AEVEX (AVEX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 56.5% YoY to $189.7M; Adjusted EBITDA was $30.782M, while GAAP net loss was $16.8M.

• BlackSea closed September 8, adding Maritime Systems as a third segment and extending capabilities across air, surface and subsea domains.

• Core revenue became the majority of Q3 revenue as Ukraine-related revenue declined; pipeline reached $16.6B and Q3 book-to-bill was 1.3x.

Financial highlights

• Q3 gross profit was $54.7M versus $30.3M; operating income was $12.9M versus $11.5M. Nine-month revenue was $608.2M versus $275.6M, and Adjusted EBITDA was $95.3M versus $8.0M.

• Q3 net loss was $16.8M; net loss attributable to AEVEX Corp. was $23.9M. A one-time BlackSea-related deferred tax expense contributed to the loss.

• Nine-month operating cash flow was $40.8M versus cash used of $14.1M; free cash flow was $34.6M versus negative $20.3M.

• Q3 SG&A rose to $29.3M from $8.3M, including acquisition-related and SOX-control costs.

Outlook and guidance

• FY 2026 revenue guidance rose to $820M–$840M from $700M–$720M; Adjusted EBITDA guidance increased to $128M–$132M from $105M–$111.5M.

• FY 2026 core revenue, excluding Phoenix Ghost and EUCOM Deep Strike, is expected at $440M–$460M; Q4 midpoint revenue estimate is $222.3M, including ~$36.3M of Ukraine-related revenue.

• Maritime Systems is expected to generate ~$150M of FY 2026 revenue; roughly half of the guidance increase came from legacy operations and half from BlackSea.

• About 96% of the FY 2026 revenue guidance midpoint is supported by funded backlog; management expects 91.2% of funded backlog to convert within 12 months.

• Guidance assumes no prolonged continuing resolutions or material change in contracting and funding conditions; management gave no formal FY 2027 guidance.