AEVEX is four months into life as a public company, and its second report landed exactly where the IPO roadshow story was supposed to land: a defense-autonomy pure-play doubling the top line and printing a non-GAAP margin in the low-double-digits. Second-quarter revenue rose 99.5% year over year to $201.8 million, with adjusted EBITDA of $28.1 million (13.9% margin) compared with $3.6 million (3.6%) a year earlier; the print is anchored by a single program - the EUCOM AOR Deep Strike award delivered $72.2 million of UAS product and support revenue inside the quarter. The U.S. government represented 83% of the quarter's revenue and 92.7% of funded backlog, and the balance sheet was rebuilt by a $345.9 million April IPO and a $148.8 million June secondary that paid down roughly $258.5 million of legacy debt, leaving $215.2 million of cash against $99.1 million of total debt. The market, however, is not celebrating: the stock sits at $21.54, down 47% from its May 28 high of $40.48 and only 62% above its July 20 low of $13.32, valuing the company at roughly 3.5x guided 2026 revenue and 22.7x guided adjusted EBITDA before the pending BlackSea Technologies acquisition. The open question is whether the Deep Strike concentration that powered the quarter can be repeated, and what the post-BlackSea pro forma earnings power looks like - a question this report's monitoring framework answers with five dated tests.