Innovative Solutions and Support [ISSC]
Catalyst Criteria · type: MEASURED · blocks nothing.
Every date below is either filed with the SEC or explicitly marked as an estimate from the company's own filing cadence. Nothing is invented. ISSC issues no guidance and publishes no investor-event calendar, so this file is deliberately short. A fabricated catalyst date is worse than an absent calendar.
| Date | Event | Source | Confirms / refutes |
|---|---|---|---|
| ~2026-09-30 | Aydin 8-K/A — audited financial statements of the acquired business and pro forma financial information | 8-K filed 2026-07-21, Item 9.01: due "not later than 71 calendar days" after the Item 2.01 8-K | The single most important scheduled event on this name. A $24.5m acquisition — 7.8% of market cap, 100% debt-funded — with zero disclosed revenue, earnings or margin. This filing quantifies it. It moves the 12-month target and lowers the required CAGR. |
| 2026-07-21 (passed) | Sparton Aydin, LLC acquired for $24.5m cash, funded on the JPM credit facility. Ruggedized displays for defence, homeland security, law enforcement, aviation, medical. Transition Services Agreement and Supply Agreement with the seller. | 8-K, Items 1.01 / 2.01 / 2.03 / 8.01 | Fifth acquisition in 37 months. Takes pro forma net debt to ~$72.7m and facility utilisation to ~80%. |
| 2026-03-27 (passed) | Honeywell Autopilot Agreement — general-aviation autopilots, nav/com, MFD and transponder radios, $22.0m cash on the delayed-draw term loan. Purchase price allocation preliminary; physical possession of inventory, equipment and IP not yet received. | Q2 FY26 10-Q, Note 3 | Contributed "insignificant" revenue to H1 FY2026 — FY2027 is its first full year. |
| 2025-10-14 (passed) | Form S-3 shelf registration filed | EDGAR | Equity capacity put in place. Any takedown signals the debt-funded model has reached its limit. |
| 2025-10-06 (passed) | Rebranded to trade name Innovative Aerosystems | FY2025 10-K | — |
| 2025-07-18 (passed) | $100m JPM credit agreement replacing the $35m PNC facility: $25m initial term loan, $30m revolver, $45m delayed-draw term loan. Matures 2030-07-18. Pricing on a Total Net Leverage grid, SOFR + 1.75–2.75%. | FY2025 10-K, Note 20 | The financing that makes the acquisition mechanism possible — and the constraint that now limits it. |
| 2026-01-27 (passed) | 10-K/A for FY2025 — Part III only, filed because the proxy would not be filed within 120 days. "No other changes have been made to the Form 10-K." | 10-K/A | Not a restatement. Recorded here so it is not mistaken for one. |
ISSC's recent reporting dates: Q2 FY2026 10-Q 2026-05-15; Q1 FY2026 10-Q 2026-02-13; FY2025 10-K 2025-12-23; Q3 FY2025 10-Q 2025-08-14.
| Estimated window | Event | Why it matters |
|---|---|---|
| ~mid-August 2026 (est.) | Q3 FY2026 results (quarter ending 2026-06-30) | Sixth consecutive quarter in the $21.8–24.1m band, or a break out of it. Q2 FY2026 grew +2.0% YoY. This is the print that shows whether the flat line is seasonal or structural. |
| ~late December 2026 (est.) | FY2026 10-K | The most informative annual report in years. Three things to read: (i) the organic vs acquired revenue split, which the company disclosed for FY2025 and may or may not repeat; (ii) backlog — $77.4m at 9/30/25, down from $89.2m, on a 0.86x book-to-bill; (iii) whether R&D stays near the recovered 7.1% of sales or falls back toward FY2025's 4.7%. |
| ~mid-February 2027 (est.) | Q1 FY2027 results | First quarter with both the Autopilot line and Aydin fully in the base. |
| Event | Status | Why undated |
|---|---|---|
| A sixth acquisition | ~$20.6m of the $100m facility remains undrawn pro forma | ISSC has never pre-announced a deal. Five have arrived as completed 8-Ks. |
| Equity takedown off the S-3 | Shelf effective; no takedown to date | At the company's discretion. |
| Aydin purchase price allocation finalised | Not yet begun — the 8-K/A is the first step | Measurement period runs up to one year from 2026-07-21. |
| Autopilot purchase price allocation finalised | Preliminary. Physical possession of prepaid inventory, equipment and IP not yet received; assets "subject to settlement adjustments upon transfer" | Measurement period runs to 2027-03-27. Goodwill of $3.81m may fall as inventory and equipment are valued on receipt. |
| DoD / foreign-government contract renewals | 57% of FY2025 revenue from "a limited number of customers"; DoD retrofit contracts "not required to be renewed" and "terminable at their convenience" | No renewal dates are disclosed. This is a real disclosure gap and it is stated as one. |
| Named OEM programmes — Pilatus PC-24, Textron King Air 260/360, Boeing KC-46A/KC-767/T-7A, US Army C-12 | Ongoing production and delivery | No milestone dates disclosed. Mention frequency in the last two 10-Qs has thinned markedly (see ISSC_Research.md §3.6) — worth re-checking against the FY2026 10-K. |
The Aydin 8-K/A, due approximately 2026-09-30. ISSC has spent 7.8% of its market capitalisation, entirely on borrowed money, on a business whose revenue the market has not been told. Every valuation figure in this memo carries Aydin's debt and none of its revenue. That gap closes on a known date, and it is the largest single swing factor in the twelve-month view.