{"id":37444,"date":"2026-03-09T09:52:00","date_gmt":"2026-03-09T01:52:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=37444"},"modified":"2026-03-21T13:32:09","modified_gmt":"2026-03-21T05:32:09","slug":"aerovironment-uav","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/","title":{"rendered":"How AeroVironment, US largest UAV vendor, make money?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Company_Profile\" >Company Profile<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Simple_Company_Bio\" >Simple Company Bio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Business\" >Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Initial_Public_Offering\" >Initial Public Offering<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#AeroVironments_Operations\" >AeroVironment&#8217;s Operations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Transformation\" >Transformation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Products\" >Products<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Revenue_Sources\" >Revenue Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#AeroVironment_and_HAPS_Mobile_Joint_Venture\" >AeroVironment and HAPS Mobile Joint Venture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Acquisition_of_Blue_Halo\" >Acquisition of Blue Halo<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Geopolitics\" >Geopolitics<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#The_US_Military_is_the_Largest_Customer\" >The US Military is the Largest Customer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Global_Competition_to_Increase_Defense_Budgets\" >Global Competition to Increase Defense Budgets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Promising_Outlook\" >Promising Outlook<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#AeroVironments_Operational_Performance\" >AeroVironment&#8217;s Operational Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Q1_2025_Financial_Numbers\" >Q1 2025 Financial Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Segment_performance_breakdown\" >Segment performance breakdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Backlog_and_Bookings\" >Backlog and Bookings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Outlook\" >Outlook<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Capital_Market_Performance\" >Capital Market Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Market_Valuation\" >Market Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Stock_Performance\" >Stock Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Investment_Risks\" >Investment Risks<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Profile\"><\/span>Company Profile<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Simple_Company_Bio\"><\/span>Simple Company Bio<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.avinc.com\/\" target=\"_blank\" rel=\"noopener\">AeroVironment (ticker: AVAV) is the largest military drone manufacturer in the United States<\/a>. The company was founded in 1971 by human-powered aircraft designer Paul MacCready.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business\"><\/span>Business<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AeroVironment was previously known for its lightweight unmanned aerial vehicles and solar cars; the company is mainly engaged in the design and manufacture of unmanned aerial vehicles (UAVs). It is known worldwide for its &#8220;Switchblade&#8221; series of airborne munitions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Initial_Public_Offering\"><\/span>Initial Public Offering<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AeroVironment officially went public on January 23, 2007, with the stock code AVAV, and was listed on the Nasdaq Global Market. The initial public offering (IPO) price was US$17 per share.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AeroVironments_Operations\"><\/span>AeroVironment&#8217;s Operations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Transformation\"><\/span>Transformation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With AeroVironment spinning off its High Efficiency Energy Systems business unit in 2018, the company has positioned itself as a provider of future technology solutions, transforming into a leading provider of related services for the large global defense, telecommunications, and commercial markets.<\/p>\n\n\n\n<p>The company already possesses a clear advantage in the end-market for its small unmanned aerial vehicle (UAV) systems and tactical missile systems, and the continued progress of its joint venture with HAPS Mobile allows the company to fully focus on defense objectives and long-term value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Products\"><\/span>Products<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AeroVironment, founded in 1971, initially developed manned aircraft and various small solar-powered aircraft. By the mid-1980s, it had gradually entered the drone field, developing a variety of reconnaissance drones, including the RQ-11 Raven, Wasp III, RQ-14 Dragon Eye, and RQ-20 Puma, as well as models such as the Wasp and Puma drones. These drones are widely used in military reconnaissance and strike missions and have been adopted by various branches of the U.S. military.<\/p>\n\n\n\n<p>The company gained considerable fame for its new &#8220;Switchblade&#8221; series of loitering munitions, which performed exceptionally well in the Ukrainian-Russian conflict. As a result, the Switchblade was selected by the U.S. military as a model for its &#8220;Replicator&#8221; mass production program.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Revenue_Sources\"><\/span>Revenue Sources<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For the fiscal year ending April 30, 2025:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Approximately 75% of the company&#8217;s total revenue came from sales to the U.S. government, including direct sales and sales as a prime contractor\/subcontractor, as well as military sales to foreign entities.<\/li>\n\n\n\n<li>Revenue from the U.S. Department of Defense (DoD) alone accounted for approximately 35% of total revenue during this period.<\/li>\n<\/ul>\n\n\n\n<p>These customers are primarily defense units of more than 50 U.S. allied governments that use AeroVironment products such as Raven, Puma, Wasp, and Quantix.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AeroVironment_and_HAPS_Mobile_Joint_Venture\"><\/span>AeroVironment and HAPS Mobile Joint Venture<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This joint venture is a collaboration between AeroVironment, Inc. and SoftBank Group through its HAPS Mobile project. The goal is to develop and ultimately deploy Solar High Altitude Platform Station (HAPS) aircraft, long-endurance unmanned aerial vehicles (UAVs) designed to operate in the stratosphere and provide satellite-like communication connectivity (such as 4G\/5G services) over a wide area from high altitudes.<\/p>\n\n\n\n<p>AeroVironment is responsible for designing and developing the solar-powered aircraft and ground control system, and contributes its UAV technology expertise; SoftBank provides most of the funding and commercial support.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Acquisition_of_Blue_Halo\"><\/span>Acquisition of Blue Halo<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In May 2025, the company completed its $4.1 billion acquisition of defense technology company Blue Halo. The market is optimistic about this move, as it will allow the company to integrate military drone defense weapon systems.<\/p>\n\n\n\n<p>Blue Halo focuses on space technology, anti-drone systems, high-energy weapons, and electronic warfare systems. Therefore, the two companies have virtually no overlap in their areas of expertise, which will greatly help strengthen the combined company&#8217;s scale and competitiveness. Given that Blue Halo&#8217;s total revenue this year is expected to exceed $900 million, the combined company is expected to have annual revenue exceeding $1.7 billion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Geopolitics\"><\/span>Geopolitics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_US_Military_is_the_Largest_Customer\"><\/span>The US Military is the Largest Customer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AeroVironment is the largest drone supplier to the US military, specializing in drone systems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Global_Competition_to_Increase_Defense_Budgets\"><\/span>Global Competition to Increase Defense Budgets<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NATO allies agreed in June 2025 to raise their defense spending target from 2% of GDP to 5% by 2035. AeroVironment is likely to be the biggest beneficiary of this increased NATO budget. Current escalating global tensions, including the wars between Israel and Iran, the Russia-Ukraine conflict, and the US-Venezuela conflict, are driving up demand for drones.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Promising_Outlook\"><\/span>Promising Outlook<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With escalating global military conflicts and increased defense budgets, the demand for drone technology continues to rise. As a leader in this field, AeroVironment has a very promising market outlook.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AeroVironments_Operational_Performance\"><\/span>AeroVironment&#8217;s Operational Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q1_2025_Financial_Numbers\"><\/span>Q1 2025 Financial Numbers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The following are AeroVironment&#8217;s financial results for the second quarter of fiscal year 2026, announced on December 9, 2025:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue: Revenue reached $472.5 million, a 151% year-over-year increase. This growth was primarily driven by increased sales of products and services, including contributions from the recently acquired BlueHalo business.<\/li>\n\n\n\n<li>GAAP net loss was $17.1 million, or $0.34 per diluted share, compared to a net profit of $7.5 million, or $0.27 per diluted share, in the same period last year. The loss was primarily due to amortization of BlueHalo&#8217;s intangible assets and acquisition-related expenses, as well as an increase in selling, general and administrative expenses (SG&amp;A).<\/li>\n\n\n\n<li>Non-GAAP adjusted diluted earnings per share: $0.44, essentially flat compared to $0.47 on a non-GAAP basis in the second quarter of fiscal year 2025.<\/li>\n\n\n\n<li>Non-GAAP adjusted EBITDA: $45 million.<\/li>\n\n\n\n<li>Gross profit: $104.1 million, representing year-over-year growth of approximately 41%, but impacted by $24.2 million in intangible asset amortization and other non-cash acquisition accounting charges related to the acquisition of BlueHalo.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Segment_performance_breakdown\"><\/span>Segment performance breakdown<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Autonomous Systems: Revenue of $301.6 million this quarter.<\/li>\n\n\n\n<li>Space, Cyber \u200b\u200b&amp; Directed Energy: Revenue of approximately $170.9 million this quarter.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Backlog_and_Bookings\"><\/span>Backlog and Bookings<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The backlog for the quarter reached $1.1 billion, a significant increase from $726.6 million at the end of the previous quarter. This record high backlog reflects strong market demand for AeroVironment systems and long-term contracts with government clients.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Outlook\"><\/span>Outlook<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The following is the company&#8217;s updated fiscal year 2026 guidance:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue: $1.95 billion to $2 billion \u2013 with the lower end of the guidance range raised.<\/li>\n\n\n\n<li>Adjusted EBITDA: Approximately $300 million to $320 million.<\/li>\n<\/ul>\n\n\n\n<p>Management reiterated that while recent procurement-related costs may put downward pressure on quarterly profitability\u2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_Market_Performance\"><\/span>Capital Market Performance <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_Valuation\"><\/span>Market Valuation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AeroVironment&#8217;s market valuation as of July 25, 2025 is as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market Cap: $13.61 Billion<\/li>\n\n\n\n<li>P\/E Ratio: 176.25<\/li>\n\n\n\n<li>Price to Revenue Ratio: 9.3<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_Performance\"><\/span>Stock Performance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AeroVironment&#8217;s stock price has shown significant growth over the long term, with a total return of 239.92% over the past three years. This performance highlights investor confidence and is in line with broader industry trends. Over the past year, AeroVironment&#8217;s return has outperformed the U.S. market return of 11.4% and the aerospace and defense industry return of 43.2%, despite some headwinds in the aerospace and defense industry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investment_Risks\"><\/span>Investment Risks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company&#8217;s main weakness is its reliance on government contracts, AeroVironment&#8217;s stock price, stock offering, recent progress and strong earnings reports, mainly from the company&#8217;s narrative around international defense spending and strategic acquisitions. The company&#8217;s current high valuation is based on the current market&#8217;s optimistic forecasts. The positive earnings outlook and continued revenue growth assumptions driven by strong defense orders and new product launches are likely to continue to support the stock price and keep it consistent with the long-term price target. However, investors should weigh these prospects against the potential risks outlined in the earnings and revenue forecasts.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"109\" height=\"80\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2025\/07\/avav-Custom.jpg\" alt=\"AeroVironment\" class=\"wp-image-37445\"\/><\/figure>\n\n\n\n<p><strong><em>I am the author of the original text, the essence of this story was originally featured on Money Magazine<\/em><\/strong>, <strong><em>Issue of Feb 2026<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/03\/09\/aerovironment-uav\/\">How AeroVironment, US largest UAV vendor, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/02\/24\/high-efficiency-filtration\/\">High-efficiency filtration in promising industries<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/02\/16\/ast-spacemobile-satellite\/\">AST SpaceMobile turning every phone into a satellite phone<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/11\/03\/low-orbit-satellites\/\" target=\"_blank\" rel=\"noreferrer noopener\">Low-orbit satellites (LOS) progress, relevant companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/14\/ge-spinoff\/\" target=\"_blank\" rel=\"noreferrer noopener\">How did three listed companies make money after GE spinoff? What are the prospects?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/22\/starlink\/\">How does Starlink, which monopolizes low-orbit satellites, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/09\/02\/satellite-calls-smartphones\/\">Smartphones that support satellite calls<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/29\/boeing-too-big-to-fall\/\">How does Boeing make money? Too big to fall<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/14\/lockheed-martin\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Lockheed Martin, the king of arms, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/29\/comacs-c919-flies\/\" target=\"_blank\" rel=\"noreferrer noopener\">Comac\u2019s C919 officially flies commercially<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"http:\/\/&quot;&quot;&quot;&quot;how%20does%20the%20all-powerful%20huawei%20make%20money\/?%22\" target=\"_blank\" rel=\"noreferrer noopener\">How does the all-powerful Huawei make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/12\/how-axon-make-money\/\">How does Axon, which has the global monopoly on police Taser guns, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/10\/16\/the-technological-republic\/\">&#8220;The Technological Republic&#8221;,the only book to understand Palantir<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/04\/value-and-problem-palantir\/\">The value of Palantir, pros and cons of Palantir investment<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/14\/palantir-introduction\/\">What kind of company is Palantir?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>AeroVironment&#8217;s main customers now mostly come from the defense sector, especially the U.S. military. In 2023, the U.S. Department of Defense accounted for about 85% of AeroVironment&#8217;s total revenue. <\/p>\n","protected":false},"author":1,"featured_media":37445,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[453,1072,739],"tags":[1525,604],"class_list":["post-37444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defense","category-aerospace","category-geopolitics","tag-avav","tag-lmt"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/37444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=37444"}],"version-history":[{"count":26,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/37444\/revisions"}],"predecessor-version":[{"id":41196,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/37444\/revisions\/41196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/37445"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=37444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=37444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=37444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}