Exhibit 99.2

First Quarter Fiscal Year 2020 Earnings Release Presentation September 4, 2019 September 4, 2019 © 2019 AeroVironment, Inc.

Safe Harbor Statement Certain statements in this presentation may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, reliance on sales to the U.S. government; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. Government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator and create new market opportunities; changes in significant operating expenses, including components and raw materials; failure to develop new products; the extensive regulatory requirements governing our contracts with the U.S. government; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; the impact of our recent acquisition of Pulse Aerospace, LLC and our ability to successfully integrate it into our operations; product liability, infringement and other claims; changes in the regulatory environment; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov or on our website at www.investor.avinc.com/financial-information. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.2 September 4, 2019 © 2019 AeroVironment, Inc.

First Quarter Fiscal Year 2020 Key Messages Our team delivered outstanding first quarter results We are successfully executing our plan and remain on-track to achieve our fiscal year 2020 objectives We continue to make great progress on our strategic growth initiatives On-track to achieve Fiscal Year 2020 objectives & deliver Third consecutive year of profitable, double-digit topline growth3 September 4, 2019 © 2019 AeroVironment, Inc.

Outstanding First Quarter Fiscal Year 2020 Results Metric 1st Qtr. Fiscal Year 2020 Year-Over-Year Change Highlights Revenue $86.9 million + 11% Strong small UAS sales Gross profit $41.3 million + 27% Favorable revenue mix EPS (diluted) $0.71 - $0.14 Q1 fiscal year 2019 included $0.26 one-time gain Non-GAAP EPS* (diluted) $0.74 + $0.15 25% increase Funded Backlog $165 million + 5% Maintaining historically high level of funded backlog * 1st qtr. Fiscal Year 2020 excludes $0.02 in amortization of intangible assets and $0.01 in acquisition-related expenses; 1st qtr. Fiscal Year 2019 excludes $0.26 one-time gain from litigation settlement4 September 4, 2019 © 2019 AeroVironment, Inc.

First Quarter Fiscal Year 2020 Business Highlights Received $45 million U.S. Army Contract Award for Raven systems Initiated HAPS demonstration/test phase of program; began assembly of second HAWK30 solar HAPS system Acquired VAPOR unmanned helicopter product line5 September 4, 2019 © 2019 AeroVironment, Inc.

Favorable First Quarter Fiscal Year 2020 Revenue Mix and Higher Volume Contributed to $0.15 Increase in Non-GAAP Diluted EPS* * Excludes Q1 Fiscal Year 2019 one-time gain of $0.26 from litigation settlement and Q1 Fiscal Year 2020 amortization of intangible assets & acquisition-related expenses of $0.03 $0.59 $0.74 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 Q1 FY19 Q1 FY20 NON - GAAP DILUTED EPS 71% 64% 66% 68% 76% 29% 36% 34% 32% 24% 0% 25% 50% 75% 100% Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 PERCENTAGE OF QUARTERLY REVENUE Product Revenue Service Revenue6 September 4, 2019 © 2019 AeroVironment, Inc.

Government Fiscal Year 2019 Procurement Appropriations Conversion to AeroVironment Contract Awards *Anticipate Switchblade contract award for Army/Marines LMAMS by AeroVironment’s fiscal Fourth qtr.; funds can extend into subsequent fiscal years *7 September 4, 2019 © 2019 AeroVironment, Inc.

HAPS Builds on Decades of AeroVironment Solar-HAPS Experience – Program Continues to Advance SoftBank Corp. owns approximately 95% of HAPSMobile Inc, AeroVironment owns approximately 5% Developing solar HAPS unmanned aircraft system (HAWK30) to deliver next generation connectivity (i.e., 5G mobile, IoT) Total value of HAPSMobile contracts to AeroVironment of $134 million AeroVironment has the potential to manufacture and supply HAWK30 systems to HAPSMobile on exclusive basis AeroVironment retains exclusive rights to market HAWK30 to defense customers worldwide, except in Japan W o r l d ’ s f i r s t 3 G a n d H D T V c o n n e c t i v i t y f r o m s t r a t o s p h e r e W o r l d ’ s h i g h e s t f l y i n g a i r c r a f t i n l e v e l f l i g h t W o r l d ’ s f i r s t s o l a r - p o w e r e d h i g h a l t i t u d e U A S P a t h f i n d e r 7 1 , 5 0 4 f e e t / ( 1 9 9 7 ) P a t h f i n d e r P l u s 8 0 , 2 0 1 f e e t / ( 1 9 9 8 ) H e l i o s 9 6 , 8 6 3 f e e t / ( 2 0 0 1 ) D e s i g n D e v e l o p T e s t / D e m o n s t r a t e C e r t i f y L a u n c h & G r o w B u s i n e s s 2 0 1 8 Q 1 F Y 2 0 E a r n i n g s 9 / 4 / 1 9 H A P S P r o g r a m P l a n

First Quarter Fiscal Year 2020 Visibility to Midpoint of Revenue Guidance Range of 75% 55% visibility 75% visibility Continued strong funded backlog supports high visibility Revenue Guidance Range as of 9/4/19: $350 million to $370 million $87 $152 $150 $29 $18 $16 $15 $- $50 $100 $150 $200 $250 $300 $350 $400 Q4 FY19 (6/25/19) Q1 FY20 (9/3/19) REVENUE (MILLIONS) Revenue Anticipated This FY from Unfunded Backlog Revenue Anticipated This FY from Qtr-To- Date Bookings Revenue Anticipated This FY from Funded Backlog Revenue Year-To-Date

Fiscal Year 2020 Expectations Fiscal Year 2019 Actuals Current Expectations (9/4/19) Revenue $314 million $350 to $370 million Earnings Per Share (diluted) $1.74 $1.35 to $1.55 Non-GAAP Earnings Per Share (diluted) $1.48* $1.47 to $1.67 First half revenue as a percentage of full year revenue 48% ~45% Internal Research & Development 11% of revenue 11% of revenue Tax Rate ~9% ~11% On-track to achieve Fiscal Year 2020 objectives & deliver Third consecutive year of profitable, double-digit topline growth * Excludes Q1 Fiscal Year 2019 one-time gain of $0.26 from litigation settlement10 September 4, 2019 © 2019 AeroVironment, Inc.

For more information: Steven Gitlin Vice President Investor Relations ir@avinc.com +1 (805) 520-835011 September 4, 2019 © 2019 AeroVironment, Inc.

Appendix – Reconciliation of Non-GAAP Diluted Earnings Per Share (Unaudited) Three Months Ended Three Months Ended July 27, 2019 July 28, 2018 Earnings per diluted share from continuing operations (GAAP) $ 0.71 $ 0.85 Acquisition related expenses 0.01 - Amortization of acquired intangible assets 0.02 - One-time gain from a litigation settlement - (0.26) Earnings per diluted share from continuing operations as adjusted (Non-GAAP) $ 0.74 $ 0.5912 September 4, 2019 © 2019 AeroVironment, Inc.

Appendix – Reconciliation of Fiscal Year 2020 Non-GAAP Diluted Earnings Per Share Expectations (Unaudited) d s Fiscal year ending April 30, 2020 Expected earnings per diluted share (GAAP) $ 1.35 – 1.55 Acquisition related expenses 0.03 Amortization of acquired intangible assets 0.08 – 0.10 Expected earnings per diluted share as adjusted (Non-GAAP) $ 1.47 – 1.6713 September 4, 2019 © 2019 AeroVironment, Inc.