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 ...

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 September 30, 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) ...

Corporate Actions - The company announced a Reverse Stock Split at a ratio of 1-for-30 to comply with Nasdaq listing requirements[15]. - The Rights Agreement adopted by the company is intended to protect stockholder interests and long-term value[15]. - The company has appointed Bob McFarland to the Board of Directors and Thomas B. Pickens III as Chief Technology Officer to enhance its management team[16]. - The company has a limited duration stockholder rights plan expiring on December 20, 2023[366]. Product Development and Innovation - The AgLAB 1000-D2™ mass spectrometer is designed to improve yields and profits for hemp (CBD) and cannabis (THC) producers, with confirmed results from field trials[17][29]. - The AgLAB 1000-D2™ aims to reduce waste in distillation processes, providing a competitive advantage over high-performance liquid chromatography technology[27]. - AgLAB has launched the AgLAB-1000-D2 to enhance distillation processes in the hemp and cannabis industry, with plans for further product development[40]. - The BreathTest-1000™ is being developed to screen for VOC metabolites, with significant milestones achieved in distinguishing infected from healthy breath samples[32]. - The BreathTest-1000 is under development to provide a non-invasive screening device for infections, with potential applications in high-density locations[41]. - The company is exploring the Emergency Use Authorization (EUA) process to expedite the market entry of the BreathTest-1000 amid ongoing public health concerns[55]. - The company is committed to R&D investments focused on cross-platform AMS Technology to enhance product functionality and reliability[51]. Market Trends and Opportunities - The U.S. CBD market is projected to reach $20 billion by 2024, with a CAGR of 49% from 2019 to 2024[24]. - The cannabis crop's wholesale value in the U.S. exceeds $6 billion annually, driven by growing acceptance and legislative changes[24]. - The company is focused on expanding its market presence in the agriculture and security sectors through its subsidiaries[13][20]. - The TRACER 1000 explosive trace detector is deployed in 29 locations across 14 countries, certified by the European Civil Aviation Conference (ECAC)[21]. - The TRACER 1000 is currently marketed in 29 locations across 14 countries, with ongoing sales efforts in the cargo security and airport passenger screening markets[39]. - The company is working with the U.S. Transportation Security Administration towards air cargo certification for the TRACER 1000, which could enhance market opportunities in the U.S.[300]. Financial Performance - Revenue for the fiscal year ended June 30, 2023, was $750 thousand, a decrease from $869 thousand in the previous year, representing a decline of approximately 13.6%[307]. - Net loss for the fiscal year ended June 30, 2023, was $9,642 thousand, compared to a net loss of $8,330 thousand for the previous year, indicating an increase in loss of approximately 15.8%[292]. - Basic and diluted net loss per common share for the fiscal year ended June 30, 2023, was $(5.95), compared to $(5.24) for the previous year, reflecting a worsening of approximately 13.5%[287]. - Total operating expenses for the fiscal year ended June 30, 2023, were $8,787 thousand, up from $8,595 thousand in the previous year, an increase of approximately 2.2%[287]. - The company reported a total comprehensive loss of $9,896 thousand for the fiscal year ended June 30, 2023, compared to a total comprehensive loss of $9,506 thousand in the previous year, an increase of approximately 4.1%[287]. - Research and development expenses for the fiscal year ended June 30, 2023, were $5.6 million, compared to $2.8 million for the fiscal year ended June 30, 2022, indicating a 100% increase[317]. Assets and Liabilities - The company reported cash and cash equivalents of $14,208,000 as of June 30, 2023, down from $26,453,000 in 2022, indicating a decrease of approximately 46%[284]. - Total current assets decreased to $44,713,000 in June 2023 from $54,950,000 in June 2022, reflecting a decline of about 19%[284]. - The company has total liabilities of $2,956,000 as of June 30, 2023, slightly down from $2,985,000 in 2022[284]. - The company’s total assets decreased to $47,675,000 in June 2023 from $56,221,000 in June 2022, reflecting a decline of approximately 15%[284]. - The company’s inventory of raw materials increased to $1,379,000 in June 2023 from $864,000 in June 2022, marking a growth of approximately 60%[284]. - The company’s operating lease right-of-use assets increased to $262,000 in June 2023 from $162,000 in June 2022, showing a rise of about 62%[284]. Regulatory Compliance - The company is in discussions with the FDA regarding the classification of the BreathTest-1000, which will determine the necessary premarket submission process[54]. - The FDA's 510(k) review process typically takes between three to six months, but may extend longer depending on the need for additional information[62]. - Class III devices require submission through the PMA process, which is more demanding than the 510(k) process, and the FDA has 180 days to complete its review, although it often takes significantly longer[66]. - The de novo classification procedure allows manufacturers to request down-classification of a device from Class III to Class I or II, with a review time set at 120 days, though the FDA has only committed to a 150-day review for 50% of applications[65]. - Manufacturers must cease marketing modified devices until a new 510(k), de novo, or PMA is cleared or approved by the FDA, which may lead to significant regulatory fines[64]. - The FDA may approve a PMA application with post-approval conditions, including restrictions on labeling and the requirement for long-term follow-up data from clinical studies[67]. - Changes to an approved device that affect safety or effectiveness require submission of a PMA supplement, which may not require as extensive clinical data as the original PMA[69]. - The FDA can issue an Emergency Use Authorization (EUA) under specific circumstances, allowing the temporary use of unapproved medical devices[70]. - Clinical trials are often required to support de novo or PMA submissions, and must comply with FDA's IDE regulations[72]. - Post-market regulations include stringent quality assurance procedures and reporting requirements for adverse events, which must be adhered to by manufacturers[75]. - The FDA's recall authority allows it to order manufacturers to recall products that violate laws and regulations, ensuring public health safety[76]. - The FDA has broad regulatory compliance and enforcement powers, which may result in sanctions such as fines, recalls, and product seizures if the company fails to comply with applicable regulations[77]. - Medical devices in the EEA must meet essential requirements to ensure patient safety and device performance, with compliance viewed as the easiest way to satisfy these requirements[78]. - Manufacturers must undergo a conformity assessment procedure for medical devices, which typically requires the intervention of a Notified Body, except for low-risk devices[79]. - The Medical Devices Regulation (Regulation 2017/745) will be directly applicable in all EEA member States starting May 2021, establishing a uniform regulatory framework for medical devices[82]. - Non-compliance with medical device regulations may lead to enforcement actions, including the suspension of marketing and use, or recalls of unsafe devices[83]. - The company is subject to various foreign regulations regarding product standards, safety reporting, marketing, and clinical trials, which may differ significantly from FDA requirements[84]. Legal and Compliance Risks - Violations of the federal Anti-Kickback Statute can result in civil monetary penalties up to $100,000 for each violation, plus treble damages[87]. - The federal civil False Claims Act prohibits presenting false claims for payment to the government, with penalties including fines and potential exclusion from federal healthcare programs[88]. - The HIPAA privacy regulations require notification of patients in the event of a breach of unsecured Protected Health Information (PHI), with penalties for non-compliance reaching up to $63,973 per violation[96]. - The California Consumer Privacy Act (CCPA) creates new data privacy obligations and rights for California residents, potentially increasing risks associated with data breaches[98]. Shareholder Actions - The company repurchased $119 thousand in treasury stock during fiscal year 2023, reflecting a strategic move to enhance shareholder value[333]. - The share repurchase program allows for up to $1,000,000 in common stock repurchases, effective from November 17, 2022, to November 17, 2023[365]. - The company repurchased 10,316 shares of common stock at an aggregate cost of $118,532 during the year ended June 30, 2023[366]. - The company has issued 280,898 shares of Series D convertible preferred stock, all of which were outstanding as of June 30, 2023[364]. - The weighted average exercise price of outstanding warrants remained at $72.10, with 80,000 shares outstanding as of June 30, 2023[369]. - The company has a total of 80,000 warrants outstanding, with various exercise prices and expiration dates[370].

Financial Performance - Total revenue for the third quarter of fiscal 2023 decreased by $62 thousand to $35 thousand compared to $97 thousand in the same quarter of fiscal 2022[124]. - Gross profit for the third quarter of fiscal 2023 was $11 thousand, resulting in a gross margin of 31%, down from 53% in the same quarter of fiscal 2022[124]. - Total revenue decreased by $509 thousand to $336 thousand for the nine months ended March 31, 2023, compared to $845 thousand in the same period of 2022[130]. - Gross profit was $125 thousand with a gross margin of 37%, an increase of 15% from 22% in the previous year, attributed to a higher proportion of recurring revenue[130][131]. Operating Expenses - Operating expenses increased by $563 thousand, or 25.6%, in the third quarter of fiscal 2023, primarily due to a significant rise in research and development expenses, which increased by $633 thousand, or 87.7%[126]. - Operating expenses increased by $1.8 million, or 27.2%, totaling $8.453 million for the nine months ended March 31, 2023, compared to $6.643 million in the prior year[131]. - Research and development expenses surged by $1.8 million, or 91.1%, driven by technology improvements and increased headcount[132]. Other Income - Other income increased by $328 thousand in the third quarter of fiscal 2023 due to higher income from capital-preservation investments as interest rates rose[126]. - Other income increased by $855 thousand, totaling $1.006 million for the nine months ended March 31, 2023, due to higher income from short-term investments[132]. Cash Flow and Financial Position - Cash and cash equivalents decreased by $12 million to $14.4 million as of March 31, 2023, compared to $26.4 million as of June 30, 2022[137]. - Net cash used in operating activities was $6.34 million for the nine months ended March 31, 2023, an increase of $1.176 million from $5.164 million in the prior year[136]. - The company authorized a share repurchase program of up to $1 million, with 5,821 shares repurchased at a cost of $69,070 during the three and nine months ended March 31, 2023[141][142]. Tax Positions - The effective tax rate for the nine months ended March 31, 2023, is 0%, with a full valuation allowance on deferred tax assets due to expected future losses[144]. - The company has approximately $400 thousand of uncertain tax positions as of March 31, 2023, all accounted as contra-deferred tax assets[147]. Product Development and Market Expansion - The TRACER 1000 has been deployed in approximately 21 locations across 14 countries in Europe and Asia as of March 31, 2023[113]. - AgLAB's field trials demonstrated an average yield improvement of 30% in the distillation process for THC and CBD oil[116]. - BreathTech is developing the BreathTest-1000 to screen for VOC metabolites, with ongoing studies expanding to various diseases beyond COVID-19[117]. - The company plans to launch a family of "process control" methods and solutions to enhance its offerings in the nutraceutical distillation market[115]. Shipping and Supply Chain - The gross margin decreased by 22% in the third quarter of fiscal 2023 compared to the same quarter in fiscal 2022, attributed to increased shipping expenses[125]. - The company is focused on securing alternative supplies to mitigate the impact of global semiconductor shortages on production[119].

Revenue and Profitability - Total revenue decreased by $298 thousand in Q2 FY2023 compared to Q2 FY2022, primarily due to a shift in sales focus from the ETD market to the AgLAB 1000-D2 commercialization[123] - Gross profit for Q2 FY2023 was $108 thousand, with a gross margin of 41%, an increase of 20% from the same quarter in the previous year[124] - Total revenue decreased by $447 thousand in fiscal year 2023, with all revenue derived from TRACER 1000 unit sales and rentals, as well as consumables and maintenance services[128] - Gross profit for the six months ended December 31, 2022, was $114 thousand, with a gross margin of 38%, up from 18% in the prior year[128] - Other income increased by $316 thousand in Q2 FY2023 due to higher earnings from capital-preservation investments as interest rates rose[125] - Other income increased by $527 thousand, driven by higher income from short-term investments and reduced interest expenses[131] - The company anticipates that the AgLAB market will provide more profitable opportunities compared to the ETD market[128] Operating Expenses - Operating expenses increased by $542 thousand, or 22.8%, in Q2 FY2023, driven by a 109.2% increase in research and development expenses[125] - Operating expenses increased by $1.2 million, or 28.1%, during the six months ended December 31, 2022, primarily due to a 93% increase in research and development expenses[129][130] - Selling, general and administrative expenses decreased by $170 thousand, or 9.8%, in Q2 FY2023 compared to the same period last year[125] Cash Flow and Investments - Cash and cash equivalents decreased by $10.6 million to $15.9 million as of December 31, 2022, compared to June 30, 2022[135] - Net cash used in operating activities increased by $771 thousand for the six months ended December 31, 2022, due to higher prepayments and operating expenses[136] - Cash used in investing activities rose by $5.5 million, primarily due to purchases of short-term time deposit investments[137] - The company authorized a share repurchase program of up to $1.0 million, effective from November 17, 2022, through November 17, 2023[139] Product Development and Market Focus - AgLAB is developing the AgLAB 1000-D2 series to optimize THC and CBD oil yields during distillation, with initial production runs beginning in Q1 FY2023[114] - BreathTech is developing the BreathTest-1000 to screen for VOC metabolites, with preliminary results indicating it can differentiate between background breath and disease VOCs[116] - The TRACER 1000 has been deployed in approximately 21 locations across 14 countries as of December 31, 2022[111] Supply Chain and External Factors - The company is focused on securing alternative supplies and managing production to mitigate the impact of supply chain shortages[118] - The long-term impact of the COVID-19 pandemic on the company's business may not be fully reflected until future periods[118] Taxation - The effective tax rate for the six months ended December 31, 2022, was 0%, with a full valuation allowance on deferred tax assets due to expected future losses[141]