We remain in direct contact with our most critical suppliers to improve material lead times. Looking ahead, we remain confident in the future of AeroVironment and our ability to deliver superior shareholder returns despite ongoing supply chain constraints, inflationary pressures and a tight labor market. We reported a non-GAAP adjusted net loss of $2.5 million or $0.10 per diluted share as compared to a loss of $4.2 million or $0.17 per diluted share for the first quarter of fiscal year 2022.
This increase primarily reflects higher sales volumes, as well as favorable product and geographical mix. Our gross margin increased to 31% from 28% in fiscal year 2022. Gross profit for the first quarter was $33.7 million compared to $28.7 million in the prior year period. This growth was primarily due to higher demand for our tactical missile systems and our small, unmanned aircraft systems product lines. We delivered first quarter revenue of $108.5 million compared to $101 million in fiscal year 2022, an organic increase of 7% year over year. Let me first summarize our financial results for the quarter. Second, we're seeing strong order momentum demonstrated by a record funded backlog of more than $300 million as of August 27.Īnd third, AeroVironment continues to successfully manage through ongoing supply chain challenges and is very well positioned for continued value creation even beyond this fiscal year, primarily due to strong demand across nearly all our product lines. First, our first quarter results were generally in line or above our expectations, and we're on track to achieve our fiscal year 2023 objectives, leading to another year of double-digit top line organic growth. Let me emphasize a few key messages, which are included on slide No. Then Kevin will provide a more detailed review of our financial results, after which I will provide a summary of our expectations for the remainder of fiscal year 2023 before Kevin, Jonah and I take your questions. I will start by summarizing our quarterly performance and discuss recent achievements. Welcome to our first quarter fiscal year 2023 earnings conference call. Wahid Nawabi - Chairman, President, and Chief Executive Officer This afternoon, we also filed a slide presentation with our earnings release and posted the presentation on our website at in the Events and Presentations section. For further information on these risks, we encourage you to review the risk factors discussed in AeroVironment's periodic reports on Form 10-K and other filings with the SEC, along with the associated earnings release and safe harbor statement contained therein. Forward-looking statements are based on current expectations, forecasts and assumptions, which 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. Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.įorward-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.
This is Jonah Teeter-Balin, senior director of corporate development and investor relations for AeroVironment. Welcome to AeroVironment's fiscal year 2023 first quarter earnings call. Thank you, and good afternoon, ladies and gentlemen.
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