AeroVironment reported fiscal 2027 first-quarter adjusted earnings of $0.59 per share on revenue of $480.5 million for the quarter ended Aug. 1, exceeding analyst expectations. Revenue rose 6% from a year earlier, while funded backlog reached a record $1.5 billion, supported by $683 million in bookings and a 1.4-times book-to-bill ratio. The company reaffirmed fiscal-year revenue guidance of $2.125 billion to $2.225 billion and adjusted EPS guidance of $3.02 to $3.34, while forecasting negative free cash flow amid heavier capital investment. Growth in Autonomous Systems offset a decline in Space, Cyber and Directed Energy revenue following government-program cancellations and delays. Shares rose as much as 7% in after-hours trading Wednesday but remained down 42% year to date.