Business
Innovative Solutions & Support Reports Third Quarter 2024 Results
EXTON, Pa.--(BUSINESS WIRE)-- Innovative Solutions & Support, Inc. (Nasdaq: ISSC) ("IS&S" or the "Company"), a company specializing in the engineering,
About this update from Innovative Solutions And Support, Inc.
[{"type":"text","content":" EXTON, Pa.--(BUSINESS WIRE)--\nInnovative Solutions & Support, Inc. (Nasdaq: ISSC) (\"IS&S\" or the \"Company\"), a company specializing in the engineering, manufacturing, and supply of advanced avionic solutions, today reported financial results for the three and nine months ended June 30, 2024. Investors are encouraged to read the Company’s quarterly report on Form 10-Q when it is filed with the Securities and Exchange Commission (the “SEC”), which will contain additional details, and will be posted at www.innovative-ss.com.\n\n\nTHIRD QUARTER 2024 HIGHLIGHTS\n(all comparisons versus the prior year period unless otherwise noted)\n\n\n\nNet revenue of $11.8 million, +47.8%\n\n\n\nGross profit of $6.3 million, +32.6%; gross margin of 53.4%\n\n\n\nNet Income of $1.6 million, or $0.09 per diluted share; Adjusted Net Income(1) of $1.9 million, or $0.11 per diluted share\n\n\n\nAdjusted EBITDA(2) of $3.1 million, +61%\n\n\n\nYear-to-date free cash flow(3) of $4.8 million, up from $0.8 million\n\n\n\nNet leverage of 0.8x as of June 30, 2024\n\n\n\n\n\n(1)\n\n\n\n\n\n\n\nAdjusted net income and adjusted diluted EPS are non-GAAP measures. Reconciliations of adjusted net income to net income and of adjusted diluted EPS to diluted earnings per share, the most directly comparable GAAP financial measures, are set forth in the reconciliation table accompanying this release.\n\n\n\n\n\n\n\n\n(2)\n\n\n\n\n\n\n\nAdjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. Reconciliation of adjusted EBITDA and adjusted EBITDA margin to net income, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release.\n\n\n\n\n\n\n\n\n(3)\n\n\n\n\n\n\n\nFree cash flow is a non-GAAP measure. Reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release.\n\n\n\n\n\n\n\nMANAGEMENT COMMENTARY\n\n\n“Our positive business momentum continued during the third quarter, as program execution on both new and existing platforms contributed to a 48% increase in total revenue from the third quarter last year,” stated Shahram Askarpour, Chief Executive Officer of IS&S. “Specifically, we continue to benefit from strong execution under our previously acquired Honeywell prod...