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Get filing alertsStanding Risk Factors
- Material Weakness (unchanged) — Two new material weaknesses identified: BlueHalo IT general controls (user access, segregation of duties) and goodwill impairment analysis controls that led to Q3 FY2026 restatement. Auditor issued adverse opinion on internal control over financial reporting.
- Goodwill Impairment (unchanged) — Space Force issued stop-work order in January 2026 and terminated SCAR program contract for convenience in March 2026, triggering $241M goodwill impairment in Space reporting unit (approximately 50% of Space segment goodwill).
- Restatement (unchanged) — Company restated Q3 FY2026 financial statements due to error in goodwill impairment analysis stemming from material weakness in controls over preparation and review of goodwill reconciliation by reporting unit.
- Securities Litigation (unchanged) — Securities class action filed May 2026 alleging false statements regarding SCAR program during June 2025–March 2026; names CEO, former CFO, and SCDE segment president as defendants.
AVAV revenue +141% to $1.98B; Space goodwill impairment, controls ineffective
Filed June 29, 2026 · Period ending April 30, 2026 · Compared to 10-K Jun 25, 2025 · ~2 min read
Key Changes
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BlueHalo acquisition (closed May 1, 2025) contributed $919M revenue in eleven months but reported $366M operating loss driven by $209M intangible amortization and $241M Space goodwill impairment following SCAR program stop-work order and termination.
Notes: BlueHalo acquisition verify on EDGAR → -
high
Total revenue grew 140.9% to $2.0B; acquired businesses contributed ~$939M, organic growth ~26%. DoD revenue concentration rose from 35% to 63%; international revenue fell from 53% to 28% as BlueHalo's U.S.-centric portfolio diluted foreign sales.
MD&A: Revenue growth and customer mix verify on EDGAR → -
high
Management concluded disclosure controls and internal controls over financial reporting ineffective due to two material weaknesses: BlueHalo IT user access/segregation-of-duties deficiencies and inadequate goodwill impairment analysis controls that caused Q3 FY2026 restatement.
Controls verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 12, 2026 · How we verify