AEVEX (AVEX) Registration filing summary

Company overview and business model

• Leading defense technology contractor specializing in unmanned systems (UxS), including UAS and USV, with a focus on AI-enabled, autonomous, and attritable platforms for defense and intelligence customers.

• Solutions are primarily sold to U.S. Department of War, Special Operations Forces, Intelligence Community, and allied international partners, with over 10,200 systems delivered and committed through 2026.

• Operates through two segments: Tactical Systems (autonomous platforms) and Global Solutions (mission services, ISR, engineering, and aircraft modification).

• Vertically integrated with 100,000 sq. ft. of production space and capacity to produce over 1,000 UxS per month, leveraging proprietary CompassX software for autonomy and navigation.

• Business model emphasizes rapid innovation, customer collaboration, and scalable manufacturing, including deployable additive manufacturing (ForgeX) for in-theater production.

Financial performance and metrics

• FY2025 revenue: $432.9 million, up 10.4% from $392.2 million in FY2024; gross profit: $94.3 million (21.8% margin).

• Adjusted EBITDA for FY2025: $37.6 million (8.7% margin), down from $77.0 million (19.6% margin) in FY2024.

• Q1 2026 estimated revenue: $200–208 million, up 283% from Q1 2025, driven by the EUCOM AOR Deep Strike program.

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

• Net loss for FY2025: $(16.9) million, compared to net income of $78.5 million in FY2024, reflecting higher R&D and SG&A expenses.

Use of proceeds and capital allocation

• Estimated net proceeds of $278.3 million (at $19.50/share midpoint) to acquire 16 million newly issued Series A Units in Holdings LLC.

• Holdings LLC will use proceeds and new credit facilities to repay $257.8 million in outstanding debt, pay offering expenses, and for general corporate purposes.

• Additional proceeds from underwriters’ option to purchase shares will be used to acquire Series B Units from certain equityholders.