ASTROTECH Corp Releases Q2 FY2024 10-Q Report

ASTROTECH Corp, a company specializing in advanced technology solutions, has released its Form 10-Q report for the second quarter of fiscal year 2024. The report highlights significant financial and operational developments, showcasing the company's growth in revenue and its strategic initiatives in product development and market expansion.

Financial Highlights

• Total Revenue: $1.115 million, increased by $852 thousand during the second quarter of fiscal year 2024 compared to the second quarter of fiscal year 2023, primarily due to sales of TRACER 1000 units.
• Gross Profit: $0.532 million, with a gross margin of 48%, up from 41% in the previous year, reflecting a favorable sales mix.
• Loss from Operations: $(3.068) million, increased from $(2.814) million in the prior year, driven by higher operating expenses.
• Net Loss: $(2.641) million, compared to $(2.418) million in the previous year, with increased revenue offset by higher operating expenses.
• Net Loss Per Common Share: $(1.62), compared to $(1.50) in the previous year, reflecting the increased net loss.

Business Highlights

• Revenue Segments: The company reported increased revenue from the sales of the TRACER 1000, along with ongoing consumable and recurring maintenance services. This increase is primarily due to fulfilling previously announced purchase orders for the TRACER 1000 units.
• Geographical Performance: The TRACER 1000 has been deployed in approximately 29 locations across 14 countries in Europe and Asia, indicating a strong international presence and acceptance of the product.
• Sales Units: The company successfully delivered 14 TRACER 1000 units to a Romania-based company and accepted a significant purchase order for seven additional units for an airport security checkpoint in Romania.
• New Product Launches: Pro-Control, Inc. introduced the Pro-Control Maximum Value Process™ and the Pro-Control-1000™ mass spectrometer, designed to enhance chemical manufacturing processes by increasing potency, purity, and weight yields.
• New Production Launches: AgLAB began its first production run of the AgLAB 1000-D2, focusing on optimizing yields in the hemp and cannabis distillation process.
• Future Outlook: The company is working towards obtaining TSA certification for the TRACER 1000 in the United States, which could significantly expand its market reach if successful. Additionally, the company plans to enhance its segment reporting disclosures based on new requirements starting in annual periods beginning after December 15, 2023.

SEC Filing: ASTROTECH Corp Releases Q2 FY2024 [ NASDAQ:ASTC ] - 10-Q - Feb. 13, 2024