AV secures $990 million contract to supply US military with switch knives

The US Army has awarded AeroVironment a contract for its Lethal Unmanned Systems Directed Requirement (Photo: AeroVironment)

The LUS Directed Requirement is the Army’s first attempt to equip soldiers in infantry battalions with lethal, man-portable loitering munition systems. The combat-proven Switchblade systems will enhance soldiers’ capabilities with precise flight control, increased lethality against hardened targets such as armored vehicles and tanks, and the ability to track and engage moving targets that are not in line of sight. AV was awarded a contract for the LUS Directed Requirement in December 2023 and is currently delivering systems under that contract.

“AV is proud to have been selected to provide Switchblade for this critical and urgent Army requirement,” said Brett Hush, AV’s senior vice president and general manager of Loitering Munition Systems. “This latest contract underscores the unmatched maturity and effectiveness of our system, as well as AV’s strategic positioning to rapidly produce and deliver these advanced solutions to operators in the field.”

Switchblade represents the next generation of extended range loitering munition systems, providing field operators with a multi-mission loitering munition system capable of multi-domain operations. The combat-proven system also features highly accurate optics and extended loitering endurance.

“By starting with the LUS Directed Requirement, we are well positioned to meet the Army’s emerging needs, leveraging our robust manufacturing and supply chain capabilities to ensure rapid deployment and enhanced combat capability for our Soldiers,” Hush continued.

This contract solidifies AV’s role as a leading provider of innovative unmanned solutions. The company remains committed to supporting the U.S. military’s mission by delivering advanced technology that ensures operational superiority and enhances the safety and effectiveness of our military personnel.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) is a global leader in intelligent multi-domain robotic systems, unmanned aircraft and ground systems, sensors, software analytics and connectivity. Headquartered in Arlington, Virginia, AeroVironment delivers actionable intelligence to help our customers move forward with confidence. For more information, visit www.avinc.com.

SAFE HARBOUR DECLARATION

Certain statements in this press release may constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors beyond our control that could cause our operations, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to define and execute contracts on favorable terms and to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the actions of competitors; the failure of the markets in which we operate to grow; the failure to expand into new markets; the failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend and assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20240828490861/en/

The Aerovironment share at the time of publication of the news with an increase of +14.03 % to 181.2EUR on the Tradegate exchange (August 28, 2024, 4:58 p.m.).

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