ASTROTECH Corp
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 13, 2026
ASTC$4.23+6.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001437749-25-034858
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-13.
0001437749-26-003997
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 67 previous paragraphs and 74 current paragraphs.
55 unchanged; 8 reworded; 9 added; 4 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Revenue – Total revenue decreased by $113 thousand during the three months ended December 31, 2025, compared to the same period in 2024. This decrease was primarily due to lower instrument and grant revenue recognized during the quarter. Consumables revenue increased meaningfully compared to the prior period; however, this increase was not sufficient to offset the decline across other products categories. Revenue during the three months ended December 31, 2025, continued to be concentrated among one or two customers, consistent with prior periods. In the three months ended December 31, 2025, there was also the addition of a new customer, which may help mitigate revenue volatility associated with customer concentration.
Current report
Cost of Revenue– Gross profit is comprised of revenue less cost of revenue. Our cost of revenue increased by $34 thousand during the three months ended December 31, 2025, compared to the same period in 2024. The increase was driven by higher warranty-related costs and expenses incurred to support service and maintenance activities during the three months ended December 31, 2025. As a result, gross margin decreased by 54% during the three months ended December 31, 2025, compared to the same period in 2024.
Current report
Six months ended December 31, 2025, compared to six months ended December 31, 2024:
Current report
Revenue – Total revenue increased by $150 thousand for the six months ended December 31, 2025, compared to the same period in 2024.The year- over year-increase was primarily attributable to a $220 thousand increase in grant revenue and a $50 thousand increase in consumables. These increases were partially offset by lower product revenue and warranty revenue of $120 thousand and $20 respectively.
Current report
Operating Expenses – Operating expenses decreased $480 thousand, or 5.9% during the six months ended December 31, 2025 compared to the same period in 2024.
Current report
As of December 31, 2025, cash and cash equivalents remained approximately $3.1 million and working capital was $12.5 million, compared to cash and cash equivalents of $3.2 million, and working capital of approximately $25.5 million as of December 30, 2024. Cash decreased by approximately $5 thousand during the six months ended December 31, 2025, as operating cash outflows were largely offset by proceeds from short-term investment.
Current report
Cash provided by investing activities increased by approximately $8 million driven primarily by $8.4 million of proceeds from short investments, partially offset by $0.9 million of capital expenditures, including leasehold improvements.
Current report
The Company’s unaudited consolidated financial statements have been prepared in accordance with US GAAP, which assumes that the Company’s management will evaluate whether it will be able to meet its obligations and continue its operations in the normal course of business. At December 31, 2025, the Company had cash of approximately $3,095,000, short-term investments of approximately $7,037,000, and has positive working capital of $12,450,000.
Current report
Management believes that its current available resources, along with potential funds to be received from potential equity offerings, will be sufficient to fund the Company’s planned expenditures over the next 12 months. However, management recognizes that it may be required to obtain additional resources to successfully execute its business plans. No assurances can be given that management will be successful in raising additional capital, if needed, or on acceptable terms. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company determine, it shall be unable to continue as a going concern.
Removed paragraphs (4)
Previous report
Revenue – Total revenue increased by $260 thousand during the first quarter of fiscal year 2025, compared to the same period in 2024. This increase was primarily derived from recognition of grant revenue associated with the completion of milestones in Phases I and II, which contributed $230 thousand to total revenue. Additional revenue streams included training services and consumables both of which were higher than the prior year. Warranty revenue decreased by $12 thousand in the first quarter of fiscal year 2025, partially offsetting the overall increase.
Previous report
As of September 30, 2025, we held cash and cash equivalents of $2.7 million, and our working capital was approximately $16.3 million. As of June 30, 2025, we had cash and cash equivalents of $3.1 million, and our working capital was approximately $19.5 million. Cash and cash equivalents decreased $0.6 million as of September 30, 2025, compared to June 30, 2025, due to funding our operating losses offset by proceeds from short-term investments.
Previous report
Cash provided by investing activities increased $3.3 million for the three months ended September 30, 2025, compared to the** **three months ended September 30, 2024, due primarily to selling short-term time deposit investments.
Previous report
There have been no material updates to our expectations for our short- and long-term liquidity and operating capital requirements since our 2025 Form 10-K.
Reworded paragraphs (8)
Previous wording
We obtained ECAC certification in 2019 which allows us to sell the TRACER 1000 to airport and cargo security customers in the European Union and certain other countries. We currently sell the TRACER 1000 to customers who accept ECAC certification. As of September 30, 2025, we have the TRACER 1000 in approximately 34 locations in 16 countries throughout the United States of America, Europe and Asia.
Current wording
We obtained ECAC certification in 2019 which allows us to sell the TRACER 1000 to airport and cargo security customers in the European Union and certain other countries. We currently sell the TRACER 1000 to customers who accept ECAC certification. As of December 31, 2025, we have the TRACER 1000 in approximately 35 locations in 16 countries throughout the United States of America, Europe and Asia.
Previous wording
Operating Expenses – Operating expenses increased $87 thousand, or 2.4%, during the first quarter of fiscal year 2025, compared to the first quarter of fiscal year 2024. Significant changes to operating expenses include the following:
Current wording
Operating Expenses – Operating expenses decreased by $567 thousand, or 12.7%, during the three months ended December 31, 2025, compared to the same period in 2024. Significant changes to operating expenses include the following:
Previous wording
Cost of Revenue– Gross profit is comprised of revenue less cost of revenue. Our costs of revenue include materials, overhead, warranty expenses, shipping, and labor. Cost of revenue increased by $84 thousand during the first quarter of fiscal year 2025 compared to the same period in 2024. This increase reflects costs associated with fulfilling grant related milestones and warranty expenses. Gross margin increased by 37% in the first quarter of fiscal year 2025 compared to the same period in 2024, primarily due to shift in revenue mix toward higher margin grant revenue and consumables.
Current wording
Cost of Revenue– Gross profit is comprised of revenue less cost of revenue. Our costs of revenue include materials, overhead, warranty expenses, shipping, and labor. Cost of revenue increased by $118 thousand during the six months ended December 31, 2025, compared to the same period in 2024. This increase reflects costs associated with fulfilling grant related milestones and warranty expenses. Gross margin declined primarily because cost of revenue increased at a rate that was nearly proportional to the increase in revenue, driven by higher labor and increased warranty-related expenses.
Previous wording
Other Income and Expense, net– Other income and expense, net decreased $279 thousand during the first quarter of fiscal year 2025, compared to the first quarter of fiscal year 2024, due to lower dividend income and a realized loss on securities.
Current wording
Other Income and Expense, net– Other income and expense, net decreased by $617 thousand for the six months ended December 31, 2025, compared to the same prior year period, due to lower dividend income and higher realized loss on securities
Previous wording
Cash used in operating activities increased $250 thousand for the three months ended September 30, 2025, compared to the** **three months ended September 30, 2024, due to increased use of cash to fund operating losses and working capital.
Current wording
Cash used in operating activities increased by approximately $0.7 million for the six months ended December 31, 2025, compared to the** s**ame period in 2024, due to higher operating losses and increased working capital requirements.
Previous wording
Cash used in financing activities was slightly lower for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, due primarily to reduced payments for financing obligations.
Current wording
Cash used in financing activities decreased by $25 thousand for the six months ended December 31, 2025 compared to the same period in 2024, primarily due to lower payments on finance lease obligations.
Previous wording
The Company’s effective tax rate is 0% for income tax for the three months ended September 30, 2025 and the Company expects that its effective tax rate for the full fiscal year 2026 will be 0%. Based on the weight of available evidence, including net cumulative losses and expected future losses, the Company has determined that it is more likely than not that its U.S. federal and state deferred tax assets will not be realized and therefore a full valuation allowance has been provided on the U.S. federal and state net deferred tax assets.
Current wording
The Company’s effective tax rate is 0% for income tax for the three and six months ended December 31, 2025 and the Company expects that its effective tax rate for the full fiscal year 2026 will be 0%. Based on the weight of available evidence, including net cumulative losses and expected future losses, the Company has determined that it is more likely than not that it U.S. federal and state deferred tax assets will not be realized and therefore a full valuation allowance has been provided on the U.S. federal and state net deferred tax assets.
Previous wording
There was no income tax expense during the three months ended September 30, 2025. There was a $1 thousand provision for income taxes during the three months ended September 30, 2024.
Current wording
There was no income tax expense for the three and six months ended December 31, 2025. There was $1 thousand provision for income taxes during both the three and six months ended December 31, 2024.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Other Income and Expense, net– Other income and expense, net decreased by $338 thousand during the three months ended December 31, 2025, compared to the same period in 2024, primarily due to lower dividend income and a realized loss on securities, partially offset by higher interest income.
Current report — wording carried from elsewhere
Selected consolidated financial data for the six months ended December 31, 2025, and 2024 is as follows: