EXTON, PA — Innovative Solutions & Support, Inc. (Nasdaq: ISSC) has reported significant growth for the fourth quarter and full year 2024, driven by strong demand for its advanced avionics solutions and recent acquisitions.
For the fourth quarter, IS&S posted $15.4 million in revenue, marking an 18.4% year-over-year increase. Gross profit reached $8.5 million, with a gross margin of 55.4%. Net income for the quarter stood at $3.2 million, or $0.18 per diluted share. Adjusted EBITDA rose to $5.6 million, a 16.9% increase from the prior year.
Full-year 2024 results demonstrated robust performance, with revenue climbing 35.6% to $47.2 million. Gross profit reached $25.9 million, and adjusted EBITDA grew by 42.5% to $13.7 million. Net income totaled $7.0 million, or $0.40 per diluted share.
Shahram Askarpour, CEO of IS&S, highlighted the company’s progress in developing cutting-edge aviation technologies. “This was a transformative year for IS&S, which featured significant year-over-year growth in revenue, net income, and EBITDA,” he stated. “Our unique capabilities in advanced avionics solutions have positioned us as a preferred partner for fleet modernization and retrofit markets. Looking ahead, we are well-positioned for another consecutive year of profitable growth in FY 2025.”
The integration of product lines acquired from Honeywell played a significant role in the company’s 2024 growth, adding technologies that support IS&S’s autonomous flight initiatives. Demand from U.S. and allied military programs further supported revenue growth. Additionally, the company is preparing to launch its next-generation Utility Management System (UMS2) in 2025. This AI-capable system aims to enhance cockpit automation and crew efficiency, presenting significant market potential.
On financial strategy, CFO Jeffrey DiGiovanni emphasized IS&S’s focus on long-term value creation. “We’ve increased our financial flexibility to support growth investments while maintaining efficient free cash flow generation,” he said. “The capacity increase in our credit facility to $35 million ensures we can continue to invest in innovations and expansion opportunities.”
With its focus on product development, operational efficiency, and disciplined capital allocation, IS&S is poised to sustain its growth and strengthen its position as a leader in the advanced avionics market.
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