ISSC

MKT CAP:$351M

Innovative Aerosystems, Inc.

Market Cap

$351M

Industrials·Aerospace & Defense·🇺🇸 United States·NASDAQ

Industrials·Aerospace·🇺🇸·NASDAQ

Stock Price

$19.62+$0.87 (+4.63%)

Apr 24, 2026

Company Details

Innovative Aerosystems, Inc., engages in the engineering, manufacturing, and supply of advanced avionic solutions. The company provides autothrottles; LPV Navigators; standby displays; COM/NAV/surveillance radio management systems; air data...

CEO

Shahram Askarpour

IPO Date

Aug 4, 2000

Website

iascorp.com

Key Metrics TTM

Revenue

$90M

+67.4% YoY

Net Income

$19M

EPS (Diluted)

$1.05

Free Cash Flow

$12M

Revenue / Share

$4.99

Gross Margin

50.8%

Operating Margin

27.8%

Net Margin

21.0%

FCF Margin

13.6%

P/S

3.9x

P/E

18.5x

Earnings Reports

Q2 2026

May 13, 2026

PENDING

Q1 2026

Feb 13, 2026

$22M+36.6%EPS $0.22

FY 2025

Dec 22, 2025

$84M+78.6%EPS $0.88

Q4 2025

Dec 22, 2025

$22M+44.6%EPS $0.39

Q3 2025

Aug 14, 2025

$24M+105.2%EPS $0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$7M	$4M	$2M
Q3 22	$7M	$4M	$2M
Q4 22	$7M	$4M	$2M
Q1 23	$7M	$4M	$791.5K
Q2 23	$7M	$5M	$1M
Q3 23	$8M	$5M	$1M
Q4 23	$13M	$8M	$4M
Q1 24	$9M	$6M	$2M
Q2 24	$11M	$6M	$2M
Q3 24	$12M	$6M	$2M
Q4 24	$15M	$9M	$4M
Q1 25	$16M	$7M	$1M
Q2 25	$22M	$11M	$7M
Q3 25	$24M	$9M	$4M
Q4 25	$22M	$14M	$8M
Q1 26	$22M	$12M	$6M

Valuation

Quarter	P/S	P/E
Q2 22	13.2x	51.8x
Q3 22	12.8x	64.4x
Q4 22	12.7x	63.6x
Q1 23	12.7x	69.0x
Q2 23	12.5x	71.2x
Q3 23	12.1x	70.3x
Q4 23	10.1x	58.3x
Q1 24	9.3x	55.0x
Q2 24	8.6x	55.5x
Q3 24	7.8x	54.4x
Q4 24	7.4x	50.2x
Q1 25	6.5x	52.6x
Q2 25	5.4x	32.5x
Q3 25	4.5x	30.0x
Q4 25	4.2x	22.5x
Q1 26	3.9x	18.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$2M	$2M
Q3 22	$3M	$3M
Q4 22	-$325.9K	-$325.9K
Q1 23	$2M	$2M
Q2 23	$395.6K	$348.1K
Q3 23	-$1M	-$1M
Q4 23	$1M	$1M
Q1 24	$4M	$4M
Q2 24	$201.1K	$75.4K
Q3 24	$934.1K	$730.8K
Q4 24	$445.3K	$299.5K
Q1 25	$2M	$2M
Q2 25	$1M	-$267.7K
Q3 25	$7M	$4M
Q4 25	$3M	$2M
Q1 26	$8M	$7M

Capital Expenditures

Quarter	CapEx
Q2 22	$7.0K
Q3 22	$76.9K
Q4 22	$0
Q1 23	$32.7K
Q2 23	$47.4K
Q3 23	$84.9K
Q4 23	$133.3K
Q1 24	$182.9K
Q2 24	$125.7K
Q3 24	$203.3K
Q4 24	$145.9K
Q1 25	$261.4K
Q2 25	$2M
Q3 25	$4M
Q4 25	$1M
Q1 26	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+33.7%	+11.7%
Q3 22	+12.2%	+5.3%
Q4 22	+5.7%	-0.9%
Q1 23	-2.7%	+8.6%
Q2 23	+7.2%	+17.4%
Q3 23	+14.8%	+23.3%
Q4 23	+78.9%	+88.1%
Q1 24	+42.8%	+34.4%
Q2 24	+46.3%	+53.8%
Q3 24	+47.8%	+50.3%
Q4 24	+18.4%	+18.0%
Q1 25	+71.6%	+90.1%
Q2 25	+104.3%	+64.4%
Q3 25	+105.2%	+112.1%
Q4 25	+44.6%	+27.2%
Q1 26	+36.6%	+6.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$164.6K	2.4%
Q3 22	$58.4K	0.8%
Q4 22	$31.3K	0.4%
Q1 23	$283.2K	4.3%
Q2 23	$733.4K	10.0%
Q3 23	$214.1K	2.7%
Q4 23	$219.8K	1.7%
Q1 24	$205.7K	2.2%
Q2 24	$269.3K	2.5%
Q3 24	$250.9K	2.1%
Q4 24	$277.3K	1.8%
Q1 25	$396.7K	2.5%
Q2 25	$405.0K	1.8%
Q3 25	$832.1K	3.4%
Q4 25	$702.4K	3.2%
Q1 26	$915.9K	4.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 22	$650.0K	$2M
Q3 22	$676.4K	$2M
Q4 22	$642.2K	$2M
Q1 23	$670.4K	$2M
Q2 23	$866.2K	$2M
Q3 23	$851.3K	$2M
Q4 23	$741.6K	$4M
Q1 24	$901.1K	$3M
Q2 24	$1M	$3M
Q3 24	$1M	$3M
Q4 24	$1M	$3M
Q1 25	$1M	$4M
Q2 25	$867.2K	$3M
Q3 25	$916.8K	$4M
Q4 25	$1M	$5M
Q1 26	$1M	$4M

Revenue Segments

Quarter	Engineering development contracts	Product	Engineering Development Contracts	Service
Q2 22	$198.2K	$7M	—	—
Q3 22	—	$7M	—	—
Q4 22	—	$7M	$262.7K	—
Q1 23	—	$6M	$366.9K	—
Q2 23	—	$7M	—	—
Q3 23	—	$8M	$65.6K	—
Q1 24	—	$4M	$656.7K	$4M
Q2 24	—	$5M	$745.7K	$5M
Q3 24	—	$5M	$229.6K	$6M
Q2 25	—	$13M	—	$9M
Q3 25	—	$17M	—	$8M
Q1 26	—	$14M	—	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$12M	$0	$12M
Q3 22	$15M	$0	$15M
Q4 22	$17M	$0	$17M
Q1 23	$19M	$0	$19M
Q2 23	$20M	$0	$20M
Q3 23	$3M	$0	$3M
Q4 23	$3M	$0	$3M
Q1 24	$467.3K	$0	$467.3K
Q2 24	$574.1K	$0	$574.1K
Q3 24	$521.0K	$0	$521.0K
Q4 24	$539.0K	$0	$539.0K
Q1 25	$604.6K	$0	$604.6K
Q2 25	$1M	$0	$1M
Q3 25	$601.8K	$0	$601.8K
Q4 25	$3M	$0	$3M
Q1 26	$8M	$0	$8M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	17M	+0.0%	+0.2%
Q3 22	17M	+0.1%	+0.2%
Q4 22	17M	-0.0%	+0.1%
Q1 23	17M	+0.4%	+0.5%
Q2 23	17M	+0.2%	+0.6%
Q3 23	18M	+1.3%	+1.8%
Q4 23	17M	-0.7%	+1.1%
Q1 24	17M	+0.1%	+0.9%
Q2 24	17M	+0.1%	+0.8%
Q3 24	17M	-0.1%	-0.6%
Q4 24	17M	+0.1%	+0.2%
Q1 25	18M	+0.6%	+0.6%
Q2 25	18M	+0.3%	+0.9%
Q3 25	18M	+1.1%	+2.1%
Q4 25	18M	+1.9%	+4.0%
Q1 26	18M	-0.7%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$80.5K	85
Q3 22	$81.6K	85
Q4 22	$89.7K	81
Q1 23	$80.4K	81
Q2 23	$90.6K	81
Q3 23	$98.3K	81
Q4 23	$132.6K	98
Q1 24	$95.0K	98
Q2 24	$109.6K	98
Q3 24	$120.1K	98
Q4 24	$115.7K	133
Q1 25	$120.1K	133
Q2 25	$164.9K	133
Q3 25	$181.5K	133
Q4 25	$151.3K	147
Q1 26	$148.3K	147

Revenue / Employee