealized (gain) loss on available-for-sale equity securities, net	(7,446,000)	(1,187,000)
Deferred income taxes	(4,334,000)
Stock-based compensation	28,065,000	15,518,000
Loss on disposal of property and equipment	1,149,000	201,000
Amortization of debt securities	(661,000)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(19,892,000)	(11,095,000)
Unbilled receivables and retentions	(142,088,000)	(30,172,000)
Inventories	(92,721,000)	(1,167,000)
Income taxes receivable	(38,646,000)	(14,738,000)
Prepaid expenses and other assets	(13,287,000)	(9,314,000)
Accounts payable	(17,397,000)	(1,359,000)
Other liabilities	(17,174,000)	(13,034,000)
Net cash (used in) provided by operating activities	(173,917,000)	(1,054,000)
Investing activities
Acquisition of property and equipment	(46,134,000)	(14,292,000)
Contributions in equity method investments	(3,243,000)	(2,309,000)
Purchase of available-for-sale investments	(335,183,000)
Sales and redemptions of available-for-sale investments	21,500,000
Acquisition of capitalized software to be sold	(17,275,000)
Business acquisitions, net of cash acquired	(844,586,000)
Net cash used in investing activities	(1,224,921,000)	(16,601,000)
Financing activities
Principal payments of revolver	(265,000,000)
Proceeds from shares issued, net of underwriter costs	968,515,000
Proceeds from convertible debt, net of underwriter costs	726,944,000
Payment of debt issuance costs	(2,445,000)	(1,056,000)
Payment of equity issuance costs	(1,388,000)	(365,000)
Holdback and retention payments for business acquisition		(390,000)
Tax withholding payment related to net settlement of equity awards	(10,900,000)	(4,064,000)
Employee stock purchase plan contributions	4,355,000
Exercise of stock options		506,000
Other	(12,000)	(19,000)
Net cash provided by (used in) financing activities	1,647,210,000	(8,388,000)
Effects of currency translation on cash and cash equivalents	644,000	(258,000)
Net increase (decrease) in cash and cash equivalents	249,016,000	(26,301,000)
Cash and cash equivalents at beginning of period	40,862,000	73,301,000
Cash and cash equivalents at end of period	289,878,000	47,000,000
Cash paid, net during the period for:
Income taxes	4,335,000	19,342,000
Interest	12,535,000	1,196,000
Non-cash activities
Issuance of common stock for business acquisition	2,640,365,000
Unrealized loss on available-for-sale investments, net of deferred tax expense of $0 for the three and nine months ended January 31, 2026 and January 25, 2025, respectively	(15,000)
Change in foreign currency translation adjustments	1,015,000	(605,000)
Acquisitions of property and equipment included in accounts payable	4,961,000	1,608,000
Term loan
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:
Amortization of debt issuance costs	6,668,000
Financing activities
Principal payments of term loan	(700,000,000)	(28,000,000)
Proceeds from long-term debt	693,202,000
Revolving credit facility
Financing activities
Proceeds from revolver, net of creditor costs	$ 233,939,000	$ 25,000,000

Segments -Reconciliation from segment adjusted EBITDA to income before income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Segments
Segment adjusted EBITDA	$ 44,476	$ 21,766	$ 145,988	$ 84,806
Depreciation and amortization	(54,633)	(9,290)	(202,960)	(27,144)
Impairment of goodwill	(151,306)		(151,306)
Acquisition-related expenses	6,890	10,015	38,876	13,699
Amortization of cloud computing arrangement implementation	(1,610)	(644)	(3,849)	(1,894)
Stock-based compensation	(8,070)	(5,381)	(28,065)	(15,518)
Equity securities investments activity, net	(1,405)	1,454	7,446	1,187
Interest expense	3,696	(248)	(9,050)	(1,177)
(Loss) income before income taxes	(175,742)	(2,359)	(280,672)	26,559
AxS
Segments
Segment adjusted EBITDA	46,167	21,766	149,998	84,806
Acquisition-related expenses	3,914	10,015	22,667	13,699
Amortization of cloud computing arrangement implementation	(1,610)	(644)	(3,839)	(1,894)
Stock-based compensation	(5,847)	$ (5,381)	(20,280)	$ (15,518)
SCDE
Segments
Segment adjusted EBITDA	(1,691)		(4,010)
Impairment of goodwill	(151,306)		(151,306)
Acquisition-related expenses	2,976		16,209
Amortization of cloud computing arrangement implementation			(10)
Stock-based compensation	$ (2,223)		$ (7,785)

Debt - Future principle payments (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Future principle payments
2031	$ 747,500
Total	$ 747,500

- Definition

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

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+ Details

Long-Term Incentive Awards (Details) - USD ($)		3 Months Ended								6 Months Ended		9 Months Ended
Long-Term Incentive Awards (Details) - USD ($)	Nov. 01, 2025	Jan. 31, 2026	Nov. 01, 2025	Aug. 02, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Jul. 29, 2023	Jul. 30, 2022	Nov. 01, 2025	Oct. 26, 2024	Jan. 31, 2026	Jan. 25, 2025
Fiscal 2026 LTIP
Stock Based Compensation
Stock based compensation expense	$ 31,323,000	$ 1,202,000				$ 0					$ 0	$ 4,216,000
Fiscal 2026 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date				3 years
Fiscal 2026 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)				100.00%
Fiscal 2026 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)				50.00%
Fiscal 2026 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)				250.00%
Fiscal 2025 LTIP
Stock Based Compensation
Stock based compensation expense	17,463,000	1,541,000			$ 918,000							6,625,000	$ 2,192,000
Fiscal 2025 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date							3 years
Fiscal 2025 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)							100.00%
Fiscal 2025 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)							50.00%
Fiscal 2025 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)							250.00%
Fiscal 2024 LTIP
Stock Based Compensation
Stock based compensation expense	$ 14,454,000	$ 1,239,000			938,000							$ 5,123,000	3,128,000
Fiscal 2024 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date								3 years
Fiscal 2024 LTIP \| Performance based restricted stock units \| 100% Vested
Stock Based Compensation
Vesting (as a percentage)								100.00%
Fiscal 2024 LTIP \| Performance based restricted stock units \| 50% Vested
Stock Based Compensation
Vesting (as a percentage)								50.00%
Fiscal 2024 LTIP \| Performance based restricted stock units \| 250% Vested
Stock Based Compensation
Vesting (as a percentage)								250.00%
Fiscal 2023 LTIP
Stock Based Compensation
Stock based compensation expense			$ 0		$ 587,000					$ 0			$ 2,253,000
Fiscal 2023 LTIP \| Performance based restricted stock units
Stock Based Compensation
Exercisable period from grant date									3 years
Issue of fully-vested shares of common stock to settle				61,605

Business Acquisitions - Proforma (Details) - USD ($)	3 Months Ended		9 Months Ended
Business Acquisitions - Proforma (Details) - USD ($)	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Business Acquisitions
Revenue since acquisition date, actual			$ 656,854,000
Loss from operations since acquisition date, actual			(334,922,000)
Amortization expense	$ 49,864,000	$ 4,778,000	152,287,000	$ 14,348,000
Impairment of goodwill	151,306,000		151,306,000
Revenue	408,045,000	395,623,000	1,335,229,000	1,178,098,000
Net loss attributable to AeroVironment, Inc.	$ (149,381,000)	$ (27,535,000)	(178,021,000)	$ (138,675,000)
BlueHalo
Business Acquisitions
Amortization expense			161,153,000
Impairment of goodwill			$ 151,306,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

- Definition

Amount of impairment loss from 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 + Details

Organization and Significant Accounting Policies - Government Contracts (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Organization and Significant Accounting Policies
Reserves for Incurred Cost Claim Audits	$ 0	$ 0

Equity Method Investments

9 Months Ended

Jan. 31, 2026

Equity Method Investments

Equity Method Investments

5. Equity Method Investments

Investments in Limited Partnership Funds

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company contributed a total of $10,000,000 during the fiscal years ended April 30, 2021 and 2022, and there were no further contribution commitments to this fund as of April 30, 2022. On December 30, 2025, the Company received an initial distribution from the limited partnership fund of $528,000.

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. During the nine months ended January 31, 2026, the Company made contributions of $3,244,000. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $2,230,000 to the fund, which are expected to be made 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 significant influence when it holds more than a minor interest. For the three and nine months ended January 31, 2026, the Company recorded its ownership percentage of the net (loss) gain of equity method investments, of $(295,000) and $2,688,000, respectively, in equity method investment income, net of $0 tax in the unaudited condensed consolidated statements of operations, respectively. For the three and nine months ended January 25, 2025, the Company recorded its ownership percentage of the net gains of the limited partnerships, or $0 and $1,066,000 respectively, in equity method investment income (loss), net of $0 tax in the unaudited condensed consolidated statements of operations, respectively. At January 31, 2026 and April 30, 2025, the carrying value of the equity method investments of $35,923,000 and $30,423,000, respectively, was recorded in long-term investments.

Share Issuances

9 Months Ended

Jan. 31, 2026

Share Issuances

Share Issuances

16. Share Issuances

In July 2025, the Company entered into an underwriting agreement (the “Common Stock Underwriting Agreement”) with certain underwriters (the “Common Stock Underwriters”) agreeing, subject to customary conditions, to issue and sell 3,528,226 shares of the Company’s common stock to the Common Stock Underwriters. In addition, pursuant to the Common Stock Underwriting Agreement, the Company granted the Common Stock Underwriters an option, exercisable within 30 days after entering the Common Stock Underwriting Agreement, to purchase up to an additional 529,234 shares of the Company’s common stock (the “Over-allotment Option”). The issuance of 3,528,226 shares of common stock was completed in July 2025. Subsequently, the Company closed the issuance and sale of 529,234 shares of its common stock pursuant to the underwriters’ full exercise of the Over-allotment Option in July 2025 for a total issuance of 4,057,460 shares, generating gross proceeds to the Company of $1,006,250,000, proceeds of $968,515,000, net of underwriting discount and $966,846,000 net of underwriting discount and other equity issuance costs.

- Definition

The entire disclosure for equity.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pension (Tables)

9 Months Ended

Jan. 31, 2026

Pension

Schedule of projected benefit obligation and fair value of plan assets

The table below includes the projected benefit obligation and fair value of plan assets as of April 30, 2025. The net fair value of plan assets (in thousands) is recorded in other assets on the unaudited condensed consolidated balance sheet.


	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 expected benefits payments

Expected benefit 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

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

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


	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
	2026		2025		2026		2025
Expected return on plan assets	$	—	$	—	$	—	$	—
Interest cost		31		28		93		85
Actuarial gain		—		—		—		—
Net periodic benefit cost	$	31	$	28	$	93	$	85

Inventories, net (Tables)

9 Months Ended

Jan. 31, 2026

Inventories, net

Schedule of inventories, net

Inventories consist of the following (in thousands):


		January 31,			April 30,
		2026			2025


Raw materials		$	157,015		$	52,567
Work in process			80,709			73,434
Finished goods			97,189			46,761
Inventories, gross			334,913			172,762
Reserve for inventory excess and obsolescence			(35,636)			(28,672)
Inventories, net		$	299,277		$	144,090

Leases (Tables)

9 Months Ended

Jan. 31, 2026

Leases

Schedule of components of lease costs

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


		Nine Months Ended		Nine Months Ended
		January 31,		January 25,
		2026		2025
Operating lease cost		$	18,889	$	7,379
Short term lease cost			980		398
Variable lease cost			2,796		1,212
Sublease income			—		—
Total lease costs, net		$	22,665	$	8,989

Schedule of supplemental lease information

Supplemental lease information was as follows:


		Nine Months Ended		Nine Months Ended
		January 31,		January 25,
		2026		2025
		(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities		$	16,176	$	7,328
Right-of-use assets obtained in exchange for new lease liabilities		$	4,297	$	7,112

Weighted average remaining lease term			72 months		50 months
Weighted average discount rate			6.9%		5.6%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of January 31, 2026 were as follows (in thousands):


Fiscal Year
2026	$	2,590
2027		24,122
2028		22,538
2029		19,402
2030		15,261
Thereafter		40,167
Total lease payments	$	124,080
Less: imputed interest		(25,944)
Total present value of operating lease liabilities	$	98,136

Intangibles, net (Tables)

9 Months Ended

Jan. 31, 2026

Intangibles, net

Schedule of components of intangibles

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


		January 31,			April 30,
		2026			2025
Technology		$	582,260		$	101,645
Licenses			1,008			1,008
Customer relationships			577,291			77,588
Backlog			52,961			2,963
In-process research and development			550			550
Non-compete agreements			320			320
Trademarks and tradenames			1,668			1,668
Other			146			146
Intangibles, gross			1,216,204			185,888
Less accumulated amortization			(290,279)			(137,177)
Intangibles, net		$	925,925		$	48,711

Schedule of estimated remaining amortization expense for the next five years

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


		Year ending
		April 30,
2026		$	50,157
2027			164,101
2028			156,636
2029			153,940
2030			130,905
		$	655,739

Warranty Reserves (Tables)

9 Months Ended

Jan. 31, 2026

Warranty Reserves

Summary of warranty reserve activity

Warranty reserve activity is summarized as follows for the three and nine months ended January 31, 2026 and January 25, 2025, respectively (in thousands):


		Three Months Ended						Nine Months Ended
		January 31,				January 25,		January 31,			January 25,
		2026			2025			2026			2025
Beginning balance		$	6,610		$	3,642		$	4,189		$	5,538
Balance acquired from acquisition			—			—			2,274			—
Warranty expense			1,961			(230)			3,959			(1,070)
Change in estimate			(1,655)			—			(1,655)			—
Warranty costs settled			(1,439)			(625)			(3,290)			(1,681)
Ending balance		$	5,477		$	2,787		$	5,477		$	2,787

Pension - Projected benefit obligation and projected fair value (Details) - item	3 Months Ended	12 Months Ended
	Aug. 02, 2025	Apr. 30, 2025	Jan. 31, 2026	Nov. 01, 2025
Pension
Number of pension commitments			3
Pension Plan
Pension
Discount rate		3.60%		3.60%
In-payment benefits		2.50%		2.50%
Expected return on plan assets	2.90%	2.90%

- 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.

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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Organization and Significant Accounting Policies

9 Months Ended

Jan. 31, 2026

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc. (“AeroVironment”, “AV” or “the Company”), a Delaware corporation, is a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber. AV develops and deploys autonomous systems, uncrewed aircraft systems (“UAS”), precision strike systems, counter-UAS (“C-UAS”) technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. AV operates a national manufacturing footprint to deliver proven systems and capabilities whose markets offer the potential for significant long-term growth. In addition, the Company believes that some of the innovative potential products, services and technologies in its research and development (“R&D”) pipeline will emerge as new growth platforms in the future, creating additional market opportunities.

Effective May 1, 2025, the Company reorganized its segments. In connection with the Company’s acquisition of BlueHalo Financing Topco, LLC (“BlueHalo”), the reorganization was implemented to drive additional operational improvements, foster synergies and provide leaders with greater autonomy over their product lines. The Company’s reportable segments are as follows:

Autonomous Systems (“AxS”)— The AxS segment focuses on the design, development, production, delivery, and support of intelligent, multi-domain robotic systems, including UAS, uncrewed underwater vehicles and ground robot systems. The segment includes the Company’s former Uncrewed Systems, Loitering Munitions Systems (“LMS”), and MacCready Works segments as well as Radio Frequency and Kinetic C-UAS, Electronic Warfare Systems and Uncrewed Maritime products and services from the BlueHalo acquisition. It primarily serves organizations within or supplying the U.S. Department of Defense (“DoD”), other federal agencies, and international allied governments. This segment encompasses the Company’s core autonomous platforms, such as drones and robotic systems, tailored for mission-critical applications across air, land and sea domains.

Space, Cyber, and Directed Energy (“SCDE”)— The SCDE segment focuses on advanced technologies in the space domain providing space-based and ground-based platforms, cyber capabilities, and directed energy systems. This segment positions the Company in high-growth areas of next-generation defense technology, addressing emerging threats and mission requirements in space, cyber warfare, and directed energy applications (e.g., high-energy lasers). It also primarily serves organizations within or supplying the U.S. DoD, other federal agencies, and international allied governments.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three and nine months ended January 31, 2026 are not necessarily indicative of the results for the full year ending April 30, 2026. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2025, included in the Company’s Annual Report on Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process,

that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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

Recent Acquisition

On May 1, 2025, the Company closed its acquisition of BlueHalo, a Delaware limited liability company, pursuant to the Agreement and Plan of Merger, dated as of November 18, 2024 (the “Merger Agreement”) by and among AV, Archangel Merger Sub LLC, a Delaware limited liability company (“Merger Sub”), BlueHalo, and BlueHalo Holdings Parent, LLC, a Delaware limited liability company and sole member of BlueHalo (“Seller”). Refer to Note 17—Business Acquisitions for further details.

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three and nine months ended January 31, 2026.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company’s disaggregated revenue disclosure and disclosure of revenue by segment and the segment disclosures for prior periods have been recast to conform to the new segments and new measure of segment profitability.

Revenue Recognition

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

Performance Obligations

On January 31, 2026, the Company had approximately $1,120,675,000 of remaining performance obligations under fully funded contracts with its customers, which the Company also refers to as funded backlog. The Company currently expects to recognize approximately 39% of the remaining performance obligations as revenue in fiscal 2026 and the remaining 61% in fiscal 2027 or beyond.

Revenue by Category

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


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by operating group		2026			2025			2026			2025
Uncrewed Aircraft Systems		$	89,842		$	59,766		$	243,099		$	249,041
Precision Strike and Defense Systems			158,165			84,795			515,020			214,483
Other			30,737			23,075			107,523			82,053
Space and Directed Energy			53,198			—			199,872			—
Cyber and Mission Services			76,103			—			269,715			—
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by contract type		2026			2025			2026			2025
FFP		$	280,369		$	148,768		$	880,854		$	489,388
Cost Plus			95,802			17,372			346,080			52,413
T&M			31,874			1,496			108,295			3,776
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577

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. Cost Plus contracts generally subject the Company to lower risk. Accordingly, the associated base fees are usually lower than fees on FFP contracts. Under T&M contracts, the Company’s profit may vary if actual labor hour rates vary significantly from the negotiated rates.


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by customer category		2026			2025			2026			2025
U.S. government		$	365,816		$	129,029		$	1,158,722		$	418,345
Non-U.S. government			42,229			38,607			176,507			127,232
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577

		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by geographic location		2026			2025			2026			2025
Domestic		$	226,110		$	104,097		$	933,848		$	258,053
International			181,935			63,539			401,381			287,524
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


	Three Months Ended					Nine Months Ended
	January 31,			January 25,		January 31,			January 25,
Revenue percentage by recognition method	2026			2025		2026			2025
Over time		72%			66%		73%			55%
Point in time		28%			34%		27%			45%
Total revenue		100%			100%		100%			100%

Contract Balances

Changes in the contract asset and liability balances during the three and nine month periods ended January 31, 2026 were not materially impacted by factors other than billings, cash collections, and timing of revenue recognition. For the

Company’s contracts, there are no significant gaps between the receipt of payment and the transfer of the associated goods and services to the customer for material amounts of consideration.

Revenue recognized for the three and nine month periods ended January 31, 2026 that was included in customer advances balances as of April 30, 2025 was $335,000 and $12,112,000, respectively. Revenue recognized for the three and nine month periods ended January 25, 2025 that was included in customer advances balances as of April 30, 2024 was $1,701,000 and $9,662,000, respectively.

Investments

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

Fair Values of Financial Instruments

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

Accounts Receivable

The Company is party to a receivables sales agreement with Citibank, N.A. with an aggregate capacity of $100,000,000. The receivables sold under the factoring facilities are without recourse for any customer credit risk and result in a true sale. Receivables are de-recognized in their entirety when sold. As of January 31, 2026, no receivables have been sold, proceeds collected, or purchase discount fees incurred under the agreement.

Government Contracts

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

For example, during the course of its audits, the DCAA may question the Company’s incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. The Company’s revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at estimated full year rates unless collectability is not reasonably assured. At January 31, 2026 and April 30, 2025, the Company had no reserve for incurred cost claim audits.

(Loss) Earnings Per Share

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

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


			Three Months Ended						Nine Months Ended
		January 31, 2026			January 25, 2025			January 31, 2026			January 25, 2025
Net (loss) income		$	(156,551)		$	(1,754)		$	(241,024)		$	26,955
Denominator for basic (loss) earnings per share:
Weighted average common shares			49,741,441			28,031,901			48,761,481			28,001,089
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			—			—			170,000
Denominator for diluted (loss) earnings per share			49,741,441			28,031,901			48,761,481			28,171,089

Due to the net loss for the three and nine months ended January 31, 2026, 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. Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 326,724 and 344,723 for the three and nine months ended January 31, 2026, respectively. Potentially dilutive shares not included in the computation of diluted weighted-average common shares because their effect would have been anti-dilutive were 200,667 and 265 for the three and nine months ended January 25, 2025, respectively.

Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (“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 its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which better aligns the accounting guidance to how software is developed by eliminating project stages from capitalization criteria. The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The standard allows for prospective, modified, or retrospective transition. Early adoption is permitted. We are currently evaluating the impact of adopting this new pronouncement.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (“ASU 2025-11”), which is intended to improve the navigability of required interim disclosures and clarify when that guidance is applicable, and also to provide additional guidance on what disclosures should be provided in interim reporting periods. The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The standard allows for prospective or retrospective transition. Early adoption is permitted. We are currently evaluating the impact of adopting this new pronouncement

Organization and Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2026

Organization and Significant Accounting Policies

Schedule of revenue by category

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


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by operating group		2026			2025			2026			2025
Uncrewed Aircraft Systems		$	89,842		$	59,766		$	243,099		$	249,041
Precision Strike and Defense Systems			158,165			84,795			515,020			214,483
Other			30,737			23,075			107,523			82,053
Space and Directed Energy			53,198			—			199,872			—
Cyber and Mission Services			76,103			—			269,715			—
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by contract type		2026			2025			2026			2025
FFP		$	280,369		$	148,768		$	880,854		$	489,388
Cost Plus			95,802			17,372			346,080			52,413
T&M			31,874			1,496			108,295			3,776
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by customer category		2026			2025			2026			2025
U.S. government		$	365,816		$	129,029		$	1,158,722		$	418,345
Non-U.S. government			42,229			38,607			176,507			127,232
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577

		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by geographic location		2026			2025			2026			2025
Domestic		$	226,110		$	104,097		$	933,848		$	258,053
International			181,935			63,539			401,381			287,524
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577

Schedule of revenue percentage by recognition method


	Three Months Ended					Nine Months Ended
	January 31,			January 25,		January 31,			January 25,
Revenue percentage by recognition method	2026			2025		2026			2025
Over time		72%			66%		73%			55%
Point in time		28%			34%		27%			45%
Total revenue		100%			100%		100%			100%

Schedule of reconciliation of basic to diluted shares

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


			Three Months Ended						Nine Months Ended
		January 31, 2026			January 25, 2025			January 31, 2026			January 25, 2025
Net (loss) income		$	(156,551)		$	(1,754)		$	(241,024)		$	26,955
Denominator for basic (loss) earnings per share:
Weighted average common shares			49,741,441			28,031,901			48,761,481			28,001,089
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			—			—			170,000
Denominator for diluted (loss) earnings per share			49,741,441			28,031,901			48,761,481			28,171,089

Accumulated Other Comprehensive Loss and Reclassifications Adjustments (Tables)

9 Months Ended

Jan. 31, 2026

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

Schedule of components of accumulated other comprehensive loss and adjustments

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


		Nine Months Ended		Nine Months Ended
		January 31,		January 25,
		2026		2025
Balance as of April 30, 2025 and April 30, 2024, respectively		$	(6,514)	$	(5,592)
Change in foreign currency translation adjustments			1,015		(605)
Unrealized available-for-sale security losses			(15)		—
Balance as of January 31, 2026 and January 25, 2025, respectively		$	(5,514)	$	(6,197)

Organization and Significant Accounting Policies - Revenue by Category (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Disaggregation of revenue
Revenue	$ 408,045,000	$ 167,636,000	$ 1,335,229,000	$ 545,577,000
Contract Liability
Disaggregation of revenue
Revenue	335,000	1,701,000	12,112,000	9,662,000
Domestic
Disaggregation of revenue
Revenue	226,110,000	104,097,000	933,848,000	258,053,000
International
Disaggregation of revenue
Revenue	181,935,000	63,539,000	401,381,000	287,524,000
U.S. government
Disaggregation of revenue
Revenue	365,816,000	129,029,000	1,158,722,000	418,345,000
Non-U.S. government
Disaggregation of revenue
Revenue	42,229,000	38,607,000	176,507,000	127,232,000
FFP
Disaggregation of revenue
Revenue	280,369,000	148,768,000	880,854,000	489,388,000
Cost Plus
Disaggregation of revenue
Revenue	95,802,000	17,372,000	346,080,000	52,413,000
T&M
Disaggregation of revenue
Revenue	31,874,000	1,496,000	108,295,000	3,776,000
Uncrewed Aircraft Systems
Disaggregation of revenue
Revenue	89,842,000	59,766,000	243,099,000	249,041,000
Precision Strike and Defense Systems
Disaggregation of revenue
Revenue	158,165,000	84,795,000	515,020,000	214,483,000
Space and Directed Energy
Disaggregation of revenue
Revenue	53,198,000		199,872,000
Cyber and Mission Solutions
Disaggregation of revenue
Revenue	76,103,000		269,715,000
Other
Disaggregation of revenue
Revenue	$ 30,737,000	$ 23,075,000	$ 107,523,000	$ 82,053,000

Subsequent Events

9 Months Ended

Jan. 31, 2026

Subsequent Events

Subsequent Events

20. Subsequent Events

On March 10, 2026, during the course of negotiations between the Company and the U.S. Government regarding the Company’s Other Transaction Agreement (the “Agreement”) for the delivery of BADGER phased array antenna systems to support the SCAR program, the U.S. Government informed the Company that it now intends to proceed with a termination for convenience of the Agreement, while providing the Company with the opportunity to compete for work under the SCAR program in the future. The Company intends to continue to invest in the BADGER product line by developing a commercial product to address the phased array antennae market.

Debt - Long-term debt (Details) - USD ($)	9 Months Ended	12 Months Ended
Debt - Long-term debt (Details) - USD ($)	Jan. 31, 2026	Apr. 30, 2025	Oct. 04, 2024
Long-term debt
Total long-term debt	$ 747,500,000	$ 30,000,000
Less unamortized debt issuance costs-converitble notes	19,623,000
Total long-term debt, net of unamortized debt issuance costs-convertible notes	727,877,000	30,000,000
Unamortized debt issuance costs-revolving credit facility	$ 1,872,000	$ 1,281,000
Current period interest rate	0.00%	5.90%
Term loan
Long-term debt
Unamortized debt issuance costs-revolving credit facility			$ 590,000
Revolving credit facility
Long-term debt
Total long-term debt		$ 30,000,000
Convertible Notes
Long-term debt
Total long-term debt	$ 747,500,000

Leases - Supplemental lease information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 16,176	$ 7,328
Right-of-use assets obtained in exchange for new lease liabilities	$ 4,297	$ 7,112
Weighted average remaining lease term	72 months	50 months
Weighted average discount rate	6.90%	5.60%

Income Taxes

9 Months Ended

Jan. 31, 2026

Income Taxes

Income Taxes

15. Income Taxes

For the three and nine months ended January 31, 2026, the Company recorded an income tax benefit of $(19,486,000) and $(36,960,000) yielding an effective tax rate of (11.1)% and (13.2%), respectively. For the three and nine months ended January 25, 2025, the Company recorded an income tax benefit of $(605,000) and a provision for income taxes of $659,000 yielding an effective tax rate of (25.6)% and 2.5%, respectively. The variance from statutory rates for the three and nine months ended January 31, 2026 was primarily due to the non-deductible goodwill impairment, for the three months ended January 31, 2026. The variance from statutory rates for the nine months ended January 25, 2025 was primarily due to the decrease in income before taxes, offset by a decrease in foreign-derived intangible income (“FDII”) deductions and federal R&D credits.

On July 4, 2025, the reconciliation bill, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA, among other things, eliminates the requirement to capitalize U.S. R&D expenses, permanently extends certain provisions of the Tax Cuts & Jobs Act of 2017 and modifies certain international tax provisions, as part of a broader set of updates to the U.S. international tax rules. These changes are effective for tax years beginning after December 31, 2025, and include modifying key elements of the TCJA-era regime. These include adjusting the international tax effective rates, renaming and reworking of the current global intangible low-taxed income (“GILTI”) regime as “net CFC tested income” and foreign derived intangible income (FDII) deduction as “foreign derived deduction eligible income”, eliminates QBAI reduction, and modifies deductions and foreign tax credit rules. As the OBBBA was enacted during the Company’s fiscal quarter ended August 2, 2025, the Company reflected the impacts of the OBBBA on the condensed consolidated financial statements. The Company is in the process of evaluating the financial statement impact of these provisions in future periods. Each of these changes may result in accelerated tax deductions during the current and future tax years. Cash tax payments for the fiscal year ending April 30, 2026 are expected to be significantly reduced as a result of the accelerated tax deductions. However, the Company's total income tax expense and effective tax rate are not expected to materially change as a result of the new legislation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Debt (Tables)

9 Months Ended

Jan. 31, 2026

Debt

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


	January 31,			April 30,
	2026			2025
	(In thousands)			(In thousands)
Revolving credit facility	$	—		$	30,000
Convertible notes		747,500			—
Total long-term debt		747,500			30,000
Less unamortized debt issuance costs–convertible notes		19,623			—
Total long-term debt, net of unamortized debt issuance costs–convertible notes	$	727,877		$	30,000
Unamortized debt issuance costs–revolving credit facility	$	1,872		$	1,281
Current period interest rate		0%			5.9%

Schedule of Future long-term debt principle payments


Fiscal Year	(In thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		—
2031		747,500
	$	747,500

Convertible Notes (Details) - Convertible Senior Notes due 2030	1 Months Ended
	Jul. 31, 2025 USD ($) D $ / shares
Convertible Notes
Initial face amount \| $	$ 650,000,000
Interest rate	0.00%
Additional borrowing capacity \| $	$ 97,500,000
Face amount \| $	$ 747,500,000
Threshold trading days for payment of consideration	60
Conversion ratio	3.1017
Conversion price per share \| $ / shares	$ 322.4
Threshold stock price trigger for redemption	130.00%
Threshold trading days for redemption	20
Threshold consecutive trading days for redemption	30
Minimum principal outstanding for redemption \| $	$ 100,000,000
Threshold cure period for interest default	30 days
Threshold number of days to cure default in other obligations	60
Minimum noteholders percentage for notice issuance	25.00%
Minimum
Convertible Notes
Debt default amount \| $	$ 55,000,000
Maximum
Convertible Notes
Number of days of option available for additional purchase	30
Additional borrowing capacity \| $	$ 97,500,000
Threshold number of days for payment of interest as remedy	365
For first 180 days
Convertible Notes
Threshold number of days for payment of interest as remedy	180
Default interest rate, percentage	0.25%
After 180 days
Convertible Notes
Default interest rate, percentage	0.50%

Investments (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Short-term investments:
Total short-term investments	$ 297,259
Long-term investments:
Total long-term investments	61,659	$ 31,627
U.S. government securities
Short-term investments:
Total short-term investments	175,071
Long-term investments:
Total long-term investments	14,086
Corporate securities
Short-term investments:
Total short-term investments	112,252
Equity securities and warrants
Long-term investments:
Total long-term investments	11,650	1,204
Investment in limited partnership funds
Long-term investments:
Equity method investments	35,923	30,423
Certificates of deposit
Short-term investments:
Total short-term investments	9,936
Available-for-sale securities
Long-term investments:
Total long-term investments	25,736	1,204
Equity method investments
Long-term investments:
Total long-term investments	$ 35,923	$ 30,423

Goodwill

9 Months Ended

Jan. 31, 2026

Goodwill.

Goodwill

8. Goodwill

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


	AxS		SCDE		Total

Goodwill	$	431,157	$	—	$	431,157
Accumulated impairment losses		(174,376)		—		(174,376)
Balance at April 30, 2025		256,781		—		256,781

Additions to goodwill		943,157		1,413,082		2,356,239
Impairment to goodwill		—		(151,306)		(151,306)

Goodwill		1,374,314		1,413,082		2,787,396
Accumulated impairment losses		(174,376)		(151,306)		(325,682)
Balance at January 31, 2026	$	1,199,938	$	1,261,776	$	2,461,714

In January 2026, a stop-work order was received on the Company’s Other Transaction Agreement for the delivery of BADGER phased array antenna systems to support Space Force’s SCAR program. The Company concluded that the stop-work order represented a trigger event that indicated the carrying value of the Space reporting unit exceeded its fair value. As a result, the Company updated its estimates of the long-term cash flows of the Space reporting unit to reflect the reduced revenue associated with the stop-work order as well as an increase in expected research and development and capital investments to achieve product commercialization, which is expected to result in expanded opportunities and improve long term product margins. The changes in estimates resulted in the recognition of a goodwill impairment charge of approximately $151,000,000 in the Space reporting unit. As of January 31, 2026, the Company has not identified any events or circumstances, other than those identified for Space, that could trigger an impairment review prior to the Company’s annual impairment test during the fourth quarter of fiscal year 2026, including taking into account the reporting units identified from the BlueHalo acquisition on May 1, 2025.

The AxS segment includes goodwill from the acquisitions of Pulse Aerospace, LLC (“Pulse”), Arcturus UAV, Inc. (“Arcturus”), Telerob Gesellschaft für Fernhantierungstechnik mbH (“Telerob”), Planck Aerosystems, Inc., Tomahawk Robotics, Inc. and certain BlueHalo reporting units and includes goodwill from the purchase of certain assets of Intelligent Systems Group business segment of Progeny Systems Corporation. The SCDE segment includes goodwill from certain BlueHalo reporting units.

- Definition

The entire disclosure for goodwill.

+ References + Details

Segments (Tables)

9 Months Ended

Jan. 31, 2026

Segments

Schedule of segment results

Prior period segment information has been revised to align with the new segment measure of profitability.


		Three Months Ended January 31, 2026
		AxS			SCDE		Total
Revenue:
Product sales		$	222,724		$	55,090	$	277,814
Contract services			56,020			74,211		130,231
			278,744			129,301		408,045
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			182,935			113,633		296,568
Intangible amortization included in cost of sales			7,104			5,579		12,683
SG&A less intangible amortization			44,336			23,898		68,234
Intangible amortization included in SG&A			10,035			21,145		31,180
Research and development			24,142			2,970		27,112
Impairment of goodwill			—			151,306		151,306
Add:
Depreciation			7,069			3,701		10,770
Amortization			17,139			26,724		43,863
Impairment of goodwill			—			151,306		151,306
Acquisition-related expenses			3,914			2,976		6,890
Amortization of cloud computing arrangement implementation			1,610			—		1,610
Other income (expense)			396			609		1,005
Stock-based compensation			5,847			2,223		8,070
Segment adjusted EBITDA		$	46,167		$	(1,691)	$	44,476


		Three Months Ended January 25, 2025
		AxS			SCDE		Total
Revenue:
Product sales		$	139,753		$	—	$	139,753
Contract services			27,883			—		27,883
			167,636			—		167,636
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			100,734			—		100,734
Intangible amortization included in cost of sales			3,703			—		3,703
SG&A less intangible amortization			42,712			—		42,712
Intangible amortization included in SG&A			1,075			—		1,075
Research and development			22,498			—		22,498
Add:
Depreciation			4,512			—		4,512
Amortization			4,778			—		4,778
Acquisition-related expenses			10,015			—		10,015
Amortization of cloud computing arrangement implementation			644			—		644
Other income (expense)			(478)			—		(478)
Stock-based compensation			5,381			—		5,381
Segment adjusted EBITDA		$	21,766		$	—	$	21,766


		Nine Months Ended January 31, 2026
		AxS			SCDE			Total
Revenue:
Product sales		$	712,971		$	203,413		$	916,384
Contract services			152,671			266,174			418,845
			865,642			469,587			1,335,229
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			548,629			414,275			962,904
Intangible amortization included in cost of sales			40,139			34,169			74,308
SG&A less intangible amortization			147,584			84,006			231,590
Intangible amortization included in SG&A			30,879			66,557			97,436
Research and development			86,028			10,191			96,219
Impairment of goodwill			—			151,306			151,306
Add:
Depreciation			21,542			9,674			31,216
Amortization			71,018			100,726			171,744
Impairment of goodwill			—			151,306			151,306
Acquisition-related expenses			22,667			16,209			38,876
Amortization of cloud computing arrangement implementation			3,839			10			3,849
Other income (expense)			(1,731)			1,197			(534)
Stock-based compensation			20,280			7,785			28,065
Segment adjusted EBITDA		$	149,998		$	(4,010)		$	145,988


		Nine Months Ended January 25, 2025
		AxS			SCDE			Total
Revenue:
Product sales		$	450,488		$	—		$	450,488
Contract services			95,089			—			95,089
			545,577			—			545,577
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			316,137			—			316,137
Intangible amortization included in cost of sales			11,136			—			11,136
SG&A less intangible amortization			112,287			—			112,287
Intangible amortization included in SG&A			3,211			—			3,211
Research and development			75,827			—			75,827
Add:
Depreciation			12,797			—			12,797
Amortization			14,347			—			14,347
Acquisition-related expenses			13,699			—			13,699
Amortization of cloud computing arrangement implementation			1,894			—			1,894
Other income (expense)			(428)			—			(428)
Stock-based compensation			15,518			—			15,518
Segment adjusted EBITDA		$	84,806		$	—		$	84,806

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

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


	Three Months Ended					Nine Months Ended
	January 31,			January 25,		January 31,			January 25,
	2026			2025		2026			2025
Segment adjusted EBITDA	$	44,476		$	21,766	$	145,988		$	84,806
Depreciation and amortization		(54,633)			(9,290)		(202,960)			(27,144)
Impairment of goodwill		(151,306)			—		(151,306)			—
Acquisition-related expenses		(6,890)			(10,015)		(38,876)			(13,699)
Amortization of cloud computing arrangement implementation		(1,610)			(644)		(3,849)			(1,894)
Stock-based compensation		(8,070)			(5,381)		(28,065)			(15,518)
Equity securities investments activity, net		(1,405)			1,453		7,446			1,185
Interest expense		3,696			(248)		(9,050)			(1,177)
(Loss) income before income taxes	$	(175,742)		$	(2,359)	$	(280,672)		$	26,559

Schedule of segment assets and capital expenditures by segment


		AxS			SCDE			Corporate		Total
As of January 31, 2026		$	2,312,268		$	2,119,959		$	1,021,409	$	5,453,636
As of April 30, 2025		$	872,530		$	—		$	248,037	$	1,120,567

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


		AxS			SCDE			Corporate		Total
Nine Months Ended January 31, 2026		$	33,750		$	21,976		$	7,683	$	63,409
Nine Months Ended January 25, 2025		$	12,527		$	—		$	1,765	$	14,292

Intangibles, net - Estimated Amortization Expense (Details) $ in Thousands	Apr. 30, 2025 USD ($)
Estimated amortization expense
2026	$ 50,157
2027	164,101
2028	156,636
2029	153,940
2030	130,905
Total	$ 655,739

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

Intangibles, net - Intangibles included in other assets on the balance sheet (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Intangibles, net
Intangibles, gross	$ 1,216,204	$ 185,888
Less accumulated amortization	(290,279)	(137,177)
Intangibles, net	925,925	48,711
Technology
Intangibles, net
Intangibles, gross	582,260	101,645
Licenses
Intangibles, net
Intangibles, gross	1,008	1,008
Customer relationships
Intangibles, net
Intangibles, gross	577,291	77,588
Backlog.
Intangibles, net
Intangibles, gross	52,961	2,963
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

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Investments
Net gain (loss) recognized during the period on equity securities	$ (1,405)	$ 1,454	$ 7,446	$ 1,187
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$ (1,405)	$ 1,454	$ 7,446	$ 1,187

Intangibles, net

9 Months Ended

Jan. 31, 2026

Intangibles, net

Intangibles, net

7. Intangibles, net

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


		January 31,			April 30,
		2026			2025
Technology		$	582,260		$	101,645
Licenses			1,008			1,008
Customer relationships			577,291			77,588
Backlog			52,961			2,963
In-process research and development			550			550
Non-compete agreements			320			320
Trademarks and tradenames			1,668			1,668
Other			146			146
Intangibles, gross			1,216,204			185,888
Less accumulated amortization			(290,279)			(137,177)
Intangibles, net		$	925,925		$	48,711

Technology, backlog and customer relationships intangibles were recognized in conjunction with the Company’s acquisition of Blue Halo on May 1, 2025. Refer to Note 17—Business Acquisitions for further details.

The Company tests identifiable intangible assets 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. In January 2026, a stop-work order was received on the Company’s Other Transaction Agreement for the delivery of BADGER phased array antenna systems to support Space Force’s Satellite Communication Augmentation Resource (“SCAR”) program. The Company concluded that the stop-work order represented a trigger event that indicated the carrying value of the Space reporting unit exceeded its fair value. Due to the trigger event, the Company

performed a recoverability test on the long-lived assets of the Space reporting unit, inclusive of the intangibles, for impairment in accordance with ASC 360. The undiscounted cash flows exceeded the carrying value and no impairment was recorded for long-lived assets.

The weighted average amortization period as of January 31, 2026 and April 30, 2025 was six and three years, respectively. Amortization expense for the three and nine months ended January 31, 2026 was $49,864,000 and $152,287,000, respectively. Amortization expense for the three and nine months ended January 25, 2025 was $4,778,000 and $14,348,000, respectively.

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


		Year ending
		April 30,
2026		$	50,157
2027			164,101
2028			156,636
2029			153,940
2030			130,905
		$	655,739

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 31, 2026	Mar. 04, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2026
Document Transition Report	false
Entity File Number	001-33261
Entity Registrant Name	AEROVIRONMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2705790
Entity Address, Address Line One	241 18th Street South, Suite 650
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22202
City Area Code	805
Local Phone Number	520-8350
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AVAV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,933,993
Entity Central Index Key	0001368622
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Organization and Significant Accounting Policies - (Loss) Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Numerator for basic earnings per share:
Net (loss) income	$ (156,551)	$ (1,754)	$ (241,024)	$ 26,955
Denominator for basic (loss) earnings per share:
Weighted average common shares	49,741,441	28,031,901	48,761,481	28,001,089
Dilutive effect of employee stock options, restricted stock and restricted stock units				170,000
Denominator for diluted (loss) earnings per share	49,741,441	28,031,901	48,761,481	28,171,089
Number of anti-dilutive due to loss	0		0
Number of anti-dilutive shares	326,724	200,667	344,723	265

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-18

+ Details

Convertible Notes

9 Months Ended

Jan. 31, 2026

Convertible Notes

Convertible Notes

10. Convertible Notes

In July 2025, the Company entered into an underwriting agreement (the “Note Underwriting Agreement”) with certain underwriters (the “Note Underwriters”) agreeing, subject to customary conditions, to issue and sell $650,000,000 aggregate principal amount of the Notes to the Note Underwriters as well as an option, exercisable within 30 days after entering the Note Underwriting Agreement, to purchase up to an additional $97,500,000 aggregate principal amount of Notes solely to cover over-allotments. The Note Underwriters exercised such option to purchase an additional $97,500,000 aggregate principal amount of Notes. The issuance of $747,500,000 aggregate principal amount of Notes was completed in July 2025.

The Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness, including any borrowings under the Company's revolving credit facility; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

The Notes do not bear regular interest, and the principal amount of the Notes will not accrete. Special interest will accrue on the Notes upon the occurrence of certain events relating to the Company's failure to file certain SEC reports as provided in the Indenture. The Notes will mature on July 15, 2030, unless earlier repurchased, redeemed or converted. Before April 15, 2030, noteholders have the right to convert their Notes only upon the occurrence of certain events. From and after April 15, 2030, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will have the right to elect to settle conversions either entirely in cash or in a combination of cash and shares of its common stock. Upon conversion of

any Note, the consideration due upon conversion, which will be determined over an “Observation Period” (as defined in the Indenture) consisting of 60 consecutive trading days, will be paid in cash up to at least the principal amount of the Notes being converted and the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the principal amount of the Notes being converted. The initial conversion rate is 3.1017 shares of the Company's common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $322.40 per share of the Company's common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time, on or after July 21, 2028 and on or before the 61st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. However, the Company may not redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. In addition, calling any Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.

If certain events that constitute a “Fundamental Change” (as defined in the Indenture) occur, then, subject to a limited exception for certain cash mergers as provided in the Indenture, noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The definition in the Indenture of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

The Notes have customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), which include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of special interest on the Notes, will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices under the Indenture within specified periods of time; (iii) the Company's failure to convert a Note in accordance with the Indenture within a specified period of time; (iv) the Company’s failure to comply with certain covenants in the Indenture relating to the Company’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (v) a default by the Company in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (vi) certain defaults by the Company or any of its significant subsidiaries with respect to indebtedness for borrowed money of at least $55,000,000; and (vii) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries.

If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest, if any, on all of the Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest, if any, on, all of the Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right of the noteholders

to receive special interest on the Notes for up to 365 days, at a rate per annum equal to 0.25% of the principal amount of the Notes for the first 180 days on which special interest accrues and, thereafter, at a rate per annum equal to 0.50% of the principal amount thereof.

Pension - Net benefit income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Pension
Interest cost	$ 31	$ 28	$ 93	$ 85
Net periodic benefit cost	$ 31	$ 28	$ 93	$ 85

Investments - Available-For-Sale Securities (Details) - USD ($)	Jan. 31, 2026	Dec. 22, 2025	Apr. 30, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 311,345,000
Gross Unrealized Gains	70,000
Gross Unrealized Losses	(55,000)
Fair Value	311,360,000
Available for sale securities			$ 0
Carrying value of investment measured at cost		$ 3,000,000
Corporate securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	189,156,000
Gross Unrealized Gains	45,000
Gross Unrealized Losses	(7,000)
Fair Value	189,194,000
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	112,253,000
Gross Unrealized Gains	25,000
Gross Unrealized Losses	(37,000)
Fair Value	112,241,000
Certificates of deposit
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,936,000
Gross Unrealized Losses	(11,000)
Fair Value	$ 9,925,000

Long-Term Incentive Awards

9 Months Ended

Jan. 31, 2026

Long-Term Incentive Awards.

Long-Term Incentive Awards

14. Long-Term Incentive Awards

During the three months ended August 2, 2025, the Company granted awards under its 2021 Equity Incentive Plan (the “2021 Plan”) to key employees (“Fiscal 2026 LTIP”). Awards under the Fiscal 2026 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2026, July 2027 and July 2028, 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, 2028. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three and nine months ended January 31, 2026 the Company recorded $1,202,000 and $4,216,000 of compensation expense related to the Fiscal 2026 LTIP, respectively. The Company recorded no compensation expense to the Fiscal 2026 LTIP for the three and nine months ended January 25, 2025, respectively. At January 31, 2026, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2026 LTIP is $31,323,000.

During the three months ended July 27, 2024, the Company granted awards under its 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) 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, 2027. At the award date, target achievement levels for each of the financial performance metrics were established for the PRSUs, at which levels the PRSUs would vest at 100% for each such metric. Threshold achievement levels for which the PRSUs would vest at 50% for each such metric and maximum achievement levels for which such awards would vest at 250% for each such metric were also established. The actual payout for the PRSUs at the end of the performance period will be calculated based upon the Company’s achievement of the established revenue and non-GAAP adjusted EBITDA targets for the performance period. Settlement of the PRSUs will be made in fully-vested shares of the Company’s common stock. For the three and nine months ended January 31, 2026, the Company recorded $1,541,000 and $6,625,000 of compensation expense related to the Fiscal 2025 LTIP. For the three and nine months ended January 25, 2025, the Company recorded $918,000 and $2,192,000 of compensation expense related to the Fiscal 2025 LTIP. At January 31, 2026, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2025 LTIP is $17,463,000.

During the three months ended July 29, 2023, the Company granted awards under the 2021 Plan to key employees (“Fiscal 2024 LTIP”). Awards under the Fiscal 2024 LTIP consist of: (i) time-based restricted stock awards and time-based restricted stock units, which vest in equal tranches in July 2024, July 2025 and July 2026, and (ii) PRSUs, which vest based on the Company’s achievement of revenue and non-GAAP 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. For the three and nine months ended January 31, 2026, the Company recorded $1,239,000 and $5,123,000 of compensation expense related to the Fiscal 2024 LTIP. For the three and nine months ended January 25, 2025, the Company recorded $938,000 and $3,128,000 of compensation expense related to the Fiscal 2024 LTIP. At January 31, 2026, the maximum compensation expense that may be recorded for the performance-based portion of the Fiscal 2024 LTIP is $14,454,000.

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. During the three months ended August 2, 2025, the Company issued a total of 61,605 fully-vested shares of the Company’s common stock to settle the PRSUs in the Fiscal 2023 LTIP. For the three and nine months ended January 31, 2026 the Company recorded no compensation expense related to the Fiscal 2023 LTIP. For the three and nine months ended January 25, 2025, the Company recorded $587,000, and $2,253,000 of compensation expense related to the Fiscal 2023 LTIP, respectively.

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

Business Acquisitions (Tables)

9 Months Ended

Jan. 31, 2026

Business Acquisitions

Schedule of purchase consideration


(in thousands)		Amount
Equity consideration transferred	$	2,640,365
Settlement of BlueHalo’s transaction expenses		25,214
Settlement of BlueHalo’s debt		863,207
Merger consideration	$	3,528,786
Less cash acquired		(43,841)
Fair value of consideration transferred	$	3,484,945

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


	May 1,
	2025
Fair value of assets acquired:
Accounts receivable, net of allowance for credit losses of $420 at May 1, 2025	$	80,752
Unbilled receivables and retentions		96,455
Inventories, net		88,167
Income taxes receivable		3,941
Prepaid expenses and other current assets		13,628
Long-term investments		151
Property and equipment		89,327
Operating lease right-of-use assets		70,879
Intangibles		1,029,800
Goodwill		2,356,239
Other assets		1,086
Total identifiable assets	$	3,830,425

Fair value of liabilities assumed:
Accounts payable		56,930
Wages and related accruals		43,031
Customer advances		42,700
Current operating lease liabilities		6,707
Other current liabilities		11,971
Non-current operating lease liabilities		64,720
Deferred income taxes		119,421
Total liabilities assumed		345,480
Total identifiable net assets	$	3,484,945

Schedule of acquired finite lived intangible assets

The following table summarizes the valuation of the fair value of intangible assets acquired (in thousands):


		Preliminary Fair Value	Estimated Useful Life
			Years
Preliminary fair value of intangible assets acquired:
Backlog	$	49,900	1-2
Customer relationships		499,500	4-9
Developed technology		480,400	4-10
Intangible assets acquired	$	1,029,800

Schedule of proforma information


	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
	2026		2025		2026		2025
Revenue	$	408,045	$	395,623	$	1,335,229	$	1,178,098
Net loss attributable to AeroVironment, Inc.	$	(149,381)	$	(27,535)	$	(178,021)	$	(138,675)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Organization and Significant Accounting Policies - Performance Obligations (Details) - USD ($)	Jan. 31, 2026	Jan. 25, 2025
Performance Obligations
Remaining performance obligations	$ 1,120,675,000
Total revenue (as a percentage)	100.00%	100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-02
Performance Obligations
Year of performance obligations	6 months
Total revenue (as a percentage)	39.00%
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)	61.00%

Leases

9 Months Ended

Jan. 31, 2026

Leases

Leases

11. Leases

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


		Nine Months Ended		Nine Months Ended
		January 31,		January 25,
		2026		2025
Operating lease cost		$	18,889	$	7,379
Short term lease cost			980		398
Variable lease cost			2,796		1,212
Sublease income			—		—
Total lease costs, net		$	22,665	$	8,989

Supplemental lease information was as follows:


		Nine Months Ended		Nine Months Ended
		January 31,		January 25,
		2026		2025
		(In thousands)		(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities		$	16,176	$	7,328
Right-of-use assets obtained in exchange for new lease liabilities		$	4,297	$	7,112

Weighted average remaining lease term			72 months		50 months
Weighted average discount rate			6.9%		5.6%

Maturities of operating lease liabilities as of January 31, 2026 were as follows (in thousands):


Fiscal Year
2026	$	2,590
2027		24,122
2028		22,538
2029		19,402
2030		15,261
Thereafter		40,167
Total lease payments	$	124,080
Less: imputed interest		(25,944)
Total present value of operating lease liabilities	$	98,136

Organization and Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2026

Organization and Significant Accounting Policies

Basis of Presentation

that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Recent Acquisitions

Recent Acquisition

Recently Adopted Accounting Standards

The Company did not adopt any accounting standards during the three and nine months ended January 31, 2026.

Reclassifications

Revenue Recognition

Performance Obligations

Revenue by Category

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


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by operating group		2026			2025			2026			2025
Uncrewed Aircraft Systems		$	89,842		$	59,766		$	243,099		$	249,041
Precision Strike and Defense Systems			158,165			84,795			515,020			214,483
Other			30,737			23,075			107,523			82,053
Space and Directed Energy			53,198			—			199,872			—
Cyber and Mission Services			76,103			—			269,715			—
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by contract type		2026			2025			2026			2025
FFP		$	280,369		$	148,768		$	880,854		$	489,388
Cost Plus			95,802			17,372			346,080			52,413
T&M			31,874			1,496			108,295			3,776
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by customer category		2026			2025			2026			2025
U.S. government		$	365,816		$	129,029		$	1,158,722		$	418,345
Non-U.S. government			42,229			38,607			176,507			127,232
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577

		Three Months Ended						Nine Months Ended
		January 31,			January 25,			January 31,			January 25,
Revenue by geographic location		2026			2025			2026			2025
Domestic		$	226,110		$	104,097		$	933,848		$	258,053
International			181,935			63,539			401,381			287,524
Total revenue		$	408,045		$	167,636		$	1,335,229		$	545,577


	Three Months Ended					Nine Months Ended
	January 31,			January 25,		January 31,			January 25,
Revenue percentage by recognition method	2026			2025		2026			2025
Over time		72%			66%		73%			55%
Point in time		28%			34%		27%			45%
Total revenue		100%			100%		100%			100%

Contract Balances

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.

Investments

Fair Values of Financial Instruments

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

Accounts Receivable, Unbilled Receivables and Retentions

Accounts Receivable

Government Contracts

(Loss) Earnings Per Share

(Loss) Earnings Per Share

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

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


			Three Months Ended						Nine Months Ended
		January 31, 2026			January 25, 2025			January 31, 2026			January 25, 2025
Net (loss) income		$	(156,551)		$	(1,754)		$	(241,024)		$	26,955
Denominator for basic (loss) earnings per share:
Weighted average common shares			49,741,441			28,031,901			48,761,481			28,001,089
Dilutive effect of employee stock options, restricted stock and restricted stock units			—			—			—			170,000
Denominator for diluted (loss) earnings per share			49,741,441			28,031,901			48,761,481			28,171,089

Recently Issued Accounting Standards

Fair Value Measurements

9 Months Ended

Jan. 31, 2026

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 January 31, 2026, 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		$	6,220		$	—		$	—		$	6,220
Warrants			—			2,430			—			2,430
Total		$	6,220		$	2,430		$	—		$	8,650

The Company had no financial liabilities measured at fair value on a recurring basis at January 31, 2026.

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.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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+ Details

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025
Components of lease costs
Operating lease cost	$ 18,889	$ 7,379
Short term lease cost	980	398
Variable lease cost	2,796	1,212
Total lease costs, net	$ 22,665	$ 8,989

Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segments (Details) $ in Thousands	Jan. 31, 2026 USD ($)	Jan. 25, 2025 USD ($)	Jan. 31, 2026 USD ($) segment	Jan. 25, 2025 USD ($)
Segments
Number of reportable segments \| segment			2
Revenue	$ 408,045	$ 167,636	$ 1,335,229	$ 545,577
Cost of sales less intangible amortization and other purchase accounting adjustments	296,568	100,734	962,904	316,137
Intangible amortization included in cost of sales	12,683	3,703	74,308	11,136
Sales and marketing	68,234	42,712	231,590	112,287
Intangible amortization included in SG&A	31,180	1,075	97,436	3,211
Research and development	27,112	22,498	96,219	75,827
Impairment of goodwill	(151,306)		(151,306)
Depreciation	10,770	4,512	31,216	12,797
Amortization	43,863	4,778	171,744	14,347
Acquisition-related costs	6,890	10,015	38,876	13,699
Amortization of cloud computing arrangement implementation	1,610	644	3,849	1,894
Other income (expense)	1,005	(478)	(534)	(428)
Stock-based compensation	8,070	5,381	28,065	15,518
Segment adjusted EBITDA	44,476	21,766	145,988	84,806
Product sales
Segments
Revenue	277,814	139,753	916,384	450,488
Contract services
Segments
Revenue	130,231	27,883	418,845	95,089
AxS
Segments
Revenue	278,744	167,636	865,642	545,577
Cost of sales less intangible amortization and other purchase accounting adjustments	182,935	100,734	548,629	316,137
Intangible amortization included in cost of sales	7,104	3,703	40,139	11,136
Sales and marketing	44,336	42,712	147,584	112,287
Intangible amortization included in SG&A	10,035	1,075	30,879	3,211
Research and development	24,142	22,498	86,028	75,827
Depreciation	7,069	4,512	21,542	12,797
Amortization	17,139	4,778	71,018	14,347
Acquisition-related costs	3,914	10,015	22,667	13,699
Amortization of cloud computing arrangement implementation	1,610	644	3,839	1,894
Other income (expense)	396	(478)	(1,731)	(428)
Stock-based compensation	5,847	5,381	20,280	15,518
Segment adjusted EBITDA	46,167	21,766	149,998	84,806
AxS \| Product sales
Segments
Revenue	222,724	139,753	712,971	450,488
AxS \| Contract services
Segments
Revenue	56,020	$ 27,883	152,671	$ 95,089
SCDE
Segments
Revenue	129,301		469,587
Cost of sales less intangible amortization and other purchase accounting adjustments	113,633		414,275
Intangible amortization included in cost of sales	5,579		34,169
Sales and marketing	23,898		84,006
Intangible amortization included in SG&A	21,145		66,557
Research and development	2,970		10,191
Impairment of goodwill	(151,306)		(151,306)
Depreciation	3,701		9,674
Amortization	26,724		100,726
Acquisition-related costs	2,976		16,209
Amortization of cloud computing arrangement implementation			10
Other income (expense)	609		1,197
Stock-based compensation	2,223		7,785
Segment adjusted EBITDA	(1,691)		(4,010)
SCDE \| Product sales
Segments
Revenue	55,090		203,413
SCDE \| Contract services
Segments
Revenue	$ 74,211		$ 266,174

Fair Value Measurements - (Details) - Recurring basis - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 6,220	$ 1,080
Warrants	2,430	124
Total	8,650	1,204
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	6,220	1,080
Total	6,220	1,080
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	2,430	124
Total	$ 2,430	$ 124

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Leases - Maturities of operating lease liabilities (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Maturities of operating lease liabilities:
2026	$ 2,590
2027	24,122
2028	22,538
2029	19,402
2030	15,261
Thereafter	40,167
Total lease payments	124,080
Less: imputed interest	(25,944)
Total present value of operating lease liabilities	$ 98,136

Inventories, net (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Inventories, net
Raw materials	$ 157,015	$ 52,567
Work in process	80,709	73,434
Finished goods	97,189	46,761
Inventories, gross	334,913	172,762
Reserve for inventory excess and obsolescence	(35,636)	(28,672)
Inventories, net	$ 299,277	$ 144,090

Equity Method Investments - Investment in Limited Partnership Fund (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 30, 2025	Mar. 31, 2022	Jul. 31, 2019	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Equity Method Investments
Equity method investment gain (loss), net of tax				$ (295,000)		$ 2,688,000	$ 1,055,000
Limited Partnership Fund
Equity Method Investments
Capital contributions	$ 528,000										$ 10,000,000	$ 10,000,000
Contribution commitments											$ 0
Equity method investment gain (loss), net of tax				(295,000)	$ 0	2,688,000	1,066,000
Carrying value of equity method investments				35,923,000		35,923,000		$ 30,423,000
Limited Partnership Fund \| Equity method investment loss, net of tax
Equity Method Investments
Income tax expense from equity method investments				$ 0	$ 0	0	$ 0
Limited Partnership Fund, Technologies and Start-Up
Equity Method Investments
Capital contributions		$ 20,000,000				$ 3,244,000		$ 5,674,000	$ 3,074,000	$ 5,778,000
Expected years contributions will be made		5 years
Additional capital contributions			$ 2,230,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Current assets:
Cash and cash equivalents	$ 289,878	$ 40,862
Short-term investments	297,259
Accounts receivable, net of allowance for credit losses of $2,213 at January 31, 2026 and $203 at April 30, 2025	201,046	101,967
Unbilled receivables and retentions	528,557	290,009
Inventories, net	299,277	144,090
Income taxes receivable	43,031	622
Prepaid expenses and other current assets	45,199	28,966
Total current assets	1,704,247	606,516
Long-term investments	61,659	31,627
Property and equipment, net	158,867	50,704
Operating lease right-of-use assets	91,810	31,879
Deferred income taxes		61,460
Intangibles, net	925,925	48,711
Goodwill	2,461,714	256,781
Other assets	49,414	32,889
Total assets	5,453,636	1,120,567
Current liabilities:
Accounts payable	109,633	72,462
Wages and related accruals	75,765	44,253
Customer advances	67,543	15,952
Current operating lease liabilities	15,569	10,479
Income taxes payable	320	356
Other current liabilities	40,489	28,659
Total current liabilities	309,319	172,161
Long-term debt	727,877	30,000
Non-current operating lease liabilities	82,567	23,812
Other non-current liabilities	1,995	2,026
Liability for uncertain tax positions	6,061	6,061
Deferred income taxes	53,627
Commitments and contingencies
Stockholders' equity:
Authorized shares-10,000,000; none issued or outstanding at January 31, 2026 and April 30,2025
Issued and outstanding shares-49,934,738 shares at January 31, 2026 and 28,267,517 shares at April 30, 2025	6	4
Additional paid-in capital	4,244,416	618,711
Accumulated other comprehensive loss	(5,514)	(6,514)
Retained earnings	33,282	274,306
Total stockholders' equity	4,272,190	886,507
Total liabilities and stockholders' equity	$ 5,453,636	$ 1,120,567

Intangibles, net (Details) - USD ($)	3 Months Ended		9 Months Ended
Intangibles, net (Details) - USD ($)	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025	Apr. 30, 2025
Intangibles, net
Amortization expense	$ 49,864,000	$ 4,778,000	$ 152,287,000	$ 14,348,000
Weighted average
Intangibles, net
Weighted average amortization period	6 years		6 years		3 years

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

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+ Details

Customer-Funded Research & Development (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Customer-Funded Research & Development
Revenue from customer funded research and development	$ 58,520,000	$ 19,730,000	$ 177,671,000	$ 58,569,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Revenue:
Revenue	$ 408,045,000	$ 167,636,000	$ 1,335,229,000	$ 545,577,000
Cost of sales:
Cost of sales	309,251,000	104,437,000	1,037,212,000	327,273,000
Gross margin:
Total gross margin	98,794,000	63,199,000	298,017,000	218,304,000
Selling, general and administrative	99,414,000	43,788,000	329,026,000	115,499,000
Research and development	27,112,000	22,498,000	96,219,000	75,827,000
Impairment of goodwill	151,306,000		151,306,000
(Loss) income from operations	(179,038,000)	(3,087,000)	(278,534,000)	26,978,000
Other income (loss):
Interest income (expense), net	3,696,000	(248,000)	(9,050,000)	(1,177,000)
Other income (expense), net	(400,000)	976,000	6,912,000	758,000
(Loss) income before income taxes	(175,742,000)	(2,359,000)	(280,672,000)	26,559,000
(Benefit from) provision for income taxes	(19,486,000)	(605,000)	(36,960,000)	659,000
Equity method investment income, net of tax	(295,000)		2,688,000	1,055,000
Net (loss) income	$ (156,551,000)	$ (1,754,000)	$ (241,024,000)	$ 26,955,000
Net (loss) income per share
Basic (in dollars per share)	$ (3.15)	$ (0.06)	$ (4.94)	$ 0.96
Diluted (in dollars per share)	$ (3.15)	$ (0.06)	$ (4.94)	$ 0.96
Weighted-average shares outstanding:
Basic (in shares)	49,741,441	28,031,901	48,761,481	28,001,089
Diluted (in shares)	49,741,441	28,031,901	48,761,481	28,171,089
Product sales
Revenue:
Revenue	$ 277,814,000	$ 139,753,000	$ 916,384,000	$ 450,488,000
Cost of sales:
Cost of sales	199,973,000	81,001,000	672,057,000	253,572,000
Gross margin:
Total gross margin	77,841,000	58,752,000	244,327,000	196,916,000
Contract services
Revenue:
Revenue	130,231,000	27,883,000	418,845,000	95,089,000
Cost of sales:
Cost of sales	109,278,000	23,436,000	365,155,000	73,701,000
Gross margin:
Total gross margin	$ 20,953,000	$ 4,447,000	$ 53,690,000	$ 21,388,000

Warranty Reserves

9 Months Ended

Jan. 31, 2026

Warranty Reserves

Warranty Reserves

6. Warranty Reserves

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. The warranty reserve is included in other current liabilities on the unaudited condensed consolidated balance sheet. The related expense is included in cost of sales. Warranty reserve activity is summarized as follows for the three and nine months ended January 31, 2026 and January 25, 2025, respectively (in thousands):


		Three Months Ended						Nine Months Ended
		January 31,				January 25,		January 31,			January 25,
		2026			2025			2026			2025
Beginning balance		$	6,610		$	3,642		$	4,189		$	5,538
Balance acquired from acquisition			—			—			2,274			—
Warranty expense			1,961			(230)			3,959			(1,070)
Change in estimate			(1,655)			—			(1,655)			—
Warranty costs settled			(1,439)			(625)			(3,290)			(1,681)
Ending balance		$	5,477		$	2,787		$	5,477		$	2,787

Business Acquisitions - Purchase price allocation (Details) - USD ($) $ in Thousands	Jan. 31, 2026	May 01, 2025	Apr. 30, 2025
Fair value of assets acquired:
Accounts receivable, allowance for credit losses (in dollars)	$ 2,213		$ 203
Goodwill	$ 2,461,714		$ 256,781
BlueHalo
Fair value of assets acquired:
Accounts receivable, net of allowance for credit losses of $420 at May 1, 2025		$ 80,752
Accounts receivable, allowance for credit losses (in dollars)		420
Unbilled receivables and retentions		96,455
Inventories, net		88,167
Income taxes receivable		3,941
Prepaid expenses and other current assets		13,628
Long-term investments		151
Property and equipment		89,327
Operating lease assets		70,879
Intangibles		1,029,800
Goodwill		2,356,239
Other assets		1,086
Total identifiable assets		3,830,425
Fair value of liabilities assumed:
Accounts payable		56,930
Wages and related accruals		43,031
Customer advances		42,700
Current operating lease liabilities		6,707
Other current liabilities		11,971
Non-current operating lease liabilities		64,720
Deferred income taxes		119,421
Total liabilities assumed		345,480
Total identifiable net assets		$ 3,484,945

Pension - Projected benefit obligation and fair value of plan assets (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2025 USD ($)	Jan. 31, 2026 employee
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)
Fair value of plan assets	3,817
Funded status of the plan	$ 482

- 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

- 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.

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- Definition

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

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+ Details

Inventories, net

9 Months Ended

Jan. 31, 2026

Inventories, net

Inventories, net

4. Inventories, net

Inventories consist of the following (in thousands):


		January 31,			April 30,
		2026			2025


Raw materials		$	157,015		$	52,567
Work in process			80,709			73,434
Finished goods			97,189			46,761
Inventories, gross			334,913			172,762
Reserve for inventory excess and obsolescence			(35,636)			(28,672)
Inventories, net		$	299,277		$	144,090

Customer-Funded Research & Development

9 Months Ended

Jan. 31, 2026

Customer-Funded Research & Development

Customer-Funded Research & Development

13. Customer-Funded Research & Development

Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform R&D activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales as costs are incurred. Revenue from customer-funded R&D contracts is recognized in accordance with ASC 606 over time as costs are incurred. Revenue from customer-funded R&D was approximately $58,520,000 and $177,671,000 for the three and nine months ended January 31, 2026. Revenue from customer-funded R&D was approximately $19,730,000 and $58,569,000 for the three and nine months ended January 25, 2025.

Debt - (Details)		1 Months Ended	9 Months Ended
Debt - (Details)	May 01, 2025 USD ($) item	Jun. 30, 2025 USD ($)	Jan. 31, 2026 USD ($)	Jan. 25, 2025 USD ($)	Jul. 31, 2025 USD ($)	Apr. 30, 2025 USD ($)	Oct. 04, 2024 USD ($)
Debt
Unamortized debt issuance costs allocated to term loan facility			$ 1,872,000			$ 1,281,000
Aggregate amount			747,500,000			30,000,000
Unamortized debt issuance costs			10,273,000	$ 1,121,000
Term loan
Debt
Unamortized debt issuance costs allocated to term loan facility							$ 590,000
Unamortized debt issuance costs			6,668,000
Convertible Senior Notes due 2030
Debt
Aggregate Term loan					$ 747,500,000
Interest rate					0.00%
Third Amendment to Credit Agreement
Debt
Amount of loan			338,992,000				15,000,000
Aggregate amount							200,000,000
Amount of sublimit							25,000,000
Fourth Amendment To Credit Agreement
Debt
Amount of loan	$ 225,000,000
Aggregate amount	350,000,000
Amount of sublimit	$ 25,000,000
Proceeds from lines of credit		$ 10,000,000
Fourth Amendment To Credit Agreement \| Term loan
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
Debt
Interest rate margin	0.50%
Fourth Amendment To Credit Agreement \| Base Rate \| Maximum \| Term loan
Debt
Interest rate margin	1.50%
Fourth Amendment To Credit Agreement \| SOFR \| Term loan
Debt
SOFR adjustment	0.10%
Fourth Amendment To Credit Agreement \| SOFR \| Minimum \| Term loan
Debt
Interest rate margin	1.50%
Fourth Amendment To Credit Agreement \| SOFR \| Maximum \| Term loan
Debt
Interest rate margin	2.50%
Fourth Amendment To Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Minimum \| Term loan
Debt
Consolidated leverage ratio	1.00%
Fourth Amendment To Credit Agreement \| Consolidated Fixed Charge Coverage Ratio \| Maximum \| Term loan
Debt
Consolidated leverage ratio	1.25%
Fourth Amendment To Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Minimum \| Leverage ratio for four fiscal quarters following the acquisition \| Term loan
Debt
Consolidated leverage ratio	1.00%
Fourth Amendment To Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Minimum \| Leverage ratio applicable for fifth fiscal year onwards \| Term loan
Debt
Consolidated leverage ratio	1.00%
Fourth Amendment To Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Maximum \| Leverage ratio for four fiscal quarters following the acquisition \| Term loan
Debt
Consolidated leverage ratio	3.50%
Fourth Amendment To Credit Agreement \| Consolidated Senior Secured Leverage Ratio \| Maximum \| Leverage ratio applicable for fifth fiscal year onwards \| Term loan
Debt
Consolidated leverage ratio	3.00%
Standby Letters of Credit
Debt
Amount of loan			$ 11,008,000			$ 9,376,000
Swingline Loan [Member]
Debt
Amount of sublimit	$ 10,000,000						$ 10,000,000

Goodwill (Tables)

9 Months Ended

Jan. 31, 2026

Goodwill.

Schedule of the changes in goodwill balances

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


	AxS		SCDE		Total

Goodwill	$	431,157	$	—	$	431,157
Accumulated impairment losses		(174,376)		—		(174,376)
Balance at April 30, 2025		256,781		—		256,781

Additions to goodwill		943,157		1,413,082		2,356,239
Impairment to goodwill		—		(151,306)		(151,306)

Goodwill		1,374,314		1,413,082		2,787,396
Accumulated impairment losses		(174,376)		(151,306)		(325,682)
Balance at January 31, 2026	$	1,199,938	$	1,261,776	$	2,461,714

Fair Value Measurements (Tables)

9 Months Ended

Jan. 31, 2026

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 January 31, 2026, 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		$	6,220		$	—		$	—		$	6,220
Warrants			—			2,430			—			2,430
Total		$	6,220		$	2,430		$	—		$	8,650

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

Business Acquisitions - Intangible assets (Details) - BlueHalo - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	May 01, 2025	Jan. 31, 2026	Jan. 31, 2026
Business Acquisitions
Preliminary Fair Value	$ 1,029,800
Backlog
Business Acquisitions
Preliminary Fair Value	$ 49,900
Estimated Useful Life Years		1 year	1 year
Backlog \| Minimum
Business Acquisitions
Estimated Useful Life Years	1 year
Backlog \| Maximum
Business Acquisitions
Estimated Useful Life Years	2 years
Customer relationships
Business Acquisitions
Preliminary Fair Value	$ 499,500
Customer relationships \| Minimum
Business Acquisitions
Estimated Useful Life Years	4 years
Customer relationships \| Maximum
Business Acquisitions
Estimated Useful Life Years	9 years
Developed technology
Business Acquisitions
Preliminary Fair Value	$ 480,400
Developed technology \| Minimum
Business Acquisitions
Estimated Useful Life Years	4 years
Developed technology \| Maximum
Business Acquisitions
Estimated Useful Life Years	10 years

Goodwill (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
Goodwill (Details) - USD ($)	Jan. 31, 2026	Jan. 31, 2026	Jan. 31, 2026	Apr. 30, 2025
Goodwill
Goodwill	$ 2,787,396,000	$ 2,787,396,000	$ 2,787,396,000	$ 431,157,000
Accumulated impairment losses			(174,376,000)
Goodwill, Net - Beginning Balance			256,781,000
Additions to goodwill		73,460,000	2,356,239,000
Impairment of goodwill	(151,306,000)		(151,306,000)
Goodwill, Ending Balance	2,787,396,000	2,787,396,000	2,787,396,000
Accumulated impairment losses	(325,682,000)	(325,682,000)	(325,682,000)
Goodwill, Net - Ending Balance	2,461,714,000	2,461,714,000	2,461,714,000
AxS
Goodwill
Goodwill	1,374,314,000	1,374,314,000	1,374,314,000	$ 431,157,000
Accumulated impairment losses			(174,376,000)
Goodwill, Net - Beginning Balance			256,781,000
Additions to goodwill			943,157,000
Goodwill, Ending Balance	1,374,314,000	1,374,314,000	1,374,314,000
Accumulated impairment losses	(174,376,000)	(174,376,000)	(174,376,000)
Goodwill, Net - Ending Balance	1,199,938,000	1,199,938,000	1,199,938,000
SCDE
Goodwill
Goodwill	1,413,082,000	1,413,082,000	1,413,082,000
Additions to goodwill			1,413,082,000
Impairment of goodwill			(151,306,000)
Goodwill, Ending Balance	1,413,082,000	1,413,082,000	1,413,082,000
Accumulated impairment losses	(151,306,000)	(151,306,000)	(151,306,000)
Goodwill, Net - Ending Balance	$ 1,261,776,000	$ 1,261,776,000	$ 1,261,776,000

- Definition

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

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+ Details

- Definition

+ References + 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

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+ Details

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

Investments

9 Months Ended

Jan. 31, 2026

Investments

Investments

2. Investments

Investments consist of the following (in thousands):


		January 31,			April 30,
		2026			2025
Short-term investments:
Available-for-sale securities:
U.S. government securities			175,071			—
Corporate securities			112,252			—
Certificates of deposit			9,936			—
Total short-term investments			297,259			—
Long-term investments:
Available-for-sale securities:
U.S. government securities			14,086			—
Equity securities and warrants			11,650			1,204
Total long-term available-for-sale securities investments			25,736			1,204
Equity method investments
Investments in limited partnership funds			35,923			30,423
Total equity method investments			35,923			30,423
Total long-term investments		$	61,659		$	31,627

Available-For-Sale Securities

As of January 31, 2026, the balance of available-for-sale securities consisted of U.S. government securities, certificate of deposits and high-grade corporate bonds. Interest earned from these investments is recorded in interest income (expense), net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest income (expense), net. As of April 30, 2025, the company held no available-for-sale securities.

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of January 31, 2026 (in thousands):


		January 31, 2026
					Gross		Gross
		Amortized			Unrealized		Unrealized		Fair
		Cost			Gains		Losses		Value
Corporate securities		$	189,156		$	45	$	(7)	$	189,194
U.S. government securities			112,253			25		(37)		112,241
Certificates of deposit			9,936			—		(11)		9,925
Total available-for-sale securities		$	311,345		$	70	$	(55)	$	311,360

Equity Securities

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


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	January 31, 2026		January 25, 2025		January 31, 2026		January 25, 2025
Net gain (loss) recognized during the period on equity securities	$	(1,405)	$	1,454	$	7,446	$	1,187
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	$	(1,405)	$	1,454	$	7,446	$	1,187

Investments Measured at Cost

On December 22, 2025, the Company invested $3,000,000 in a privately-held technology company through a Simple Agreement for Future Equity (“SAFE”). The SAFE provides the Company with the right to receive equity in the issuing company upon the occurrence of certain future events, including a qualifying equity financing or a liquidity event. The Company measures the investment at cost, less any impairment and is recorded in long-term investments and included in Equity securities and warrants line in the investments table above.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss and Reclassifications Adjustments	Total
Beginning Balance at Apr. 30, 2024	$ 4	$ 597,646	$ 230,687	$ (5,592)	$ 822,745
Beginning Balance (in shares) at Apr. 30, 2024	28,134,438
Increase (Decrease) in Stockholders' Equity
Net income (loss)			26,955		26,955
Foreign currency translation				(605)	(605)
Stock options exercised		506			506
Stock options exercised (in shares)	16,164
Restricted stock awards (in shares)	88,587
Restricted stock awards forfeited (in shares)	(7,764)
Tax withholding payment related to net share settlement of equity awards		(4,064)			(4,064)
Tax withholding payment related to net share settlement of equity awards (in shares)	(11,985)
Stock based compensation		15,518			15,518
Ending Balance at Jan. 25, 2025	$ 4	609,606	257,642	(6,197)	861,055
Ending Balance (in shares) at Jan. 25, 2025	28,219,440
Beginning Balance at Oct. 26, 2024	$ 4	604,225	259,396	(5,228)	858,397
Beginning Balance (in shares) at Oct. 26, 2024	28,205,237
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(1,754)		(1,754)
Foreign currency translation				(969)	(969)
Restricted stock awards (in shares)	16,804
Restricted stock awards forfeited (in shares)	(2,601)
Stock based compensation		5,381			5,381
Ending Balance at Jan. 25, 2025	$ 4	609,606	257,642	(6,197)	861,055
Ending Balance (in shares) at Jan. 25, 2025	28,219,440
Beginning Balance at Apr. 30, 2025	$ 4	618,711	274,306	(6,514)	886,507
Beginning Balance (in shares) at Apr. 30, 2025	28,267,517
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(241,024)		(241,024)
Unrealized (loss) gain on investments				(15)	(15)
Foreign currency translation				1,015	1,015
Employee stock purchase plan contributions		4,355			4,355
Employee stock purchase plan contributions (in shares)	27,737
Restricted stock awards (in shares)	178,561
Restricted stock awards forfeited (in shares)	(14,566)
Tax withholding payment related to net share settlement of equity awards		(10,900)			(10,900)
Tax withholding payment related to net share settlement of equity awards (in shares)	(7,820)
Issuance of common stock for business acquisition, net of issuance costs	$ (2)	(2,637,339)			(2,637,341)
Issuance of common stock for business acquisition, net of issuance costs (in shares)	17,425,849
Shares issued, net of issuance costs		966,846			966,846
Shares issued, net of issuance costs (in shares)	4,057,460
Stock based compensation		28,065			28,065
Ending Balance at Jan. 31, 2026	$ 6	4,244,416	33,282	(5,514)	4,272,190
Ending Balance (in shares) at Jan. 31, 2026	49,934,738
Beginning Balance at Nov. 01, 2025	$ 6	4,234,464	189,833	(6,222)	4,418,081
Beginning Balance (in shares) at Nov. 01, 2025	49,927,306
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(156,551)		(156,551)
Unrealized (loss) gain on investments				169	169
Foreign currency translation				539	539
Employee stock purchase plan contributions		1,888			1,888
Employee stock purchase plan contributions (in shares)	9,182
Restricted stock awards (in shares)	3,079
Restricted stock awards forfeited (in shares)	(4,829)
Issuance of common stock for business acquisition, net of issuance costs		(6)			(6)
Stock based compensation		8,070			8,070
Ending Balance at Jan. 31, 2026	$ 6	$ 4,244,416	$ 33,282	$ (5,514)	$ 4,272,190
Ending Balance (in shares) at Jan. 31, 2026	49,934,738

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Unrealized gain on available-for-sale investments, net of deferred tax expense	$ 0	$ 0	$ 0	$ 0

Share Issuances (Details)	1 Months Ended
Share Issuances (Details)	Jul. 31, 2025 USD ($) shares
Share Issuances
Number of shares agreed for issuance	3,528,226
Underwriters option exercisable term	30 days
Maximum number of additional shares granted	529,234
Initial number of shares issued	3,528,226
Number of additional shares issued	529,234
Number of shares issued	4,057,460
Gross proceeds \| $	$ 1,006,250,000
Proceeds from issuance of common stock, net of underwriting discount \| $	968,515,000
Proceeds from issuance of common stock, net of underwriting discount and other equity issuance costs \| $	$ 966,846,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2026	Apr. 30, 2025
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for credit losses (in dollars)	$ 2,213	$ 203
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	49,934,738	28,267,517
Common stock, outstanding shares	49,934,738	28,267,517

Segments

9 Months Ended

Jan. 31, 2026

Segments

Segments

19. 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 R&D and other significant expenses, leading to decisions related to resource allocations in relation to profit and loss. Accordingly, the Company identifies two reportable segments.

Effective May 1, 2025, the Company reorganized its segments. In connection with the Company’s acquisition of BlueHalo, the reorganization was implemented to drive additional operational improvements, foster synergies and provide leaders with greater autonomy over their business units. The Company’s reportable segments are Autonomous Systems and Space, Cyber and Directed Energy.

The accounting policies of the segments are the same as those described in Note 1, “Organization and Significant Accounting Policies.” The operating segments sales to each other are eliminated. Effective May 1, 2025, segment adjusted EBITDA is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance. Segment adjusted EBITDA is defined as segment (loss) income from operations before depreciation and amortization, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, acquisition related expenses, and goodwill impairment. Prior period segment information has been revised to align with the new segment measure of profitability.


		Three Months Ended January 31, 2026
		AxS			SCDE		Total
Revenue:
Product sales		$	222,724		$	55,090	$	277,814
Contract services			56,020			74,211		130,231
			278,744			129,301		408,045
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			182,935			113,633		296,568
Intangible amortization included in cost of sales			7,104			5,579		12,683
SG&A less intangible amortization			44,336			23,898		68,234
Intangible amortization included in SG&A			10,035			21,145		31,180
Research and development			24,142			2,970		27,112
Impairment of goodwill			—			151,306		151,306
Add:
Depreciation			7,069			3,701		10,770
Amortization			17,139			26,724		43,863
Impairment of goodwill			—			151,306		151,306
Acquisition-related expenses			3,914			2,976		6,890
Amortization of cloud computing arrangement implementation			1,610			—		1,610
Other income (expense)			396			609		1,005
Stock-based compensation			5,847			2,223		8,070
Segment adjusted EBITDA		$	46,167		$	(1,691)	$	44,476


		Three Months Ended January 25, 2025
		AxS			SCDE		Total
Revenue:
Product sales		$	139,753		$	—	$	139,753
Contract services			27,883			—		27,883
			167,636			—		167,636
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			100,734			—		100,734
Intangible amortization included in cost of sales			3,703			—		3,703
SG&A less intangible amortization			42,712			—		42,712
Intangible amortization included in SG&A			1,075			—		1,075
Research and development			22,498			—		22,498
Add:
Depreciation			4,512			—		4,512
Amortization			4,778			—		4,778
Acquisition-related expenses			10,015			—		10,015
Amortization of cloud computing arrangement implementation			644			—		644
Other income (expense)			(478)			—		(478)
Stock-based compensation			5,381			—		5,381
Segment adjusted EBITDA		$	21,766		$	—	$	21,766


		Nine Months Ended January 31, 2026
		AxS			SCDE			Total
Revenue:
Product sales		$	712,971		$	203,413		$	916,384
Contract services			152,671			266,174			418,845
			865,642			469,587			1,335,229
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			548,629			414,275			962,904
Intangible amortization included in cost of sales			40,139			34,169			74,308
SG&A less intangible amortization			147,584			84,006			231,590
Intangible amortization included in SG&A			30,879			66,557			97,436
Research and development			86,028			10,191			96,219
Impairment of goodwill			—			151,306			151,306
Add:
Depreciation			21,542			9,674			31,216
Amortization			71,018			100,726			171,744
Impairment of goodwill			—			151,306			151,306
Acquisition-related expenses			22,667			16,209			38,876
Amortization of cloud computing arrangement implementation			3,839			10			3,849
Other income (expense)			(1,731)			1,197			(534)
Stock-based compensation			20,280			7,785			28,065
Segment adjusted EBITDA		$	149,998		$	(4,010)		$	145,988


		Nine Months Ended January 25, 2025
		AxS			SCDE			Total
Revenue:
Product sales		$	450,488		$	—		$	450,488
Contract services			95,089			—			95,089
			545,577			—			545,577
Less:
Cost of sales less intangible amortization and other purchase accounting adjustments			316,137			—			316,137
Intangible amortization included in cost of sales			11,136			—			11,136
SG&A less intangible amortization			112,287			—			112,287
Intangible amortization included in SG&A			3,211			—			3,211
Research and development			75,827			—			75,827
Add:
Depreciation			12,797			—			12,797
Amortization			14,347			—			14,347
Acquisition-related expenses			13,699			—			13,699
Amortization of cloud computing arrangement implementation			1,894			—			1,894
Other income (expense)			(428)			—			(428)
Stock-based compensation			15,518			—			15,518
Segment adjusted EBITDA		$	84,806		$	—		$	84,806

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


	Three Months Ended					Nine Months Ended
	January 31,			January 25,		January 31,			January 25,
	2026			2025		2026			2025
Segment adjusted EBITDA	$	44,476		$	21,766	$	145,988		$	84,806
Depreciation and amortization		(54,633)			(9,290)		(202,960)			(27,144)
Impairment of goodwill		(151,306)			—		(151,306)			—
Acquisition-related expenses		(6,890)			(10,015)		(38,876)			(13,699)
Amortization of cloud computing arrangement implementation		(1,610)			(644)		(3,849)			(1,894)
Stock-based compensation		(8,070)			(5,381)		(28,065)			(15,518)
Equity securities investments activity, net		(1,405)			1,453		7,446			1,185
Interest expense		3,696			(248)		(9,050)			(1,177)
(Loss) income before income taxes	$	(175,742)		$	(2,359)	$	(280,672)		$	26,559

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


		AxS			SCDE			Corporate		Total
As of January 31, 2026		$	2,312,268		$	2,119,959		$	1,021,409	$	5,453,636
As of April 30, 2025		$	872,530		$	—		$	248,037	$	1,120,567

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


		AxS			SCDE			Corporate		Total
Nine Months Ended January 31, 2026		$	33,750		$	21,976		$	7,683	$	63,409
Nine Months Ended January 25, 2025		$	12,527		$	—		$	1,765	$	14,292

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Acquisitions

9 Months Ended

Jan. 31, 2026

Business Acquisitions

Business Acquisitions

17. Business Acquisitions

BlueHalo Acquisition

On May 1, 2025, the Company closed its acquisition of BlueHalo for merger consideration, net of cash acquired, of $3,484,945,000. Through the acquisition, BlueHalo is incorporated into the Company’s AxS and SCDE segments. The Company believes that the acquisition will help to advance the combined company as a global defense technology leader across air, land, sea, space, and cyber. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.


(in thousands)		Amount
Equity consideration transferred	$	2,640,365
Settlement of BlueHalo’s transaction expenses		25,214
Settlement of BlueHalo’s debt		863,207
Merger consideration	$	3,528,786
Less cash acquired		(43,841)
Fair value of consideration transferred	$	3,484,945

The fair value of the Company’s common stock issued is based on 17,425,849 shares issued as consideration, per the terms of the Merger Agreement, and the closing share price of $151.52 on April 30, 2025.

The following table summarizes the preliminary allocation of the fair value of the merger consideration transferred to assets acquired and liabilities assumed as of the acquisition date. The allocation of the purchase price is preliminary and subject to change as the Company continues to evaluate the fair values of certain assets and liabilities acquired. Open items in the purchase price allocation include the valuation of assets acquired and liabilities assumed including, but not limited to technology, backlog and customer relationships intangibles; fair value adjustment to inventory, property, plant and equipment; leases; details surrounding tax matters; and assumptions underlying certain existing or potential reserves, such as those for inventory and legal matters. During the six months ended January 31, 2026, the Company recorded adjustments related to the preliminary allocation of the purchase price including a revision to the fair value of technology, backlog and customer relationships intangibles; fair value adjustment to inventory; and deferred tax liability resulting in a net increase to goodwill of $73,460,000. These adjustments resulted in a reduction of amortization expense of $(7,427,000) and an increase of amortization expense of $10,957,000 related to the three months ended August 2, 2025 and November 1, 2025, respectively, (in thousands):


	May 1,
	2025
Fair value of assets acquired:
Accounts receivable, net of allowance for credit losses of $420 at May 1, 2025	$	80,752
Unbilled receivables and retentions		96,455
Inventories, net		88,167
Income taxes receivable		3,941
Prepaid expenses and other current assets		13,628
Long-term investments		151
Property and equipment		89,327
Operating lease right-of-use assets		70,879
Intangibles		1,029,800
Goodwill		2,356,239
Other assets		1,086
Total identifiable assets	$	3,830,425

Fair value of liabilities assumed:
Accounts payable		56,930
Wages and related accruals		43,031
Customer advances		42,700
Current operating lease liabilities		6,707
Other current liabilities		11,971
Non-current operating lease liabilities		64,720
Deferred income taxes		119,421
Total liabilities assumed		345,480
Total identifiable net assets	$	3,484,945

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 assigned to intangible assets has been estimated based on third-party preliminary valuation studies utilizing income-based methodologies and corroborated with benchmarks of similar transactions in the industry. Use of different estimates and judgments could yield materially different results. All intangible assets acquired in the BlueHalo acquisition are subject to amortization.

The goodwill is attributable to the differences between the estimated fair value of the consideration transferred and the estimated fair value of the assets acquired, and liabilities assumed. For income tax purposes the goodwill and intangibles are not deductible for tax purposes.

The following table summarizes the valuation of the fair value of intangible assets acquired (in thousands):


		Preliminary Fair Value	Estimated Useful Life
			Years
Preliminary fair value of intangible assets acquired:
Backlog	$	49,900	1-2
Customer relationships		499,500	4-9
Developed technology		480,400	4-10
Intangible assets acquired	$	1,029,800

BlueHalo Supplemental Pro Forma Information (unaudited)

BlueHalo revenue and loss from operations for the nine months ended January 31, 2026 since its acquisition on May 1, 2025 was $656,854,000 and $(334,922,000), inclusive of $161,153,000 of intangible amortization and $151,306,000 of goodwill impairment, respectively. The following unaudited pro forma summary presents condensed consolidated information of the Company as if the business acquisition had occurred on May 1, 2024, the first day of the Company's fiscal year 2025. The pro forma amounts include the historical operating results of the Company and BlueHalo prior to the acquisition. The pro forma results are not necessarily indicative of the Company's results of operations that would have been obtained had the acquisition of BlueHalo been completed for the period presented, or which may be realized in the future (in thousands):


	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
	2026		2025		2026		2025
Revenue	$	408,045	$	395,623	$	1,335,229	$	1,178,098
Net loss attributable to AeroVironment, Inc.	$	(149,381)	$	(27,535)	$	(178,021)	$	(138,675)

The Company recognized a nonrecurring pro forma adjustment to pro forma earnings to amortize an increase in the fair value of inventory acquired during the three and nine months ended January 31, 2026. In addition, for the three and nine months ended January 31, 2026, the amortization expense associated with the Company's one-year intangible backlog has been eliminated within the pro forma adjustments.

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 27, 2024, reflecting the additional amortization and depreciation that would have been charged, incremental interest expense associated with the initial financing for the acquisition under the term loan and revolver, and including the results of BlueHalo prior to acquisition.

The Company incurred approximately $58,166,000 of BlueHalo acquisition-related expenses including integration costs. The Company recognized a nonrecurring pro forma adjustment to the three and nine months ended January 31, 2026 to remove the impact of the transaction costs from the historical balance, while recognizing the $58,166,000 of transaction expenses within the nine months ended January 25, 2025 to reflect the costs as if the acquisition was completed during the nine months ended January 25, 2025.

The unaudited pro forma combined financial information presented above does not give effect to the July 2025 common stock issuance and Notes issuance, as such proceeds were not used to fund the BlueHalo acquisition. As the Company’s repayment of indebtedness using the proceeds of the common stock issuance and Notes issuance was not directly attributable to the acquisition, the related reduction in interest expense is not reflected in this unaudited pro forma combined financial information.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Debt

9 Months Ended

Jan. 31, 2026

Debt

Debt

9. Debt

On October 4, 2024, the Company entered into a Third Amendment to Credit Agreement with the existing lenders, Bank of America, N.A. (“BofA NA”), the administrative agent and the swingline lender, JPMorgan Chase Bank, N.A. (“JPM”), U.S. Bank National Association (“U.S. Bank”), and Citibank, N.A. (“Citibank”) (the “Third Amendment to Credit Agreement”).

The Third Amendment to Credit Agreement provided for an aggregate $200,000,000 revolving credit facility (the “Revolving 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 Company’s domestic subsidiaries (the “Guarantors”), and extended 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 unamortized debt issuance costs allocated to the prior Term Loan Facility of $590,000 were expensed upon repayment of the Term Loan Facility and recorded in interest expense.

On May 1, 2025 (the “Closing Date”), in connection with the consummation of the BlueHalo acquisition, the Company entered into a Fourth Amendment to Credit Agreement with BofA NA, the administrative agent and the swingline lender, JPM, U.S. Bank, Citibank, BMO Bank N.A. (“BMO”), Citizens Banks, N.A. (“Citizens”) and Royal Bank of Canada (“RBC”) (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 (the “Term Loan Facility” and, together with the Revolving Facility, the “Credit Facilities”) 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, maintains the maturity date for obligations of October 4, 2029, as extended by the Third Amendment to Credit Agreement.

The Term A Loan drawn under the Term Loan Facility 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 quarters 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.

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. In June 2025, the Company drew an additional $10,000,000 under the Revolving Facility. In July 2025, the Company used the proceeds from the issuance of common stock and the Company’s 0% Convertible Senior Notes due 2030 (the “Notes”) to fully repay the Term A Loan and outstanding Revolving Facility balance. The unamortized debt issuance costs allocated to the Term Loan Facility of $6,668,000 were expensed upon repayment of the Term Loan Facility and recorded as interest expense in the consolidated statements of operations. The Revolver Facility remains open and available to the Company. The Company’s ability to borrow under the Revolving Facility is reduced by outstanding letters of credit, which as of January 31, 2026 and April 30, 2025, was $11,008,000 and $9,376,000, respectively, and as of January 31, 2026, approximately $338,992,000 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 January

31, 2026, the Company was in compliance with all amended covenants. Please refer to Note 10–Convertible Notes and Note 16–Share Issuances for further details.

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


	January 31,			April 30,
	2026			2025
	(In thousands)			(In thousands)
Revolving credit facility	$	—		$	30,000
Convertible notes		747,500			—
Total long-term debt		747,500			30,000
Less unamortized debt issuance costs–convertible notes		19,623			—
Total long-term debt, net of unamortized debt issuance costs–convertible notes	$	727,877		$	30,000
Unamortized debt issuance costs–revolving credit facility	$	1,872		$	1,281
Current period interest rate		0%			5.9%

Future contractual long-term debt principal payments at January 31, 2026 were as follows:


Fiscal Year	(In thousands)
2026	$	—
2027		—
2028		—
2029		—
2030		—
2031		747,500
	$	747,500

- Definition

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

+ References

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+ Details

Pension

9 Months Ended

Jan. 31, 2026

Pension

Pension

18. Pension

As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies that were taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2025.


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

The projected benefit obligation includes assumptions of a discount rate of 3.6% and pension increase for in-payment benefits of 2.5% for both January 31, 2026 and April 30, 2025. The accumulated benefit obligation is approximately equal to the Company’s projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the plan in the fiscal year ending April 30, 2026. The Company assumed expected return on plan assets of 2.9% for January 31, 2026 and April 30, 2025, respectively.

Expected benefit 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 (in thousands) is recorded in interest expense, net.


	Three Months Ended				Nine Months Ended
	January 31,		January 25,		January 31,		January 25,
	2026		2025		2026		2025
Expected return on plan assets	$	—	$	—	$	—	$	—
Interest cost		31		28		93		85
Actuarial gain		—		—		—		—
Net periodic benefit cost	$	31	$	28	$	93	$	85

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Net income (loss)	$ (156,551)	$ (1,754)	$ (241,024)	$ 26,955
Other comprehensive income:
Unrealized loss on available-for-sale investments, net of deferred tax expense of $0 for the three and nine months ended January 31, 2026 and January 25, 2025 respectively	169		(15)
Change in foreign currency translation adjustments	539	(969)	1,015	(605)
Total comprehensive (loss) income	$ (155,843)	$ (2,723)	$ (240,024)	$ 26,350

- 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.

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+ Details

Business Acquisitions - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Business Acquisitions
Acquisition-related costs	$ 6,890,000	$ 10,015,000	$ 38,876,000	$ 13,699,000
Selling, general and administrative	$ 99,414,000	$ 43,788,000	329,026,000	115,499,000
BlueHalo
Business Acquisitions
Acquisition-related costs			$ 58,166,000
BlueHalo \| Acquisition-related expenses
Business Acquisitions
Selling, general and administrative				$ 58,166,000
BlueHalo \| Backlog
Business Acquisitions
Estimated Useful Life	1 year		1 year

- 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

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Segments - Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Segments - Assets (Details) - USD ($) $ in Thousands	Jul. 27, 2024	Jan. 31, 2026	Apr. 30, 2025
Segments
Total assets		$ 5,453,636	$ 1,120,567
Capital expenditures	$ 14,292	63,409
AxS
Segments
Total assets		2,312,268	872,530
Capital expenditures	12,527	33,750
SCDE
Segments
Total assets		2,119,959
Capital expenditures		21,976
Corporate
Segments
Total assets		1,021,409	$ 248,037
Capital expenditures	$ 1,765	$ 7,683

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Investments (Tables)

9 Months Ended

Jan. 31, 2026

Investments

Schedule of investments

Investments consist of the following (in thousands):


		January 31,			April 30,
		2026			2025
Short-term investments:
Available-for-sale securities:
U.S. government securities			175,071			—
Corporate securities			112,252			—
Certificates of deposit			9,936			—
Total short-term investments			297,259			—
Long-term investments:
Available-for-sale securities:
U.S. government securities			14,086			—
Equity securities and warrants			11,650			1,204
Total long-term available-for-sale securities investments			25,736			1,204
Equity method investments
Investments in limited partnership funds			35,923			30,423
Total equity method investments			35,923			30,423
Total long-term investments		$	61,659		$	31,627

Schedule of activity related to the available-for-sale investments recorded in short-term and long-term investments

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of January 31, 2026 (in thousands):


		January 31, 2026
					Gross		Gross
		Amortized			Unrealized		Unrealized		Fair
		Cost			Gains		Losses		Value
Corporate securities		$	189,156		$	45	$	(7)	$	189,194
U.S. government securities			112,253			25		(37)		112,241
Certificates of deposit			9,936			—		(11)		9,925
Total available-for-sale securities		$	311,345		$	70	$	(55)	$	311,360

Schedule of unrealized gain (loss) recorded

Unrealized gain (loss) recorded (in thousands):


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	January 31, 2026		January 25, 2025		January 31, 2026		January 25, 2025
Net gain (loss) recognized during the period on equity securities	$	(1,405)	$	1,454	$	7,446	$	1,187
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	$	(1,405)	$	1,454	$	7,446	$	1,187

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Income taxes
Provision for (benefit from) income taxes	$ (19,486,000)	$ (605,000)	$ (36,960,000)	$ 659,000
Effective tax benefit rate (as a percent)	(11.10%)	(25.60%)	(13.20%)	(2.50%)

- Definition

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

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+ Details

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Warranty Reserves (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Warranty Reserves
Beginning balance	$ 6,610	$ 3,642	$ 4,189	$ 5,538
Balance acquired from acquisition			2,274
Warranty expense	1,961	(230)	3,959	(1,070)
Changes in estimates related to pre-existing warranties	(1,655)		(1,655)
Warranty costs settled	(1,439)	(625)	(3,290)	(1,681)
Ending balance	$ 5,477	$ 2,787	$ 5,477	$ 2,787

Accumulated Other Comprehensive Loss and Reclassifications Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Jan. 25, 2025	Jan. 31, 2026	Jan. 25, 2025
Accumulated Other Comprehensive Loss and Reclassifications Adjustments
Beginning Balance	$ 4,418,081	$ 858,397	$ 886,507	$ 822,745
Change in foreign currency translation adjustments	539	(969)	1,015	(605)
Unrealized (loss) gain on investments	169		(15)
Ending Balance	4,272,190	861,055	4,272,190	861,055
Accumulated Other Comprehensive Loss and Reclassifications Adjustments
Accumulated Other Comprehensive Loss and Reclassifications Adjustments
Beginning Balance	(6,222)	(5,228)	(6,514)	(5,592)
Change in foreign currency translation adjustments			1,015	(605)
Unrealized (loss) gain on investments	169		(15)
Ending Balance	$ (5,514)	$ (6,197)	$ (5,514)	$ (6,197)

- Definition

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

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+ Details

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

9 Months Ended

Jan. 31, 2026

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

Accumulated Other Comprehensive Loss and Reclassifications Adjustments

12. Accumulated Other Comprehensive Loss and Reclassifications Adjustments

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


		Nine Months Ended		Nine Months Ended
		January 31,		January 25,
		2026		2025
Balance as of April 30, 2025 and April 30, 2024, respectively		$	(6,514)	$	(5,592)
Change in foreign currency translation adjustments			1,015		(605)
Unrealized available-for-sale security losses			(15)		—
Balance as of January 31, 2026 and January 25, 2025, respectively		$	(5,514)	$	(6,197)