- IA is building a niche aerospace platform by acquiring orphaned, mission-critical avionics lines, moving production in-house and monetizing certified fleets for decades through aftermarket support.
- Revenue rose $34.8M to $84.3M and adjusted EBITDA $9.6M to $24.8M from FY23–FY25; excluding the lumpy F-16 comparison, management says underlying growth was ~40%.
- At ~$19, pro forma EV is ~$400M, or ~12x consensus FY27 EBITDA of $33M; Aydin adds expected ~$16M 2026 revenue, and backlog was $82.9M entering 2H FY26.
- Management says Liberty won its first eVTOL production program, targeting 2H27 and potentially >$50M of forward-fit value; it is validation, not near-term revenue. Aydin integration and Lockheed’s 36% FY25 revenue share are key risks.
Investment pitches
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