INNOVATIVE SOLUTIONS & SUPPORT INC IA
Incorporated in Pennsylvania in 1988, IA is a vertically integrated provider of flight solutions and equipment to commercial air transport, general aviation markets, the United States Department of Defense ("DoD") and allied foreign militaries.
On October 6, 2025, the Company rebranded and adopted our new trade name, Innovative Aerosystems.
We operate in one business segment that designs, develops, manufactures, sells and services avionics products and systems for retrofit applications and Original Equipment Manufacturers ("OEMs").
In the fiscal year ended September 30, 2025, we reported net sales of $84.3 million, an increase of 78.6% on a year-over-year basis from $47.2 million in the fiscal year ended September 30, 2024, and net income of $15.6 million, an increase of 123.3% on a year-over-year basis from $7.0 million in the fiscal year ended September 30, 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84.3M | $47.2M | $34.8M | $27.7M | $23.0M | $21.6M | $17.6M | $13.9M | $16.8M | $28.0M |
| Cost of revenue | $43.8M | $21.3M | $13.5M | $11.1M | $10.3M | $9.8M | $7.7M | $7.3M | $8.7M | $11.5M |
| Gross profit | $40.5M | $25.9M | $21.3M | $16.7M | $12.8M | $11.8M | $9.9M | $6.5M | $8.1M | $16.5M |
| R&D | $4.0M | $4.1M | $3.1M | $2.7M | $2.6M | $3.0M | $2.5M | $3.6M | $4.5M | $4.9M |
| SG&A | $16.4M | $12.1M | $10.8M | $6.8M | $6.3M | $6.1M | $5.9M | $6.7M | $3.7M | $9.2M |
| Total operating expenses | $20.4M | $16.3M | $14.0M | $9.5M | $8.9M | $9.1M | $8.4M | $10.2M | $8.2M | $14.0M |
| Operating income | $20.1M | $9.7M | $7.4M | $7.2M | $3.9M | $2.7M | $1.5M | -$3.7M | -$77.6K | $2.4M |
| Interest expense | $1.7M | $937.3K | $393.3K | — | — | — | — | — | — | — |
| Pre-tax income | $20.0M | $8.9M | $7.6M | $7.3M | $4.0M | $3.0M | $1.9M | -$3.6M | $4.8M | $2.6M |
| Income tax | $4.3M | $1.9M | $1.6M | $1.8M | $1.1M | $1.1M | $1.8K | $63.7K | $247.9K | $568.3K |
| Net income | $15.6M | $7.0M | $6.0M | $5.5M | $5.1M | $5.1M | $1.9M | -$3.7M | $4.6M | $2.0M |
| EPS, basic | 0.89 | 0.40 | 0.35 | 0.32 | 0.29 | 0.19 | 0.11 | -0.22 | 0.27 | 0.12 |
| EPS, diluted | 0.88 | 0.40 | 0.35 | 0.32 | 0.29 | 0.19 | 0.11 | -0.22 | 0.27 | 0.12 |
| Shares, diluted (wtd. avg.) | $17.8M | $17.5M | $17.4M | $17.3M | $17.2M | $17.1M | $16.9M | $16.8M | $16.9M | $17.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.7M | $539.0K | $3.1M | $17.3M | $8.3M | $8.3M | $23.8M | $20.4M | $24.7M | $18.8M |
| Receivables | $13.0M | $12.6M | $9.7M | $4.3M | $4.0M | $4.4M | $2.3M | $3.4M | $2.7M | $4.5M |
| Inventory | $25.8M | $12.7M | $6.1M | $5.3M | $4.5M | $4.3M | $4.5M | $4.3M | $4.2M | $3.6M |
| Total current assets | $50.7M | $34.7M | $34.7M | $28.2M | $17.7M | $33.1M | $30.0M | $28.7M | $34.2M | $29.4M |
| Property, plant and equipment | $18.8M | $13.4M | $7.9M | $6.3M | $8.1M | $8.2M | $8.4M | $8.8M | $6.7M | $7.0M |
| Goodwill | $6.7M | $5.2M | $3.6M | — | — | — | — | — | — | — |
| Other intangibles | $23.6M | $27.0M | $16.2M | $60.3K | $62.5K | $112.9K | $49.2K | $68.6K | $68.6K | $71.2K |
| Total assets | $103.4M | $82.4M | $63.0M | $34.7M | $27.1M | $41.5M | $38.6M | $37.6M | $41.0M | $36.5M |
| Accounts payable | $3.6M | $2.3M | $1.3M | $708.8K | $623.6K | $790.9K | $1.1M | $1.5M | $1.3M | $1.5M |
| Short-term debt | $2.4M | — | $2.0M | — | — | — | — | — | — | — |
| Total current liabilities | $16.7M | $7.3M | $6.4M | $3.9M | $2.5M | $13.6M | $2.2M | $3.3M | $3.4M | $3.6M |
| Long-term debt | $21.7M | $28.0M | $17.5M | — | — | — | — | — | — | — |
| Total liabilities | $38.8M | $35.7M | $24.3M | $4.0M | $2.5M | $13.8M | $2.3M | $3.5M | $3.4M | $3.6M |
| Retained earnings | $28.3M | $12.7M | $5.7M | -$359.0K | -$5.9M | -$2.3M | $5.6M | $3.7M | $7.4M | $2.8M |
| Total equity | $64.6M | $46.6M | $38.6M | $30.7M | $24.6M | $27.8M | $36.2M | $34.2M | $37.6M | $32.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.3M | $5.8M | $2.1M | $6.1M | $4.6M | $4.6M | $2.1M | -$1.7M | $6.1M | $3.6M |
| Depreciation and amortisation | $3.7M | $2.1M | $697.9K | $368.5K | $373.1K | $432.2K | $451.3K | $436.2K | $449.2K | $493.4K |
| Stock-based compensation | $2.3M | $1.0M | $1.5M | — | — | — | — | — | — | — |
| Capital expenditure | $6.5M | $657.8K | $298.4K | $161.2K | $340.7K | $340.7K | $81.3K | $2.5M | $153.0K | $352.8K |
| Investing cash flow | -$6.5M | -$16.9M | -$36.2M | $2.6M | -$340.7K | -$340.7K | -$81.3K | -$2.5M | -$153.0K | -$351.7K |
| Financing cash flow | -$4.6M | $8.5M | $19.9M | $301.2K | -$19.8M | -$19.8M | — | — | — | -$724.8K |
| Dividends paid | — | — | — | — | $19.8M | $19.8M | — | — | — | — |
| Buybacks | — | — | — | — | — | — | — | — | — | $724.8K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-006952.
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