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Astrotech (Nasdaq: ASTC) announced its Q3 fiscal year 2024 results, ending March 31, 2024. The company reported $34.7 million in cash and liquid investments. Year-to-date revenue reached $1.6 million, driven by sales of the TRACER 1000™ explosive trace detector (ETD) and related maintenance services and consumables. Gross margin improved to 45%, up from 37% the previous year, due to design enhancements and higher sales prices.
1st Detect, a subsidiary, is now accepting orders for the TRACER 1000 Narcotics Trace Detector (NTD). Additionally, the TRACER 1000 is listed under the U.S. General Services Administration (GSA) IT Schedule 70, enabling easier procurement by federal agencies. The company also launched Pro-Control, Inc. to leverage ATI Mass Spectrometer Technology for chemical manufacturing process control.
Astrotech showcased its products at ISC West in Las Vegas. CEO Thomas B. Pickens, III highlighted the expansion of product lines and sales efforts into FY 2025.