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Innovative Solutions & Support Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Dec, 2025
Executive summary
Fiscal 2025 marked a transformational year with a rebranding to Innovative Aerosystems, record financial performance, and operational milestones, including net sales up 78.6% to $84.3 million and net income of $15.6 million ($0.88 per diluted share).
The company advanced its IA Next strategy, focusing on profitable growth, operational excellence, and disciplined capital allocation, with a long-term target of $250 million in revenue and 25%-30% adjusted EBITDA margins by fiscal 2029.
Key growth initiatives included new product development, expansion of military capabilities, and enhancements to integrated avionics solutions, notably the F-16 program and Liberty Flight Deck.
Strategic investments in engineering, infrastructure, and compliance supported scalable growth and entry into larger defense programs.
The Liberty Flight Deck was launched, targeting broad market adoption across commercial, business, and military aviation.
Financial highlights
Q4 revenue rose 45% year-over-year to $22.2 million, with net income of $7.1 million ($0.39 per diluted share) and adjusted EBITDA of $9.6 million, up 71%.
Full-year revenue reached $84.3 million, up 78.6%; net income was $15.6 million ($0.88 per diluted share), and adjusted EBITDA was $24.8 million, up 81.6%.
Q4 gross margin was 63.2% (up from 55.4% last year); full-year gross margin was 48.1%.
Free cash flow for the year was $6.8 million, with cash flow from operations at $13.3 million and capital expenditures of $6.5 million, mainly for facility expansion.
Backlog at year-end was $77.4 million, with new Q4 orders of $27.2 million and a book-to-bill ratio well over one.
Outlook and guidance
Fiscal 2026 organic revenue growth is expected to be more modest due to prior pull-forward of F-16 revenues; normalized annual organic growth is projected in the high single digits.
Q1 2026 revenues are expected in the $18–$20 million range, with sequential growth anticipated throughout the year.
Long-term targets include $250 million in revenue and 25%-30% adjusted EBITDA margins by fiscal 2029, driven by organic growth and disciplined acquisitions.
Management expects continued profitable growth in fiscal 2026, leveraging recent investments and favorable market trends.
What is LFD's path to single-crew operations?
Organic vs. acquisition split for FY2029 target?
Quantify backlog from long-term OEM programs.
How F-16 in-sourcing impacts future margins?
Liberty Flight Deck: market strategy for new OEMs?
What drives military growth beyond F-16?
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Next Innovative Solutions & Support earnings date
Q1 202612 Feb, 2026
Next Innovative Solutions & Support earnings date
Q1 202612 Feb, 2026
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Frequently asked questions
Innovative Solutions & Support Inc designs and manufactures flight instrumentation and display systems for commercial, military, and business aviation markets. Its products include flat-panel displays, air data systems, and autopilot controls. The company is headquartered in Exton, Pennsylvania, and its shares are listed on the NASDAQ.
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