EX-99.12avav-20260310xex99d1.htmEX-99.1
Exhibit 99.1
AeroVironment Announces Fiscal 2026 Third Quarter Results
ARLINGTON, VA, March 10, 2026 — AeroVironment, Inc. (NASDAQ: AVAV) (“AeroVironment” or the “Company”) reported today financial results for the fiscal third quarter ended January 31, 2026.
Third Quarter Highlights:
●
Third quarter revenue of $408.0 million
●
Bookings of $2.1 billion and book-to-bill ratio of 1.6 for the first nine months of the fiscal year
●
Record funded backlog of $1.1 billion
“While our third quarter results were impacted by revenue timing and adjustments in our Space business, demand for our unique solutions remains robust,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Strong order flow and growth in funded backlog during the quarter are setting the stage for record fourth quarter revenue and a solid start to fiscal year 2027. We are executing with discipline, scaling manufacturing ahead of demand and accelerating the commercialization of our platforms to improve profitability and time to market. We believe there are tremendous opportunities ahead for AV to shape the next era of defense and we remain confident in our ability to deliver long-term shareholder value.”
FISCAL 2026 THIRD QUARTER RESULTS
Revenue for the third quarter of fiscal 2026 was $408.0 million and $1.3 billion of revenue for the first nine months of the fiscal year. T1Revenue for third quarter of fiscal 2026 increased 143% as compared to $167.6 million for the third quarter of fiscal 2025, due to higher product sales of $138.1 million and higher service revenue of $102.3 million. The acquisition of BlueHalo on May 1, 2025 contributed to $85.1 million and $91.4 million of the current quarter product and service revenue, respectively. From a segment standpoint, Autonomous Systems (“AxS”) recorded revenue of $278.7 million and Space, Cyber and Directed Energy (“SCDE”) recorded revenue of $129.3 million.
Gross margin for the third quarter of fiscal 2026 was $98.8 million, an increase of 56% as compared to $63.2 million for the third quarter of fiscal 2025, reflecting higher product margin of $19.1 million and higher service margin of $16.5 million. Fiscal 2026 third quarter gross margin was negatively impacted by $12.7 million of intangible amortization expense and other related non-cash purchase accounting expenses, as compared to $3.7 million in the third quarter of fiscal 2025. T2As a percentage of revenue, gross margin fell to 24% from 38%, primarily due to an increase in the proportion of service revenue resulting from the BlueHalo acquisition and the increased amortization and other non-cash purchase accounting expenses.
Impairment of goodwill for the third quarter of fiscal 2026 was $151.3 million. In January 2026, a stop-work order was received on the Company’s Other Transaction Agreement for the delivery of BADGER phased array antenna systems to support Space Force’s Satellite Communication Augmentation Resource (“SCAR”) program. We concluded that the stop-work order represented a trigger event that indicated the carrying value of the Space reporting unit exceeded its fair value. As a result, we updated our estimates of the long-term cash flows of the Space reporting unit to reflect the reduced revenue associated with the stop-work order as well as an increase in expected research and development and capital investments to achieve product commercialization, which is expected to result in expanded opportunities and improve long term product margins. The changes in estimates resulted in the recognition of a goodwill impairment charge of $151.3 million in the Space reporting unit.
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Loss from operations for the third quarter of fiscal 2026 was $(179.0) million as compared to $(3.1) million for the third quarter of last fiscal year. T3The current quarter was negatively impacted by $43.9 million of intangible amortization and other related non-cash purchase accounting expenses as compared to $4.8 million in the third quarter of fiscal 2025. The decrease year-over-year was primarily due to the goodwill impairment of $151.3 million recorded during the third quarter of fiscal 2026 related to Space, an increase in selling, general and administrative (“SG&A”) expense of $55.6 million, which includes an increase of $30.1 million of intangible amortization expense and incremental headcount resulting from our acquisition of BlueHalo which closed on May 1, 2025, partially offset by a decrease of $3.1 million of acquisition related expenses, an increase in research and development (“R&D”) expense of $4.6 million, partially offset by an increase in gross margin of $35.6 million.
Other income, net for the third quarter of fiscal 2026 was $3.3 million, as compared to $0.7 million for the third quarter of fiscal 2025. The increase year-over-year was primarily due to an increase in interest income due to a combination of higher cash and investment balances and lower interest bearing debt balances.
Benefit from income taxes for the third quarter of fiscal 2026 was $(19.5) million, as compared to $(0.6) million for the third quarter of last fiscal year. The increase year-over-year was primarily due to the loss before income taxes, partially offset by non-deductible goodwill impairment.
Net loss for the third quarter of fiscal 2026 was $(156.6) million, or $(3.15) per diluted share, as compared to $(1.8) million, or $(0.06) per diluted share, in the prior-year period, respectively. The current quarter was negatively impacted by goodwill impairment charges of $151.3 million, or $2.95 per diluted share, and $43.9 million, or $0.70 per diluted share, of intangible amortization and other related non-cash purchase accounting expenses as compared to $4.8 million, or $0.13 per diluted share, in the third quarter of fiscal 2025.
Non-GAAP adjusted EBITDA for the third quarter of fiscal 2026 was $44.5 million and non-GAAP earnings per diluted share were $0.64, as compared to $21.8 million and $0.30, respectively, for the third quarter of fiscal 2025.
BACKLOG
T4As of January 31, 2026, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $1.1 billion, as compared to $726.6 million as of April 30, 2025.
FISCAL 2026 — OUTLOOK FOR THE FULL YEAR
T5For fiscal year 2026, the Company now expects revenue of between $1.85 billion and $1.95 billion, net loss of between $(218) million and $(201) million, non-GAAP adjusted EBITDA of between $265 million and $285 million, loss per diluted share of between $(4.44) and $(4.10) and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses, goodwill impairment, equity securities investments gains or losses, and equity method income or loss of between $2.75 and $3.10.
The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, March 10, 2026, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Kevin P. McDonnell, executive vice president and chief financial officer, and Denise Pacioni, investor relations director, will host the call.
Investors may access the call by registering via the following participant registration link up to ten minutes prior to the start time.
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Participant registration URL:
https://register-conf.media-server.com/register/BI42ffd1d0f4154de3b038f735824a329c
Investors may also listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.
A supplementary investor presentation for the third quarter fiscal year 2026 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (“AV”) (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. The company develops and deploys autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities—built to meet the mission needs of today’s warfighter and tomorrow’s conflicts. With a national manufacturing footprint and a deep innovation pipeline, AV delivers proven systems and future-defining capabilities with speed, scale, and operational relevance. For more information visit: www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our ability to successfully close and integrate acquisitions into our operations and avoid disruptions from acquisition transactions that will harm our business; the recording of goodwill and other intangible assets as part of acquisitions that are subject to potential impairments in the future and any realization of such impairments; any actual or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products, whether due to restrictions and sanctions imposed by foreign governments or otherwise; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government, including uncertainties in classification, pricing or potentially burdensome imposed terms for certain types of government contracts; availability of U.S. government funding for defense procurement and R&D programs; our ability to win U.S. and international government R&D and procurement programs, including foreign military financing aid; changes in the timing and/or amount of government spending, including due to continuing resolutions and/or changing government priorities; adverse impacts of any U.S. government shutdown; our ability to realize the anticipated benefits of the BlueHalo transaction or other acquisitions; our ability to execute contracts for anticipated sales, perform under such contracts and other existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; the extensive and increasing regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to and resulting misuse of our, our customers’ and/or our suppliers’ information and systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; our ability to increase production capacity to support anticipated growth; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; any increase in litigation activity or unfavorable results in legal proceedings, including pending class actions, or litigation that may arise from or in conjunction with our recent acquisition of BlueHalo; our ability to respond and adapt to legal, regulatory and government budgetary changes; our ability to comply with the covenants in our loan documents, outstanding convertible notes or merger agreement with BlueHalo; our ability to
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attract and retain skilled employees, including retention of BlueHalo employees; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. 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 undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.
– Financial Tables Follow –
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AeroVironment, Inc.
Consolidated Statements of Operations
(In thousands except share and per share data)
Three Months Ended
Nine Months Ended
January 31,
January 25,
January 31,
January 25,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
Revenue:
Product sales
$
277,814
$
139,753
$
916,384
$
450,488
Contract services
130,231
27,883
418,845
95,089
408,045
167,636
1,335,229
545,577
Cost of sales:
Product sales
199,973
81,001
672,057
253,572
Contract services
109,278
23,436
365,155
73,701
309,251
104,437
1,037,212
327,273
Gross margin:
Product sales
77,841
58,752
244,327
196,916
Contract services
20,953
4,447
53,690
21,388
98,794
63,199
298,017
218,304
Selling, general and administrative
99,414
43,788
329,026
115,499
Research and development
27,112
22,498
96,219
75,827
Impairment of goodwill
151,306
—
151,306
—
(Loss) income from operations
(179,038)
(3,087)
(278,534)
26,978
Other income (loss):
Interest income (expense), net
3,696
(248)
(9,050)
(1,177)
Other (expense) income, net
(400)
976
6,912
758
(Loss) income before income taxes
(175,742)
(2,359)
(280,672)
26,559
(Benefit from) provision for income taxes
(19,486)
(605)
(36,960)
659
Equity method investment (loss) income, net of tax
(295)
—
2,688
1,055
Net (loss) income
$
(156,551)
$
(1,754)
$
(241,024)
$
26,955
Net (loss) income per share
Basic
$
(3.15)
$
(0.06)
$
(4.94)
$
0.96
Diluted
$
(3.15)
$
(0.06)
$
(4.94)
$
0.96
Weighted-average shares outstanding:
Basic
49,741,441
28,031,901
48,761,481
28,001,089
Diluted
49,741,441
28,031,901
48,761,481
28,171,089
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AeroVironment, Inc.
Consolidated Balance Sheets
(In thousands except share data)
January 31,
April 30,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
289,878
$
40,862
Short-term investments
297,259
—
Accounts receivable, net of allowance for credit losses of $2,213 at January 31, 2026 and $203 at April 30, 2025
201,046
101,967
Unbilled receivables and retentions
528,557
290,009
Inventories, net
299,277
144,090
Income taxes receivable
43,031
622
Prepaid expenses and other current assets
45,199
28,966
Total current assets
1,704,247
606,516
Long-term investments
61,659
31,627
Property and equipment, net
158,867
50,704
Operating lease right-of-use assets
91,810
31,879
Deferred income taxes
—
61,460
Intangibles, net
925,925
48,711
Goodwill
2,461,714
256,781
Other assets
49,414
32,889
Total assets
$
5,453,636
$
1,120,567
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
109,633
$
72,462
Wages and related accruals
75,765
44,253
Customer advances
67,543
15,952
Current operating lease liabilities
15,569
10,479
Income taxes payable
320
356
Other current liabilities
40,489
28,659
Total current liabilities
309,319
172,161
Long-term debt
727,877
30,000
Non-current operating lease liabilities
82,567
23,812
Other non-current liabilities
1,995
2,026
Liability for uncertain tax positions
6,061
6,061
Deferred income taxes
53,627
—
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares—10,000,000; none issued or outstanding at January 31, 2026 and April 30,2025
—
—
Common stock, $0.0001 par value:
Authorized shares—100,000,000
Issued and outstanding shares—49,934,738 shares at January 31, 2026 and 28,267,517 shares at April 30, 2025
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4
Additional paid-in capital
4,244,416
618,711
Accumulated other comprehensive loss
(5,514)
(6,514)
Retained earnings
33,282
274,306
Total stockholders’ equity
4,272,190
886,507
Total liabilities and stockholders’ equity
$
5,453,636
$
1,120,567
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AeroVironment, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Nine Months Ended
January 31,
January 25,
2026
2025
Operating activities
Net (loss) income
$
(241,024)
$
26,955
Adjustments to reconcile net (loss) income to cash used in operating activities:
Depreciation and amortization
202,960
27,144
Impairment of goodwill
151,306
—
Gain from equity method investments
(2,688)
(1,055)
Amortization of debt issuance costs
10,273
1,121
Provision for credit losses
1,867
(64)
Reserve for inventory excess and obsolescence
5,125
2,025
Other non-cash expense, net
3,543
1,810
Non-cash lease expense
18,889
7,379
Loss (gain) on foreign currency transactions
264
(22)
Unrealized gain on available-for-sale equity securities, net
(7,446)
(1,187)
Deferred income taxes
(4,334)
—
Stock-based compensation
28,065
15,518
Loss on disposal of property and equipment
1,149
201
Amortization of debt securities
(661)
—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(19,892)
(11,095)
Unbilled receivables and retentions
(142,088)
(30,172)
Inventories
(92,721)
(1,167)
Income taxes receivable
(38,646)
(14,738)
Prepaid expenses and other assets
(13,287)
(9,314)
Accounts payable
(17,397)
(1,359)
Other liabilities
(17,174)
(13,034)
Net cash used in operating activities
(173,917)
(1,054)
Investing activities
Acquisition of property and equipment
(46,134)
(14,292)
Contributions in equity method investments
(3,243)
(2,309)
Purchase of available-for-sale investments
(335,183)
—
Redemption of available-for-sale investments
21,500
Acquisition of capitalized software to be sold
(17,275)
—
Business acquisitions, net of cash acquired
(844,586)
—
Net cash used in investing activities
(1,224,921)
(16,601)
Financing activities
Principal payments of term loan
(700,000)
(28,000)
Principal payments of revolver
(265,000)
—
Proceeds from long-term debt
693,202
—
Proceeds from revolver, net of creditor costs
233,939
25,000
Proceeds from shares issued, net of underwriter costs
968,515
—
Proceeds from convertible debt, net of underwriter costs
726,944
—
Payment of debt issuance costs
(2,445)
(1,056)
Payment of equity issuance costs
(1,388)
(365)
Holdback and retention payments for business acquisition
—
(390)
Tax withholding payment related to net settlement of equity awards
(10,900)
(4,064)
Employee stock purchase plan contributions
4,355
—
Exercise of stock options
—
506
Other
(12)
(19)
Net cash provided by (used in) financing activities
1,647,210
(8,388)
Effects of currency translation on cash and cash equivalents
644
(258)
Net increase (decrease) in cash and cash equivalents
249,016
(26,301)
Cash and cash equivalents at beginning of period
40,862
73,301
Cash and cash equivalents at end of period
$
289,878
$
47,000
Supplemental disclosures of cash flow information
Cash paid, net during the period for:
Income taxes
$
4,335
$
19,342
Interest
$
12,535
$
1,196
Non-cash activities
Issuance of common stock for business acquisition
$
2,640,365
$
—
Unrealized loss on available-for-sale investments
$
(15)
$
—
Change in foreign currency translation adjustments
$
1,015
$
(605)
Acquisitions of property and equipment included in accounts payable
$
4,961
$
1,608
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AeroVironment, Inc.
Reportable Segment Results (Unaudited)
(In thousands)
Three Months Ended January 31, 2026
AxS
SCDE
Total
Revenue
$
278,744
$
129,301
$
408,045
Segment adjusted EBITDA
$
46,167
$
(1,691)
$
44,476
Three Months Ended January 25, 2025
AxS
SCDE
Total
Revenue
$
167,636
$
—
$
167,636
Segment adjusted EBITDA
$
21,766
$
—
$
21,766
AeroVironment, Inc.
Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited)
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
January 31, 2026
January 25, 2025
January 31, 2026
January 25, 2025
(Loss) earnings per diluted share
$
(3.15)
$
(0.06)
$
(4.94)
$
0.96
Amortization of acquired intangible assets and other purchase accounting adjustments
0.70
0.13
2.78
0.40
Acquisition-related expenses
0.11
0.28
0.76
0.39
Equity method and equity securities investments activity, net
0.03
(0.05)
(0.18)
(0.08)
Goodwill impairment
2.95
—
3.00
—
Earnings per diluted share as adjusted (non-GAAP)
$
0.64
$
0.30
$
1.42
$
1.67
Reconciliation of non-GAAP adjusted EBITDA (Unaudited)
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
(in millions)
January 31, 2026
January 25, 2025
January 31, 2026
January 25, 2025
Net (loss) income
$
(156.6)
$
(1.8)
$
(241.0)
$
27.0
Interest expense, net
(3.7)
0.2
9.1
1.2
Provision for income taxes
(19.5)
(0.6)
(37.0)
0.7
Depreciation and amortization
54.6
9.4
203.0
27.1
EBITDA (non-GAAP)
(125.2)
7.2
(65.9)
56.0
Amortization of cloud computing arrangement implementation
1.7
0.7
3.7
1.9
Stock-based compensation
8.1
5.4
28.1
15.5
Acquisition-related expenses
6.9
10.0
38.9
13.7
Equity method and equity securities investments activity, net
1.7
(1.5)
(10.1)
(2.2)
Goodwill impairment
151.3
—
151.3
—
Adjusted EBITDA (non-GAAP)
$
44.5
$
21.8
$
146.0
$
84.9
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Reconciliation of Forecast Earnings per Diluted Share (Unaudited)
Fiscal year ending
April 30, 2026
Forecast loss per diluted share
$
(4.44) - (4.10)
Amortization of acquired intangible assets and other purchase accounting adjustments
3.58
Acquisition-related expenses
0.81
Equity method and equity securities investments activity, net
(0.19)
Goodwill impairment
2.99
Forecast earnings per diluted share as adjusted (non-GAAP)
$
2.75 - 3.10
Reconciliation of 2026 Forecast and Fiscal Year 2025 Actual Non-GAAP adjusted EBITDA (Unaudited)
Fiscal year ending
Fiscal year ended
(in millions)
April 30, 2026
April 30, 2025
Net (loss) income
$
(218) - (201)
$
44
Interest expense, net
7
2
(Benefit from) provision for income taxes
(25) - (22)
1
Depreciation and amortization
268
41
EBITDA (non-GAAP)
32 - 52
88
Amortization of cloud computing arrangement implementation
6
2
Stock-based compensation
42
22
Acquisition-related expenses
44
19
Equity method and equity securities investments activity, net
(10)
(5)
Goodwill impairment
151
18
Legal accrual
—
2
Adjusted EBITDA (non-GAAP)
$
265 - 285
$
146
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Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.
Non-GAAP Earnings per Diluted Share
We exclude acquisition-related expenses, amortization of acquisition-related intangible assets, equity method investment gains and losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization will recur in future periods until such intangible assets have been fully amortized.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA is defined as net income before interest income, interest expense, income tax expense (benefit) and depreciation and amortization, adjusted for the impact of certain other non-cash items, including amortization of implementation of cloud computing arrangements, stock-based compensation, acquisition related expenses, equity method investment gains or losses, equity securities investments gains or losses, goodwill impairment and one-time non-operating gains or losses. We present Adjusted EBITDA, which is not a recognized financial measure under U.S. GAAP, because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies.
We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation, intangible asset amortization will recur in future periods until such intangible assets have been fully amortized and that interest and income tax expenses will recur in future periods. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
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CONTACT
Denise Pacioni
+1 805-795-4108
ir@avinc.com
https://investor.avinc.com/contact-and-faq/contact-us
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Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | — | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Space business impairment
“In January 2026, a stop-work order was received on the Company’s Other Transaction Agreement... We concluded that the stop-work order represented a trigger event... resulting in the recognition of a goodwill impairment charge of $151.3 million in the Space reporting unit.”
Source: SEC EDGAR · public domain · Highlights by Palanor