AeroVironment Inc ( AVAV ) reported financial results for the first quarter of fiscal 2025 after the bell on Wednesday. Here’s a rundown of the report.

Q1 Earnings: AeroVironment ( AVAV ) reported first-quarter revenue of $189.48 million, beating the consensus estimate of $184.71 million, according to Benzinga Pro. The company reported adjusted earnings of 89 cents per share, beating analyst estimates of 66 cents per share.

First-quarter revenue was up 24% year-over-year, reflecting higher product sales of $40 million, partially offset by a decrease in service revenue of $2.9 million. Income from operations was $23.1 million in the quarter.

The company said it had a funded backlog of $372.9 million as of July 27. AeroVironment ( AVAV ) noted that its backlog does not include $128 million of initial funding under the recently announced contract with the U.S. Army’s Directed Requirement for Lethal Unmanned Systems.

“Our Loitering Munition Systems segment continues to be the highest growth driver for the company posting first-quarter revenue, 68% higher than the same quarter last year,” said Wahid Nawabi, chairman, president and CEO of AeroVironment ( AVAV ).

“With a growing pipeline and solid operating performance, AeroVironment ( AVAV ) is working toward achieving another record fiscal year, and we are confident that our success will carry forward into future years.”

Check This Out: Will The Global Small-Cap Conference 2024 Reveal The Next Big Market Movers?

What’s Next: AeroVironment ( AVAV ) continues to expect full-year 2025 revenue to be between $790 million and $820 million versus estimates of $847.696 million. The company expects full-year adjusted earnings to be between $3.18 and $3.49 per share versus estimates of $3.51 per share.

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

AVAV Price Action: AeroVironment ( AVAV ) shares were down 1.35% in after-hours, trading at $191.42 at the time of publication, according to Benzinga Pro.