Financial Data and Key Metrics Changes - The company reported first quarter revenue of $105 million, down $51 million from the first quarter of 2020, reflecting the ongoing impact of the pandemic [20] - The GAAP net loss for the quarter was $11.9 million, with an operating loss of $5 million and a slight adjusted EBITDA loss of $500,000 [20][21] - Cash flow from operations was negative $6.9 million, primarily due to increased receivables and a decrease in accounts payable [23] Business Line Data and Key Metrics Changes - Aerospace segment sales were $59.7 million, down 42% from the first quarter of 2020, resulting in a segment operating loss of $5.6 million [22] - The Test Systems segment saw sales of $24.4 million, up 64% from the first quarter of 2020, with an operating income of $1.2 million [22][19] Market Data and Key Metrics Changes - Bookings in the aerospace segment improved significantly, with first quarter bookings reaching $100 million, up from $74 million in the previous quarter [11] - The commercial transport market saw sales of $38.2 million, down 62.8% compared to the first quarter of 2020 [20] Company Strategy and Development Direction - The company continues to invest in product development and new programs to position itself for a post-pandemic recovery [21] - There is a focus on increasing production rates for narrow-body aircraft, with expectations for a shift in the commercial transport business towards narrow-body sales [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in narrow-body aircraft sales as domestic flying increases [16] - The company anticipates second quarter revenues to be around $115 million, with potential for upside [28] Other Important Information - The company amended its credit facility, which matures in February 2023, and is currently compliant with its financial covenants [24][25] - There is an ongoing review regarding a recalculated earn-out from the sale of the semiconductor business, which has been revised from $10.7 million to $7.1 million [23][60] Q&A Session Summary Question: Can you provide more color on the sequential step down in Aerospace sales and expectations for the second quarter? - Management indicated that the step down was due to various factors, including inventory management and delivery schedules, and expects revenue growth in the upcoming quarters [31][32] Question: What is the outlook for bookings in Aerospace? - Bookings have improved across the board, particularly in narrow-body and business jets, with a significant increase in activity noted [34] Question: Are there any changes anticipated in the credit agreement due to leverage concerns? - Management acknowledged the tighter situation than expected but does not forecast a violation of covenants at this time [36] Question: What is the current sentiment from airline customers regarding retrofit campaigns? - There is positive interest in updating in-flight entertainment systems, particularly in North America and China [42] Question: Are there any supply chain issues affecting the company? - Management noted emerging part shortages and lead time stretches but does not currently factor these into revenue expectations [45] Question: What is the outlook for the Test segment and potential large projects? - The company remains optimistic about the Test segment, with several high-value targets being pursued despite some delays due to COVID [54][56]

Astronics Corporation (NASDAQ:ATRO) Q4 2020 Earnings Conference Call February 23, 2021 11:00 AM ET Company Participants Debbie Pawlowski - Investor Relations Peter Gundermann - Chairman, President and Chief Executive Officer David Burney - Chief Financial Officer Conference Call Participants Austin Moeller - Canaccord Genuity Doug Ryan - Colliers Jon Tanwanteng - CJS Securities Operator Greetings. Welcome to the Astronics Corporation Fourth Quarter Fiscal Year 2020 Financial Results Conference Call. [Operat ...

Astronics Corporation (NASDAQ:ATRO) Q3 2020 Earnings Conference Call October 30, 2020 11:00 AM ET Company Participants Deborah Pawlowski - Investor Relations Peter Gundermann - Chairman, President & Chief Executive Officer David Burney - Chief Financial Officer Conference Call Participants Jon Tanwanteng - CJS Securities Ken Herbert - Canaccord Genuity Michael Ciarmoli - Truist Securities Operator Greetings, and welcome to the Astronics Corporation Third Quarter 2020 Financial Results Call. At this time all ...

Astronics Corporation (NASDAQ:ATRO) Q2 2020 Earnings Conference Call July 31, 2020 11:00 AM ET Company Participants Deborah Pawlowski – Investor Relations Peter Gundermann – Chairman, President and Chief Executive Officer Dave Burney – Chief Financial Officer Conference Call Participants Ken Herbert – Canaccord Jon Tanwanteng – CJS Securities Michael Ciarmoli – SunTrust Robinson Humphrey Operator Greetings, and welcome to Astronics Corporation Second Quarter 2020 Financial Results Conference Call. At this t ...

Astronics Corporation (NASDAQ:ATRO) Q1 2020 Earnings Conference Call May 6, 2020 11:00 AM ET Company Participants Deborah Pawlowski - Kei Advisors LLC, Investor Relations David Burney - Executive VP of Finance & CFO Peter Gundermann - Chairman, CEO & President Conference Call Participants Austin Moeller - Canaccord Genuity Corp Jonathan Tanwanteng - CJS Securities, Inc Michael Ciarmoli - SunTrust Robinson Humphrey Scott Lewis - Lewis Capital Management Deborah Pawlowski - Kei Advisors LLC Operator Good day, ...

Part I [Business Overview](index=5&type=section&id=Item%201.%20Business) Astronics Corporation is a global supplier of advanced technologies for aerospace and defense, encompassing diverse products and strategic activities [Company Profile and Operations](index=5&type=section&id=1.1%20Company%20Overview%20and%20Operations) Astronics Corporation is a leading global supplier of advanced aerospace and defense technologies, operating across North America, Europe, and Asia - **Astronics Corporation is a leading global supplier of advanced technologies and products for the aerospace and defense industries**[7](index=7&type=chunk) - Key products include power generation and distribution systems, seat motion solutions, lighting and safety systems, avionics, aircraft structures, system certification, and automated test systems[7](index=7&type=chunk) - The company operates primarily in the **United States, Canada, France, and the United Kingdom**, with engineering offices in Ukraine and India[8](index=8&type=chunk) [Strategic Activities: Acquisitions & Divestitures](index=5&type=section&id=1.2%20Strategic%20Activities:%20Acquisitions%20%26%20Divestitures) In 2019, the company strategically acquired Freedom Communication Technologies and Diagnosys Test Systems while divesting non-core semiconductor test and airport lighting businesses - On July 1, 2019, the company acquired Freedom Communication Technologies, Inc., a leader in wireless communication testing, for **$21.8 million** (net of $0.6 million cash), integrating it into the Test Systems segment[9](index=9&type=chunk) - On October 4, 2019, the company acquired Diagnosys Test Systems Limited, specializing in automated test equipment for global public transit and defense markets, for **$7.0 million cash** and **$2.5 million contingent consideration** (up to $13.0 million based on new orders over three years)[10](index=10&type=chunk) - On February 13, 2019, the company divested its non-core semiconductor test business for **$103.8 million** in total proceeds, recording an **$80.1 million pre-tax gain** and **$19.7 million in income tax expense**[11](index=11&type=chunk) - On July 12, 2019, the company sold intellectual property and assets related to its airport lighting product line for **$1.0 million cash**, recording an approximate **$1.3 million pre-tax loss**[13](index=13&type=chunk) [Products, Customers, and Markets](index=5&type=section&id=1.3%20Products,%20Customers,%20and%20Markets) Astronics' Aerospace segment serves global aerospace and defense, with 76% of 2019 sales from commercial transport, while the Test Systems segment provides automated test solutions, facing significant customer concentration with Boeing and Panasonic Avionics - The Aerospace segment's product lines include lighting and safety systems, power generation, distribution and motion systems, aircraft structures, avionics, and system certification[14](index=14&type=chunk) 2019 Aerospace Segment Sales Market Distribution | Market Type | Sales Percentage | | :----------------- | :--------------- | | Commercial Transport | 76% | | Military Aircraft | 11% | | Business Jet | 10% | | Other Markets | 3% | - The Test Systems segment provides automated test systems for aerospace, communication, and weapon test systems, as well as commercial and military applications[16](index=16&type=chunk) Key Customer Sales Percentage | Customer Name | 2019 Sales Percentage | | :----------------- | :-------------------- | | Boeing Company | 13.6% | | Panasonic Avionics | 13.0% | [Business Strategy and Competitive Landscape](index=6&type=section&id=1.4%20Business%20Strategy%20and%20Competitive%20Landscape) The company's strategy is to enhance technology and capabilities through internal development or acquisitions, providing innovative solutions for aerospace, defense, and other markets, while navigating intense competition - The company's strategy is to enhance technology and capabilities through internal development or acquisitions, offering innovative solutions for aerospace, defense, and other markets[19](index=19&type=chunk) - The company faces intense competition, primarily in product performance and pricing, with many competitors being larger and more resourceful[21](index=21&type=chunk) - Success relies on product innovation, customer support, responsiveness, and cost management, with continuous investment in technology development and engineering support[21](index=21&type=chunk) [Operational Details](index=6&type=section&id=1.5%20Operational%20Details) Approximately 13% of consolidated sales derive from military aviation and test systems, subject to government contract termination risks, with diversified raw material supply, no significant seasonality, and a year-end 2019 backlog of $359.6 million - Approximately **13% of consolidated sales** come from military aviation and military test systems markets, with all US government contracts subject to termination by the government[22](index=22&type=chunk) - Raw material supply is diversified, ensuring that the loss of a single source would not significantly impact long-term operations; the business is not seasonal[23](index=23&type=chunk) Consolidated Backlog (million USD) | Date | Amount (million USD) | | :------------- | :------------------- | | Dec 31, 2019 | 359.6 | | Dec 31, 2018 | 415.5 | | Dec 31, 2018 (excluding divested business) | 403.3 | - The company holds multiple patents, with a high reliance on patent protection for cabin power distribution products[25](index=25&type=chunk) Research and Development and Engineering Expenses (million USD) | Year | Amount (million USD) | | :--- | :------------------- | | 2019 | 108.9 | | 2018 | 114.3 | | 2017 | 95.0 | - As of December 31, 2019, the company had approximately **2,800 employees**[27](index=27&type=chunk) [Available Information](index=7&type=section&id=1.6%20Available%20Information) The company files financial information and other materials with the SEC, accessible via www.sec.gov and www.astronics.com - The company files financial information and other materials with the SEC, accessible via **www.sec.gov** and **www.astronics.com**[28](index=28&type=chunk) [Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) The company faces multiple risks including customer concentration, asset impairment, market cyclicality, competitive pressures, acquisition integration, legal and regulatory challenges, financial and debt-related issues, and external shocks [Customer Concentration Risk](index=7&type=section&id=1A.1%20Customer%20Concentration%20Risk) The company faces significant customer concentration risk with Boeing and Panasonic Avionics, where losing either would severely impact sales and profitability Key Customer Sales Percentage | Customer Name | 2019 Sales Percentage | | :----------------- | :-------------------- | | Boeing Company | 13.6% | | Panasonic Avionics | 13.0% | - Losing Boeing or Panasonic Avionics as major customers, or a significant reduction in business with them, would substantially decrease the company's sales and earnings[29](index=29&type=chunk) [Boeing 737 MAX Grounding Impact](index=7&type=section&id=1A.2%20Boeing%20737%20MAX%20Grounding%20Impact) The ongoing grounding of the Boeing 737 MAX negatively impacted the company's 2019 fiscal year production rates, affecting OEM content and aftermarket business - The grounding of the Boeing 737 MAX aircraft led to lower-than-expected production rates in fiscal year 2019, impacting the company's OEM content and aftermarket business[30](index=30&type=chunk) - A prolonged or permanent grounding could significantly reduce Aerospace segment sales, materially adversely affecting business, financial condition, operating results, and cash flows[30](index=30&type=chunk) [Asset Impairment Risks](index=7&type=section&id=1A.3%20Asset%20Impairment%20Risks) The company faces risks of goodwill and other intangible asset impairment, which could adversely affect operating results and net assets - As of December 31, 2019, goodwill and net intangible assets constituted **18.5%** and **16.3%** of total assets, respectively[31](index=31&type=chunk) - In 2019, the company recorded **$1.6 million** in goodwill impairment and **$6.2 million** in intangible asset impairment for the AeroSat antenna business[31](index=31&type=chunk) - Unsuccessful new aircraft programs or initiatives could lead to impairment of related inventory, accounts receivable, and capital equipment, significantly reducing earnings and potentially causing debt agreement defaults[34](index=34&type=chunk) [Market Cyclicality and Economic Conditions](index=7&type=section&id=1A.4%20Market%20Cyclicality%20and%20Economic%20Conditions) The company's markets are cyclical and susceptible to economic conditions, leading to fluctuating operating results, as the commercial aviation industry is highly sensitive to various external factors - Demand for the company's products largely depends on the demand and success of customer products, with markets being cyclical and susceptible to domestic and international economic conditions and events[32](index=32&type=chunk) - The commercial aerospace industry is highly sensitive to factors such as fuel prices, labor disputes, global economic conditions, capital availability, and passenger demand[32](index=32&type=chunk) - Changes in these factors could lead to reduced air travel, decreased airline ability to invest in new aircraft or upgrades, and consequently, fewer product orders and sales for the company[32](index=32&type=chunk)[33](index=33&type=chunk) [Competitive and Operational Risks](index=9&type=section&id=1A.5%20Competitive%20and%20Operational%20Risks) Operating in a highly competitive market, the company faces challenges from larger competitors, customer concentration in its Test Systems segment, reliance on key personnel, and various operational risks - The Test Systems segment market has high customer concentration, with sales growth dependent on securing orders from existing or new key customers[35](index=35&type=chunk) - Operating in a highly competitive market, competitors may develop superior, more price-competitive products or adapt faster to new technologies, negatively impacting the company's operations and financial performance[36](index=36&type=chunk) - The company's future success largely depends on the continued contributions of its management team and technical personnel, with talent loss potentially having a material adverse effect on the business[38](index=38&type=chunk) - New product development may be unsuccessful, leading to reduced sales and earnings; government contracts may be unfunded, terminated, or awarded to competitors, thereby reducing sales[59](index=59&type=chunk)[60](index=60&type=chunk) - Failure of subcontractors or suppliers to fulfill contractual obligations could materially adversely affect the company's ability to perform on major contracts and secure future business[61](index=61&type=chunk) - Fixed-price contracts may result in cost overruns, leading to losses for the company; product failures could damage reputation, lead to product recalls, or result in claims exceeding insurance coverage[62](index=62&type=chunk)[64](index=64&type=chunk) [Acquisition and Integration Risks](index=9&type=section&id=1A.6%20Acquisition%20and%20Integration%20Risks) The company's growth strategy through acquisitions carries multiple risks, including management time diversion, unforeseen liabilities, and difficulties in integrating operations and personnel - Acquisition growth strategy involves risks such as management time diversion, unforeseen liabilities, failure to realize anticipated benefits or synergies, and increased operating costs[39](index=39&type=chunk) - Additional debt may restrict cash flow and flexibility, integrating operations and personnel may face difficulties, and key employees, suppliers, or customers of acquired businesses could be lost[39](index=39&type=chunk) - If acquisitions are not executed as planned, fail to increase earnings, or prove not to be beneficial to the company, financial performance could be negatively impacted[40](index=40&type=chunk) [Legal and Regulatory Risks](index=10&type=section&id=1A.7%20Legal%20and%20Regulatory%20Risks) The company may be involved in legal proceedings such as product liability or patent infringement, potentially leading to significant losses, while defense contracts are strictly regulated, and foreign operations face political and currency risks - The company may be involved in legal proceedings, such as product liability, warranty claims, contract breaches, or patent infringement, potentially leading to significant losses and liabilities[41](index=41&type=chunk) - Subsidiary AES is currently involved in patent infringement litigation with Lufthansa Technik AG, which, if decided unfavorably, could have a material adverse effect on operating results or financial condition[42](index=42&type=chunk) - Defense industry contracts are subject to strict regulations, and non-compliance could result in fines, penalties, or disqualification from future government contracts[68](index=68&type=chunk) - Operating in foreign countries exposes the company to political, currency, and local legal/regulatory changes, as well as US export control restrictions, potentially affecting product sales and competitive position[70](index=70&type=chunk)[71](index=71&type=chunk) [Financial and Debt-Related Risks](index=10&type=section&id=1A.8%20Financial%20and%20Debt-Related%20Risks) The company faces risks from its debt levels, which could adversely affect operations and financial flexibility, including debt covenant restrictions and interest rate volatility - As of December 31, 2019, the company had approximately **$188.2 million in outstanding debt**, with **$188.0 million** classified as long-term debt[44](index=44&type=chunk) - High debt levels may divert cash flow to principal and interest payments, reduce funds for acquisitions and capital expenditures, increase vulnerability to economic changes, and limit additional financing capacity[44](index=44&type=chunk) - The company faces debt covenant restrictions, where a significant decline in operating income could lead to default, requiring lender waivers or renegotiation of financing terms[45](index=45&type=chunk) - As of December 31, 2019, most of the company's debt carried floating interest rates, meaning rising rates could increase operating costs; the phase-out of LIBOR may also negatively impact debt agreements and financial condition[46](index=46&type=chunk)[47](index=47&type=chunk) [External Shocks: Epidemics & Cyber Attacks](index=11&type=section&id=1A.9%20External%20Shocks:%20Epidemics%20%26%20Cyber%20Attacks) The company's business is susceptible to epidemics like COVID-19, impacting global travel and supply chains, and faces cybersecurity threats that could lead to data breaches and reputational damage - The company's business is susceptible to epidemics (e.g., COVID-19), which could significantly reduce global travel and commercial activity, impacting airline spending, demand, and supply chains[51](index=51&type=chunk) - The company relies on information technology infrastructure and faces cybersecurity threats and attacks; failure to protect sensitive information could lead to data breaches and reputational damage[52](index=52&type=chunk)[53](index=53&type=chunk) [Stock Price Volatility](index=13&type=section&id=1A.10%20Stock%20Price%20Volatility) The company's stock price is highly volatile, influenced by various factors including operating results, analyst expectations, and market trends 2019 Stock Price Fluctuation Range (USD) | Metric | Amount (USD) | | :-------- | :----------- | | Low Price | 26.08 | | High Price | 44.20 | - Stock price volatility is influenced by quarterly operating results, analyst expectations, technological innovations, new product releases, market trend news, and major contract or project cancellations[72](index=72&type=chunk) - Market fluctuations in the aerospace and defense industries may also affect the stock price independently of the company's operating performance[73](index=73&type=chunk) [Unresolved Staff Comments](index=15&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This section confirms the absence of any unresolved staff comments within the report [No Unresolved Staff Comments](index=15&type=section&id=1B.1%20No%20Unresolved%20Staff%20Comments) There are no unresolved staff comments in this report[74](index=74&type=chunk) [Properties](index=15&type=section&id=Item%202.%20Properties) The company owns or leases 1.4 million sq ft of property space across its Aerospace and Test Systems segments, primarily in North America and Europe [Property Ownership and Leases](index=15&type=section&id=2.1%20Property%20Ownership%20and%20Leases) As of December 31, 2019, the company owned or leased 1.4 million sq ft of property space, with the Aerospace segment accounting for 1.194 million sq ft and the Test Systems segment leasing 158,000 sq ft Property Space Distribution as of December 31, 2019 (square feet) | Segment | Owned (sq ft) | Leased (sq ft) | Total (sq ft) | | :--------- | :------------ | :------------- | :------------ | | Aerospace | 749,000 | 445,000 | 1,194,000 | | Test Systems | — | 158,000 | 158,000 | | **Total** | **749,000** | **603,000** | **1,352,000** | - The company's primary operations are in the **United States, Canada, France, and the United Kingdom**, with engineering offices in Ukraine and India[74](index=74&type=chunk) - The company believes its properties are well-maintained and expects to renew leases or find alternative locations on market terms upon expiration[75](index=75&type=chunk) [Legal Proceedings](index=15&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in patent infringement litigation, with probable losses identified, as detailed in Note 19 to the consolidated financial statements [Patent Infringement Litigation](index=15&type=section&id=3.1%20Patent%20Infringement%20Litigation) The company is currently involved in legal proceedings related to patent infringement allegations, with probable losses identified - The company is currently involved in legal proceedings related to patent infringement allegations, and based on existing rulings, has determined that losses associated with these lawsuits are probable[76](index=76&type=chunk) - For discussions on legal contingencies, refer to **Note 19** to the consolidated financial statements[76](index=76&type=chunk) [Mine Safety Disclosures](index=15&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations [Not Applicable](index=15&type=section&id=4.1%20Not%20Applicable) This section is not applicable[77](index=77&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=16&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section provides information on the company's common stock market, shareholder matters, and share repurchase programs [Stock Market Information](index=16&type=section&id=5.1%20Stock%20Market%20Information) The company's common stock trades on the Nasdaq National Market System, with no cash dividends paid in the past three years as capital is retained for growth 2019 Common Stock Quarterly Price Range (USD) | Quarter | High Price (USD) | Low Price (USD) | | :------ | :--------------- | :-------------- | | First | 36.01 | 28.55 | | Second | 44.20 | 31.69 | | Third | 41.86 | 26.08 | | Fourth | 31.50 | 27.95 | 2018 Common Stock Quarterly Price Range (USD) | Quarter | High Price (USD) | Low Price (USD) | | :------ | :--------------- | :-------------- | | First | 41.18 | 30.94 | | Second | 34.23 | 29.40 | | Third | 40.10 | 31.60 | | Fourth | 37.80 | 28.46 | - As of February 24, 2020, there were approximately **726 record holders of common stock** and **2,003 record holders of Class B stock**[78](index=78&type=chunk) - The company has not paid cash dividends for the three years ended December 31, 2019, and plans to retain all operating cash for working capital and business growth[80](index=80&type=chunk) [Share

Financial Data and Key Metrics Changes - Fourth quarter consolidated sales decreased by $4.5 million to $198.4 million, reflecting a $10.3 million decline due to the divested semiconductor test business, partially offset by $9.9 million from acquisitions [23][28] - Aerospace segment sales decreased by 1.8% to $172.1 million, primarily due to a $4.1 million decline in the avionics product line [25][29] - GAAP loss from operations for the fourth quarter was $36.9 million, influenced by $46.7 million in restructuring and impairment charges [24][28] Business Line Data and Key Metrics Changes - Aerospace bookings in Q4 were $140 million, significantly lower than recent history [10] - The test segment saw adjusted sales rise from $15.5 million in Q4 2018 to $24.4 million in Q4 2019, driven by acquisitions [27] - The three struggling businesses in the aerospace segment reported a combined operating loss of $5.1 million in Q4, down from an average of $9 million in the first three quarters [13][26] Market Data and Key Metrics Changes - Full year aerospace segment sales increased by $17 million to $692.6 million, a 2.5% increase compared to the prior year [29] - The test segment's adjusted sales for 2019 were $70.4 million, up 62.3% from $43.4 million in 2018, with organic sales increasing by $14.1 million [30] Company Strategy and Development Direction - The company is focusing on managing costs related to the 737 MAX production pause and is restructuring its operations to adapt to current challenges [11][12] - The company has paused share buybacks to conserve cash amid uncertainties surrounding the 737 MAX and the impact of the Coronavirus [32] - The company is optimistic about the test segment's growth, expecting a 20% organic growth in 2020 [20][34] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the timeline for the 737 MAX return to service and its impact on operations, indicating that clarity is needed before issuing guidance [33][34] - The company anticipates first quarter revenue to be between $155 million and $165 million, with expectations for stronger performance in the second half of the year [34] - Management noted that the legal and warranty costs have increased, impacting margins, but they expect to manage these costs moving forward [25][60] Other Important Information - The company took a legal reserve of $20.6 million related to ongoing litigation in Germany, which is expected to continue into 2021 [18][19] - The restructuring of the AeroSat business has led to a significant reduction in headcount and a focus on a single business initiative [15] Q&A Session Summary Question: What is the impact of the 50-person reduction related to the 737? - Management indicated that there was not much of a restructuring charge associated with those reductions, and cost savings would not be evident in Q4 [36][37] Question: When will the aftermarket return for the 737? - Management expressed uncertainty about the timeline for the aftermarket return, noting that it depends on how quickly airlines resume normal operations [39][40] Question: How much legal and warranty expense was there outside of the reserve? - The combined legal and warranty expense was about $4 million in the quarter, with warranty expenses being about two-thirds of that total [44][45] Question: What are the expectations for MAX production restart? - Management noted ongoing discussions with Boeing but did not have firm guidance on when production might restart [46][47] Question: How is the competitive landscape for AeroSat? - Management indicated optimism regarding partnerships and product improvements, but acknowledged the competitive nature of the market [68][70]