California-based AeroVironment (NASDAQ:AVAV) continues its relentless march -- or the airborne equivalent of a march -- to raking in every last cent of the $65.5 million the Pentagon has awarded it to produce unmanned aerial vehicles (UAVs) for the U.S. Army.
On Wednesday, the drone maker announced the Army has released $13.8 million in incremental funding to pay for additional RQ-11B Raven small UAVs, Mantis miniature gimbaled payloads (i.e. upgraded video cameras), and spare parts. That's roughly 5% of the amount of revenues AeroVironment collected in all of last year.
The Raven, probably AV's most famous product, is a 4.5-pound UAV that can be carried in a soldier's backpack, and launched by tossing it in the air. It then sends day and nighttime real-time video imagery back to a ground controller wirelessly for "over the hill" and "around the corner" data to permit small tactical units to conduct local reconnaissance.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends AeroVironment. The Motley Fool owns shares of AeroVironment. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.