AEVEX (AVEX) Registration filing summary

Company overview and business model

• Leading defense technology contractor specializing in unmanned systems (UxS) and AI-enabled autonomy for U.S. and allied defense agencies.

• Delivers products and solutions through Tactical Systems (autonomous UAS/USV) and Global Solutions (ISR, C-UAS, engineering, and mission support).

• Over 10,200 systems delivered/committed through 2026, with 35 unique platforms developed in the last 3 years.

• Proprietary CompassX sensor-fusion engine enables operations in GPS-denied environments.

• Vertically integrated manufacturing with capacity for 1,000+ UxS per month and forward-deployed additive manufacturing (ForgeX).

Financial performance and metrics

• 2025 revenue: $432.9M (up 10.4% YoY); 2025 gross profit: $94.3M (down 14.5% YoY).

• 2025 net loss: $(16.9)M; Adjusted EBITDA: $37.6M (8.7% margin).

• Funded backlog grew 181% to $503.1M as of Dec 31, 2025; identified pipeline increased 98% to $8.1B.

• R&D investment since 2024: $104.2M; 2025 R&D expense: $25.4M (6% of revenue).

• Tactical Systems: 74.4% of 2025 revenue; Global Solutions: 25.6%.

Use of proceeds and capital allocation

• Net proceeds to be used to acquire newly issued Series A Units in Holdings LLC, purchase Series B Units from certain equityholders, and repurchase Class A common stock from certain partners.

• Holdings LLC will use proceeds to repay outstanding borrowings, pay offering/organizational expenses, and for general corporate purposes.

• Anticipates entering new credit facilities post-offering: $100M term loan, $75M delayed draw, $200M revolver.