Astronics Corporation Announces Growing Backlog of Electrical System Solutions for eVTOL Aircraft Manufacturers

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EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense, and other mission critical industries, announced today that it has accepted purchase orders to provide certain electrical power distribution, conversion, and vehicle charge control capabilities from ten eVTOL aircraft OEMs who are developing electrical aircraft for emerging air mobility missions. These orders include Astronics’ previously announced program win to provide its enhanced CorePower® electrical power distribution system for the Lilium Jet.

The combined orders represent approximately $20 million in sales over the period to certification and consist of hardware deliveries along with engineering support to achieve aircraft certification. Once certified, Astronics expects these initial sales to result in long-term production contracts.

Astronics has developed a set of capabilities and a family of products which provide a wide range of electrical power management solutions required by eVTOL aircraft. This includes high voltage conversion from 800 VDC (Volts Direct Current) through 1000 VDC converted down to 28 VDC, as well as low power distribution throughout the aircraft. The hardware is designed to be compact and lightweight, ensuring reliable power management from the aircraft batteries to flight-critical end use systems, including flight controls, avionics, navigation, communication, sensors, lighting, and passenger comfort systems.

Jon Neal, President of Astronics Advanced Electronic Systems, said “Over the last few years Astronics has expanded its CorePower® product offerings to include a suite of high power electrical power management capabilities that are critical to the safe and efficient operation of small, electric aircraft. Our OEM customers have chosen Astronics because of our breadth of products, our technical expertise, and our commitment to supporting them through certification. Astronics is excited to be part of the electrification of aircraft moving towards more sustainable and cleaner modes of transportation.”

About Astronics Corporation

Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions and include all statements with regard to receiving future long-term production contracts, and future demand for electrical power distribution systems. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the continued impact of supply chain constraints, trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the need for new and advanced test and simulation equipment, customer preferences and relationships, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.

For more information on Astronics and its solutions, visit Astronics.com.

Company:
David C. Burney
Executive Vice President and CFO
invest@astronics.com
+1.716.805.1599

Investor:
Kei Advisors LLC
Deborah K. Pawlowski, Investor Relations
dpawlowski@keiadvisors.com
+1.716.843.3908

Source: Astronics Corporation

Released August 1, 2023