AeroVironment Stock Rises 6% on Earnings Follow-Through

AeroVironment stock rose 6% to $155.22, extending its post-earnings recovery as the drone group lags. The move follows the defense contractor's Q1 results, which showed record revenue of $480.5 million and a 37% higher funded backlog. Ondas and Red Cat stocks remained relatively unchanged. The REX Drone ETF gained 0.4%, while the SPDR S&P 500 ETF Trust declined 0.2%. AeroVironment's results, including record revenue and a reaffirmed full-year guidance, drove the bid. The company is scaling its Locust and E-HEL counter-drone laser systems and saw its adjusted gross margin widen to 26% from 21% YoY.