Market Overview

Recent U.S. Army Awards for AeroVironment Switchblade Tactical Missile Systems and Services Bring Total Contract Value to $111 Million since August 2017; Include First Switchblade Order for U.S. Marine Corps

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  • $78 million has been funded since August 2017
  • Awards for hardware and contractor logistics support approved through
    Urgent Need Statements, reflecting high priority requirements
  • AeroVironment provides full system capability, including Switchblade
    systems, operator training, support and logistics

At SOFICAeroVironment,
Inc.
 (NASDAQ:AVAV), a global leader in unmanned aircraft systems
for both military and commercial applications, today announced the
receipt of contract
awards in April 2018
from the United States Army for procurement of
the company's Switchblade®
Lethal Miniature Aerial Missile System (LMAMS) and Contractor Logistics
Support (CLS) that bring the total value of Switchblade awards to
$111,054,202 since August 2017. The contract awards were funded through
Urgent Need Statements and include the first Switchblade order from the
United States Marine Corps. The U.S. Army Contracting Command, Redstone
Arsenal will manage the contracts, for which $78,095,737 has been funded.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180522005794/en/

AeroVironment announces U.S. Army contract awards for Switchblade Tactical Missile System totaling $ ...

AeroVironment announces U.S. Army contract awards for Switchblade Tactical Missile System totaling $111 million since August 2017 (Photo: Business Wire)

The total value of Switchblade hardware awards is $67,763,386. Hardware
deliveries under initial awards began in December 2017 and are expected
to continue through September 2018. The total value of Switchblade CLS
awards is $43,290,816, covering three years of services.

"Switchblade is a highly effective and mature smart weapon system that
delivers unmatched force protection and precision strike capabilities to
American forces with minimal to no collateral effects," said Kirk
Flittie, AeroVironment vice president and general manager of its
Unmanned Aircraft Systems business segment. "Man-portable and
lightweight, Switchblade is a uniquely powerful LMAMS solution for
today's complex combat environments. AeroVironment stands ready, with a
battle-proven product, supply chain and production system, to respond
rapidly to this and future requirements to ensure U.S. and allied forces
can proceed with certainty."

Deployed by United States forces for more than five years, the
AeroVironment Switchblade provides warfighters with rapid-response force
protection and precision strike capabilities up to 10 kilometers from
its launch location. Its high precision, combined with specialized
effects and wave-off capability, means Switchblade can minimize or even
eliminate collateral damage. The upgraded Block 10C Switchblade
incorporates additional enhancements based on feedback from users.

Orbital ATK (NYSE:OA) provides single purpose and multimode warheads
for the Switchblade program.

About AeroVironment Tactical Missile Systems

Switchblade forms the basis of AeroVironment's emerging family of Tactical
Missile Systems
. Switchblade is a rapid launch, high precision,
force protection loitering missile that minimizes collateral damage.
Designed initially for dismounted infantry operations, Switchblade
spawned a number of variants in production and development for new
customers and new applications. BlackwingTM is a variant of
Switchblade designed to provide intelligence, surveillance and
reconnaissance capabilities for longer missions and can be launched from
submerged submarines and unmanned underwater vehicles.

About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ:AVAV) provides customers with more actionable
intelligence so they can proceed with certainty. Based in California,
AeroVironment is a global leader in unmanned aircraft systems, tactical
missile systems and electric vehicle charging and test systems, and
serves militaries, government agencies, businesses and consumers. For
more information visit www.avinc.com.

About Orbital ATK

Orbital ATK is a global leader in aerospace and defense technologies.
The company's expertise in rocket propulsion technology and energetics
materials enables the production of state-of-the-art infrared
countermeasures, illumination devices and other products that meet the
wide variety of needs of our nation's defenders and our nation's most
trusted allies. Headquartered in Dulles, Virginia, Orbital ATK employs
approximately 14,000 people across the U.S. and in several international
locations. For more information, visit www.orbitalatk.com.

Safe Harbor Statement

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 "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, reliance on sales to the
U.S. government; availability of U.S. government funding for defense
procurement and R&D programs; changes in the timing and/or amount of
government spending; risks related to our international business,
including compliance with export control laws; potential need for
changes in our long-term strategy in response to future developments;
unexpected technical and marketing difficulties inherent in major
research and product development efforts; changes in the supply and/or
demand and/or prices for our products and services; the activities of
competitors and increased competition; failure of the markets in which
we operate to grow; failure to remain a market innovator and create new
market opportunities; changes in significant operating expenses,
including components and raw materials; failure to develop new products;
the extensive regulatory requirements governing our contracts with the
U.S. government; product liability, infringement and other claims;
changes in the regulatory environment; and general economic and business
conditions in the United States and elsewhere in the world. 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.

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