Aevex Corp: Strong First Quarter After IPO

Aevex Corp (AVEX) reported its first post-IPO quarterly results, exceeding consensus on key metrics and raising full-year 2026 guidance. Goldman Sachs maintains a Buy rating with a revised $35 price target based on robust UAS production growth and operational efficiency.

Key Takeaways

• 1.Aevex Corp delivered a strong first quarter post-IPO, beating consensus expectations for revenue, EBITDA, and free cash flow.
• 2.Management provided 2026 revenue and EBITDA guidance that exceeds consensus, reflecting a growth rate of approximately 40%.
• 3.Revenue growth is being significantly driven by UAS (Unmanned Aircraft Systems) production volume, with Tactical Solutions revenue up 548% YoY.

Table of Contents

• Our view on the stock post 1Q26 earnings
• Key elements of the quarter
• Key Data
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Exhibit 1: AVEX 1Q26 results vs. our estimates
• Revenue
• Margins
• Backlog
• Guidance
• Exhibit 2: AVEX guidance
• Price target methodology and risks
• Disclosure Appendix

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