ISSCHIGH SIGNALFINANCIAL10-K

ISSC shows explosive growth with revenue increasing 309% and capital expenditures surging 890%, indicating significant business expansion.

The massive revenue jump from $3.4M to $13.9M alongside the 890% increase in capital expenditures suggests ISSC is in a major growth phase, possibly executing on the large backlog mentioned in removed language. However, the 129% increase in current liabilities and 84% jump in interest expense indicates the company is leveraging heavily to fund this expansion, creating both opportunity and financial risk.

Comparing 2025-12-23 vs 2024-12-30View on EDGAR →
FINANCIAL ANALYSIS

ISSC demonstrates extraordinary growth across all key metrics, with revenue exploding 309% to $13.9M and net income more than doubling to $15.6M, while operating cash flow surged 130% to $13.3M. The company significantly ramped up capital investment (up 890% to $6.5M) and nearly doubled inventory to $25.8M, suggesting aggressive capacity expansion. However, current liabilities more than doubled and interest expense increased 84%, indicating the growth is being funded through increased debt and working capital financing, which investors should monitor for sustainability.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+890%
$658K→$6.5M

Capital expenditure jumped 890% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+399.8%
$539K→$2.7M

Cash position surged 399.8% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+308.6%
$3.4M→$13.9M

Strong top-line growth of 308.6% — accelerating demand or successful expansion into new markets.

Share Buybacks
Cash Flow
+185.2%
$254K→$725K

Share repurchases increased 185.2% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+129.5%
$5.8M→$13.3M

Operating cash flow surged 129.5% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+129.3%
$7.3M→$16.7M

Current liabilities surged 129.3% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
+123.3%
$7.0M→$15.6M

Net income grew 123.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+107.8%
$9.7M→$20.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Inventory
Balance Sheet
+102.7%
$12.7M→$25.8M

Inventory surged 102.7% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Interest Expense
P&L
+84.1%
$937K→$1.7M

Interest expense surged 84.1% — significant debt increase or rising rates materially impacting earnings.

LANGUAGE CHANGES
NEW — 2025-12-23
PRIOR — 2024-12-30
ADDED
As of November 30, 2025, there were 17,752,354 outstanding shares of the registrant s common stock.
SUMMARY OF RISK FACTORS The following is a summary of the principal risks described in Part I, Item 1A.
We believe that the risks described in the Risk Factors section are material to investors, but other factors not presently known to us or that we currently believe are immaterial may also adversely affect us.
The following summary should not be considered an exhaustive summary of the material risks facing us, and it should be read in conjunction with the Risk Factors section and the other information contained in this Annual Report on Form 10-K.
If the Company fails to modify or improve its products in response to evolving industry standards and government regulations, its products could become obsolete rapidly.
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REMOVED
As of December 18, 2024, there were 17,536,418 outstanding shares of the registrant s common stock.
INTRODUCTION As used in this Annual Report on Form 10-K, unless expressly stated otherwise or the context otherwise requires, the terms ISSC or the Company , we , us and our , refers to Innovative Solutions Support and its subsidiaries.
In the fiscal year 2024 ended September 30, 2024, we reported net sales of $47.2 million, an increase of 35.6% on a year-over-year basis from $34.8 million in the fiscal year ended 2023, and net income of $7.0 increased 16.1% from $6.0 million in fiscal 2023.
At September 30, 2024, our backlog was $89.2 million compared with $13.5 million at September 30, 2023.
We expect to recognize approximately 65% of our backlog over the next 12 months and approximately 98% over the next 24 months as revenue, with the remainder recognized thereafter.
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