The U.S. Navy has suspended further purchases of Global Autonomous Reconnaissance Crafts, or GARCs, built by Aevex’s BlackSea subsidiary, Bloomberg reported, citing people familiar with the matter.
- Aevex pushed back on the Bloomberg report on Wednesday, saying no GARC orders have been halted and that the company completed its contractual obligation by delivering 325 units in 2025.
- The company said the matters raised in the report contain factual inaccuracies and do not impact the Maritime Systems division or the company’s financial performance.
- Aevex acquired BlackSea for up to $650 million earlier this year.
Shares of Aevex Corp. (AVEX) slumped 33% on Wednesday, clocking its worst day ever, and touched fresh 52-week lows after a report that the U.S. Navy has stopped placing new orders for the company’s autonomous speedboats, though Aevex later pushed back on the claims.
The U.S. Navy has suspended further purchases of Global Autonomous Reconnaissance Crafts, or GARCs, built by Aevex’s BlackSea subsidiary, Bloomberg reported, citing people familiar with the matter.
Navy Cited Performance Shortfalls, Says Bloomberg
According to the Bloomberg report, the Navy program office halted additional orders after an independent assessment flagged ongoing performance problems tied to hardware limitations. Officials also pointed to the rise of cheaper one-way attack drones as more suitable alternatives for similar missions, the report said.
A Navy spokesperson confirmed the service has spent about $136.8 million on 24 prototypes and 301 GARCs but did not directly address the halt in new purchases, the report added.
Aevex acquired BlackSea for up to $650 million earlier this year. The Navy’s reported decision adds to pressures on Aevex, which went public in April 2026 and has faced earlier volatility tied to lock-up-related litigation and insider selling.
Aevex Reaffirms Strategy After Report
Aevex pushed back on the Bloomberg report on Wednesday, saying no GARC orders have been halted and that the company completed its contractual obligation by delivering 325 units in 2025. It said no additional vessels were planned for procurement as the Navy deploys its existing fleet across multiple commands and missions.
The company added that the Navy continues to operate the GARC fleet and is actively funding enhancements, upgrades, payload integration, and mission-specific capabilities. Aevex also said the matters raised in the report contain factual inaccuracies and do not impact the Maritime Systems division or the company’s financial performance. It reaffirmed confidence in its maritime strategy, noting it is advancing upgraded GARC mission capabilities while progressing next-generation unmanned surface vessels including Chaser and Comet.
How Did AVEX Retail Traders React?
On Stocktwits, retail sentiment around AVEX stock jumped from bearish to bullish territory over the past 24 hours, while message volume rose from high to extremely high levels.
A Stocktwits user said that they are entering a position in the stock in light of the drop in share price.
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AVEX stock is currently trading at about $9.48, down from its IPO price of $20.
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