ASTROTECH Corp
For the period ended Feb 12, 2024. Filed Feb 12, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Feb 12, 2024 · Filed Feb 12, 2024
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Contents
EX-99.1 · Financial Highlights & Recent Developments
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 announced purchase orders for TRACER 1000™ explosive trace detectors (ETDs) to customers in Romania. |
| ● | Astrotech’s consolidated balance sheet remains strong with $37 million in cash and liquid investments, which are anticipated to support our research and development, organic growth, and potential acquisition targets. |
| ● | Year-to-date fiscal year 2024 gross margin increased to 46% from 38% during the comparative period in the prior year, as we continue to benefit from the further refining and ruggedizing of our equipment. |
| ● | After the end of the quarter, 1st Detect reentered detection and non-detection testing with the U.S. Transportation Security Administration (TSA) for cargo security. Successful completion of TSA cargo detection testing is the final step to be listed on the Air Cargo Screening Technology List as an “approved” device. If approved, we believe the TRACER 1000 will be approved for cargo security screening sales in the United States. |
| ● | Pro-Control, Inc. (Pro-Control) was launched December 12, 2023, and is focused on applying the Astrotech Mass Spectrometer Technology™ (AMS Technology) in chemical manufacturing process control applications developed by AgLAB. The Pro-Control Maximum Value Process™ and the Pro-Control-1000™ mass spectrometer are designed to test, measure and increase potency, purity and weight yields in the chemical manufacturing processes. |
| ● | Production and sales efforts continue for the AgLAB 1000-D2™, which utilizes the Maximum Value Process™. We exhibited it at this year’s MJ BizCon held late in the second quarter of fiscal year 2024. |
“Fiscal year 2024 continued with strong sales at 1st Detect as we successfully fulfilled our two significant Tracer 1000 orders,” stated Thomas B. Pickens, III, Astrotech’s Chairman, Chief Executive Officer, and Chief Technology Officer. “We are gaining traction with the checkpoint market, especially with those customers looking to the future, by bringing the world’s first ECAC approved mass spectrometer ETD to their airports. Our ruggedized ETD brings the selectivity of a mass spectrometer to the checkpoint, and our customers have reported less false alarms while using our ETD compared to traditional IMS machines. This requires little to no additional training normally associated with using a traditional mass spectrometer. Further, the Pro-Control subsidiary was launched late this quarter and we look forward to introducing Pro-Control to chemical manufacturers who are using vacuum distillation,” stated Thomas B. Pickens, III.
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