AVEX: Aevex awarded a $50M contract for unmanned capabilities, positive bookings momentum is encouraging

研报英文原文证据摘录

AVEX: Aevex awarded a $50M contract for unmanned capabilities, positive bookings momentum is encouraging

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Ken Herbert (Analyst)

Kevin Liu (Senior Associate)

Stephen Strackhouse (Vice President)

Sanika Merchant (Associate)

June 30, 2026

Aevex Corp.

Aevex awarded a $50M contract for unmanned capabilities, positive bookings

momentum is encouraging

NYSE: AVEX | USD 17.94 | Outperform | Price Target USD 31.00

Sentiment: Positive

Aevex Corp (AVEX) has been awarded a $50M contract for advanced unmanned mission capabilities. The $50M contract was

awarded by the USAF to continue expanding unmanned mission-support capabilities for current operations, and the contract

includes $27M in initial funding. The award advances Aevex's production of its long-range precision strike platform, and today's

contract award is the first major publicly announced award for its precision strike portfolio. We believe the key upcoming

opportunities for AVEX remain the US Army Launched Effects (Short Range and Long Range), OSD One-Way Attack, US Army Long

Range Precision Strike Program, and US CENTCOM AOR.

Investor focus remains on 2H26 bookings and revenue visibility into 2027. While we can appreciate there is a significant hole to

fill in 2027 revenues as EUCOM Deep Strike (Ukraine support) is expected to wind down in 2H26, we believe the positive bookings

momentum is encouraging. Funded backlog ended 1Q26 at $357M, and management has previously called out expecting a book-

to-bill of over 1x in 2026 despite the weaker 1Q26 bookings (0.3x 1Q26 book-to-bill). We believe AVAV's fiscal 4Q26 results reported

yesterday provide a positive read-through for the broader Group II-III precision strike and UAS markets, as management called out