AeroVironment, Inc.

AeroVironment began in 1971 as the shop of engineer Paul MacCready, famous for human-powered aircraft, and has become a mainstay supplier of small drones to the US military. Its hand-launched reconnaissance aircraft, the Raven, Puma and Wasp, let soldiers see over the next hill, while its Switchblade loitering munitions, which fly into a target and detonate, drew wide attention after being sent to Ukraine. Run from Arlington, Virginia, the company sells mostly to the Department of Defense and allied militaries, so its revenue tracks defense budgets and specific program wins. Recent expansion into counter-drone and space systems has broadened it beyond the battlefield reconnaissance niche it built. Demand for cheap, expendable unmanned systems has put AeroVironment squarely in the middle of how modern militaries now plan to fight.

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