AeroVironment's fiscal fourth quarter closed the books on a year in which revenue roughly doubled - fiscal 2026 revenue of $1,976.8 million was up 141% on the $820.6 million the company booked in fiscal 2025 - and Q4 itself set a quarterly record at $641.6 million, up 133% year over year, with $2.7 billion of full-year bookings at a 1.4x book-to-bill and funded backlog of $1.2 billion against $726.6 million a year earlier. Almost all of the step-up was the May 2025 BlueHalo acquisition; the Space, Cyber and Directed Energy ("SCDE") segment did not exist as a separate business a year ago and contributed $149.2 million of the $641.6 million in Q4 and $618.8 million for the full year. Reported GAAP earnings tell a different story from the top line: fiscal 2026 net loss of $(265.1) million, or $(5.40) per diluted share, was driven by a $240.7 million goodwill impairment in the Space reporting unit after the U.S. Space Force terminated the BADGER phased-array program in March 2026, and by intangible amortization and other non-cash purchase-accounting charges tied to the BlueHalo deal. The non-GAAP picture - adjusted EBITDA of $286.1 million for the year (Q4: $140.1 million against $61.6 million a year earlier, up 127%) and non-GAAP diluted EPS of $3.31 for the year (Q4: $1.84 against $1.61 a year earlier, up 14%) - is the cleaner read on operating performance, and is the multiple the equity is actually trading on. The shares closed at $192.81 on August 14, 2026, down roughly 54% from the October 2025 high of $417.86 - the unwind reflects a wider defense-drone complex pullback rather than company-specific deterioration. The open question is whether the $2.125-$2.225 billion fiscal 2027 revenue guide management set in late June - which embeds a $0.16-$0.48 GAAP loss per share against a $3.02-$3.34 non-GAAP EPS - is the trough year for the goodwill-impairment and intangible-amortization drag, and whether the funded backlog conversion to revenue proves durable as the BlueHalo integration matures.