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]

Financial Performance - For the quarter ended March 31, 2024, the company reported revenue of $35,000, a decrease from $24,000 in the same quarter of 2023[132]. - Gross profit for the quarter was $11,000, resulting in a gross margin of 16%, down from 31% in the prior year[132]. - Total operating expenses increased to $3,541,000 from $2,761,000, with significant rises in selling, general, and administrative expenses (up 30% to $1,833,000) and research and development expenses (up 26% to $1,708,000)[132]. - The net loss for the quarter was $3,154,000, compared to a net loss of $2,375,000 in the same quarter of 2023, indicating a worsening financial position[132]. - Total revenue increased by $15 thousand, or 42.9%, in Q3 FY 2024 compared to Q3 FY 2023, primarily due to increased maintenance and consumable revenue from more deployed TRACER 1000 units[134]. - Gross profit for Q3 FY 2024 was $723 thousand, with a gross margin of 45%, compared to a gross profit of $125 thousand and a gross margin of 37% in Q3 FY 2023[138]. - Operating expenses rose by $780 thousand, or 28.3%, in Q3 FY 2024, driven by increases in selling, general, and administrative expenses, as well as research and development expenses[135][139]. - For the nine months ended March 31, 2024, total revenue increased by $1.3 million, or 3.7%, compared to the same period in 2023, mainly due to new unit sales of TRACER 1000[137]. - The company reported a net loss of $8.7 million for the nine months ended March 31, 2024, compared to a net loss of $7.3 million for the same period in 2023[138]. Research and Development - Research and development expenses increased by $1.3 million, or 34.1%, during the nine months ended March 31, 2024, largely due to headcount increases and technology development[142]. - The AgLAB 1000-D2 mass spectrometer has demonstrated an average improvement of 30% in ending-weight yields during field trials[125]. - The AgLAB Maximum Value Processing system has been shown to increase revenue by an average of 32% through real-time data analysis[125]. - The company is actively marketing the Pro-Control-1000 mass spectrometer to large distillers and chemical manufacturers, focusing on process control applications[129]. Cash Flow and Assets - Cash and cash equivalents decreased by $6.3 million to $8.5 million as of March 31, 2024, compared to $14.2 million as of June 30, 2023, primarily due to funding operating expenses[146]. - Net cash used in operating activities increased by $897 thousand for the nine months ended March 31, 2024, compared to the same period in 2023[147]. - Other income and expense, net increased by $223 thousand during the nine months ended March 31, 2024, due to higher income from short-term investments as interest rates increased[142]. Market and Product Deployment - The TRACER 1000 explosives trace detector has been deployed in approximately 30 locations across 14 countries as of March 31, 2024[116]. - The company has accepted a significant purchase order for seven TRACER 1000 units for deployment at an airport in Romania, successfully delivered in the second fiscal quarter of 2024[118]. - The U.S. CBD market is projected to reach $20 billion by 2024, reflecting a compound annual growth rate of 49% from 2019 to 2024[123]. Internal Controls and Legal Matters - The company maintained effective disclosure controls and procedures as of March 31, 2024, providing reasonable assurance for timely reporting[157]. - There were no changes in internal controls over financial reporting during the last fiscal quarter ended March 31, 2024, that materially affected the company's financial reporting[158]. - Management does not believe any ongoing legal proceedings will have a material adverse effect on the company's financial position or results of operations[159]. Deferred Tax Assets - The company has established a full valuation allowance on its deferred tax assets due to cumulative losses and expected future losses[152].

Exhibit 99.1 ASTROTECH REPORTS THIRD QUARTER OF FISCAL YEAR 2024 FINANCIAL RESULTS Austin, Texas – May 13, 2024 – Astrotech Corporation (Nasdaq: ASTC) (the "Company" or "Astrotech") reported its financial results for the third quarter of fiscal year 2024, which ended March 31, 2024. Financial Highlights & Recent Developments ● Astrotech's consolidated balance sheet remains strong with $34.7 million in cash and liquid investments. ● Year-to-date revenue totaled $1.6 million and was generated by sales of TRAC ...

Astrotech Announces Listing to the GSA as an Approved United States Government Vendor AUSTIN, Texas, April 08, 2024 (GLOBE NEWSWIRE) -- Astrotech Corporation (NASDAQ:ASTC) ("Astrotech" or the "Company") and its wholly owned subsidiary, 1st Detect Corporation (1st Detect), announce that 1st Detect's TRACER 1000TM is now listed in the U.S. General Services Administration (GSA) IT Schedule 70 under Contract No. GS-35F-250GA with SRI Group LLC, Special Item Number 334290.   IT Schedule 70 is a long-term contra ...

AUSTIN, Texas, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Astrotech Corporation (NASDAQ:ASTC) (the "Company" or "Astrotech") reported its financial results for the second quarter of fiscal year 2024, which ended December 31, 2023. Financial Highlights & Recent Developments  Year-to-date revenue totaled $1,540 thousand compared to $301 thousand in the comparative period in the prior year. This represents an increase of 512%. The growth was predominantly due to the Company successfully delivering on two previously ann ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-34426 Astrotech Corporation (Exact Name of Registrant as Specified in its Charter) ...

LOS ANGELES, Jan. 17, 2024 (GLOBE NEWSWIRE) -- via IBN – Astrotech Corp. (NASDAQ:ASTC), an instrumentation company focused on commercializing its proprietary ATi Mass Spectrometer Technology™ that is now used in airports and agriculture applications throughout the world, today announces it has selected IBN, a multifaceted financial news and publishing company for private and public entities, to assist with its corporate communications initiatives. Through its Astrotech Technology Inc. (ATi) subsidiary, Astr ...