Innovative Solutions and Support(US:ISSC)2024-05-14 19:21Financial Performance - For Q2 fiscal 2024, Innovative Solutions & Support, Inc. reported net sales of $10.7 million, a 46% increase from $7.3 million in Q2 fiscal 2023[2] - The company achieved net income of $1.2 million, or $0.07 per share, compared to $1.3 million, or $0.07 per share, in the same quarter last year[2] - The company’s gross profit for Q2 fiscal 2024 was $5.6 million, compared to $4.7 million in Q2 fiscal 2023[13] - Operating income for Q2 fiscal 2024 was $1.6 million, up from $1.4 million in the same quarter last year[13] Orders and Backlog - New orders in Q2 fiscal 2024 were approximately $6.6 million, with a backlog of $10.4 million as of March 31, 2024[5] Cash Flow and Expenses - The company generated $4.4 million of positive cash flow in the first half of fiscal 2024 despite one-time expenses related to the Honeywell acquisition[4] - Research and development expenses increased to $1.0 million in Q2 fiscal 2024 from $866,198 in Q2 fiscal 2023[13] Assets and Liabilities - Total current assets decreased to $24.5 million as of March 31, 2024, from $34.7 million as of September 30, 2023[10] - Total liabilities decreased from $24.3 million as of September 30, 2023, to $16.2 million as of March 31, 2024[10] Growth Strategy - The company plans to grow both organically through new product development and market expansion, as well as via acquisitions[4]