AEVEX (AVEX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue nearly doubled year-over-year to $201.8 million, driven by strong demand and execution in Tactical Systems, especially the Deep Strike program, and major contract wins.

• Net income reached $6.7 million, reversing a net loss of $11.8 million in Q2 2025, with margin expansion and improved profitability.

• Announced a definitive agreement to acquire BlackSea Technologies for up to $650 million, expected to close in September 2026, expanding multi-domain autonomous systems capabilities.

• Raised full-year 2026 outlook based on robust demand, operational execution, and significant deployment of mission-critical systems.

• Completed IPO in April 2026, raising $345.9 million, and a secondary offering in June 2026, both supporting capital structure and liquidity.

Financial highlights

• Q2 2026 revenue grew 99.5% year-over-year to $201.8 million, with net income of $6.7 million and Adjusted EBITDA of $28.1 million (13.9% margin).

• Tactical Systems segment revenue up 142% year-over-year to $174.2 million, driven by Deep Strike program execution.

• Global Solutions segment revenue decreased 5% year-over-year to $27.6 million, but Adjusted EBITDA margin improved to 14.2%.

• Gross profit for Q2 2026 was $47.6 million, up 159.3% year-over-year.

• Ended Q2 2026 with $215.2 million in cash and $99.1–$100 million in long-term debt.

Outlook and guidance

• 2026 revenue guidance raised to $700–$720 million, with Adjusted EBITDA expected at $105–$111.5 million; guidance excludes BlackSea acquisition impact.

• Approximately 95% of the midpoint revenue outlook for 2026 is already in backlog.

• Margins expected to remain consistent with recent quarters, reflecting operational efficiencies and favorable sales mix.

• Depreciation and amortization for 2026 estimated at $21.7 million; net interest expense at $11.5 million.

• Management expects continued growth in defense technology markets, but notes potential delays in government contract awards due to macroeconomic and geopolitical factors.