IA on Nasdaq

INNOVATIVE SOLUTIONS & SUPPORT INC

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.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerIA on Nasdaq1
  • IndustryServices-Computer Programming Services1
  • HeadquartersExton, Pennsylvania1
  • Incorporated inPA2
  • Business address720 Pennsylvania Drive, Exton, Pa 193412
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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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.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

48.1%Gross margin4
23.8%Operating margin4
18.5%Net margin4
78.6%Revenue growth, 20254
24.2%Return on equity4
0.34×Debt to equity4
$6.8MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 64% of the revenue INNOVATIVE SOLUTIONS & SUPPORT INC broke down this way in fiscal 2025.

  1. Product$54.1M464%up 123% from 2024
  2. Service$30.2M436%up 32% from 2024
Products and services by year
Products and services202320242025
Product$22.6M$24.3M$54.1M
Service$12.2M$22.9M$30.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue51¢$43.8M
  • Research and development5¢$4.0M
  • Selling, general and admin19¢$16.4M
  • Interest2¢$1.7M
  • Income tax5¢$4.3M
  • Profit18¢$15.6M

Out of $84.3M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending49¢$6.5M
  • Kept or used elsewhere51¢$6.8M

Out of $13.3M of cash from operations.4

Financial statements

Revenue56784$84.3M in 2025+380% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $17.6M$17.6M20192020: $21.6M$21.6M2020+23%2021: $23.0M$23.0M2021+7%2022: $27.7M$27.7M2022+20%2023: $34.8M$34.8M2023+25%2024: $47.2M$47.2M2024+36%2025: $84.3M$84.3M2025+79%
Gross profit56784$40.5M in 2025+309% since 2019
0$20.0M$40.0M$60.0M2019: $9.9M$9.9M20192020: $11.8M$11.8M2020+19%2021: $12.8M$12.8M2021+8%2022: $16.7M$16.7M2022+30%2023: $21.3M$21.3M2023+28%2024: $25.9M$25.9M2024+22%2025: $40.5M$40.5M2025+56%
Operating income56784$20.1M in 2025+1213% since 2019
0$10.0M$20.0M$30.0M2019: $1.5M$1.5M20192020: $2.7M$2.7M2020+80%2021: $3.9M$3.9M2021+42%2022: $7.2M$7.2M2022+85%2023: $7.4M$7.4M2023+2%2024: $9.7M$9.7M2024+31%2025: $20.1M$20.1M2025+108%
Net income56784$15.6M in 2025+745% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $1.9M$1.9M20192020: $3.3M$3.3M2020+77%2021: $5.1M$5.1M2021+55%2022: $5.5M$5.5M2022+9%2023: $6.0M$6.0M2023+9%2024: $7.0M$7.0M2024+16%2025: $15.6M$15.6M2025+123%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-09-302024-09-302023-09-30
Total net sales$84.3M$47.2M$34.8M
Total cost of sales$43.8M$21.3M$13.5M
Gross profit$40.5M$25.9M$21.3M
Research and development$4.0M$4.1M$3.1M
Selling, general and administrative$16.4M$12.1M$10.8M
Total operating expenses$20.4M$16.3M$14.0M
Operating income$20.1M$9.7M$7.4M
Interest expense-$1.7M-$937.3K-$393.3K
Interest income$18.9K$127.3K$518.2K
Other income$1.6M$151.3K
Income before income taxes$20.0M$8.9M$7.6M
Income tax expense$4.3M$1.9M$1.6M
Net income$15.6M$7.0M$6.0M
Basic (in dollars per share)$0.89$0.40$0.35
Diluted (in dollars per share)$0.88$0.40$0.35
Basic (in shares)17.6M shares17.5M shares17.4M shares
Diluted(in shares)17.8M shares17.5M shares17.4M shares

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Leadership

Who has led INNOVATIVE SOLUTIONS & SUPPORT INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Geoffrey S. M. Hedrick2007–2014
  2. Raymond J. Wilson2008
  3. Shahram Askarpour2023–now

Chair

  1. Geoffrey S. M. Hedrick2009

President

  1. Shahram Askarpour2012–2020

Chief financial officer

  1. John C. Long2008
  2. Ronald Albrecht2010–2013
  3. Relland Winand2014–2023
  4. Michael Linacre2022–2023
  5. Jeffrey Digiovanni2024–now
2010201520202025
Board members and other officers (15)

Timeline

  1. Jan 13, 2023New chief executive Shahram Askarpour becomes CEO12
  2. Jan 22, 2008New chief executive Raymond J. Wilson becomes CEO13
  3. Jun 18, 2007New chief executive Geoffrey S. M. Hedrick becomes CEO14

Filings

306 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 63 major events, 165 insider forms, 22 large holders, 32 other. The latest 20:

  1. Oct 7, 20268-K/A EDGAR
  2. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Sep 4, 20268-K/A EDGAR
  4. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Aug 13, 202610-Q EDGAR
  8. Aug 13, 20268-K EDGAR
  9. Jul 28, 2026SCHEDULE 13G EDGAR
  10. Jul 21, 20268-K EDGAR
  11. Jul 15, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Jul 15, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Jul 10, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jul 6, 20264 OWNERSHIP DOCUMENT EDGAR
  15. May 21, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 20, 20264 OWNERSHIP DOCUMENT EDGAR
  17. May 20, 20264 OWNERSHIP DOCUMENT EDGAR
  18. May 15, 202610-Q EDGAR
  19. May 14, 20268-K EDGAR
  20. May 1, 20264/A OWNERSHIP DOCUMENT EDGAR

The 306 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

110 open-market trades by officers, directors and large owners since October 2021: 55 buys and 55 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 30, 2025Harborne Christopher10% ownerSale145,009$13.69$2.0MForm 4
Jun 27, 2025Harborne Christopher10% ownerSale72,499$13.68$991.7KForm 4
Jun 26, 2025Harborne Christopher10% ownerSale59,667$13.21$788.2KForm 4
Jun 25, 2025Harborne Christopher10% ownerSale90,655$12.92$1.2MForm 4
Jun 23, 2025Harborne Christopher10% ownerSale89,414$12.50$1.1MForm 4
Jun 20, 2025Harborne Christopher10% ownerSale31,953$12.25$391.4KForm 4
Jun 18, 2025Harborne Christopher10% ownerSale17,198$12.28$211.2KForm 4
Jun 17, 2025Harborne Christopher10% ownerSale21,809$12.77$278.5KForm 4
Jun 11, 2025Harborne Christopher10% ownerSale5,116$11.77$60.2KForm 4
Jun 10, 2025Harborne Christopher10% ownerSale438$11.75$5.1KForm 4
Jun 9, 2025Harborne Christopher10% ownerSale63,592$11.78$749.1KForm 4
Jun 6, 2025Harborne Christopher10% ownerSale35,437$11.76$416.7KForm 4
Jun 5, 2025Harborne Christopher10% ownerSale11,944$11.79$140.8KForm 4
Jun 4, 2025Harborne Christopher10% ownerSale43,997$11.67$513.4KForm 4
Jun 3, 2025Harborne Christopher10% ownerSale6,766$11.50$77.8KForm 4
Jun 2, 2025Harborne Christopher10% ownerSale17,740$11.51$204.2KForm 4
Feb 6, 2025Harborne Christopher10% ownerSale14,970$11.59$173.5KForm 4
Feb 4, 2025Harborne Christopher10% ownerSale63,368$11.21$710.4KForm 4
Jan 31, 2025Harborne Christopher10% ownerSale42,788$11.84$506.6KForm 4
Jan 30, 2025Harborne Christopher10% ownerSale7,086$11.17$79.2KForm 4

All 110 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • BlackRockSCHEDULE 13G, 1 filing Jul 28, 202636
  • Christopher HarborneSCHEDULE 13D/A, 11 filings Sep 13, 2022 to Jul 15, 202537
  • Kevin P. GilboySCHEDULE 13G/A, 2 filings Feb 9, 2024 to Jan 3, 202538
  • Of Geoffrey S. M. Hedrick EstateSC 13D/A, 6 filings Dec 28, 2022 to Aug 19, 202439
  • Norman H. PessinSC 13D/A, 1 filing Sep 12, 202240
  • WealthTrust Axiom LLCSC 13G/A, 1 filing Feb 3, 202241

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.1,066,911$19.2M0.0%+779,333
Marshall Wace, Llp691,799$12.5M0.0%−61,578
Vanguard Capital Management LLC629,425$11.3M0.0%+3,650
Punch & Associates Investment Management, Inc.569,963$10.3M0.5%+51,345
Morgan Stanley503,365$9.1M0.0%−99,882
Renaissance Technologies LLC490,155$8.8M0.0%+187,262
Dimensional Fund Advisors LP411,427$7.4M0.0%+43,160
Geode Capital Management, LLC354,083$6.4M0.0%+208,027
Citadel Advisors LLC299,281$5.4M0.0%+193,102
CenterBook Partners LP264,954$4.8M0.2%New
Roubaix Capital, LLC264,509$4.8M1.7%New
Qube Research & Technologies Ltd261,417$4.7M0.0%+49,280
Gabelli Funds LLC221,219$4.0M0.0%+103,449
WealthTrust Axiom LLC220,268$4.0M0.9%+13,936
State Street Corp189,261$3.4M0.0%+130,668
Hennion & Walsh Asset Management, Inc.186,853$3.4M0.1%+43,553
Connor, Clark & Lunn Investment Management Ltd.168,061$3.0M0.0%−2,792
Isthmus Partners, LLC166,991$3.0M0.3%+1,818
Man Group plc142,100$2.6M0.0%+61,511
Bank of New York Mellon Corp140,640$2.5M0.0%+84,869
Gamco Investors, Inc. Et Al127,000$2.3M0.0%+500
Algert Global LLC121,591$2.2M0.0%−109,243
UBS Group AG117,442$2.1M0.0%+10,732
Teton Advisors, LLC116,000$2.1M1.2%+5,000
Northern Trust Corp114,979$2.1M0.0%+73,807

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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