Exhibit 99.1

Innovative Solutions & Support, Inc. Announces First Quarter Fiscal 2024 Financial Results

EXTON, Pa. – February 14, 2024 – (BUSINESS WIRE) Innovative Solutions & Support, Inc. (“IS&S” or the “Company”) (NASDAQ: ISSC) today announced its financial results for the first quarter of fiscal 2024, which ended December 31, 2023.

For the first quarter of fiscal 2024, IS&S reported net sales of $9.3 million, up 43% from $6.5 million in the first quarter a year ago. The Company reported net income of $1,057,350, or $0.06 per share, increases of 51% and 50%, respectively, compared to $698,651, or $0.04 per share, in the first quarter of fiscal 2023.

Gross profit in the first quarter of 2024 was $5.5 million, or 59.3% of sales, compared to $3.7 million, or 57.1% of sales in the first quarter of 2023.

Sales and earnings in the first quarter of 2024 continued to benefit from the product lines acquired from Honeywell International, Inc. (“Honeywell”) pursuant to an exclusive license and asset acquisition that closed in the third quarter of 2023.

Shahram Askarpour, Chief Executive Officer of IS&S, said, “We are pleased to report another quarter of year-over-year growth in both revenues and earnings. The integration of the product lines acquired from Honeywell is progressing and ongoing. These products complement our existing portfolio of products, offer recurring revenues, and introduce IS&S to a new market segment. As we continue to generate gross margins approaching 60% and strong cash flow, our debt position was reduced to $10.6 million as of December 31, 2023, or approximately $8.9 million less than just three months ago. Revenues were up 43% in the quarter, keeping us on pace with our goal to grow annualized revenues by approximately 40% compared to our pre-acquisition revenue levels upon the completion of the integration.”

For the first quarter of fiscal 2024, the Company generated $4.2 million of cash flow from operations.

New orders in the first quarter of fiscal 2024 were approximately $10.4 million. Backlog as of December 31, 2023, was $14.6 million. Only purchase orders in hand are included in our sales backlog, which primarily consists of orders from our OEM customers that have long-term programs—Pilatus PC-24, Textron King Air, Boeing T-7 Red Hawk and the Boeing KC-46A. IS&S expects these programs to remain in production for approximately a decade and anticipates that they will continue to generate future sales. Due to their nature, the products licensed from Honeywell do not typically enter backlog.

Conference Call

The Company will be hosting a conference call on Thursday, February 15, 2024 at 10:00 AM ET to discuss these results and the Company’s business outlook and product development. Please use the following dial- in number to register your name and Company affiliation for the conference call: 844-739-3798 and ask to join the Innovative Solutions & Support call. The call will also be carried live on the Investor Relations page of the Company web site at www.innovative-ss.com.

About Innovative Solutions & Support, Inc.

Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEMs) and retrofit applications. The Company supplies integrated Flight Management Systems (FMS), Auto-Throttle Systems and advanced GPS receivers for precision low carbon footprint navigation.

FORWARD LOOKING STATEMENT DISCLAIMER

In addition to the historical information contained herein, this press release contains “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In this press release, the words “anticipates,” “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,” “forecasts,” “expects,” “plans,” “could,” “should,” “would,” “is likely”, “projected”, “might”, “potential”, “preliminary”, “provisionally” and similar expressions, as they relate to the business or to its management, are intended to identify forward-looking statements, but they are not exclusive means of identifying them. All forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, statements about: future revenue; financial performance and profitability; future business opportunities; the integration of the Honeywell product lines, including statements regarding the ongoing integration, how the product lines complement our existing portfolio of products, offer recurring revenues and introduce us to a new market segment, and expectations regarding growth of annualized revenues upon completion of such integration; and the timing of our long-term programs remaining in production and continuing to generate future sales. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the Company’s ability to efficiently integrate acquired and licensed product lines, including the Honeywell product lines, into its operations; a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the economic and business environments in which the Company operates. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and subsequent reports filed with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Innovative Solutions and Support, Inc.

Consolidated Balance Sheets

(unaudited)

	December 31,			September 30,
	2023			2023
ASSETS
Current assets
Cash and cash equivalents	$	467,334		$	3,097,193
Accounts receivable		5,583,593			9,743,714
Contract asset		647,644			487,139
Inventories		7,799,935			6,139,713
Prepaid inventory		11,509,067			12,069,114
Prepaid expenses and other current assets		919,639			1,073,012
Asset held for sale		-			2,063,818
Total current assets		26,927,212			34,673,703
Goodwill		3,557,886			3,557,886
Intangible assets, net		15,916,821			16,185,321
Property and equipment, net		7,931,009			7,892,427
Deferred income taxes		1,141,048			456,392
Other assets		224,221			191,722
Total assets	$	55,698,197		$	62,957,451
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of lomg-term debt	$	10,611,514		$	2,000,000
Accounts payable		1,545,799			1,337,275
Accrued expenses		2,984,947			2,918,325
Contract liability		228,306			143,359
Total current liabilities		15,370,566			6,398,959
Long-term debt		-			17,500,000
Other liabilities		427,581			421,508
Total liabilities		15,798,147			24,320,467
Commitments and contingencies		-			-
Shareholders' equity
Preferred stock, 10,000,000 shares authorized, $.001 par value, of which 200,000 shares are authorized as Class A Convertible stock.  No shares issued and outstanding at December 31, 2023 and September 30, 2023		-			-
Common stock, $.001 par value:  75,000,000 shares authorized, 19,550,184 and 19,543,441 issued at December 31, 2023 and September 30, 2023, respectively		19,549			19,543
Additional paid-in capital		54,522,975			54,317,265
Retained earnings		6,726,063			5,668,713
Treasury stock, at cost, 2,096,451 shares at December 31, 2023 and at September 30, 2023		(21,368,537	)		(21,368,537	)
Total shareholders' equity		39,900,050			38,636,984
Total liabilities and shareholders' equity	$	55,698,197		$	62,957,451

Innovative Solutions and Support, Inc.

Consolidated Statements of Operations

(unaudited)

	Three months ended
	December 31,
	2023			2022
Net Sales:
Product	$	4,424,108		$	5,088,208
Customer service		4,227,247			1,061,149
Engineering development contracts		656,708			366,899
		9,308,063			6,516,256
Cost of sales:
Product		1,781,345			2,415,944
Customer service		1,726,961			319,102
Engineering development contracts		276,595			57,406
Total cost of sales		3,784,901			2,792,452
Gross Profit		5,523,162			3,723,804
Operating expenses:
Research and development		901,144			670,445
Selling, general and administrative		3,006,819			2,261,863
Total operating expenses		3,907,963			2,932,308
Operating income		1,615,199			791,496
Interest (expense)		(360,013	)		-
Interest income		79,479			115,892
Other income		17,699			18,196
Income before income taxes		1,352,364			925,584
Income tax expense		295,014			226,933
Net income	$	1,057,350		$	698,651
Net income per common share:
Basic	$	0.06		$	0.04
Diluted	$	0.06		$	0.04
Weighted average shares outstanding:
Basic		17,451,362			17,316,766
Diluted		17,474,906			17,326,177