Saab unveiled the A3 collaborative combat aircraft concept, an autonomous, tailless, supersonic, double-delta-wing air vehicle intended for rapid development in the early 2030s. ^[1] Piper Sandler initiated coverage on Aevex with a Neutral rating and a $20 price target. ^[2] Shares of Aevex fell nearly 3.9% in morning trading to reach $16.23 after Piper Sandler initiated coverage on the unmanned systems maker. ^[3] Peter Nilsson, head of Saab's advanced programs unit, stated that the A3 is an offer to help the Swedish Air Force move into the unmanned space and complement the Gripen E in combat. ^[4] Saab argues that collaborative combat aircraft will inevitably become more high-end due to mission creep, requiring certification for routine operation in controlled European airspace. ^[5] Saab is developing the A1 demonstrator, a supersonic autonomous low-observable aircraft powered by the GE Aerospace F414 engine, planned to fly within the next 15 months. ^[6] The Phoenix Ghost and EUCOM Deep Strike program has accounted for more than 90% of systems delivered or committed through fiscal year 2026. ^[7] The Phoenix Ghost and EUCOM Deep Strike program is set to expire without a pending renewal, raising concerns about the company's post-2026 growth profile. ^[8]