Core Insights - Astrotech Corporation's subsidiary, 1 Detect, has received a purchase order valued at $429K for its TRACER 1000 explosive trace detectors from Intuitive Research and Technology Corporation, a TSA contractor [1][3] - This marks the first TSA-approved sale of the TRACER 1000 ETD, which utilizes mass spectrometry technology to achieve near-zero false alarms [3][4] - The TRACER 1000 is positioned to enter the U.S. cargo market, leveraging its advanced detection capabilities [3] Company Overview - Astrotech Corporation is a mass spectrometry company that develops and commercializes scalable technologies through its subsidiaries, including 1st Detect, AgLAB, Pro-Control, and BreathTech [5] - 1st Detect focuses on trace detectors for security and detection, while AgLAB develops chemical analyzers for agriculture [5] - The company is headquartered in Austin, Texas, and aims to innovate in various sectors including security, agriculture, and health [5]

AUSTIN, Texas, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Astrotech Corporation (NASDAQ: ASTC) ("Astrotech" or the "Company") and its wholly-owned subsidiary, 1st Detect Corporation, announced that the Company has been awarded research and development (“R&D”) contract 70RSAT24CB0000015 (“Contract”) with the U.S. Department of Homeland Security (“DHS”) to research, develop and mature the TRACER 1000 for DHS next generation explosives trace detection (“ETD”). The Contract is in support of the objectives stated in the ...

Financial Performance - Total revenue decreased by $391 thousand in Q1 FY2025, with revenue primarily from ongoing consumable and maintenance services of the TRACER 1000 [109]. - Gross profit for Q1 FY2025 was $9 thousand, down from $183 thousand in Q1 FY2024, resulting in a gross margin of 26%, a decrease of 17% year-over-year [110]. - Operating expenses increased by $119 thousand, or 3.4%, in Q1 FY2025 compared to Q1 FY2024, driven by higher selling, general, and administrative expenses [112]. - Research and development expenses rose by $77 thousand, or 4.1%, in Q1 FY2025, attributed to increased personnel to support mass spectrometry development [113]. - Other income and expense, net decreased by $73 thousand in Q1 FY 2025 compared to Q1 FY 2024 due to reduced interest income from investments [114]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $3.9 million to $6.5 million as of September 30, 2024, compared to $10.4 million as of June 30, 2024 [116]. - Net cash used in operating activities increased by $636 thousand for the three months ended September 30, 2024, compared to the same period in 2023 [117]. - Cash used in investing activities decreased by $2.2 million for the three months ended September 30, 2024, primarily due to not purchasing short-term time deposit investments [118]. - The net cash used in financing activities remained unchanged for the three months ended September 30, 2024, compared to the same period in 2023 [119]. - Working capital was approximately $29.5 million as of September 30, 2024, down from approximately $32.2 million as of June 30, 2024 [116]. - There have been no material updates to the Company's expectations for short- and long-term liquidity and operating capital requirements since the last annual report [120]. Product Development and Market Potential - The TRACER 1000 has been deployed in approximately 30 locations across 14 countries in Europe and Asia as of September 30, 2024 [91]. - The TSA approved the TRACER 1000 for the Air Cargo Security Technology List, allowing its use in U.S. air cargo operations [92]. - AgLAB's Maximum Value Process demonstrated a 20% or more improvement in ending-weight yields during field trials [102]. - The U.S. cannabis crop's wholesale value exceeds $6 billion annually, indicating significant market potential for AgLAB's products [99]. - The AgLAB 1000-D2™ is designed to optimize yields in the distillation process for hemp and cannabis, targeting a rapidly growing industry [97]. - Pro-Control has introduced the Pro-Control Maximum Value Processing and the Pro-Control 1000-D2™ mass spectrometer for industrial process control applications [106]. Tax Positions - The effective tax rate for the Company is 0% for the three months ended September 30, 2024, and is expected to remain 0% for the full fiscal year 2025 [121]. - The Company has approximately $593 thousand of uncertain tax positions as of September 30, 2024, all accounted as contra-deferred tax assets [124]. Equipment Acquisition - The Company acquired equipment worth $0.2 million during the three months ended September 30, 2024 [118].

Financial Performance - Astrotech reported a revenue of $34,000 for the first quarter of fiscal year 2025, a decrease from $425,000 in the same period last year[9]. - Astrotech's net loss for the quarter was $3,278,000, compared to a net loss of $2,912,000 in the prior year[9]. - Astrotech's total operating expenses for the quarter were $3,637,000, compared to $3,518,000 in the same quarter last year[9]. - The company's operating expenses increased by $119,000 or 3.3%, primarily due to increased participation in trade events[2]. - Astrotech's accumulated deficit increased to $240,298,000 as of September 30, 2024, from $237,020,000 at the end of June 2024[11]. Cash and Assets - Cash and cash equivalents decreased to $6,518,000 from $10,442,000 at the end of the previous quarter[10]. - The total assets of Astrotech as of September 30, 2024, were $34,449,000, down from $37,640,000 at the end of June 2024[10]. - The company has $28.3 million in cash and liquid investments to support research and development and potential acquisitions[5]. Product Development and Approvals - 1st Detect's TRACER 1000 has been approved for the Air Cargo Security Technology List, advancing it to Stage II testing[4]. - The company is conducting field trials with the TSA for the TRACER 1000, which could lead to it being added to the "qualified" list if successful[4].

AUSTIN, Texas, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the first quarter of fiscal year 2025, which ended September 30, 2024. Financial Highlights & Recent Developments  Operating expenses increased $119 thousand or 3.3% as the Company increased its participation in trade events in the U.S. featuring its array of industry-specific solutions offered by its subsidiaries: 1st Detect Corporation (“1st Detect”), AgLa ...

Product Development and Innovation - Astrotech Corporation's TRACER 1000™ has been deployed in approximately 30 locations across 14 countries in Europe and Asia as of June 30, 2024[22]. - The TRACER 1000 has received TSA approval for the Air Cargo Security Technology List, advancing it to Stage II testing for U.S. air cargo companies[22]. - AgLAB's 1000-D2™ mass spectrometer has demonstrated the ability to improve THC and CBD oil yields by over 20% during distillation field trials[30]. - Pro-Control has introduced the Pro-Control 1000-D2™ mass spectrometer aimed at improving efficiency in industrial chemical distillation processes[34]. - The BreathTest-1000™ is being developed to screen for VOC metabolites that could indicate compromised health conditions[32]. - The TRACER 1000 is the first MS-ETD certified by ECAC and approved by TSA for air cargo, capable of rapid detection of trace levels of explosive and narcotic compounds in seconds[46]. - AgLAB has launched the AgLAB-1000-D2 to assist in the distillation process for the hemp and cannabis industry, with a focus on increasing yield and potency[47]. - BreathTest-1000 is being developed to provide an inexpensive, non-invasive screening device for detecting infectious VOC metabolites in breath[48]. - Pro-Control has introduced the Pro-Control 1000-D2™ to analyze samples in real-time, aimed at increasing production and quality while reducing costs and time[49]. - The AMS Technology is designed to be smaller and easier to use compared to traditional mass spectrometers, providing higher resolution and fewer false alarms[44]. - The company continues to invest in library development for the TRACER 1000, enhancing its offerings with new narcotics detection capabilities[62]. - The TRACER 1000, developed by 1st Detect, is the world's first mass spectrometer-based explosive trace detector certified by the ECAC and approved by TSA for air cargo, aimed at reducing false positives compared to traditional technologies[323]. - AgLAB's 1000-D2 series mass spectrometers are designed to optimize THC and CBD oil yields during distillation, demonstrating significant improvements in yield[324]. - Pro-Control, Inc. was formed as a new subsidiary to utilize AMS Technology for industrial process control applications, enhancing efficiency in chemical distillation[327]. - The company holds 17 patents related to AMS Technology, which is designed to be smaller, cheaper, and more user-friendly than traditional mass spectrometers[322]. Market Potential and Strategy - The wholesale value of the U.S. cannabis crop exceeds $6 billion annually, indicating significant market potential for AgLAB's products[27]. - AgLAB is targeting a rapidly growing and fragmented CBD and hemp market, with increasing competition and potential regulatory challenges[28]. - AgLAB plans to engage additional channel partners to enhance sales in the hemp and cannabis market, leveraging existing distribution channels[52]. - The company is focusing on expanding its market presence through strategic partnerships and product development across various sectors[34]. Financial Performance - Total revenue for June 2024 was $1,664,000, compared to $750,000 in June 2023, representing a 121.87% increase[307]. - Gross profit increased to $751,000 in June 2024 from $306,000 in June 2023, marking a 145.77% rise[307]. - Operating expenses rose to $14,031,000 in June 2024, up from $11,366,000 in June 2023, reflecting a 23.38% increase[307]. - Net loss for June 2024 was $11,666,000, compared to a net loss of $9,642,000 in June 2023, indicating a 20.96% increase in losses[307]. - Cash and cash equivalents decreased to $10,442,000 in June 2024 from $14,208,000 in June 2023, a decline of 26.57%[318]. - Total current assets fell to $34,728,000 in June 2024 from $44,713,000 in June 2023, a decrease of 22.39%[303]. - Total liabilities decreased to $2,833,000 in June 2024 from $2,956,000 in June 2023, a reduction of 4.16%[303]. - Stockholders' equity decreased to $34,807,000 in June 2024 from $44,719,000 in June 2023, a decline of 22.25%[304]. - The company reported a net cash used in operating activities of $9,725,000 for the year ended June 2024, compared to $7,625,000 for the year ended June 2023, an increase of 27.51%[318]. - The company had a total comprehensive loss of $11,390,000 in June 2024, compared to a total comprehensive loss of $9,896,000 in June 2023, reflecting a 15.08% increase[307]. - Astrotech reported revenue of $1.7 million for the fiscal year ended June 30, 2024, a significant increase from $750 thousand in the previous fiscal year, representing a 126.67% growth[331]. - Research and development expenses increased to $6.8 million in fiscal year 2024 from $5.6 million in fiscal year 2023, indicating a focus on enhancing system functionality and user experience[343]. Regulatory Compliance - Each medical device requires either FDA clearance of a 510(k) premarket notification, de novo request, or PMA approval to be lawfully distributed in the U.S.[71]. - Class I devices are subject to general controls, while Class II devices require 510(k) premarket notification for commercial distribution, demonstrating substantial equivalence to a predicate device[72]. - Class III devices, which pose the greatest risks, require PMA approval, supported by extensive data from preclinical studies and human clinical trials[78]. - The FDA's 510(k) review process typically takes three to six months, but may extend longer if additional information is required[74]. - The PMA process has a review period of 180 days, but often takes significantly longer, potentially up to several years[79]. - Manufacturers must report any device malfunctions that could contribute to death or serious injury under the FDA's medical device reporting regulations[84]. - The de novo classification process allows manufacturers to request down-classification of a device from Class III to Class I or II if it presents low to moderate risk[76]. - Post-market regulations include stringent quality assurance procedures and compliance with labeling and marketing regulations[84]. - Changes to an approved device that affect safety or effectiveness require submission of a PMA supplement or a new PMA[80]. - The FDA may impose post-approval conditions, including long-term follow-up data collection from patients to ensure ongoing safety and effectiveness[79]. - The company must comply with the FDA's Quality System Regulation (QSR) for any medical devices commercialized in the U.S., which includes maintaining a device master file and complaint files[85]. - Non-compliance with FDA regulations can lead to sanctions such as fines, recalls, and potential shutdown of production[86]. - Medical devices in the European Economic Area (EEA) must meet essential requirements outlined in the Medical Devices Directive, ensuring safety and performance[87]. - Manufacturers must undergo a conformity assessment procedure to demonstrate compliance with the Medical Devices Directive, which may require intervention from a Notified Body[88]. - The new Medical Devices Regulation (Regulation 2017/745) will be applicable in May 2021, establishing a uniform regulatory framework across the EEA[91]. - The regulation strengthens rules for placing devices on the market and improves traceability through a unique identification number[91]. - The company is subject to various foreign regulations regarding product safety, marketing, and clinical trials, which may differ significantly from FDA requirements[93]. Legal and Compliance Risks - Violations of the federal Anti-Kickback Statute can result in civil penalties up to $100,000 per violation and criminal penalties including fines and imprisonment[96]. - The Health Insurance Portability and Accountability Act (HIPAA) imposes penalties for breaches of patient health information, with fines up to $63,973 per violation[105]. - The California Consumer Privacy Act (CCPA) creates new data privacy obligations and provides California residents with rights regarding their personal information[107]. - The company is subject to evolving regulations in the cannabis industry, which could impact operations and compliance costs[119]. - The company does not generate revenue from the direct sale of cannabis products but provides services to cultivators in the cannabis industry[111]. - The company maintains compliance with regulatory requirements through a program of compliance, awareness, and insurance[120]. - The company is affected by potential healthcare reforms that may limit reimbursement for medical products[109]. Employment and Financial Commitments - The company employed 30 employees as of June 30, 2024, with no collective bargaining agreements in place[120]. - The company has total operating lease commitments of $142,000, with payments due for leases expiring in April 2025[287]. - The company has finance lease commitments totaling $173,000, with payments due for leases expiring between December 2024 and May 2028[287]. - The company has no off-balance sheet arrangements as of June 30, 2024[287]. - The company has no critical audit matters reported for the current period audit of the financial statements[295]. Asset Management and Investments - Astrotech's inventory reserves were reported at $296 thousand as of June 30, 2024, down from $333 thousand in the previous year, reflecting improved inventory management[349]. - The Company reported a total fair value of available-for-sale investments of $21,474 thousand as of June 30, 2024, with unrealized losses of $1,177 thousand[370]. - The Company had no impairment of long-lived assets recorded for fiscal years ended June 30, 2024, and 2023[352]. - The Company capitalizes all direct external costs related to internal-use software once technological feasibility is established[351]. - The Company adopted ASU 2016-02, which eliminated the recognition of deferred rent on the consolidated balance sheet[357]. - The Company expects to enhance annual segment reporting disclosures based on new requirements effective after December 15, 2023[368]. - The Company recorded unrealized losses of $850 thousand on mutual funds and $327 thousand on ETFs as of June 30, 2024[370]. - The Company assesses the recoverability of long-lived assets based on future undiscounted net cash flows expected to be generated by the asset[352]. - The Company has no long-term investments as of June 30, 2024, and June 30, 2023[371]. - The Company accounts for income taxes under the liability method, establishing a valuation allowance when deferred tax assets are not likely to be realized[361]. - Total Money Market Funds decreased to $21,474,000 from $27,919,000 year-over-year, representing a decline of approximately 23.3%[374]. - Mutual Funds in Corporate & Government Debt decreased to $14,426,000 from $18,965,000, a decrease of about 23.3%[374]. - ETFs in Corporate & Government Debt increased slightly to $7,048,000 from $6,958,000, showing a growth of approximately 1.3%[374]. - Maturities from 91-360 days were reported at $1,996,000 in June 2023, with no new data for June 2024[374].

AUSTIN, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the fiscal year ended June 30, 2024. Financial Highlights & Fiscal Year Developments  Revenue increased to $1.7 million as Astrotech’s subsidiary, 1st Detect, gained traction in the international passenger market with its explosives trace detectors (“ETD”). Gross margin increased to 45% for the year compared to 41% in the prior period, due to a higher propo ...

Revenue Growth - Revenue for the fiscal year 2024 increased to $1.7 million, up from $750,000 in the prior year, representing a growth of approximately 126.67%[1] - Gross margin improved to 45% for the year compared to 41% in the previous period, attributed to a higher proportion of recurring revenue[1] Product Development and Market Opportunities - The TRACER1000 received approval from the U.S. Transportation Security Administration for the Air Cargo Security Technology List, allowing sales to air cargo companies in the U.S.[2] - The TSA had over 6,000 explosives trace detection units at checkpoints, indicating a significant market opportunity for the TRACER 1000[3] - 1st Detect began accepting orders for the TRACER 1000 Narcotics Trace Detector, enhancing its product offerings in various security markets[4] - The AgLAB MVP™ process control system can increase potency yields and revenue by 20% or more, showcasing the effectiveness of the AMS Technology[7] Financial Performance - Astrotech's consolidated balance sheet shows $31.9 million in cash and cash equivalents, supporting research and development and potential acquisitions[7] - Total operating expenses for the fiscal year were $14.03 million, up from $11.37 million in the previous year, reflecting increased investment in R&D and SG&A[13] - The net loss for the fiscal year 2024 was $11.67 million, compared to a net loss of $9.64 million in the prior year, indicating ongoing challenges in profitability[13] - Stockholders' equity decreased to $34.81 million from $44.72 million, primarily due to accumulated deficits and comprehensive losses[16]

Core Points - Astrotech Corporation's TRACER 1000 has been approved by the U.S. TSA for the Air Cargo Security Technology List, advancing it to Stage II testing [1] - The TRACER 1000 is recognized for its ultra-high vacuum mass spectrometry technology, achieving near-zero false alarms and is currently in use at airport cargo and passenger checkpoints in fourteen countries [2] - The CEO of Astrotech highlighted the significance of this approval, marking the company as the first and only mass spectrometer ETD on the ACSTL, and expressed optimism about expanding sales in the regulated air cargo market [3] Company Overview - Astrotech Corporation is a mass spectrometry company that develops and commercializes scalable technologies through its subsidiaries, including 1st Detect, AgLAB, Pro-Control, and BreathTech [4]

Core Insights - AgLAB, a subsidiary of Astrotech Corporation, and SC Labs have entered into a master lease agreement to jointly market the AgLAB 1000-D2TM mass spectrometer and the AgLAB Maximum Value Process testing method to SC Labs customers [1][3] - The AgLAB MVP method aims to enhance yields and profitability for hemp (CBD) and cannabis (THC) producers by allowing real-time adjustments during oil processing, potentially increasing ending-weight yields by an average of 20% [2][3] Company Overview - Astrotech Corporation specializes in mass spectrometry technology and operates through various subsidiaries, including AgLAB, which focuses on chemical analyzers for the agriculture market [6] - SC Labs is a leading multi-state cannabis and hemp testing laboratory in the U.S., known for its innovative testing solutions and commitment to safety and quality in cannabis products [7] Partnership Benefits - The collaboration between AgLAB and SC Labs is expected to provide SC Labs' customers with direct access to the AgLAB MVP solution, enhancing production efficiency and offering immediate returns [4] - The partnership aims to integrate analytical services into production facilities, addressing customer challenges beyond standard testing services [4]