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AeroVironment (NASDAQ:AVAV) closed -7% on Friday after the U.S. State Department cleared the potential sale of rival Anduril Industries’ Altius 600M-V unmanned aerial vehicles to Taiwan in a ~$300M deal.
The sale would include 291 Altius 600M-V systems, Altius 600 inert training UAVs, Pneumatic Integrated Launch Systems, PILS transport trailers, ground control systems, associated support and other services, the Defense Security Cooperation Agency said.
The U.S. also cleared a much smaller sale of 720 AeroVironment (AVAV) Switchblade 300 drones, valued at $60M; both sales must be approved by the U.S. Congress.
“This potential $300M Anduril order would be one of the largest orders in the loitering munitions industry,” William Blair analyst Louie DiPalma wrote, according to Bloomberg.
AeroVironment (AVAV) shares slumped nearly 16% over two days after hitting an all-time intraday high of $224 early Thursday.