Avex Just Posted Its Best Quarter Ever... So Why Is The Stock Getting Destroyed?

I've been digging into AVEX after the recent selloff, and I'm struggling to understand why the market is treating it like the business suddenly broke.
A few numbers caught my attention:
Revenue went from $53M to $217M YoY (+307%).
They also went from losing $27M last year to making $21M this quarter, and EBITDA swung from -$13M to +$36M.
Those aren't the numbers I'd expect from a company whose stock has been getting crushed.
From what I can tell, the biggest reason for the selloff was the recent share offering. Dilution definitely hurts existing shareholders, but raising capital doesn't automatically mean the business is deteriorating.
The biggest bear case I see is that they're heavily dependent on defense contracts. If government spending slows or large programs get delayed, the growth story changes quickly.
On the other hand, if they keep converting their backlog into revenue and maintain these margins, today's valuation looks a lot more interesting than it did a month ago.
I'm not saying this is a guaranteed winner. It's a volatile small-cap defense company, and those can stay cheap for a long time.
I'm just surprised the discussion seems to be entirely about the stock price while the actual operating results have improved so much.
For anyone following AVEX, what am I overlooking? Is the market correctly pricing the contract risk, or is this just another case where dilution scared everyone away?

Sources:
Investor Relations (Quarterly Results): https://ir.aevex.com/financials/quarterly-results/default.aspx
Q1 2026 earnings release: https://www.businesswire.com/news/home/20260520426336/en/AEVEX-Corp.-Announces-Financial-Results-for-First-Quarter-2026
Goldman Sachs initiation coverage (reported by Investing.com): https://www.investing.com/news/analyst-ratings/goldman-sachs-initiates-aevex-stock-coverage-with-buy-rating-93CH-4679236
MarketWatch company page: https://www.marketwatch.com/investing/stock/avex