Airo Group Shares Gain on Higher-than-Expected 2Q Revenue

Dow Jones08-13

Shares of Airo Group rose after the company posted higher-than-expected revenue in the latest quarter.

The stock rose 16%, to $9.86, in premarket trading Thursday. Through Wednesday's close, shares are down about 8% year to date.

The aerospace and defense company swung to a second-quarter loss of $2 million, or 6 cents a share, from a profit of $5.9 million, or 30 cent a share, in the prior-year period. Analysts polled by FactSet were expecting a loss of 30 cents a share.

Revenue jumped 76% to $43.2 million and topped the $31.1 million that Wall Street modeled.

Airo Group's drone backlog stood at about $163 million as of June 30, up 9% compared with the first quarter.

"With growing customer demand, a strong drone backlog, increasing engagement across U.S. and allied defense markets, and multiple growth initiatives underway, we believe Airo is well positioned to create meaningful long-term shareholder value," Executive Chairman Chirinjeev Kathuria said.

Looking ahead, Airo backed its full-year revenue outlook that calls for growth of 15% to 25%. It also reaffirmed its adjusted Ebitda--or earnings before interest, taxes, depreciation and amortization--guidance in the negative mid- to high-teens dollar range.

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