AVAV: AVAV restates prior quarter and YTD financial results on further SCAR program impairment

研报英文原文证据摘录

AVAV: AVAV restates prior quarter and YTD financial results on further SCAR program impairment

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Ken Herbert (Analyst)

Stephen Strackhouse (Vice President)

Kevin Liu (Senior Associate)

Sanika Merchant (Associate)

June 22, 2026

AeroVironment, Inc.

AVAV restates prior quarter and YTD financial results on further SCAR program

impairment

NASDAQ: AVAV | USD 169.61 | Outperform | Price Target USD 250.00

Sentiment: Negative

AeroVironment (AVAV) restated its financial results for fiscal 3Q26, taking a larger impairment on the SCAR program. The

company identified an error in the calculation of the carrying value used in the goodwill impairment analysis of the Space reporting

unit, as the analysis did not include an allocation of goodwill resulting from acquired deferred tax assets and liabilities. The

incremental charge recorded relates to the previously disclosed stop-work order and subsequent termination of the company’s

agreement with the U.S. Government for the delivery of the BADGER phased array antenna systems to support the SCAR program,

which was identified as the triggering event for the initial impairment analysis. Management noted that the error was the result

of a newly identified material weakness in the company’s internal control over financial reporting related to the preparation and

review of the goodwill impairment analysis. The error was non-cash and had no impact on previously reported current assets,

current liabilities, revenues, operating cash flow, and adjusted EBITDA/diluted EPS. We have summarized the changes outlined in

the company's 8-K for the three and nine months ended January 31, 2026:

• Loss from operations was understated by $89.4M

• Net loss was understated by $87.3M