Astrotech (ASTC) - 2025 Q3 - Quarterly Report

Revenue and Profitability - Total revenue for the three months ended March 31, 2025, was $534 thousand, an increase of $484 thousand compared to $50 thousand in the same period of 2024[113] - Gross profit for the three months ended March 31, 2025, was $237 thousand, with a gross margin of 44%, compared to a gross profit of $8 thousand and a gross margin of 16% in 2024[113] - Revenue for the nine months ended March 31, 2025, decreased by $761 thousand to $829 thousand compared to $1,590 thousand for the same period in 2024[117] - Gross profit for the nine months ended March 31, 2025, was $401 thousand, down from $723 thousand in 2024, resulting in a gross margin increase to 48% from 45%[117][118] - The company reported a net loss of $10,920 thousand for the nine months ended March 31, 2025, compared to a net loss of $8,707 thousand in 2024[117] Operating Expenses - Operating expenses for the three months ended March 31, 2025, totaled $4,104 thousand, up from $3,541 thousand in the same period of 2024[113] - Operating expenses increased by $1.6 million, or 14.6%, during the nine months ended March 31, 2025, compared to the same period in 2024[119] - Research and development expenses rose by $1.2 million, or 23.6%, during the nine months ended March 31, 2025, driven by increased contractor personnel for mass spectrometry development[120] - Selling, general and administrative expenses increased by $341 thousand, or 6.2%, during the nine months ended March 31, 2025, due to increased sales consulting and hiring[120] Cash Flow and Financial Position - Cash and cash equivalents decreased by $7.6 million to $2.8 million as of March 31, 2025, compared to $10.4 million as of June 30, 2024[122] - Net cash used in operating activities increased by $3.4 million for the nine months ended March 31, 2025, due to higher operating losses[123] - Other income and expense, net decreased by $333 thousand during the nine months ended March 31, 2025, due to reduced interest income from investments[119] - The company's effective tax rate is 0% for the nine months ended March 31, 2025, with expectations of remaining at 0% for the full fiscal year[128] Product Developments and Orders - The TRACER 1000 is currently deployed in approximately 32 locations across 15 countries, including the USA, Europe, and Asia[92] - 1st Detect received a purchase order for the TRACER 1000 ETD valued at $429 thousand, recognized as revenue during the three months ended March 31, 2025[98] - AgLAB's Maximum Value Process has demonstrated the ability to improve ending-weight yields by approximately 15% to 30% during field trials[104] - The AgLAB 1000-D2™ series is focused on optimizing yields in the distillation process for the hemp and cannabis markets[100] - EN-SCAN, Inc. was formed to manufacture and sell instruments for environmental testing, utilizing proprietary AMS Technology for real-time analysis[109] - Pro-Control has introduced the Pro-Control Maximum Value Processing and the Pro-Control 1000-D2™ mass spectrometer for industrial process control applications[111]