M&A - INNOVATIVE SOLUTIONS & SUPPORT INC

Form Type: 10-Q

Filing Date: 2025-02-14

Corporate Action: Acquisition

Type: Update

Accession Number: 000155837025001027

Filing Summary: Innovative Solutions & Support, Inc. filed its quarterly report on Form 10-Q for the period ended December 31, 2024. The company reported total net sales of $15,968,729 for the quarter, which includes $9,984,234 in product sales and $5,984,495 in services. A significant acquisition was made effective September 27, 2024, through an Asset Purchase and License Agreement with Honeywell, where ISSC obtained certain military display generator and flight control computer assets for $14.2 million, enhancing its product offerings and operational synergies. Moreover, the company completed additional key asset acquisitions from Honeywell over the past two years, totaling $54.3 million. As of February 6, 2025, ISSC had cash and cash equivalents of $604,561, showing an upward trend from previous quarters. The balance sheet indicates total assets of $81,253,935 and total liabilities of $33,482,427, with shareholders equity at $47,771,508. These financial figures highlight the company's solid position in the aviation market and optimistic growth potential due to strategic acquisitions.

Form Type: 10-K

Filing Date: 2024-12-30

Corporate Action: Acquisition

Type: New

Accession Number: 000155837024016501

Filing Summary: Innovative Solutions & Support, Inc. reported a significant growth trajectory in fiscal year 2024, culminating with a net sales increase of 35.6% to $47.2 million, up from $34.8 million in the previous fiscal year. The company's net income rose 16.1% to $7.0 million. Noteworthy is the company’s backlog of $89.2 million as of September 30, 2024, which included $74.3 million derived from a recent acquisition on September 27, 2024. The company has made strides in its commercial growth strategy, achieving crucial awards and contracts, including a multi-million dollar production contract for a Multifunction Display with Integrated Mission Computer from a major aerospace company. Furthermore, IS&S has executed several Asset Purchase and License Agreements with Honeywell International, significantly enhancing its capabilities in communication and navigation product lines, essential for military display generators and flight control computers. Total cash consideration for these agreements reached approximately $54 million, highlighting IS&S’s strategic focus on expanding its service offerings in the aviation sector.