AeroVironment, Inc. (NASDAQ: AVAV) received additional funding of $64,565,126 on March 24 from the U.S. Army Tactical Aviation and Ground Munitions (TAGM) project office for the procurement of Switchblade® 300 loitering missile systems.
This most recent firm-fixed-price contract increases the total funded amount of Switchblade systems under the original U.S. Army contract to $231,331,651. The contract will be managed by the U.S. Army Contracting Command, Redstone Arsenal, and the systems are scheduled to be delivered by July 2024.
AeroVironment’s combat-proven Switchblade 300 loitering missile systems have been deployed by the U.S. Army for more than a decade and are currently providing real-time ISR and precision strike support on battlefields in Ukraine. Ideal for use against beyond-line-of-sight targets, Switchblade systems were approved by the U.S. government for use by Ukraine and additional nations after the start of the Russia-Ukraine war in 2022. This new U.S. Army contract includes foreign military sales of Switchblade 300 for the first time to France and another allied nation, expanding Switchblade’s footprint internationally.
Switchblade 300 continues to be a critical weapon in the armed forces of Ukraine’s unmanned systems arsenal. This new contract further demonstrates the global demand for production-ready, combat-proven Switchblade 300 missile systems. We’re honored that Switchblade 300 continues to support the U.S. military and our allies.Brett Hush, AeroVironment’s vice president and product line general manager for Tactical Missile Systems
The backpackable Switchblade 300 offers operators the flexibility to rapidly maneuver and employ the system on the ground. Real-time video, GPS coordinates, and wave-off capabilities provide the operator confidence in precisely attacking key targets.
This contract award follows an August 2022 contract modification for additional funding by the U.S. Army for procurement of Switchblade 300 loitering missile systems.
Source: AeroVironment news release