Core Viewpoint - Astrotech Corporation has established a new subsidiary, EN-SCAN, Inc., to manufacture and sell advanced environmental testing instruments utilizing proprietary gas chromatography and mass spectrometry technology, aimed at providing real-time analysis for air, water, and soil [1][2]. Company Overview - EN-SCAN is based in Austin, Texas, and focuses on developing portable environmental testing solutions that integrate gas chromatography and mass spectrometry technology for industrial, environmental, and regulatory applications [4]. - Astrotech Corporation, also headquartered in Austin, Texas, specializes in mass spectrometry and manages scalable companies through its subsidiaries [5]. Product Offerings - The EN-SCAN product line includes: - **Rugged-Lab GC-MS**: A transportable GC-MS for on-site, lab-quality analysis of air, water, and soil, supporting regulatory enforcement and industrial compliance [7]. - **EN-SCAN Fenceline Monitor**: A continuous emissions monitoring system for detecting pollutants like BTEX at refineries and chemical processing plants, providing real-time results [7]. - **EN-SCAN Handheld GC**: A lightweight, portable gas chromatograph for on-site detection of volatile organic compounds and contaminants, suitable for environmental testing and emergency response [7]. Market Context - The environmental testing market has seen significant growth in recent years, creating a demand for durable and rugged instruments capable of performing in outdoor and hazardous environments [2]. - EN-SCAN's solutions are designed to deliver accurate, real-time monitoring, enabling organizations to make data-driven decisions while reducing testing costs and time delays [2]. Event Participation - EN-SCAN will introduce its product line at the Pittcon 2025 conference in Boston, scheduled for March 1-5, 2025, which is a major event for laboratory science showcasing advances in analytical research and scientific instrumentation [3].

Revenue Performance - Total revenue decreased by $854 thousand during the second quarter of fiscal year 2025, compared to the second quarter of fiscal year 2024, primarily due to selling fewer TRACER 1000 devices[123]. - Revenue for the three months ended December 31, 2024, was $261 thousand, down from $1,115 thousand in the same period in 2023, resulting in a net loss of $4,009 thousand[122]. - Total revenue for the six months ended December 31, 2024, was $295 thousand, a decrease of $1.2 million compared to the same period in 2023[126]. Gross Margin and Profitability - Gross margin improved to 59% in the three months ended December 31, 2024, compared to 48% in the same period in 2023[122]. - Cost of revenue decreased by $477 thousand in Q2 FY2025 compared to Q2 FY2024, leading to a gross margin increase of 11%[124]. - Gross profit for the six months ended December 31, 2024, was $164 thousand, with a gross margin of 56%, up from 46% in 2023[126]. Operating Expenses - Operating expenses increased to $4,476 thousand in the three months ended December 31, 2024, from $3,600 thousand in the same period in 2023, driven by higher research and development costs[122]. - Operating expenses increased by $1 million, or 14.0%, during the six months ended December 31, 2024, compared to the same period in 2023[128]. - Research and development expenses rose by $936 thousand, or 27.1%, during the six months ended December 31, 2024, driven by increased contractor personnel[134]. Cash Flow and Financial Position - Net cash used in operating activities was $6,730 thousand for the six months ended December 31, 2024, an increase of $1,880 thousand compared to the same period in 2023[129]. - Cash and cash equivalents decreased by $7.2 million as of December 31, 2024, compared to June 30, 2024, due to funding operating expenses[130]. - The effective tax rate for the six months ended December 31, 2024, was 0%, with expectations of remaining at 0% for the full fiscal year 2025[136]. - Other income and expense, net decreased by $188 thousand during the six months ended December 31, 2024, due to less interest income from investments[128]. Product Development and Market Presence - The TRACER 1000 has been deployed in approximately 30 locations across 14 countries in Europe and Asia as of December 31, 2024[100]. - The TSA approved the TRACER 1000 for the Air Cargo Security Technology List in June 2024, allowing its use in U.S. air cargo operations[101]. - AgLAB's Maximum Value Process has demonstrated the ability to improve ending-weight yields by 20% or more during field trials[113]. - The AgLAB 1000-D2™ series is focused on optimizing yields in the distillation process for the hemp and cannabis markets, which has a wholesale value exceeding $6 billion annually in the U.S.[110]. - 1st Detect received a purchase order valued at $429 thousand for TRACER 1000 ETDs from Intuitive Research and Technology Corporation, expected to be recognized as revenue in fiscal year 2025[107]. - The company is exploring advancements from BreathTech's research to apply in other existing and potential new business units[118]. Off-Balance Sheet Arrangements - The company did not have any material off-balance sheet arrangements as of December 31, 2024[134].

Financial Performance - Fiscal year 2025 Q2 revenue was $295 thousand, primarily from activities supporting the U.S. Department of Homeland Security[4] - The company reported a net loss of $4,009 thousand for the three months ended December 31, 2024, compared to a net loss of $2,641 thousand for the same period in 2023[9] - Astrotech's gross profit for Q2 2025 was $164 thousand, compared to $532 thousand in Q2 2024[9] - The company’s operating expenses for Q2 2025 were $4,476 thousand, an increase from $3,600 thousand in Q2 2024[9] - Research and development expenses increased to $2,437 thousand in Q2 2025 from $1,578 thousand in Q2 2024[9] - Astrotech's accumulated deficit reached $244,307 thousand as of December 31, 2024[10] Assets and Investments - Astrotech's cash and cash equivalents and liquid investments totaled $24.7 million, supporting research and development and potential acquisitions[4] - Astrotech's consolidated balance sheet shows total assets of $31,001 thousand as of December 31, 2024[10] Product Development - The company introduced the TRACER NTD narcotics trace detector, capable of accurately identifying fentanyl and other drugs[3] - The company received a purchase order for TRACER 1000 explosive trace detectors from Intuitive Research and Technology Corporation[4]

Financial Highlights - Astrotech Corporation reported Q2 fiscal year 2025 revenue of $295 thousand, primarily from activities supporting the U.S. Department of Homeland Security (DHS) [6] - The company’s consolidated balance sheet shows $24.7 million in cash and cash equivalents, supporting research and development, organic growth, and potential acquisitions [6] Recent Developments - The company is focusing on selling and marketing portable mass spectrometry instruments, with proven products in explosive trace detection used in 14 countries [3] - Astrotech introduced the TRACER NTD, a narcotics trace detector capable of identifying fentanyl and other drugs with high accuracy [3] - A research and development contract was awarded to 1st Detect Corporation by DHS for the TRACER 1000, aimed at next-generation explosives trace detection [6] Financial Performance - For the three months ended December 31, 2024, revenue was $261 thousand, a decrease from $1,115 thousand in the same period of 2023 [9] - The company reported a net loss of $4,009 thousand for the three months ended December 31, 2024, compared to a net loss of $2,641 thousand in the same period of 2023 [9] - Total operating expenses for the three months ended December 31, 2024, were $4,476 thousand, up from $3,600 thousand in the same period of 2023 [9] Company Overview - Astrotech Corporation specializes in mass spectrometry technology through its subsidiaries, including 1Detect, AgLAB, Pro-Control, and BreathTech [4] - The company is headquartered in Austin, Texas, and focuses on scalable companies based on innovative core technology [4]

Executive Changes - Astrotech Corporation announced the resignation of its Chief Financial Officer, Jaime Hinojosa, effective February 14, 2025 [1] - Jaime Hinojosa will continue to serve as CFO until February 14, 2025, and provide transition services through June 30, 2025 [1] - Ryan Polk has been appointed as interim Chief Financial Officer effective February 14, 2025 [1][2] Management Commentary - Jaime Hinojosa is leaving to move closer to family and work for the family business in Houston [2] - Hinojosa expressed gratitude for the opportunity to serve as CFO and highlighted the company's growth over the past decade [2] - CEO Tom Pickens praised Hinojosa's leadership in financial and regulatory reporting, and his dedication to employees, customers, and suppliers [2] Interim CFO Background - Ryan Polk has prior experience as CFO at both public and private companies [2] - Polk brings expertise in scaling companies through organic growth and acquisitions [2] Company Overview - Astrotech Corporation is a mass spectrometry company that commercializes scalable businesses through its subsidiaries [3] - Subsidiaries include 1st Detect (trace detectors for security), AgLAB (chemical analyzers for agriculture), Pro-Control (mass spectrometry for chemical manufacturing), and BreathTech (breath analysis for health screening) [3] - The company is headquartered in Austin, Texas [3]

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 ...