AeroVironment reported a record year in fiscal 2025 with revenue of $821 million, up 14% year over year, including a fourth quarter revenue of $275 million, up 40% YoY. The company closed the Blue Halo acquisition mid-year (May 1, 2025) and began reporting under two segments: Autonomous Systems and Space Cyber Directed Energy, with updated pro forma FY2025 revenue of roughly $1.7 billion and a guiding framework for FY2026 of $1.9–$2.0 billion in revenue and adjusted EBITDA of $300–$320 million. The LMS (Switchblade) franchise delivered a standout Q4 with $138.3 million in LMS revenue (87% YoY growth), while UXS (Puma, JUMP 20X, etc.) posted $112.6 million in Q4 revenue (9% YoY). Management highlighted robust international demand, the largest-ever Army IDIQ for Switchblade, and a sizable P550/JUMP 20X pipeline alongside Red Dragon expansion. Backlog reached a record $726.6 million funded, supported by $1.2 billion in bookings in FY2025. The guidance reflects a shift in financial model toward larger, multi-domain solutions and higher-scale production, with profitability supported by steady gross margins (adjusted gross margins ~43.8% for the year, GAAP 41.2%), and a targeted operating discipline as synergies from Blue Halo unfold. Investors should monitor DoD budget trajectories, pace of foreign military sales, Blue Halo integration (costs and realized synergies), and the expansion of manufacturing capacity to meet higher production requirements.