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Side-by-side financial comparison of AIRO Group Holdings, Inc. (AIRO) and AeroVironment Inc (AVAV), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $6.3M, roughly 75.2× AIRO Group Holdings, Inc.). AeroVironment Inc runs the higher net margin — -126.7% vs -3.6%, a 123.1% gap on every dollar of revenue. AIRO Group Holdings, Inc. produced more free cash flow last quarter ($-6.7M vs $-55.9M).
Airo Aviation FZ-LLC was an Emirati aircraft manufacturer based in the Ras Al Khaimah Free Trade Zone. The company specialized in the manufacture of ultralight aircraft in the form of ready-to-fly aircraft for the European Fédération Aéronautique Internationale microlight category.
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
AIRO vs AVAV — Head-to-Head
Income Statement — Q3 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $6.3M | $472.5M |
| Net Profit | $-8.0M | $-17.1M |
| Gross Margin | 44.4% | 22.0% |
| Operating Margin | -190.7% | -6.4% |
| Net Margin | -126.7% | -3.6% |
| Revenue YoY | — | 181.9% |
| Net Profit YoY | — | -875.1% |
| EPS (diluted) | $-0.28 | $-0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $472.5M | ||
| Q3 25 | $6.3M | $454.7M | ||
| Q2 25 | $24.6M | $275.1M | ||
| Q1 25 | — | $167.6M | ||
| Q4 24 | — | $188.5M | ||
| Q3 24 | — | $189.5M | ||
| Q2 24 | — | $197.0M | ||
| Q1 24 | — | $186.6M |
| Q4 25 | — | $-17.1M | ||
| Q3 25 | $-8.0M | $-67.4M | ||
| Q2 25 | $5.9M | $16.7M | ||
| Q1 25 | — | $-1.8M | ||
| Q4 24 | — | $7.5M | ||
| Q3 24 | — | $21.2M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | — | $13.9M |
| Q4 25 | — | 22.0% | ||
| Q3 25 | 44.4% | 20.9% | ||
| Q2 25 | 61.2% | 36.5% | ||
| Q1 25 | — | 37.7% | ||
| Q4 24 | — | 39.1% | ||
| Q3 24 | — | 43.0% | ||
| Q2 24 | — | 38.4% | ||
| Q1 24 | — | 36.1% |
| Q4 25 | — | -6.4% | ||
| Q3 25 | -190.7% | -15.2% | ||
| Q2 25 | -80.2% | 5.0% | ||
| Q1 25 | — | -1.8% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 12.2% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 7.7% |
| Q4 25 | — | -3.6% | ||
| Q3 25 | -126.7% | -14.8% | ||
| Q2 25 | 23.9% | 6.1% | ||
| Q1 25 | — | -1.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 11.2% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 7.4% |
| Q4 25 | — | $-0.34 | ||
| Q3 25 | $-0.28 | $-1.44 | ||
| Q2 25 | $0.30 | $0.59 | ||
| Q1 25 | — | $-0.06 | ||
| Q4 24 | — | $0.27 | ||
| Q3 24 | — | $0.75 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $588.5M |
| Total DebtLower is stronger | $5.1M | $747.5M |
| Stockholders' EquityBook value | $739.5M | $4.4B |
| Total Assets | $774.6M | $5.6B |
| Debt / EquityLower = less leverage | 0.01× | 0.17× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $588.5M | ||
| Q3 25 | — | $685.8M | ||
| Q2 25 | — | $40.9M | ||
| Q1 25 | — | $47.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | — | $81.2M | ||
| Q2 24 | — | $73.3M | ||
| Q1 24 | — | $107.7M |
| Q4 25 | — | $747.5M | ||
| Q3 25 | $5.1M | $747.5M | ||
| Q2 25 | $8.9M | $30.0M | ||
| Q1 25 | — | $25.0M | ||
| Q4 24 | — | $15.0M | ||
| Q3 24 | — | $17.5M | ||
| Q2 24 | — | $28.0M | ||
| Q1 24 | — | $40.0M |
| Q4 25 | — | $4.4B | ||
| Q3 25 | $739.5M | $4.4B | ||
| Q2 25 | $679.6M | $886.5M | ||
| Q1 25 | — | $861.1M | ||
| Q4 24 | — | $858.4M | ||
| Q3 24 | — | $845.5M | ||
| Q2 24 | — | $822.7M | ||
| Q1 24 | — | $813.0M |
| Q4 25 | — | $5.6B | ||
| Q3 25 | $774.6M | $5.6B | ||
| Q2 25 | $747.8M | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $999.2M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $980.3M |
| Q4 25 | — | 0.17× | ||
| Q3 25 | 0.01× | 0.17× | ||
| Q2 25 | 0.01× | 0.03× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.02× | ||
| Q3 24 | — | 0.02× | ||
| Q2 24 | — | 0.03× | ||
| Q1 24 | — | 0.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-5.8M | $-45.1M |
| Free Cash FlowOCF − Capex | $-6.7M | $-55.9M |
| FCF MarginFCF / Revenue | -106.7% | -11.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 15.0% | 2.3% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-240.7M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $-45.1M | ||
| Q3 25 | $-5.8M | $-123.7M | ||
| Q2 25 | — | $-264.0K | ||
| Q1 25 | — | $-25.8M | ||
| Q4 24 | — | $-3.6M | ||
| Q3 24 | — | $28.4M | ||
| Q2 24 | — | $-11.7M | ||
| Q1 24 | — | $52.6M |
| Q4 25 | — | $-55.9M | ||
| Q3 25 | $-6.7M | $-146.5M | ||
| Q2 25 | — | $-8.8M | ||
| Q1 25 | — | $-29.6M | ||
| Q4 24 | — | $-8.7M | ||
| Q3 24 | — | $22.9M | ||
| Q2 24 | — | $-20.8M | ||
| Q1 24 | — | $48.8M |
| Q4 25 | — | -11.8% | ||
| Q3 25 | -106.7% | -32.2% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -17.7% | ||
| Q4 24 | — | -4.6% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | — | -10.5% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 15.0% | 5.0% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 4.6% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.02× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.48× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | -1.93× | ||
| Q1 24 | — | 3.79× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
AIRO
| Transferred At Point In Time | $4.5M | 71% |
| Transferred Over Time | $1.8M | 29% |
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
