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AeroVironmentLargest US small-UAS manufacturer. Switchblade 300/600 loitering munitions (heavily used in Ukraine), Puma + Raven + Wasp tactical UAVs, JUMP-20 Group 3 UAS. Acquired BlueHalo Oct 2024 for $4.1B.
| Fiscal Year | Switchblade 300 (cumulative) | Switchblade 600 (cumulative) | |
|---|---|---|---|
| FY 2020 (pre-Ukraine) | ~6,000 | Limited initial production | |
| FY 2021 | ~8,000 | ~100 | |
| FY 2022 (Ukraine begins Feb 2022) | ~10,000 | ~250 | |
| FY 2023 (large Ukraine + DoD orders) | ~17,000+ (estimated; large undisclosed Ukraine FMS volumes) | ~800 | |
| FY 2024 | ~26,000+ (estimated; continued Ukraine + Army + Marine procurement) | ~1,800+ | |
| FY 2025-2027 target trajectory | >40,000 cumulative; Logan UT plant ramping | >5,000 cumulative; Marine Corps + Army Org Inherent loitering-munition programs | |
| Editorial. Why this matters | Strategic context | Switchblade exposed a structural truth: small loitering munitions are the cheapest + most-deployable battlefield effect in the modern fight, and the US has a 5-10 year first-mover advantage in fielding + manufacturing them. The marquee question: does AVAV scale Switchblade + JUMP-20 + Puma manufacturing fast enough to (a) replenish Ukraine + Israel + Eastern Europe stockpiles + (b) supply the Marine Corps + Army org-inherent loitering-munition program-of-record requirements ramping 2026-2028? |
2021-Q2-2026-Q1
2021-Q2-2026-Q1
2007-2025
$AVAV
Largest US small-UAS manufacturer. $716M FY2025 revenue. Switchblade 300/600 loitering munitions (heavily used in Ukraine), Puma + Raven + Wasp tactical UAVs, JUMP-20 Group 3 UAS. Acquired BlueHalo Oct 2024 for $4.1B (space, directed energy, counter-UAS) — meaningfully expands portfolio.
Key Milestones
Paul MacCready founds AeroVironment in Pasadena CA; wins Kremer Prize 1977 with Gossamer Condor human-powered flight.
Pointer hand-launched UAV enters US Marine Corps service; first man-portable military reconnaissance UAS, foundation of AV's military business.
RQ-11 Raven enters US Army service; smallest tactical UAS ever fielded: ultimately 13,000+ produced for US + 30 allied militaries, most-produced military UAS in history.
IPO on NASDAQ Jan 2007 at $17/share; raised $122M for international military UAS expansion.
Switchblade 300 loitering munition enters US Army service; tube-launched precision strike: first man-portable kamikaze drone.
Acquires Arcturus UAV for $405M; adds JUMP-20 Group 3 VTOL fixed-wing UAS to portfolio
Switchblade 300/600 deliveries to Ukraine begin in volume via DoD presidential drawdown authority
Switchblade 600 anti-armor variant deployed in Ukraine; first combat use of US-made loitering anti-tank munition
Acquires Tomahawk Robotics for $120M; small UGV controller integration for combined air/ground autonomy
Switchblade 600 Replicator Tranche 1 award; major scale to thousands of units for Indo-Pacific theater
Announces $4.1B all-stock BlueHalo acquisition; adds space, directed energy, counter-UAS, cyber portfolio
BlueHalo acquisition closes Oct 2024; combined revenue ~$2B run-rate, balance sheet supports new factory investments
New Switchblade production facility breaks ground in Salt Lake City; targets 75K+ annual loitering munitions
Wins LUAS-AT (Long-Range Reconnaissance UAS) Marine Corps program; Group 3 surveillance scale-up
Wins follow-on Replicator Tranche 2 award $500M+; Switchblade 600 + JUMP-20 + Phoenix Ghost dominate combined production line.
BlueHalo Titan counter-UAS systems deployed to Israel/Saudi Arabia post-2025 Iran exchanges; directed-energy lasers field-tested.
