Aevex Corp.

Revenue in Q2 2026 rose approximately 100% year over year to $201.8 million. Net income was $6.7 million versus a net loss of $11.8 million in Q2 2025. Tactical Systems revenue grew 142% year over year to $174.2 million, with segment adjusted EBITDA margin of 17%; Global Solutions revenue fell 5% year over year to $27.6 million, with segment adjusted EBITDA margin up to 14.2%. For full-year 2026, AEVEX now expects revenue of $700 million to $720 million and adjusted EBITDA of $105 million to $111.5 million; it also guided to about $21.7 million of depreciation and amortization and about $11.5 million of net interest expense. The company ended the quarter with $215.2 million of cash and $99.1 million of long-term debt. The proposed BlackSea acquisition is valued at up to $650 million, including about $250 million cash at closing, roughly $350 million in stock at $27.50 per share, and a $50 million earn-out. BlackSea is expected to generate approximately $150 million of revenue in fiscal 2026 and has more than $110 million of funded backlog plus over $250 million of unfunded backlog.

The CEO framing was strategic and upbeat: AEVEX said it is scaling production, expanding customer reach, and building what it sees as one of the most impactful autonomous systems platforms in defense. He cast the BlackSea deal as a natural extension of AEVEX’s mission and a way to combine battle-proven air, surface, and subsea capabilities under the CompassX autonomy stack. Tone was confident and mission-focused, with repeated emphasis on operational credibility, battlefield relevance, and long-term category leadership.

The CFO focused on the quarter’s financial execution and balance sheet flexibility. He highlighted Q2 revenue of $201.8 million, net income of $6.7 million, and full-year 2026 guidance of $700 million to $720 million in revenue and $105 million to $111.5 million in adjusted EBITDA, noting that the guidance excludes BlackSea. He also pointed to $215.2 million of cash, $99.1 million of long-term debt, and access to undrawn facilities of $75 million and $200 million, saying liquidity is sufficient to support near-term growth and the acquisition. On cash flow, he said 6-month operating cash flow was $8.6 million versus negative $27.9 million a year ago, while working capital was affected by payments tied to the EUCOM Deep Strike program.

Analysts focused on the durability of the EUCOM Deep Strike program, backlog conversion, margin assumptions, and the growth potential of BlackSea. Management said EUCOM Deep Strike will remain a major driver in fiscal 2026, with most revenue and deliveries expected to roll off this year and only a little into 2027. On backlog and bookings, management said about 95% of the midpoint of 2026 revenue is already in backlog, that the company expects full-year book-to-bill near 1.0x, and that BlackSea’s funded and unfunded backlog offers visibility into fiscal 2027. On BlackSea, management said the company has strong headroom with over 350 USVs delivered, capacity of roughly 40 small USVs per month, and a setup that could benefit from cross-selling and AEVEX’s CompassX technology.