Aevex Says US Navy Continues GARC Operations, Contract Extended to 2027 - Shares Up Pre-Bell

06:00 AM EDT, 10/22/2026 (MT Newswires) -- Aevex (AVEX) said Wednesday that it has reaffirmed its maritime systems strategy Wednesday, saying the US Navy has not halted orders for its Global Autonomous Reconnaissance Craft vessels and disputing recent reports. The company completed its contractual obligations by delivering 325 GARC units to the Navy in 2025, with no further vessel procurement planned as the Navy deploys its existing fleet across various commands and missions. Aevex added that modifications to its existing GARC contract raised its value to about $350 million and extended it through June 2027. The contract covers upgrades and mine-countermeasure packages currently operating in the Strait of Hormuz. Aevex shares were up 7.5% in premarket activity Thursday.