Financial reports / Innovative Solutions and Support, Inc. | Tables in SEC filings

ISSC Innovative Solutions and Support, Inc.

Quarterly report


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Net Sales:
Product	$	5,127,056	$	6,575,411	$	14,446,753	$	17,608,769
Customer service		6,408,961		1,318,214		15,734,430		3,774,666
Engineering development contracts		229,618		65,583		1,632,031		432,482
Total net sales		11,765,635		7,959,208		31,813,214		21,815,917

Cost of sales:
Product		2,106,629		2,831,511		6,235,668		7,450,205
Customer service		3,101,875		371,359		7,291,096		1,088,014
Engineering development contracts		277,310		21,692		901,104		79,098
Total cost of sales		5,485,814		3,224,562		14,427,868		8,617,317

Gross profit		6,279,821		4,734,646		17,385,346		13,198,600

Operating expenses:
Research and development		1,099,367		851,296		3,031,630		2,387,939
Selling, general and administrative		3,143,334		2,395,714		9,058,347		7,104,212
Total operating expenses		4,242,701		3,247,010		12,089,977		9,492,151

Operating income		2,037,120		1,487,636		5,295,369		3,706,449

Interest expense		(172,784)		—		(704,267)		—
Interest income		5,826		185,652		121,505		432,495
Other income		12,869		90,049		57,040		131,504
Income before income taxes		1,883,031		1,763,337		4,769,647		4,270,448

Income tax expense		330,511		339,958		951,461		877,315

Net income	$	1,552,520	$	1,423,379	$	3,818,186	$	3,393,133

Net income per common share:
Basic	$	0.09	$	0.08	$	0.22	$	0.19
Diluted	$	0.09	$	0.08	$	0.22	$	0.19

Weighted average shares outstanding:
Basic		17,461,652		17,576,969		17,455,903		17,415,358
Diluted		17,467,259		17,577,588		17,476,089		17,419,265


	Twelve Months
	Ending	Operating
	June 30,	Leases
	2025		6,115
Total minimum lease payments		$	6,115
Amount representing interest			(833)
Present value of minimum lease payments		$	5,282
Current portion			5,282
Long-term portion of lease obligations		$	—


	June 30,		September 30,
	2024		2023
Computer equipment	$	2,405,850	$	2,343,996
Furniture and office equipment		984,206		970,230
Manufacturing facility		6,198,690		5,926,584
Equipment		13,025,229		9,554,197
Land		1,021,245		1,021,245
		23,635,220		19,816,252
Less accumulated depreciation and amortization		(12,045,013)		(11,923,825)
	$	11,590,207	$	7,892,427


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Net sales:
Product	43.6	%	82.6	%	45.4	%	80.7	%
Customer service	54.5	%	16.6	%	49.5	%	17.3	%
Engineering development contracts	2.0	%	0.8	%	5.1	%	2.0	%
Total net sales	100.0	%	100.0	%	100.0	%	100.0	%

Cost of sales:
Product	17.9	%	35.6	%	19.6	%	34.2	%
Customer service	26.4	%	4.7	%	22.9	%	5.0	%
Engineering development contracts	2.4	%	0.3	%	2.8	%	0.4	%
Total cost of sales	46.6	%	40.5	%	45.4	%	39.5	%

Gross profit	53.4	%	59.5	%	54.6	%	60.5	%

Operating expenses:
Research and development	9.3	%	10.7	%	9.5	%	10.9	%
Selling, general and administrative	26.7	%	30.1	%	28.5	%	32.6	%
Total operating expenses	36.1	%	40.8	%	38.0	%	43.5	%

Operating income	17.3	%	18.7	%	16.6	%	17.0	%

Interest expense	(1.5)	%	—	%	(2.2)	%	—	%
Interest income	0.0	%	2.3	%	0.4	%	2.0	%
Other income	0.1	%	1.1	%	0.2	%	0.6	%

Income before income taxes	16.0	%	22.2	%	15.0	%	19.6	%

Income tax expense	2.8	%	4.3	%	3.0	%	4.0	%

Net income	13.2	%	17.9	%	12.0	%	15.6	%

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