INNOVATIVE SOLUTIONS & SUPPORT INC IA

Technology SIC 7371 - Services-Computer Programming Services NAICS Professional, Scientific, and Technical Services › Computer Systems Design and Related Services › Custom Computer Programming Services derived Nasdaq

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.

Last close 19.66 2026-10-23
Market cap $351.9M 2026-06-30 share count
52-week range 17.56 - 25.08

Valuation FY2025 figures against the last close

P/S4.2x
P/E22.3x
P/FCF51.8x
EV/EBITDA15.7x
Dividend yield—
Diluted EPS0.88

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.890.400.350.320.290.190.11-0.220.270.12
EPS, diluted 0.880.400.350.320.290.190.11-0.220.270.12
Shares, diluted (wtd. avg.) 17.8M17.5M17.4M17.3M17.2M17.1M16.9M16.8M16.9M17.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -25M 0 25M 50M 75M 100M Revenue, FY2016: 28M Gross profit, FY2016: 16.5M Net income, FY2016: 2M Revenue, FY2017: 16.8M Gross profit, FY2017: 8.1M Net income, FY2017: 4.6M Revenue, FY2018: 13.9M Gross profit, FY2018: 6.5M Net income, FY2018: -3.7M Revenue, FY2019: 17.6M Gross profit, FY2019: 9.9M Net income, FY2019: 1.9M Revenue, FY2020: 21.6M Gross profit, FY2020: 11.8M Net income, FY2020: 5.1M Revenue, FY2021: 23M Gross profit, FY2021: 12.8M Net income, FY2021: 5.1M Revenue, FY2022: 27.7M Gross profit, FY2022: 16.7M Net income, FY2022: 5.5M Revenue, FY2023: 34.8M Gross profit, FY2023: 21.3M Net income, FY2023: 6M Revenue, FY2024: 47.2M Gross profit, FY2024: 25.9M Net income, FY2024: 7M Revenue, FY2025: 84.3M Gross profit, FY2025: 40.5M Net income, FY2025: 15.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $28.0M $16.8M $13.9M $17.6M $21.6M $23.0M $27.7M $34.8M $47.2M $84.3M
Gross profit $16.5M $8.1M $6.5M $9.9M $11.8M $12.8M $16.7M $21.3M $25.9M $40.5M
Net income $2.0M $4.6M -$3.7M $1.9M $5.1M $5.1M $5.5M $6.0M $7.0M $15.6M

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Material agreement signed Item 1.01
  • Acquisition or disposal completed Item 2.01
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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