AeroVironment, Inc. (AVAV) Stock Price & Analysis
AeroVironment, Inc. (AVAV) closed at USD 134.88 on Thursday, October 29, 2026, up 7.09% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 125.95; the Oct 29, 2026 session ranged USD 125.88–138.43 on volume of 1,721,394 shares. Market capitalization is $6.85B, with a 52-week range of USD 113.15–408.25 (NMS). Source: Nexqual, retrieved October 29, 2026 at 21:59 UTC.
Also available as compact Markdown for AI agents: nexqual.com/AVAV.md
Key facts (AVAV)
- Last four reported quarters (through Aug 1, 2026): revenue $2.00B, net income -$203M (-10.1% margin), free cash flow -$25.0M (SEC filings).
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $355K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.96 on a 1–5 scale) (24 analysts), mean target USD 213.07 (range 148.57–315).
- Total return with dividends: 1Y -63.1% vs S&P 500 +14.4%; 5Y +51.4% vs S&P 500 +79.1%.
- Next earnings: 2026-12-02 (date not yet confirmed by the company), EPS estimate USD 0.42, revenue estimate $510M. All companies reporting that day: https://nexqual.com/earnings/2026-12-02
- Dividend: AVAV paid no cash dividend in the last five years.
- Short interest: 13.01% of float (as of 2026-10-15), 3.3 days to cover.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (AVAV)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $446M | $541M | $717M | $821M | $1.98B | $2.00B |
| Gross profit | $141M | $174M | $284M | $319M | $501M | — |
| Operating income | -$9.9M | -$179M | $71.8M | $40.8M | -$311M | -$253M |
| Net income | -$4.2M | -$176M | $59.7M | $43.6M | -$265M | -$203M |
| EPS (diluted) | -$0.17 | -$7.04 | $2.18 | $1.55 | -$5.40 | — |
| Free cash flow | -$31.9M | -$3.5M | -$7.7M | -$20.9M | -$141M | -$25.0M |
| Gross margin | 31.7% | 32.1% | 39.6% | 38.8% | 25.3% | — |
| Operating margin | -2.2% | -33.1% | 10.0% | 5.0% | -15.7% | -12.6% |
| Net margin | -0.9% | -32.6% | 8.3% | 5.3% | -13.4% | -10.1% |
| Revenue growth | +12.9% | +21.3% | +32.6% | +14.5% | +140.9% | — |
| Cash + short-term investments | $102M | — | — | $40.9M | $632M | — |
| Total debt | $190M | $135M | $28.0M | $30.0M | $748M | — |
Fiscal years end Apr. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Aug 1, 2026) (AVAV)
P/S 3.4x · EV/Sales 3.5x · P/B 1.6x · FCF yield -0.37% · Earnings yield -2.96% · Net debt $167M · EV $7.02B
P/E at fiscal year-ends: Apr 2025 97.9x, Apr 2024 73.2x.
Insider sales (SEC Form 4, open-market, last ~7 months) (AVAV)
9 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Shackley Brian Charles | SVP, Chief Accounting Officer | 100 | $15K | 1.3% | Yes | Too little history (no open-market trades in 2024) |
| 2026-09-15 | Page Stephen F | Director | 250 | $38K | 0.5% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-17 | Page Stephen F | Director | 250 | $48K | 0.5% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-14 | Shackley Brian Charles | SVP, Chief Accounting Officer | 205 | $41K | 2.5% | Yes | Too little history (no open-market trades in 2024) |
| 2026-07-15 | Shackley Brian Charles | SVP, Chief Accounting Officer | 300 | $43K | 3.6% | Yes | Too little history (no open-market trades in 2024) |
| 2026-07-15 | Page Stephen F | Director | 248 | $35K | 0.5% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-15 | Page Stephen F | Director | 250 | $44K | 0.5% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-15 | Page Stephen F | Director | 250 | $41K | 0.5% | Yes | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-15 | Page Stephen F | Director | 250 | $49K | 0.5% | Yes | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (AVAV)
Consensus Buy (mean 1.96 on a 1–5 scale), 24 analysts; mean target USD 213.07 (low 148.57, high 315).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Oppenheimer | Initiated | Outperform | $205 |
| 2026-10-19 | Citizens | Target lowered | Market Outperform | $230 → $170 |
| 2026-10-16 | Macquarie | Initiated | Outperform | $210 |
| 2026-10-09 | Barclays | Initiated | Equal-Weight | $237 |
| 2026-10-06 | Rothschild & Co | Initiated | Neutral | $165 |
| 2026-09-16 | Jefferies | Target lowered | Buy | $229 → $204 |
| 2026-09-11 | B of A Securities | Target lowered | Buy | $225 → $185 |
| 2026-09-10 | Citizens | Reiterated | Market Outperform | $230 |
| 2026-09-10 | JP Morgan | Target raised | Overweight | $200 → $210 |
| 2026-09-10 | UBS | Target raised | Neutral | $166 → $170 |
| 2026-09-10 | Needham | Reiterated | Buy | $225 |
| 2026-09-10 | BTIG | Reiterated | Buy | $205 |
Total return (dividends reinvested) (AVAV)
| 1Y (from 2025-10-30) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -63.1% | +51.4% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -63.3% | +8.6% |
| Volatility (annualized) | 74.9% | 62.4% |
| Max drawdown | -70.1% (Jan 2026→Oct 2026) | -69.0% (Jan 2026→Oct 2026) |
Dividends (AVAV)
AVAV paid no cash dividend in the last five years.
Short interest (AVAV)
4,995,612 shares sold short, 13.01% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,515,776 shares (+10.6%). Days to cover: 3.3 (short shares ÷ average daily volume).
AVAV earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Sep 9, 2026 | Quarter ended Jul 31, 2026 | $0.59 | $0.25 | Beat +136.0% | -1.1% |
| Jun 29, 2026 | Quarter ended Apr 30, 2026 | $1.84 | $1.47 | Beat +25.2% | +19.7% |
| Mar 10, 2026 | Quarter ended Jan 31, 2026 | $0.64 | $0.69 | Miss −7.2% | -8.6% |
| Dec 9, 2025 | Quarter ended Oct 31, 2025 | $0.44 | $0.79 | Miss −44.3% | -13.2% |
| Sep 9, 2025 | — | — | — | — | +4.3% |
| Jun 24, 2025 | — | — | — | — | +22.9% |
| Mar 4, 2025 | — | — | — | — | -4.9% |
| Dec 4, 2024 | — | — | — | — | -14.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
AVAV recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Sep 30, 2026 | 8-K | Shareholder vote results |
| Sep 10, 2026 | 10-Q | Quarterly report · period ended Aug 1, 2026 |
| Sep 9, 2026 | 8-K | Quarterly results; Regulation FD disclosure |
| Aug 14, 2026 | DEF 14A | Proxy statement (pay, board, votes) · period ended Sep 24, 2026 |
| Aug 7, 2026 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure “On August 3, 2026, Charles Thomas Burbage, a member of the AeroVironment, Inc. (the "Company") Board of Directors (the "Board"), notified the Board of his decision to retire from the Board effective upon the expiration of his current term and not stand for re-election as a director of the Company. Mr. Burbage will continue to serve as a director and as a member of the Board's Nominating and Corporate Governance Committee, Compensation Committee and Executive Committee until the completion of his term, which will…” |
| Jul 29, 2026 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure “On July 23, 2026, Stephen Page, a member of the AeroVironment, Inc. (the "Company") Board of Directors (the "Board"), notified the Board of his decision to retire from the Board effective upon the expiration of his current term and not stand for re-election as a director of the Company. Mr. Page will continue to serve as a director and as a member of the Board's Audit Committee and Nominating and Corporate Governance Committee until the completion of his term, which will end at the start of the Company's 2026…” |
| Jul 27, 2026 | Schedule 13G/A | BlackRock, Inc.: 6.7% of shares, passive 5%+ holder (amended) |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
AVAV revenue by business segment (quarter ended Aug 1, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Autonomous Systems | $346.0M | 72.0% | +21.3% |
| Space Cyber & Directed Energy | $134.5M | 28.0% | -20.6% |
| Total revenue | $480.5M | 100% | — |
AVAV revenue by product line (quarter ended Aug 1, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $329.1M | 68.5% | +5.0% |
| Precision Strike & Defense Systems | $197.1M | 41.0% | +8.1% |
| Service | $151.4M | 31.5% | +7.3% |
| Uncrewed Aircraft Systems | $120.2M | 25.0% | +71.1% |
| Cyber & Mission Solutions | $83.0M | 17.3% | -15.6% |
| Space & Directed Energy | $51.5M | 10.7% | -27.4% |
| Product & Service Other | $28.6M | 6.0% | -12.3% |
| Total revenue | $480.5M | 100% | — |
AVAV revenue by region (quarter ended Aug 1, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Geographic Distribution Domestic | $373.6M | 77.8% | +7.6% |
| Geographic Distribution International | $106.9M | 22.2% | -0.6% |
| Total revenue | $480.5M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
AVAV suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | BlueHalo Financing Topco | “If annual budget appropriations or continuing resolutions are not enacted timely, we could face U.S. government shutdowns, which could adversely impact our programs and contracts with the U.S. government (the volume of which materially increased with our BlueHalo acquisition), our ability to receive timely payment from U.S. government entities, our ability to provide services to the U.S. government resulting in lo…” |
| Competitor | Lockheed Martin (LMT) | “Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, Inc., Shield AI, Inc., Northrop Grumman Corporation, Griffon Aerospace, Inc., L3Harris Technologies, Inc., Anduril Industries, Inc., Airbus SE and Israeli Aircraft Industries.” |
| Competitor | Boeing (BA) | “Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, Inc., Shield AI, Inc., Northrop Grumman Corporation, Griffon Aerospace, Inc., L3Harris Technologies, Inc., Anduril Industries, Inc., Airbus SE and Israeli Aircraft Industries.” |
| Competitor | RTX (Raytheon) (RTX) | “Competitors in the LMS market include Textron Inc., RTX Corporation, Lockheed Martin Corporation, Anduril Industries, Inc., Aevex Corp., SpektreWorks, Inc., Dragoon Technology LLC, Cummings Aerospace, Inc., Elbit Systems Ltd., and UVision Air Ltd. Competitors in the C-UAS and Electronic Warfare markets include Anduril Industries, Inc., The Boeing Company, Lockheed Martin Corporation, RTX Corporation, DroneShield L…” |
| Competitor | Airbus | “Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, Inc., Shield AI, Inc., Northrop Grumman Corporation, Griffon Aerospace, Inc., L3Harris Technologies, Inc., Anduril Industries, Inc., Airbus SE and Israeli Aircraft Industries.” |
Quoted from the company's 10-K filed Jun 29, 2026.
Companies that name AVAV in their SEC reports
| Relationship to AVAV | Company | Filing | Sentence |
|---|---|---|---|
| partner | Red Cat Holdings, Inc. (RCAT) | 10-K Mar 19, 2026 | “Partnership to Enable FANG™ FPV Drone Deployment from AeroVironment's P550™ UAS” |
| supplier | KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (KTOS) | 10-K Feb 23, 2026 | “A representative list of non-government customers during 2025 included tier one, large U.S. Government contractors and system integrators such as Northrop Grumman, Lockheed Martin, General Dynamics, Raytheon Technologies, BAE Systems, and L3Harris, as well as Intelsat (acquired by SES), Blue Halo (acquired by AeroVironment), Microsoft, Amazon, Airbus, Siemens, Rolls Royce, Boom, GE Aerospace and others.” |
| customer | DEFSEC Technologies Inc. (DFSC) | 20-F Dec 29, 2025 | “DEFSEC started to collaborate with a United States military drone supplier, AeroVironment, Inc. ("AeroVironment").” |
AVAV customer concentration
In the period ended Apr 30, 2026, 3 direct customers each accounted for at least 10% (85%, 28%, 25%) of revenue, per the company's 10-K filed Jun 29, 2026. The company does not name them.
AVAV analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Oct 2026) | $0.42 | $0.55 | -22.9% | $510.4M | 19 |
| Next quarter (ends Jan 2027) | $0.78 | $0.88 | -11.1% | $529.6M | 19 |
| Current fiscal year (ends Apr 2027) | $3.26 | $3.24 | +0.7% | $2.20B | 23 |
| Next fiscal year (ends Apr 2028) | $4.41 | $4.42 | -0.3% | $2.54B | 22 |
AVAV options: expected move
Options price a move of about ±16.0% (±$21.35) by Dec 4, 2026, which includes earnings on Dec 2, 2026; the earnings reaction alone is priced at about ±5.6%. Over the last 8 reports the stock moved ±11.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 1 | 92.5% | ±4.0% |
| Nov 6, 2026 | 8 | 72.5% | ±8.7% |
| Nov 13, 2026 | 15 | 62.6% | ±10.3% |
| Nov 20, 2026 | 22 | 64.3% | ±12.8% |
| Nov 27, 2026 | 29 | 60.0% | ±13.8% |
| Dec 4, 2026 | 36 | 62.9% | ±16.0% |
| Dec 11, 2026 | 43 | 67.1% | ±18.6% |
| Dec 18, 2026 | 50 | 71.9% | ±21.5% |
30-day implied volatility 62.4% vs 42.8% realized over the last 30 trading days. Put/call ratio (volume) 0.23. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 21:59 UTC)
| Price | USD 134.88 |
|---|---|
| Change | ▲ 7.09% (up) |
| Previous Close | USD 125.95 |
| Open | USD 125.88 |
| Day Range | USD 125.88 – 138.43 |
| 52-Week Range | USD 113.15 – 408.25 |
| Volume | 1,721,394 shares |
| Market Cap | $6.85B |
| Exchange | NMS |
Technical Analysis (AVAV)
Nexqual's technical model rates AVAV "SELL" based on 2 bullish and 4 bearish signals across 127 daily candles, as of October 29, 2026 at 21:59 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 52.79 (neutral) |
| vs SMA50 | Below (USD 141.82) |
| MACD | -5.34 (negative) |
Analyst Ratings (AVAV)
Wall Street analysts rate AVAV "Buy" based on 24 analysts, with a mean price target of USD 213.07 (range USD 148.57–315), per Nexqual as of October 29, 2026 at 21:59 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 24 |
| Mean Target | USD 213.07 |
| High Target | USD 315 |
| Low Target | USD 148.57 |
| Buy / Hold / Sell | 19 / 5 / 0 |
Earnings (AVAV)
| Next Earnings Date | 2026-12-02 |
|---|---|
| EPS Estimate | USD 0.42 |
| Revenue Estimate | $510.43M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-07-31 | USD 0.59 vs est 0.25 ▲ beat |
| 2026-04-30 | USD 1.84 vs est 1.47 ▲ beat |
| 2026-01-31 | USD 0.64 vs est 0.69 ▼ miss |
| 2025-10-31 | USD 0.44 vs est 0.79 ▼ miss |
Source: Nexqual, October 29, 2026 at 21:59 UTC.
Financials & Fundamentals (AVAV)
| Total Revenue | $2.00B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +5.70% |
| Gross Margin | +26.47% |
| Operating Margin | -2.27% |
| Profit Margin | -10.13% |
| ROE | -4.60% |
| Debt / Equity | 0.19 |
| Current Ratio | 4.26 |
| Total Cash | $580.23M |
| Total Debt | $850.82M |
| Free Cash Flow (last four quarters to Aug 2026, SEC 10-Q / 10-K) | -$25.03M (-1.2% of revenue) |
Source: Nexqual, October 29, 2026 at 21:59 UTC.
Financial Health Score (AVAV)
Nexqual rates AeroVironment, Inc.'s overall financial health "Mixed" across five dimensions, as of October 29, 2026 at 21:59 UTC.
| Growth | Strong — Revenue +141% YoY (annual) |
|---|---|
| Profitability | Weak — Gross margin 26%, operating -13% (last 4 quarters to Aug 2026, SEC) |
| Balance Sheet | Strong — $580M cash and investments vs $748M debt (Aug 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$25M (last 4 quarters to Aug 2026, SEC), burning cash |
| Efficiency | Critical — ROE -5%, ROA -3.5% (last 4 quarters, SEC) |
Ownership (AVAV)
| Insider Ownership | +0.90% |
|---|---|
| Institutional Ownership | +88.71% |
| Shares Outstanding | 50.82M |
| Float | 38.07M |
| Short % of Float | +13.01% |
Source: Nexqual, October 29, 2026 at 21:59 UTC.
Leadership (AVAV)
AeroVironment, Inc. is led by Wahid Nawabi, Chairman of the Board, President & CEO, per Nexqual as of October 29, 2026 at 21:59 UTC.
| Chairman of the Board, President & CEO | Wahid Nawabi |
|---|---|
| President of Autonomous Systems | Trace E. Stevenson |
| President of Space, Cyber & Directed Energy | Mary Clum |
| Executive VP & CFO | Sean T. Woodward |
| Executive VP & COO | Robert F. Smith |
Major Backers & Investors (AVAV)
Notable institutional backers of AeroVironment, Inc. include Baillie Gifford, Heard Capital LLC, Mirae Asset Global ETFs Holdings Ltd., according to Nexqual as of October 29, 2026 at 21:59 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Baillie Gifford | 1.9% |
| Heard Capital LLC | 1.78% |
| Mirae Asset Global ETFs Holdings Ltd. | 1.68% |
| Invesco | 1.37% |
| Van Eck Associates Corporation | 1.21% |
| GLOBAL X FUNDS-Global X Defense Tech ETF | 0.77% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 6.85% |
| Vanguard Group | 6.29% |
| State Street | 4.31% |
| Geode Capital | 1.32% |
Source: Nexqual, October 29, 2026 at 21:59 UTC.
From AeroVironment, Inc.'s Latest SEC 10-K Filing (filed 2026-06-29)
Key Strengths & Strategy (as disclosed to the SEC)
- DoD, including retired General and Flag Officers and Senior Executive Service members, each with many decades of experience.
- Delivering these capabilities enables us to create new markets, gain share in existing markets, and benefit from overall market expansion with increased adoption of these critical new technologies.
- In other cases, such innovations become entirely new solutions that enable us to address new markets, customers and business opportunities.
- We believe our strategy, which is focused on R&D investments, will allow us to deliver innovative new products and services that address market needs both within and beyond our current target markets, enabling the creation of new growth opportunities.
Legal & Regulatory Risks (Item 1A, quoted)
- We could be prohibited from shipping our products to certain countries if we are unable to obtain U.S. government authorization regarding the export of our products and services, or if current or future export laws limit or otherwise restrict our business.
- The deployment of C-UAS that utilize RF and directed energy is subject to stringent regulatory scrutiny, which could limit the sales and operational deployment of these technologies.
- We are subject to various legal proceedings and claims, and additional lawsuits may arise in the future.
- The manufacture and sale of our products in certain states and countries may subject us to environmental and other regulations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SARO | StandardAero, Inc. | USD 23.79 | ▲ 7.11% |
| KTOS | Kratos Defense & Security Solut | USD 43.59 | ▲ 5.88% |
| CAE | CAE Inc | USD 26.27 | ▲ 1.98% |
| DRS | Leonardo DRS, Inc. | USD 39.64 | ▲ 11.66% |
| MOG-A | Moog Inc. | USD 362.81 | ▲ 4.41% |
| HII | Huntington Ingalls Industries, | USD 316.21 | ▲ 13.23% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 21:59 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt