AEVEX Corp (NYSE:AVEX) shares are climbing Thursday. The defense technology company pushed back on media reports claiming the U.S. Navy had put a stop to GARC drone boat orders.
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AEVEX Disputes Reports Navy Halted GARC Orders
Media reports said the Navy halted orders for AEVEX’s Global Autonomous Reconnaissance Craft (GARC), a drone boat, because of performance problems. AEVEX denied those reports in a statement late Wednesday. The company says no orders have been halted and that the reports contain factual inaccuracies.
On the delivery side, AEVEX says it completed its contractual obligation by supplying the Navy with 325 GARC units in 2025. The Navy had no plans to buy more, AEVEX said, because it is already sending its GARCs to different commands and missions.
CEO Roger Wells said the Navy’s continued GARC investment supports the logic of AEVEX’s purchase of BlackSea, which brought it a pipeline of maritime technologies and programs.
AEVEX Points to Navy Funding for GARC Upgrades
AEVEX said the Navy keeps spending on GARC. The company is installing new mission packages on boats already delivered, among them mine-countermeasure systems that are working in the Strait of Hormuz.
The upgrades run under the original GARC contract. Amendments in 2026 expanded it to about $350 million in total value and extended it to June 2027.
GARC also has a track record, AEVEX said. GARCs have operated alongside the Navy for more than 25,000 hours, spanning multiple fleets and unmanned task forces. Those hours include operations supporting Operation Epic Fury.
The Navy’s first autonomous live-fire strike from a small unmanned surface vessel came from a GARC at the RIMPAC 2026 sinking exercise. AEVEX says the Navy credits the experience with speeding up its robotics and autonomy work.
AVEX Shares Are Jumping
AVEX Price Action: Aevex shares were up 6.51% at 10.31 at the time of publication on Thursday. The stock is bouncing back after hitting 52-week lows this week, according to Benzinga Pro.
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