AEVEX Reaffirms Maritime Systems Strategy and Continued U.S. Navy Investment

Company highlights continued Navy-funded enhancements, proven operational performance, and transition to next-generation maritime platforms

SOLANA BEACH, Calif., October 21, 2026--AEVEX Corp. (NYSE: AVEX), a leading U.S. defense technology company, today reaffirmed confidence in its Maritime Systems division and clarified the status of the Global Autonomous Reconnaissance Craft (GARC) program following recent reports, which include factual inaccuracies.

"AEVEX acquired BlackSea for its proven operational capabilities, strong customer relationships and ability to deliver increasingly sophisticated maritime autonomous systems at scale," said Roger Wells, Chief Executive Officer of AEVEX. "The Navy's continued investment in the GARC fleet, combined with our transition to next-generation platforms, reinforces the strategy behind this acquisition. We're focused on executing our multi-domain strategy and delivering capabilities that evolve alongside the missions they support."

GARC program status

Contrary to reports that the U.S. Navy halted GARC orders because of performance issues, no orders have been halted. The business successfully completed its contractual obligation having delivered 325 GARC units to the Navy in 2025. No additional GARC vessels were planned for procurement as the Navy deploys its existing GARCs across multiple different commands and missions.

AEVEX has since been executing under its existing GARC contract to enhance delivered units with new mission packages, including mine-countermeasure packages that are currently conducting MCM missions in the Strait of Hormuz. This contract has received multiple modifications in 2026, increasing the total contract value to approximately $350M and extending the period through June 2027.

Proven performance and continued Navy investment

GARC vessels have accumulated more than 25,000 hours of on-water operations with the U.S. Navy and have been deployed across multiple fleets and unmanned task forces, including operations in support of Operation Epic Fury. During the RIMPAC 2026 sinking exercise, it carried out the Navy's first autonomous live-fire strike by a small unmanned surface vessel.

As of today, the Navy continues to operate its GARC fleet. It is also actively funding enhancements, including upgrades, payload integration, and mission-specific capabilities. The Navy has also acknowledged that practical experience gained through GARC deployments is helping accelerate robotic and autonomous systems capabilities.