{"url_path":"/sec/avex/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/2096300/0002096300-26-000012-index.html","accession_number":"0002096300-26-000012","cik":"0002096300","ticker":"AVEX","issuer_name":"AEVEX Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2096300/0002096300-26-000012-index.html","primary_entity_key":"0002096300","primary_entity_name":"AEVEX 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of Contents](#i0ec3246f94654e92af131bba30d5c54a_7)[    ](#i0ec3246f94654e92af131bba30d5c54a_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________\n\nFORM 10-Q\n\n___________________________________\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number 001-43238\n\n___________________________________\n\nAEVEX Corp.\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________\n\nDelaware\n\n41-2460652\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n440 Stevens Avenue, Suite 150\n\nSolana Beach, CA\n92075\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(858) 704-4125\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nClass A Common Stock, par value $0.0001 per share\n\nAVEX\n\nThe New York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No x\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\nx\n\nSmaller reporting company\n\no\n\nEmerging growth company\n\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x\n\nAs of May 20, 2026, the registrant had 50,744,176 shares of Class A common stock, $0.0001 par value per share outstanding and 63,297,524 shares of Class B common stock, $0.0001 par value per share outstanding.\n\n[Table of Contents](#i0ec3246f94654e92af131bba30d5c54a_7)[    ](#i0ec3246f94654e92af131bba30d5c54a_7)\n\nTABLE OF CONTENTS\n\nPage\n\n[F](#i0ec3246f94654e92af131bba30d5c54a_949)[ORWARD-LOOKING STATEMENTS](#i0ec3246f94654e92af131bba30d5c54a_949)\n\n[i](#i0ec3246f94654e92af131bba30d5c54a_949)\n\n[G](#i0ec3246f94654e92af131bba30d5c54a_1153)[LOSSARY](#i0ec3246f94654e92af131bba30d5c54a_1153)\n\n[ii](#i0ec3246f94654e92af131bba30d5c54a_1153)\n\n[PART I. FINANCIAL INFORMATION](#i0ec3246f94654e92af131bba30d5c54a_10)\n\n[Item 1.](#i0ec3246f94654e92af131bba30d5c54a_13)\n\n[Financial Statements (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_13)\n\n[1](#i0ec3246f94654e92af131bba30d5c54a_13)\n\n[AEVEX CORP.](#i0ec3246f94654e92af131bba30d5c54a_890)\n\n[Balance Sheet (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_890)\n\n[1](#i0ec3246f94654e92af131bba30d5c54a_890)\n\n[Notes to Financial Statement (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_901)\n\n[2](#i0ec3246f94654e92af131bba30d5c54a_901)\n\n[ATHENA TECHNOLOGY SOLUTIONS HOLDINGS, LLC](#i0ec3246f94654e92af131bba30d5c54a_22)\n\n[Condensed Consolidated Balance Sheets (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_22)\n\n[5](#i0ec3246f94654e92af131bba30d5c54a_22)\n\n[Condensed Consolidated Statements of Operations (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_25)\n\n[6](#i0ec3246f94654e92af131bba30d5c54a_25)\n\n[Condensed Consolidated Statements of Changes in Equity (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_28)\n\n[7](#i0ec3246f94654e92af131bba30d5c54a_28)\n\n[Condensed Consolidated Statements of Cash Flows (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_31)\n\n[8](#i0ec3246f94654e92af131bba30d5c54a_31)\n\n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#i0ec3246f94654e92af131bba30d5c54a_34)\n\n[9](#i0ec3246f94654e92af131bba30d5c54a_34)\n\n[Item 2.](#i0ec3246f94654e92af131bba30d5c54a_91)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i0ec3246f94654e92af131bba30d5c54a_91)\n\n[20](#i0ec3246f94654e92af131bba30d5c54a_91)\n\n[Item 3.](#i0ec3246f94654e92af131bba30d5c54a_127)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i0ec3246f94654e92af131bba30d5c54a_127)\n\n[35](#i0ec3246f94654e92af131bba30d5c54a_127)\n\n[Item 4.](#i0ec3246f94654e92af131bba30d5c54a_130)\n\n[Controls and Procedures](#i0ec3246f94654e92af131bba30d5c54a_130)\n\n[36](#i0ec3246f94654e92af131bba30d5c54a_130)\n\n[PART II. OTHER INFORMATION](#i0ec3246f94654e92af131bba30d5c54a_133)\n\n[Item 1.](#i0ec3246f94654e92af131bba30d5c54a_136)\n\n[Legal Proceedings](#i0ec3246f94654e92af131bba30d5c54a_136)\n\n[38](#i0ec3246f94654e92af131bba30d5c54a_136)\n\n[Item 1A.](#i0ec3246f94654e92af131bba30d5c54a_139)\n\n[Risk Factors](#i0ec3246f94654e92af131bba30d5c54a_139)\n\n[38](#i0ec3246f94654e92af131bba30d5c54a_139)\n\n[Item 2.](#i0ec3246f94654e92af131bba30d5c54a_142)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i0ec3246f94654e92af131bba30d5c54a_142)\n\n[38](#i0ec3246f94654e92af131bba30d5c54a_142)\n\n[Item 3.](#i0ec3246f94654e92af131bba30d5c54a_145)\n\n[Defaults Upon Senior Securities](#i0ec3246f94654e92af131bba30d5c54a_145)\n\n[38](#i0ec3246f94654e92af131bba30d5c54a_145)\n\n[Item 4.](#i0ec3246f94654e92af131bba30d5c54a_148)\n\n[Mine Safety Disclosures](#i0ec3246f94654e92af131bba30d5c54a_148)\n\n[38](#i0ec3246f94654e92af131bba30d5c54a_148)\n\n[Item 5.](#i0ec3246f94654e92af131bba30d5c54a_151)\n\n[Other Information](#i0ec3246f94654e92af131bba30d5c54a_151)\n\n[38](#i0ec3246f94654e92af131bba30d5c54a_151)\n\n[Item 6.](#i0ec3246f94654e92af131bba30d5c54a_154)\n\n[Exhibits](#i0ec3246f94654e92af131bba30d5c54a_154)\n\n[39](#i0ec3246f94654e92af131bba30d5c54a_154)\n\n[Signatures](#i0ec3246f94654e92af131bba30d5c54a_157)\n\n[40](#i0ec3246f94654e92af131bba30d5c54a_157)\n\n[Table of Contents](#i0ec3246f94654e92af131bba30d5c54a_7)[    ](#i0ec3246f94654e92af131bba30d5c54a_7)\n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q of AEVEX Corp. contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:\n\n•our reliance on a limited number of major customers for a substantial portion of our revenue;\n\n•the potential for reductions, delays, or changes in U.S. and foreign government budgets, spending priorities, procurement processes, or military transformation initiatives;\n\n•our dependence on government contracts;\n\n•increasing competitive pressures in our industry, including the risk that we are not able to expand our customer base, achieve broad market acceptance, or compete effectively against larger or better-resourced competitors;\n\n•the markets into which we sell our products and services decline or do not grow as expected;\n\n•our efforts to expand into new markets or introduce new offerings do not succeed;\n\n•our inability to manage increasing technological complexity, scale manufacturing capacity, achieve cost reductions or realize projected economies of scale;\n\n•claims that our complex products and services may contain unknown defects or errors;\n\n•the scarcity, unavailability, or increased cost of critical components or raw materials;\n\n•violations of export controls, sanctions and other regulations;\n\n•political, economic and regulatory instability in foreign markets;\n\n•our dependence on senior management and key employees;\n\n•challenges in recruiting and retaining highly skilled personnel in a competitive labor market;\n\n•challenges developing, commercializing or achieving market acceptance for new products, services or enhancements, particularly those involving artificial intelligence;\n\n•changes in tax laws, trade policies, tariffs, inflation, recession and other macroeconomic or market conditions;\n\n•difficulties executing, integrating or realizing expected benefits from acquisitions, and exposure to unexpected liabilities from such transactions;\n\n•pandemics, public health crises and other events that could disrupt our business, supply chain or customer demand;\n\n•technological failures, cybersecurity breaches or unauthorized access to our, our customers’ or our suppliers’ information and systems;\n\n•failure to protect, defend or enforce our intellectual property and proprietary rights;\n\n•dependence on our facilities;\n\n•the Company’s ability to remediate the material weakness with respect to the Company’s internal control over financial reporting and disclosure controls and procedures;\n\n•the Company’s ability to implement and maintain effective internal control over financial reporting in the future;\n\n•our inability to generate sufficient cash to service all of our indebtedness; and\n\n•other factors set forth under “Risk Factors” in our prospectus filed with the Securities and Exchange Commission under Rule 424(b) on April 20, 2026.\n\nWe caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.\n\ni\n\n[Table of Contents](#i0ec3246f94654e92af131bba30d5c54a_7)[    ](#i0ec3246f94654e92af131bba30d5c54a_7)\n\nGLOSSARY\n\nAs used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, references to:\n\n•“AEVEX,” the “Company,” “our company,” “we,” “us” and “our” means (i) prior to the consummation of the Organizational Transactions, Holdings LLC and its consolidated subsidiaries and (ii) after the Organizational Transactions, AEVEX Corp. and its consolidated subsidiaries.\n\n•“Blocker Entity” refers to the entity that was the owner of membership interests in Holdings LLC prior to the Organizational Transactions that is taxable as a corporation for U.S. federal income tax purposes.\n\n•“Class A common stock” means Class A common stock, par value $0.0001 per share, of AEVEX Corp.\n\n•“Class B common stock” means Class B common stock, par value $0.0001 per share, of AEVEX Corp.\n\n•“Exchange Agreement” means the exchange agreement, dated as of April 16, 2026, by and among AEVEX Corp. and ATS Investment Holdings, LLC (“ATS Investment Holdings”).\n\n•“Holdings LLC” means Athena Technology Solutions Holdings, LLC, a Delaware limited liability company and, following the Organizational Transactions, a subsidiary of AEVEX Corp.\n\n•“IPO” refers to our initial public offering, which we completed on April 20, 2026, and through which we offered 18,400,000 shares of our Class A common stock, which includes the exercise in full by the underwriters of their option to purchase an additional 2,400,000 shares of our Class A common stock, at a price to the public of $20.00 per share.\n\n•“LLC Operating Agreement” means the Third Amended and Restated Limited Liability Company Agreement of Holdings LLC dated as of April 17, 2026.\n\n•“LLC Units” means the Series A and Series B membership units of Holdings LLC that as a result of the Organizational Transactions replaced the membership interests in Holdings LLC (i.e., Class A units) that existed immediately prior to the consummation of the Organizational Transactions. The Series A units and Series B units each represents a substantially identical interest in Holdings LLC except that Series A units are only held by AEVEX Corp. and Series B units are held by ATS Investment Holdings who also holds a corresponding number of shares of Class B common stock. Each LLC Unit entitles the holder to a pro rata share of the net profits and net losses and distributions of Holdings LLC. Holders of LLC Units have no voting rights, except as expressly provided in the LLC Operating Agreement. Series B units are not entitled to any voting rights with respect to AEVEX Corp. as the holders of such units are entitled to exercise voting rights through their corresponding shares of Class B common stock.\n\n•“LLC Unitholders” means collectively, the owners of membership interests in Holdings LLC immediately prior to the consummation of the Organizational Transactions, and following the Organizational Transactions, AEVEX Corp. and ATS Investment Holdings, which became holders of Series A units, or Series B units and shares of our Class B common stock, respectively. ATS Investment Holdings (or certain of its permitted transferees) are entitled to exchange, at its option, from time to time, its Series B units, together with an equal number of shares of Class B common stock, for shares of our Class A common stock on a one-for-one basis or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). In connection with an exchange of Series B units, a corresponding number of shares of Class B common stock, as applicable, shall be immediately and automatically transferred to AEVEX Corp. for no consideration and canceled.\n\n•“New Credit Agreement” means the credit agreement, dated as of April 20, 2026, by and between AEVEX Holdings, LLC (the “Borrower”), an operating company of the Company, Athena Technology Solutions Purchaser, LLC, the lenders from time to time party thereto and Bank of America, N.A., as the administrative agent, collateral agent, an issuing bank and a swing line lender.\n\nii\n\n[Table of Contents](#i0ec3246f94654e92af131bba30d5c54a_7)[    ](#i0ec3246f94654e92af131bba30d5c54a_7)\n\n•“New Term Loan Facility” means the $100.0 million senior secured term loan facility under the New Credit Agreement.\n\n•“New Delayed Draw Term Loan Facility” means the $75.0 million senior secured delayed draw term loan facility under the New Credit Agreement.\n\n•“New Revolving Credit Facility” means the $200.0 million senior secured revolving credit facility under the New Credit Agreement, which includes a sublimit for the issuance of letters of credit in an amount up to $40.0 million and a sublimit for swing line loans in an amount up to $30.0 million.\n\n•“New Credit Facilities” means the New Revolving Credit Facility together with the New Term Loan Facility and the New Delayed Draw Term Loan Facility under the New Credit Agreement.\n\n•“Organizational Transactions” refers to the organizational transactions completed by the Company in connection with the IPO, as described in Note 5, Subsequent Events, to the unaudited condensed consolidated balance sheet of AEVEX Corp. as of March 31, 2026 included herein.\n\n•“Principal Stockholder” means funds and investment vehicles managed or controlled by Madison Dearborn Partners, LLC.\n\n•“Prior Credit Facilities” means our former term loan and revolving credit facilities that were governed by that certain Credit Agreement, dated as of March 18, 2020 (as amended) by and among the Borrower, a syndicate of lenders, Ankura Trust Company, LLC, as administrative agent and PNC Bank, National Association as revolving agent and collateral agent.\n\n•“Tax Receivable Agreement” means the tax receivable agreement, dated April 16, 2026, by and among the Company, Holdings LLC and the TRA Rights Holders.\n\n•“TRA Rights Holders” refers to, collectively, certain of the direct and indirect owners in Holdings LLC, including our Principal Stockholder.\n\nThis Quarterly Report on Form 10-Q covers a period prior to the completion of the IPO on April 20, 2026. In connection with the completion of the IPO, the Company effected the Organizational Transactions.\n\niii\n\n[Table of Contents](#i0ec3246f94654e92af131bba30d5c54a_7)[    ](#i0ec3246f94654e92af131bba30d5c54a_7)\n\nPART I. FINANCIAL INFORMATION"}