Astrotech (ASTC) - 2025 Q4 - Annual Results

Fiscal Year 2025 Financial Results Overview This section provides an overview of Astrotech's financial performance and key strategic developments for fiscal year 2025, including CEO statements and financial highlights CEO Statement CEO Thomas B. Pickens, III, detailed Astrotech's mission to expand access to precise mass spectrometry and gas chromatography, highlighting global product presence and service expansion - Astrotech's mission is to make the benefits of precise mass spectrometry and gas chromatography accessible to organizations in focus markets[4] - Mass spectrometry products have a strong international presence, and gas chromatography products deliver meaningful advantages by meeting real-time, on-site industry demands[4] - Servicing has been expanded to Asia, Europe, and the United States, with confidence in the sales team to drive growth[4] Financial Highlights and Key Developments Astrotech reported decreased FY2025 revenue but stable gross margin, alongside global TRACER 1000 deployment, new subsidiary formation, and R&D contract wins Revenue and Gross Margin Performance | Metric | FY2025 | FY2024 | | :----- | :----- | :----- | | Revenue | $1.0 million | $1.664 million | | Gross Margin | 45.3% | 45.1% | - As of June 30, 2025, the TRACER 1000 has been deployed in approximately 34 locations in 16 countries across the United States, Europe, and Asia[5] - The Company announced the formation of a new wholly owned subsidiary, EN-SCAN, Inc., to manufacture and sell a new line of instruments for environmental testing applications[5] - 1st Detect Corporation launched its enhanced TRACER 1000 Narcotics Trace Detector (NTD) and was awarded a research and development contract with the Department of Homeland Security (DHS) for next-generation explosives trace detection[5] - 1st Detect Corporation made its first sale and deployment of its TRACER 1000 Narcotics Trace Detector in Vietnam, expanding its footprint across Southeast Asia[5] Cash and Liquid Investments | Metric | As of June 30, 2025 | | :----- | :------------------ | | Cash and cash equivalents and liquid investments | $18.2 million | About Astrotech Corporation This section provides an overview of Astrotech Corporation, detailing its business model, key subsidiaries and their market focus, and important disclosures regarding forward-looking statements Company Profile Astrotech (Nasdaq: ASTC) is a mass spectrometry company that innovates and scales businesses through subsidiaries leveraging core technology for specialized markets - Astrotech (Nasdaq: ASTC) is a mass spectrometry company that creates, operates, and scales innovative businesses through its wholly owned subsidiaries[6] Subsidiaries and Their Focus Astrotech's wholly-owned subsidiaries, including 1st Detect, AgLAB, Pro-Control, BreathTech, and EN-SCAN, Inc., apply core technology to diverse specialized markets - 1st Detect: Develops, manufactures, and markets trace detection systems for security and narcotics screening applications[7] - AgLAB: Designs process analyzers tailored to the agriculture industry[7] - Pro-Control: Produces solutions for in-situ chemical process control in industrial manufacturing[7] - BreathTech: Advancing a breath analysis platform to detect volatile organic compounds (VOCs) associated with infections and critical health conditions[7] - EN-SCAN, Inc.: Delivers portable, ruggedized environmental testing solutions that integrate gas chromatography and mass spectrometry for use in challenging field environments[7] Forward-Looking Statements Forward-looking statements are subject to risks including economic conditions, product development, market acceptance, and regulatory changes, with no obligation for the company to update them - Forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement[6] - Key risk factors include inflationary pressures, global economic conditions, the Company's ability to successfully complete product development and obtain regulatory approvals, market acceptance, and potential impacts from evolving regulatory areas[6] - The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law[6] Consolidated Financial Statements This section presents Astrotech's consolidated financial statements, including the statements of operations and comprehensive loss, and the balance sheets, for the fiscal year ended June 30, 2025 Consolidated Statements of Operations and Comprehensive Loss Astrotech reported a larger net loss of $13.850 million in FY2025, with revenue decreasing by 37% and operating expenses rising by 8.39% due to increased R&D Key Operating Metrics | Metric (in thousands) | FY2025 | FY2024 | YoY Change | | :-------------------- | :----- | :----- | :--------- | | Revenue | $1,049 | $1,664 | -36.96% | | Cost of revenue | $574 | $913 | -37.13% | | Gross profit | $475 | $751 | -36.75% | | Selling, general and administrative | $7,067 | $7,241 | -2.39% | | Research and development | $8,142 | $6,790 | +19.91% | | Total operating expenses | $15,209 | $14,031 | +8.39% | | Loss from operations | $(14,734) | $(13,280) | +10.95% (larger loss) | | Net loss | $(13,850) | $(11,666) | +18.72% (larger loss) | | Net loss per common share (Basic and Diluted) | $(8.32) | $(7.12) | +16.85% (larger loss per share) | Consolidated Balance Sheets Astrotech's total assets decreased by 28.31% to $26.989 million as of June 30, 2025, driven by reduced cash and investments, while total liabilities increased by 72.50% Key Balance Sheet Metrics | Metric (in thousands) | June 30, 2025 | June 30, 2024 | YoY Change | | :-------------------- | :------------ | :------------ | :--------- | | Cash and cash equivalents | $3,100 | $10,442 | -70.33% | | Short-term investments | $15,108 | $21,474 | -29.64% | | Total current assets | $21,975 | $34,728 | -36.71% | | Total assets | $26,989 | $37,640 | -28.31% | | Total current liabilities | $2,451 | $2,528 | -3.05% | | Total liabilities | $4,889 | $2,833 | +72.50% | | Total stockholders' equity | $22,100 | $34,807 | -36.50% |