What AEVEX (AVEX) Said on Its Q3 Earnings Call

Detailed summary

AEVEX (NYSE:AVEX) raised its full-year revenue and adjusted earnings outlook after reporting a 56.5% increase in third-quarter revenue, as demand for autonomous systems broadened…

AEVEX (NYSE:AVEX) raised its full-year revenue and adjusted earnings outlook after reporting a 56.5% increase in third-quarter revenue, as demand for autonomous systems broadened beyond its Ukraine-related work and the company integrated its acquisition of BlackSea Technologies.

The defense technology company reported third-quarter revenue of $189.7 million and adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $30.8 million. That compared with adjusted EBITDA of $17.8 million a year earlier. The adjusted EBITDA margin increased to 16.2% from 14.6%.

AEVEX now expects 2026 revenue of $820 million to $840 million, up from its prior forecast of $700 million to $720 million. It raised its adjusted EBITDA outlook to $128 million to $132 million from $105 million to $111.5 million.

Chief Executive Officer Roger Wells said roughly half of the revenue guidance increase came from AEVEX's existing business and half from the addition of BlackSea. He said the higher forecast did not depend on pulling revenue previously expected in 2027 into the current year.

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AEVEX completed its acquisition of BlackSea in September, creating a third reporting segment called Maritime Systems. The segment contributed $14.4 million in third-quarter revenue, including $13 million from BlackSea. Wells said Maritime Systems is expected to generate approximately $150 million in revenue for the full year and is performing in line with the acquisition plan.

Wells said the company has met its internal integration milestones and reported no disruption to customers. AEVEX has moved its existing Mako family of small uncrewed surface vessels into Maritime Systems and plans to use the acquired Baltimore production footprint rather than build new production lines in Tampa.

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BlackSea completed a 325-vessel production…

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