New York, May 20, 2026, 18:02 (EDT)
AEVEX Corp. shares jumped more than 10% in after-hours trading on Wednesday after the drone maker reported a sharp first-quarter profit swing and announced new U.S. Air Force contracts. The stock had closed regular New York Stock Exchange trading down 0.23% at $26.27 before the late move.
The reaction matters because AEVEX is only weeks removed from its public-market debut. The Solana Beach, California-based company raised $320 million in an initial public offering, the first sale of shares to public investors, by selling 16 million shares at $20 each in April.
The first report since that listing gives investors an early test of the public story: whether demand for unmanned aircraft systems, or drones and related equipment, can turn into revenue, margin and repeat defense orders. That is the trade in the stock now, not just the contract headline.
AEVEX said first-quarter revenue rose to $216.7 million from $53.3 million a year earlier. Net income was $21.0 million, compared with a loss of $27.3 million, while adjusted EBITDA — a company profit measure that strips out interest, taxes, depreciation, amortization and some other items — was $36.4 million, versus a negative $13.4 million a year earlier.
MarketScreener carried MT Newswires headlines showing earnings per share of $0.22 against a FactSet estimate of $0.16, and revenue of $216.7 million versus a FactSet estimate of $200.9 million. The numbers were posted after the market close.
Separately, AEVEX said it won $15.6 million in U.S. Air Force contracts to support advanced unmanned aircraft mission capabilities and modular airborne system integration. The work uses its long-range one-way attack platform, a system designed to fly to a target rather than return, and the company said more details on scope and platform were not being disclosed.
Chief Executive Roger Wells said the quarter reflected “robust demand” for autonomous systems and mission software. In the Air Force contract statement, Wells said the award showed AEVEX could deliver “mission-aligned capabilities at scale.” SEC
The growth came mainly from Tactical Systems, the segment that builds unmanned and autonomous defense products. Revenue there rose to $190.8 million from $29.5 million. Global Solutions, which includes aircraft modification and mission-support work, rose to $25.9 million from $23.8 million.
AEVEX guided for full-year 2026 revenue of $600 million to $620 million and adjusted EBITDA of $88 million to $94.5 million. Chief Financial Officer Todd Booth said the company remained focused on “scaling efficiently” and “strengthening margins.” SEC
The company is trading in a defense-drone group that now includes public peers Kratos Defense & Security Solutions and AeroVironment. Reuters reported after AEVEX’s April debut that the company had joined those publicly traded unmanned aerial system makers as investors looked for exposure to defense technology and autonomy.
But the upside case still rests heavily on government funding and timely contract conversion. AEVEX’s funded backlog — signed, financed work not yet booked as revenue — fell to $356.6 million at March 31 from $503.1 million at year-end, and 73.9% of it was tied to U.S. government work. The company also said its outlook assumes the government remains open, avoids prolonged continuing resolutions and sees no material change in contracting or funding conditions.
For now, traders treated the release as a clean first public check-in: stronger revenue, a profit swing, guidance, and another Air Force award in the same tape. The harder test comes later, when investors see whether AEVEX can turn backlog and program wins into steadier cash flow after the post-IPO burst.
