This paper presents test results and performance characterization of the first fixed-wing unmanned vehicle capable of full cross-domain operation in both the aerial and underwater environments with repeated transition and low-energy loitering capabilities. This vehicle concept combines the speed and range of an aircraft with the persistence, diving capabilities, and stealth of a submersible. The paper describes the proof-of-concept vehicle including its concept of operations, the approaches employed to achieve the required functions, and the main components and subsystems. Key subsystems include a passively flooding and draining wing, a single motor and propeller combination for propulsion in both domains, and aerodynamic–hydrodynamic control surfaces. Experiments to quantify the vehicle performance, control responses, and energy consumption in underwater, surface, and flight operation are presented and analyzed. Results of several full-cycle tests are presented to characterize and illustrate each stage of operation including surface locomotion, underwater locomotion, water egress, flight, and water ingress. In total, the proof-of-concept vehicle demonstrated 12 full-cycle cross-domain missions including both manually controlled and autonomous operation.