Thu, Jan 23, 9:43 PM (25 days ago)
Innovative Solutions and Support, Inc. (IS&S) filed Amendment No. 1 to its Form 10-K for the fiscal year ending September 30, 2024, primarily to include omitted Part III information. The company reported a revenue of $47.2 million and an adjusted operating income of $11.4 million for fiscal 2024. Net income figures were not explicitly stated, but the earnings per share performance was highlighted. The amendment details executive compensation changes, including a new CFO, Jeffrey DiGiovanni, who received a base salary of $325,000. The company also amended the employment agreement of CEO Shahram Askarpour to enhance severance provisions, particularly in the event of a change in control. Key risk factors identified include market acceptance of products, supply chain disruptions, and regulatory approvals. The company continues to maintain a solid financial condition with a market cap of approximately $112.2 million as of March 2024. The board's composition has been adjusted for compliance with Nasdaq requirements, and compensation policies have been updated to align with shareholder interests. Future outlook remains cautiously optimistic, focusing on strategic growth in the aerospace sector.