Aevex shares plunge 33% after report of halted US Navy drone boat orders
Aevex stock fell 33% to fresh 52-week lows after a Bloomberg report that the Navy stopped buying GARC autonomous boats. The company disputes the claim.
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what happened
Shares of Aevex Corp. (AVEX) fell 33% on Wednesday, their worst day on record, and hit new 52-week lows. The drop followed a Bloomberg report that the US Navy had stopped placing new orders for autonomous speedboats built by its BlackSea subsidiary. The report cited people familiar with the matter and said an independent assessment had flagged ongoing hardware performance problems, according to Stocktwits.
Aevex pushed back, saying no GARC orders had been halted and that it had delivered 325 units in 2025 under its contract. The company said the Navy keeps operating the fleet and is funding upgrades, and it called parts of the report factually inaccurate.
why it matters
The story concerns a single issuer, but it adds pressure to a stock that listed in April 2026 and now trades near $9.48, against an IPO price of $20. Investors will watch whether the company's claims about continuing contracts hold up. Source: Stocktwits.
market impact
Aevex (AVEX): reported halt in Navy orders pressures the shares; company disputes the report
tags
instruments
sources
- AVEX Stock Crashes To Fresh 52-Week Lows After Navy Reportedly Halts Drone Boat Orders — Company Says No Orders Were Stopped — Stocktwits, 21 October 2026 at 23:28 UTC
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