CORRECTING and REPLACING AstroNova Reports Fiscal 2025 Fourth-Quarter and Full-Year Financial Results; Advancing Restructuring, Operational Realignment and Product Simplification Plans to Drive Improved Earnings Power
AstroNova (NASDAQ: ALOT) reported its fiscal 2025 Q4 and full-year results, with Q4 revenue of $37.4 million and full-year revenue of $151.3 million. The company faced challenges including MTEX integration and Boeing strike impacts.
Key financial highlights:
- Q4 net loss of $15.6 million ($2.07 per share)
- Full-year net loss of $14.5 million ($1.93 per share)
- Backlog of $28.3 million as of January 31, 2025
- 71% recurring revenue composition
The company announced a restructuring plan expected to deliver $3 million in annualized savings, with 40% to be realized in fiscal 2026. For fiscal 2026, AstroNova projects revenue of $160-165 million and Adjusted EBITDA margin of 8.5-9.5%. Strategic initiatives include product portfolio simplification, ToughWriter printer transition (40% complete), and establishing a Manufacturing Excellence Center in Europe through MTEX's Portugal operations.
AstroNova (NASDAQ: ALOT) ha comunicato i risultati del quarto trimestre e dell'intero anno fiscale 2025, con ricavi del quarto trimestre pari a 37,4 milioni di dollari e ricavi annuali di 151,3 milioni di dollari. L'azienda ha affrontato difficoltà legate all'integrazione di MTEX e agli effetti dello sciopero Boeing.
Punti salienti finanziari:
- Perdita netta del quarto trimestre di 15,6 milioni di dollari (2,07 dollari per azione)
- Perdita netta annuale di 14,5 milioni di dollari (1,93 dollari per azione)
- Portafoglio ordini di 28,3 milioni di dollari al 31 gennaio 2025
- Composizione dei ricavi ricorrenti al 71%
L'azienda ha annunciato un piano di ristrutturazione che dovrebbe generare 3 milioni di dollari di risparmi annualizzati, con il 40% previsto per l'anno fiscale 2026. Per il 2026, AstroNova prevede ricavi tra 160 e 165 milioni di dollari e un margine Adjusted EBITDA dell'8,5-9,5%. Le iniziative strategiche includono la semplificazione del portafoglio prodotti, la transizione della stampante ToughWriter (completata al 40%) e la creazione di un Centro di Eccellenza Produttiva in Europa tramite le operazioni di MTEX in Portogallo.
AstroNova (NASDAQ: ALOT) reportó sus resultados del cuarto trimestre y del año fiscal 2025, con ingresos de 37,4 millones de dólares en el cuarto trimestre y 151,3 millones en todo el año. La empresa enfrentó desafíos relacionados con la integración de MTEX y el impacto de la huelga de Boeing.
Aspectos financieros clave:
- Pérdida neta en el cuarto trimestre de 15,6 millones de dólares (2,07 dólares por acción)
- Pérdida neta anual de 14,5 millones de dólares (1,93 dólares por acción)
- Cartera de pedidos de 28,3 millones de dólares al 31 de enero de 2025
- Composición de ingresos recurrentes del 71%
La compañía anunció un plan de reestructuración que se espera genere 3 millones de dólares en ahorros anualizados, con un 40% previsto para el año fiscal 2026. Para 2026, AstroNova proyecta ingresos entre 160 y 165 millones de dólares y un margen EBITDA ajustado del 8,5-9,5%. Las iniciativas estratégicas incluyen la simplificación del portafolio de productos, la transición de la impresora ToughWriter (40% completada) y el establecimiento de un Centro de Excelencia en Manufactura en Europa a través de las operaciones de MTEX en Portugal.
AstroNova (NASDAQ: ALOT)는 2025 회계연도 4분기 및 연간 실적을 발표했으며, 4분기 매출은 3,740만 달러, 연간 매출은 1억 5,130만 달러를 기록했습니다. 회사는 MTEX 통합과 보잉 파업 영향 등 어려움을 겪었습니다.
주요 재무 하이라이트:
- 4분기 순손실 1,560만 달러(주당 2.07달러)
- 연간 순손실 1,450만 달러(주당 1.93달러)
- 2025년 1월 31일 기준 수주잔고 2,830만 달러
- 71% 반복 매출 구성
회사는 연간 300만 달러의 비용 절감을 기대하는 구조조정 계획을 발표했으며, 그중 40%는 2026 회계연도에 실현될 예정입니다. 2026 회계연도에는 매출 1억 6,000만~1억 6,500만 달러, 조정 EBITDA 마진 8.5~9.5%를 예상합니다. 전략적 이니셔티브로는 제품 포트폴리오 단순화, ToughWriter 프린터 전환(40% 완료), MTEX의 포르투갈 사업을 통한 유럽 제조 우수 센터 설립이 포함됩니다.
AstroNova (NASDAQ : ALOT) a publié ses résultats du quatrième trimestre et de l'année fiscale 2025, avec un chiffre d'affaires de 37,4 millions de dollars au quatrième trimestre et de 151,3 millions de dollars sur l'année complète. L'entreprise a rencontré des difficultés liées à l'intégration de MTEX et aux impacts de la grève chez Boeing.
Points financiers clés :
- Perte nette au quatrième trimestre de 15,6 millions de dollars (2,07 dollars par action)
- Perte nette annuelle de 14,5 millions de dollars (1,93 dollar par action)
- Carnet de commandes de 28,3 millions de dollars au 31 janvier 2025
- Composition des revenus récurrents à 71 %
L'entreprise a annoncé un plan de restructuration visant à générer 3 millions de dollars d'économies annuelles, dont 40 % devraient être réalisés au cours de l'exercice 2026. Pour l'exercice 2026, AstroNova prévoit un chiffre d'affaires compris entre 160 et 165 millions de dollars et une marge EBITDA ajustée de 8,5 à 9,5 %. Les initiatives stratégiques incluent la simplification du portefeuille de produits, la transition de l'imprimante ToughWriter (40 % achevée) et la création d'un Centre d'Excellence Manufacturière en Europe via les opérations de MTEX au Portugal.
AstroNova (NASDAQ: ALOT) meldete seine Ergebnisse für das vierte Quartal und das Gesamtjahr des Geschäftsjahres 2025, mit einem Quartalsumsatz von 37,4 Millionen US-Dollar und einem Jahresumsatz von 151,3 Millionen US-Dollar. Das Unternehmen stand vor Herausforderungen wie der Integration von MTEX und den Auswirkungen des Boeing-Streiks.
Wichtige finanzielle Eckdaten:
- Nettoverlust im vierten Quartal von 15,6 Millionen US-Dollar (2,07 US-Dollar je Aktie)
- Nettojahresverlust von 14,5 Millionen US-Dollar (1,93 US-Dollar je Aktie)
- Auftragsbestand von 28,3 Millionen US-Dollar zum 31. Januar 2025
- 71 % wiederkehrende Umsätze
Das Unternehmen kündigte einen Restrukturierungsplan an, der voraussichtlich 3 Millionen US-Dollar an jährlichen Einsparungen bringen wird, wovon 40 % im Geschäftsjahr 2026 realisiert werden sollen. Für das Geschäftsjahr 2026 prognostiziert AstroNova Umsätze von 160 bis 165 Millionen US-Dollar und eine bereinigte EBITDA-Marge von 8,5 bis 9,5 %. Strategische Initiativen umfassen die Vereinfachung des Produktportfolios, die Umstellung des ToughWriter-Druckers (zu 40 % abgeschlossen) und die Einrichtung eines Manufacturing Excellence Centers in Europa durch MTEXs Portugal-Standort.
- None.
- None.
The updated release reads:
ASTRONOVA REPORTS FISCAL 2025 FOURTH-QUARTER AND FULL-YEAR FINANCIAL RESULTS; ADVANCING RESTRUCTURING, OPERATIONAL REALIGNMENT AND PRODUCT SIMPLIFICATION PLANS TO DRIVE IMPROVED EARNINGS POWER
-
Fourth quarter revenue of
$37.4 million $151.3 million 71% recurring revenue -
Restructuring plan expected to deliver
$3 million 40% to be realized in fiscal 2026 - Simplifying product portfolio; focused on higher growth higher margin products
-
Aerospace Test & Measurement segment ToughWriter printer transition
40% complete; drives operational efficiency and reduced working capital requirements while eliminating legacy royalties
AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2025 fourth quarter and full-year ended January 31, 2025. Results include the May 6, 2024 acquisition of MTEX NS.
Greg Woods, President and Chief Executive Officer of AstroNova, stated, “Fiscal 2025 was a challenging year as we addressed the difficult integration of MTEX, absorbed the impact of the Boeing strike and addressed the timing associated with large defense industry orders. Nonetheless, we aggressively implemented the AstroNova Operating System at MTEX, improved the leadership team, upgraded talent within the organization, and significantly improved the accounting and finance system and human resources processes. We are instilling accountability and discipline into the organization, streamlining the structure and eliminating waste. We have also identified how to best leverage MTEX’s operations in
“Importantly, we are leveraging the innovative foundation of MTEX technologies to create more competitive solutions that address an expanded range of applications and provide our customers with higher quality and reliability. This will also enable us to gain greater control over our supply chain in order to reduce costs and expand margins. We plan to launch new products incorporating our next-generation technology in the first quarter of fiscal 2026 and will be rolling out more products throughout the year.”
Fiscal 2026 Outlook Reaffirmed
For fiscal 2026, AstroNova continues to expect net revenue in the range of
Mr. Woods added, “We are focused on innovative solutions to gain market share and expand our market reach. Our strategic priorities in fiscal 2026 are to drive our print engine technology initiatives, capture greater ownership of the supply chain for our consumables, and drive the conversion to our ToughWriter family of printers with our Aerospace customers. In addition to offering a better solution for our customers, this conversion and other product simplification initiatives will reduce inventory, improve working capital and drive profitability.”
Fourth Quarter Fiscal 2025 Overview
Net revenue for the fourth quarter of fiscal 2025 was
PI revenue was
On a GAAP (Generally Accepted Accounting Principles) basis, PI segment operating loss was
T&M segment revenue was
T&M segment operating profit was
GAAP gross profit was
GAAP operating loss for the fourth quarter of fiscal 2025 was
Net loss on a GAAP basis was
Adjusted EBITDA was
The Company’s order backlog was
Full-Year Fiscal 2025 Overview
Net revenue for fiscal 2025 was
PI revenue was
On a GAAP (Generally Accepted Accounting Principles) basis, PI segment operating loss was
T&M segment revenue was
T&M segment operating profit was
GAAP gross profit was
GAAP operating loss for fiscal 2025 was
Net loss on a GAAP basis was
Adjusted EBITDA was
Amendment and Waiver of Credit Agreement
As previously disclosed, AstroNova obtained an amendment and waiver with regard to its credit agreement with Bank of America. Among other changes to the credit agreement, the amendment waives certain covered covenants as of the end of its fiscal quarter ended January 31, 2025, provides for relaxed financial covenant ratios during fiscal 2026, and provides for reduced payments of one of its term loans during fiscal 2026 as the Company implements its restructuring efforts, after which the payments of such term loan increase. The amended credit agreement provides for up to
Earnings Conference Call Information
AstroNova will discuss its fiscal fourth-quarter and full-year fiscal 2025 financial results and business outlook in an investor conference call at 9:00 a.m. ET today. To access the conference call, please dial (833) 470-1428 (
A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, non-GAAP segment operating profit, and Adjusted EBITDA. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision-making. Please refer to the financial reconciliation table included in this news release for a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures for the three and 12 months ended January 31, 2025 and 2024.
AstroNova has not reconciled the forward-looking Adjusted EBITDA growth percentage included in its fiscal 2026 financial targets and outlook to the most directly comparable forward-looking GAAP measure because this cannot be done without unreasonable effort due to the lack of predictability regarding cost of sales, operating expenses, depreciation and amortization, and stock-based compensation. The impact of any of these items, individually or in the aggregate, may be significant.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats.
The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Test and Measurement segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile and rocket telemetry production monitoring, power, and maintenance applications.
AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting https://astronovainc.com/.
Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that our organizational improvements at MTEX may not result in the benefits that we expect; (ii) the risk that our cost-reduction and product line rationalization initiative may not provide the expected benefits; (iii) the risk that our Aerospace customers may not convert to our ToughWriter line in the volumes or on the schedule that we expect; (iv) the risk that we may not realize the anticipated benefits of our next-generation print engine technology; and (v) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.
| ASTRONOVA, INC. | |||||||||
| Condensed Consolidated Statements of Income | |||||||||
| In Thousands Except for Per Share Data | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| January 31, 2025 |
January 31, 2024 |
||||||||
| Net Revenue | $ |
37,361 |
|
$ |
39,594 |
|
|||
| Cost of Revenue |
|
24,624 |
|
|
24,848 |
|
|||
| Gross Profit |
|
12,737 |
|
|
14,746 |
|
|||
| Total Gross Profit Margin |
|
34.1 |
% |
|
37.2 |
% |
|||
| Operating Expenses: | |||||||||
| Selling & Marketing |
|
6,421 |
|
|
5,977 |
|
|||
| Research & Development |
|
1,751 |
|
|
1,878 |
|
|||
| General & Administrative |
|
3,473 |
|
|
2,976 |
|
|||
| Goodwill Impairment |
|
13,403 |
|
|
— |
|
|||
| Total Operating Expenses |
|
25,048 |
|
|
10,831 |
|
|||
| Operating Income (Loss) |
|
(12,311 |
) |
|
3,915 |
|
|||
| Total Operating Margin |
|
(33.0 |
)% |
|
9.9 |
% |
|||
| Interest Expense |
|
847 |
|
|
779 |
|
|||
| Other (Income)/Expense, net |
|
100 |
|
|
(216 |
) |
|||
| Income (Loss) Before Taxes |
|
(13,258 |
) |
|
3,352 |
|
|||
| Income Tax Provision |
|
2,342 |
|
|
641 |
|
|||
| Net Income (Loss) | $ |
(15,600 |
) |
$ |
2,711 |
|
|||
| Net Income (Loss) per Common Share - Basic | $ |
(2.07 |
) |
$ |
0.36 |
|
|||
| Net Income (Loss) per Common Share - Diluted | $ |
(2.07 |
) |
$ |
0.36 |
|
|||
| Weighted Average Number of Common Shares - Basic |
|
7,534 |
|
|
7,438 |
|
|||
| Weighted Average Number of Common Shares - Diluted |
|
7,534 |
|
|
7,550 |
|
|||
| Twelve Months Ended | |||||||||
| January 31, 2025 |
January 31, 2024 |
||||||||
| Net Revenue | $ |
151,283 |
|
$ |
148,086 |
|
|||
| Cost of Revenue |
|
98,534 |
|
|
96,465 |
|
|||
| Gross Profit |
|
52,749 |
|
|
51,621 |
|
|||
| Total Gross Profit Margin |
|
34.9 |
% |
|
34.9 |
% |
|||
| Operating Expenses: | |||||||||
| Selling & Marketing |
|
25,560 |
|
|
24,428 |
|
|||
| Research & Development |
|
6,610 |
|
|
6,906 |
|
|||
| General & Administrative |
|
15,816 |
|
|
11,491 |
|
|||
| Goodwill Impairment |
|
13,403 |
|
|
— |
|
|||
| Total Operating Expenses |
|
61,389 |
|
|
42,825 |
|
|||
| Operating Income (Loss) |
|
(8,640 |
) |
|
8,796 |
|
|||
| Total Operating Margin |
|
(5.7 |
)% |
|
5.9 |
% |
|||
| Interest Expense |
|
3,210 |
|
|
2,697 |
|
|||
| Other (Income)/Expense, net |
|
437 |
|
|
26 |
|
|||
| Income (Loss) Before Taxes |
|
(12,287 |
) |
|
6,073 |
|
|||
| Income Tax Provision |
|
2,202 |
|
|
1,379 |
|
|||
| Net Income (Loss) | $ |
(14,489 |
) |
$ |
4,694 |
|
|||
| Net Income (Loss) per Common Share - Basic | $ |
(1.93 |
) |
$ |
0.63 |
|
|||
| Net Income (Loss) per Common Share - Diluted | $ |
(1.93 |
) |
$ |
0.63 |
|
|||
| Weighted Average Number of Common Shares - Basic |
|
7,509 |
|
|
7,415 |
|
|||
| Weighted Average Number of Common Shares - Diluted |
|
7,509 |
|
|
7,496 |
|
|||
| ASTRONOVA, INC. | |||||||||
| Consolidated Balance Sheets | |||||||||
| In Thousands | |||||||||
| (Unaudited) | |||||||||
| January 31, 2025 |
January 31, 2024 |
||||||||
| ASSETS | |||||||||
| CURRENT ASSETS | |||||||||
| Cash and Cash Equivalents | $ |
5,050 |
|
$ |
4,527 |
|
|||
| Accounts Receivable, net |
|
21,218 |
|
|
23,056 |
|
|||
| Inventories, net |
|
47,894 |
|
|
46,371 |
|
|||
| Prepaid Expenses and Other Current Assets |
|
3,855 |
|
|
2,720 |
|
|||
| Total Current Assets |
|
78,017 |
|
|
76,674 |
|
|||
| PROPERTY, PLANT AND EQUIPMENT |
|
62,361 |
|
|
57,046 |
|
|||
| Less Accumulated Depreciation |
|
(44,722 |
) |
|
(42,861 |
) |
|||
| Property, Plant and Equipment, net |
|
17,639 |
|
|
14,185 |
|
|||
| OTHER ASSETS | |||||||||
| Intangible Assets, net |
|
23,519 |
|
|
18,836 |
|
|||
| Goodwill |
|
14,515 |
|
|
14,633 |
|
|||
| Deferred Tax Assets |
|
8,431 |
|
|
6,882 |
|
|||
| Right of Use Asset |
|
1,781 |
|
|
603 |
|
|||
| Other Assets |
|
1,694 |
|
|
1,438 |
|
|||
| TOTAL ASSETS | $ |
145,595 |
|
$ |
133,251 |
|
|||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts Payable | $ |
7,928 |
|
$ |
8,068 |
|
|||
| Accrued Compensation |
|
3,745 |
|
|
2,923 |
|
|||
| Other Liabilities and Accrued Expenses |
|
4,461 |
|
|
2,706 |
|
|||
| Revolving Line of Credit |
|
20,929 |
|
|
8,900 |
|
|||
| Current Portion of Long-Term Debt |
|
6,110 |
|
|
2,842 |
|
|||
| Short-Term Debt |
|
581 |
|
|
- |
|
|||
| Current Portion of Royalty Obligation |
|
1,358 |
|
|
1,700 |
|
|||
| Current Liability – Excess Royalty Payment Due |
|
691 |
|
|
935 |
|
|||
| Income Taxes Payable |
|
(0 |
) |
|
349 |
|
|||
| Deferred Revenue |
|
543 |
|
|
1,338 |
|
|||
| Total Current Liabilities |
|
46,346 |
|
|
29,761 |
|
|||
| NON-CURRENT LIABILITIES | |||||||||
| Long-Term Debt, net of current portion |
|
19,044 |
|
|
10,050 |
|
|||
| Royalty Obligation, net of current portion |
|
1,106 |
|
|
2,093 |
|
|||
| Lease Liability, net of current portion |
|
1,535 |
|
|
415 |
|
|||
| Grant Deferred Revenue |
|
1,090 |
|
|
- |
|
|||
| Income Tax Payables |
|
684 |
|
|
551 |
|
|||
| Deferred Tax Liabilities |
|
40 |
|
|
99 |
|
|||
| TOTAL LIABILITIES |
|
69,845 |
|
|
42,969 |
|
|||
| SHAREHOLDERS’ EQUITY | |||||||||
| Common Stock |
|
547 |
|
|
541 |
|
|||
| Additional Paid-in Capital |
|
64,215 |
|
|
62,684 |
|
|||
| Retained Earnings |
|
49,380 |
|
|
63,869 |
|
|||
| Treasury Stock |
|
(35,043 |
) |
|
(34,593 |
) |
|||
| Accumulated Other Comprehensive Loss, net of tax |
|
(3,349 |
) |
|
(2,219 |
) |
|||
| TOTAL SHAREHOLDERS’ EQUITY |
|
75,750 |
|
|
90,282 |
|
|||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
145,595 |
|
$ |
133,251 |
|
|||
ASTRONOVA, INC. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(In Thousands) |
||||||||
(Unaudited) |
||||||||
Twelve Months Ended |
||||||||
January 31,
|
January 31,
|
|||||||
| Cash Flows from Operating Activities: | ||||||||
| Net Income (Loss) | $ |
(14,489 |
) |
$ |
4,694 |
|
||
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
| Depreciation and Amortization |
|
4,780 |
|
|
4,266 |
|
||
| Grant Income Charged to Depreciation |
|
159 |
|
|
— |
|
||
| Goodwill Impairment |
|
13,403 |
|
|
— |
|
||
| Amortization of Debt Issuance Costs |
|
30 |
|
|
23 |
|
||
| Restructuring Cost |
|
— |
|
|
2,040 |
|
||
| Share-Based Compensation |
|
1,378 |
|
|
1,347 |
|
||
| Deferred Income Tax provision (Benefit) |
|
874 |
|
|
(78 |
) |
||
| Changes in Assets and Liabilities, net of impact of acquisition: | ||||||||
| Accounts Receivable |
|
2,859 |
|
|
(1,486 |
) |
||
| Inventories |
|
1,616 |
|
|
2,910 |
|
||
| Accounts Payable and Accrued Expenses |
|
(2,379 |
) |
|
(46 |
) |
||
| Deferred Revenue |
|
(1,520 |
) |
|
— |
|
||
| Income Taxes |
|
(904 |
) |
|
(343 |
) |
||
| Other |
|
(959 |
) |
|
(973 |
) |
||
| Net Cash Provided by Operating Activities |
|
4,848 |
|
|
12,354 |
|
||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of Property, Plant and Equipment |
|
(1,165 |
) |
|
(875 |
) |
||
| Cash Paid for MTEX Acquisition, net of cash acquired |
|
(19,109 |
) |
|
— |
|
||
| Net Cash Provided (Used) for Investing Activities |
|
(20,274 |
) |
|
(875 |
) |
||
| Cash Flows from Financing Activities: | ||||||||
| Net Cash Proceeds from Employee Stock Option Plans |
|
13 |
|
|
105 |
|
||
| Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan |
|
146 |
|
|
107 |
|
||
| Net Cash Used for Payment of Taxes Related to Vested Restricted Stock |
|
(450 |
) |
|
(358 |
) |
||
| Net Borrowings under Revolving Credit Facility |
|
11,508 |
|
|
(7,000 |
) |
||
| Proceeds from Long-Term Debt Borrowings |
|
15,078 |
|
|
— |
|
||
| Payment of Minimum Guarantee Royalty Obligation |
|
(1,902 |
) |
|
(1,725 |
) |
||
| Principal Payments of Long-Term Debt |
|
(8,980 |
) |
|
(2,100 |
) |
||
| Payments of Debt Issuance Costs |
|
(35 |
) |
|
— |
|
||
| Net Cash Provided (Used) for Financing Activities |
|
15,378 |
|
|
(10,971 |
) |
||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
571 |
|
|
73 |
|
||
| Net Increase in Cash and Cash Equivalents |
|
523 |
|
|
581 |
|
||
| Cash and Cash Equivalents, Beginning of Period |
|
4,527 |
|
|
3,946 |
|
||
| Cash and Cash Equivalents, End of Period | $ |
5,050 |
|
$ |
4,527 |
|
||
| Supplemental Disclosures of Cash Flow Information: | ||||||||
| Cash Paid During the Period for: | ||||||||
| Cash Paid During the Period for Interest | $ |
2,701 |
|
$ |
2,343 |
|
||
| Cash Paid During the Period for Income Taxes, net of refunds | $ |
2,210 |
|
$ |
1,694 |
|
||
| Non-Cash Transactions: | ||||||||
| Financed Equipment Purchase | $ |
— |
|
$ |
822 |
|
||
| Capital Lease Obtained in Exchange for Capital Lease Liabilities | $ |
1,581 |
|
$ |
— |
|
||
| ASTRONOVA, INC. | |||||||||||||||
| Revenue and Segment Operating Profit | |||||||||||||||
| In Thousands | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Revenue | Segment Operating Profit | ||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||
| January 31, 2025 |
January 31, 2024 |
January 31, 2025 |
January 31, 2024 |
||||||||||||
| Product Identification | $ |
25,679 |
$ |
26,626 |
$ |
(11,174 |
) |
$ |
3,239 |
|
|||||
| Test & Measurement |
|
11,683 |
|
12,968 |
|
2,337 |
|
|
3,652 |
|
|||||
| Total | $ |
37,361 |
$ |
39,594 |
|
(8,837 |
) |
|
6,891 |
|
|||||
| General & Administrative Expenses |
|
3,473 |
|
|
2,976 |
|
|||||||||
| Operating Income (Loss) |
|
(12,311 |
) |
|
3,915 |
|
|||||||||
| Interest Expense |
|
847 |
|
|
779 |
|
|||||||||
| Other (Income)/Expense, net |
|
100 |
|
|
(216 |
) |
|||||||||
| Income (Loss) Before Income Taxes |
|
(13,258 |
) |
|
3,352 |
|
|||||||||
| Income Tax Provision |
|
2,342 |
|
|
641 |
|
|||||||||
| Net Income (Loss) | $ |
(15,600 |
) |
$ |
2,711 |
|
|||||||||
| Revenue | Segment Operating Profit | ||||||||||||||
| Twelve Months Ended | Twelve Months Ended | ||||||||||||||
| January 31, 2025 |
January 31, 2024 |
January 31, 2025 |
January 31, 2024 |
||||||||||||
| Product Identification | $ |
102,345 |
$ |
104,041 |
$ |
(3,967 |
) |
$ |
10,087 |
|
|||||
| Test & Measurement |
|
48,938 |
|
44,045 |
|
11,143 |
|
|
10,200 |
|
|||||
| Total | $ |
151,283 |
$ |
148,086 |
|
7,176 |
|
|
20,287 |
|
|||||
| General & Administrative Expenses |
|
15,816 |
|
|
11,491 |
|
|||||||||
| Operating Income (Loss) |
|
(8,640 |
) |
|
8,796 |
|
|||||||||
| Interest Expense |
|
3,210 |
|
|
2,697 |
|
|||||||||
| Other (Income)/Expense, net |
|
437 |
|
|
26 |
|
|||||||||
| Income (Loss) Before Income Taxes |
|
(12,287 |
) |
|
6,073 |
|
|||||||||
| Income Tax Provision |
|
2,202 |
|
|
1,379 |
|
|||||||||
| Net Income (Loss) | $ |
(14,489 |
) |
$ |
4,694 |
|
|||||||||
Note: Segment Operating Profit excludes General & Administrative Expenses |
|||||||||||||||
ASTRONOVA, INC. |
|||||||||
| Reconciliation of GAAP to Non-GAAP Items | |||||||||
| In Thousands Except for Per Share Data | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| January 31, 2025 |
January 31, 2024 |
||||||||
| Gross Profit | $ |
12,737 |
|
$ |
14,746 |
|
|||
| Inventory Step-Up |
|
62 |
|
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
(32 |
) |
|||
| Product Retrofit Costs, net |
|
- |
|
|
(210 |
) |
|||
| Non-GAAP Gross Profit | $ |
12,799 |
|
$ |
14,504 |
|
|||
| Operating Expenses | $ |
25,048 |
|
$ |
10,831 |
|
|||
| MTEX-related Acquisition Expenses |
|
(254 |
) |
|
0 |
|
|||
| Restructuring Charges, net |
|
- |
|
|
43 |
|
|||
| Goodwill Impairment |
|
(13,403 |
) |
|
- |
|
|||
| Non-GAAP Operating Expenses | $ |
11,392 |
|
$ |
10,874 |
|
|||
| Operating Income (Loss) | $ |
(12,311 |
) |
$ |
3,915 |
|
|||
| MTEX-related Acquisition Expenses |
|
254 |
|
|
(0 |
) |
|||
| Inventory Step-Up |
|
62 |
|
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
(75 |
) |
|||
| Product Retrofit Costs, net |
|
- |
|
|
(210 |
) |
|||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
|||
| Non-GAAP Operating Income | $ |
1,408 |
|
$ |
3,630 |
|
|||
| Net Income (Loss) | $ |
(15,600 |
) |
$ |
2,711 |
|
|||
| MTEX-related Acquisition Expenses, net |
|
197 |
|
|
(0 |
) |
|||
| CFO Transition Costs, net |
|
(4 |
) |
||||||
| Inventory Step-Up, net |
|
50 |
|
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
(58 |
) |
|||
| Product Retrofit Costs, net |
|
- |
|
|
(162 |
) |
|||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
|||
| Tax Provision Valuation Allowance |
|
2,373 |
|
||||||
| Non-GAAP Net Income | $ |
419 |
|
$ |
2,491 |
|
|||
| Diluted Earnings Per Share | $ |
(2.07 |
) |
$ |
0.36 |
|
|||
| MTEX-related Acquisition Expenses |
|
0.03 |
|
|
(0.00 |
) |
|||
| CFO Transition Costs, net |
|
(0.00 |
) |
|
- |
|
|||
| Inventory Step-Up |
|
0.01 |
|
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
(0.01 |
) |
|||
| Product Retrofit Costs, net |
|
- |
|
|
(0.02 |
) |
|||
| Goodwill Impairment |
|
1.78 |
|
|
- |
|
|||
| Tax Provision Valuation Allowance |
|
0.31 |
|
|
- |
|
|||
| Non-GAAP Diluted Earnings Per Share | $ |
0.06 |
|
$ |
0.33 |
|
|||
| Twelve Months Ended | |||||||||
| January 31, 2025 |
January 31, 2024 |
||||||||
| Gross Profit | $ |
52,749 |
|
$ |
51,621 |
|
|||
| Inventory Step-Up |
|
216 |
|
|
- |
|
|||
| Restructuring Charges |
|
- |
|
|
2,064 |
|
|||
| Product Retrofit Costs |
|
- |
|
|
642 |
|
|||
| Non-GAAP Gross Profit | $ |
52,966 |
|
$ |
54,327 |
|
|||
| Operating Expenses | $ |
61,389 |
|
$ |
42,825 |
|
|||
| MTEX-related Acquisition Expenses |
|
(1,204 |
) |
|
0 |
|
|||
| CFO Transition Costs |
|
(432 |
) |
||||||
| Restructuring Charges |
|
- |
|
|
(512 |
) |
|||
| Goodwill Impairment |
|
(13,403 |
) |
|
- |
|
|||
| Non-GAAP Operating Expenses | $ |
46,350 |
|
$ |
42,313 |
|
|||
| Operating Income (Loss) | $ |
(8,640 |
) |
$ |
8,796 |
|
|||
| MTEX-related Acquisition Expenses |
|
1,204 |
|
|
(0 |
) |
|||
| CFO Transition Costs |
|
432 |
|
||||||
| Inventory Step-Up |
|
216 |
|
|
- |
|
|||
| Restructuring Charges |
|
- |
|
|
2,576 |
|
|||
| Product Retrofit Costs |
|
- |
|
|
642 |
|
|||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
|||
| Non-GAAP Operating Income | $ |
6,615 |
|
$ |
12,014 |
|
|||
| Net Income (Loss) | $ |
(14,489 |
) |
$ |
4,694 |
|
|||
| MTEX-related Acquisition Expenses, net |
|
910 |
|
|
(0 |
) |
|||
| CFO Transition Costs, net |
|
328 |
|
|
- |
|
|||
| Inventory Step-Up, net |
|
161 |
|
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
1,990 |
|
|||
| Product Retrofit Costs, net |
|
- |
|
|
496 |
|
|||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
|||
| Tax Provision |
|
2,373 |
|
||||||
| Non-GAAP Net Income | $ |
2,686 |
|
$ |
7,180 |
|
|||
| Diluted Earnings Per Share | $ |
(1.93 |
) |
$ |
0.63 |
|
|||
| MTEX-related Acquisition Expenses |
|
0.12 |
|
|
(0.00 |
) |
|||
| CFO Transition Costs |
|
0.04 |
|
|
- |
|
|||
| Inventory Step-Up |
|
0.02 |
|
|
- |
|
|||
| Restructuring Charges |
|
- |
|
|
0.27 |
|
|||
| Product Retrofit Costs |
|
- |
|
|
0.07 |
|
|||
| Goodwill Impairment |
|
1.76 |
|
|
- |
|
|||
| Tax Provision Valuation Allowance |
|
0.31 |
|
|
- |
|
|||
| Non-GAAP Diluted Earnings Per Share | $ |
0.33 |
|
$ |
0.97 |
|
|||
| ASTRONOVA, INC. | ||||||||
| Reconciliation of Net Income to Adjusted EBITDA | ||||||||
| Amounts In Thousands | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| January 31, 2025 | January 31, 2024 | |||||||
| Net Income (Loss) | $ |
(15,600 |
) |
$ |
2,711 |
|
||
| Interest Expense |
|
847 |
|
|
779 |
|
||
| Income Tax Expense |
|
2,342 |
|
|
641 |
|
||
| Depreciation & Amortization |
|
1,266 |
|
|
1,108 |
|
||
| EBITDA | $ |
(11,146 |
) |
$ |
5,239 |
|
||
| Share-Based Compensation |
|
219 |
|
|
282 |
|
||
| MTEX-related Acquisition Expenses |
|
259 |
|
|
- |
|
||
| CFO Transition Costs |
|
(5 |
) |
|
- |
|
||
| Inventory Step-Up |
|
62 |
|
|
- |
|
||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
(75 |
) |
||
| Product Retrofit Costs |
|
- |
|
|
(210 |
) |
||
| Adjusted EBITDA | $ |
2,793 |
|
$ |
5,236 |
|
||
| Twelve Months Ended | ||||||||
| January 31, 2025 | January 31, 2024 | |||||||
| Net Income (Loss) | $ |
(14,489 |
) |
$ |
4,694 |
|
||
| Interest Expense |
|
3,210 |
|
|
2,697 |
|
||
| Income Tax Expense (Benefit) |
|
2,202 |
|
|
1,379 |
|
||
| Depreciation & Amortization |
|
4,780 |
|
|
4,266 |
|
||
| EBITDA | $ |
(4,297 |
) |
$ |
13,036 |
|
||
| Share-Based Compensation |
|
1,378 |
|
|
1,347 |
|
||
| MTEX-related Acquisition Expenses |
|
1,204 |
|
|
- |
|
||
| CFO Transition Costs |
|
432 |
|
|
- |
|
||
| Inventory Step-Up |
|
216 |
|
|
- |
|
||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,576 |
|
||
| Product Retrofit Costs |
|
- |
|
|
642 |
|
||
| Adjusted EBITDA | $ |
12,336 |
|
$ |
17,601 |
|
||
| ASTRONOVA, INC. | ||||||||||||||||||
| Reconciliation of Segment Operating Income to Non-GAAP Segment Operating Income | ||||||||||||||||||
| Amounts In Thousands | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| January 31, 2025 | January 31, 2024 | |||||||||||||||||
| Product Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | |||||||||||||
| Segment Operating Profit (Loss) | $ |
(11,174 |
) |
$ |
2,337 |
$ |
(8,837 |
) |
$ |
3,239 |
|
$ |
3,652 |
$ |
6,891 |
|
||
| Inventory Step-Up |
|
62 |
|
|
- |
|
62 |
|
|
- |
|
|
- |
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
- |
|
- |
|
|
(75 |
) |
|
- |
|
(75 |
) |
||
| Product Retrofit Costs |
|
- |
|
|
- |
|
- |
|
|
(210 |
) |
|
- |
|
(210 |
) |
||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
13,403 |
|
|
- |
|
|
- |
|
- |
|
||
| Non-GAAP - Segment Operating Profit | $ |
2,291 |
|
$ |
2,337 |
$ |
4,628 |
|
$ |
2,954 |
|
$ |
3,652 |
$ |
6,606 |
|
||
| Twelve Months Ended | ||||||||||||||||||
| January 31, 2025 | January 31, 2024 | |||||||||||||||||
| Product Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | |||||||||||||
| Segment Operating Profit (Loss) | $ |
(3,967 |
) |
$ |
11,143 |
$ |
7,176 |
|
$ |
10,087 |
|
$ |
10,200 |
$ |
20,287 |
|
||
| Inventory Step-Up |
|
216 |
|
|
- |
|
216 |
|
|
- |
|
|
- |
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
- |
|
- |
|
|
2,494 |
|
|
- |
|
2,494 |
|
||
| Product Retrofit Costs |
|
- |
|
|
- |
|
- |
|
|
642 |
|
|
- |
|
642 |
|
||
| Goodwill Impairment |
|
13,403 |
|
|
- |
|
13,403 |
|
|
- |
|
|
- |
|
- |
|
||
| Non-GAAP - Segment Operating Profit | $ |
9,652 |
|
$ |
11,143 |
$ |
20,795 |
|
$ |
13,223 |
|
$ |
10,200 |
$ |
23,423 |
|
||
| Note: Segment Operating Profit excludes General & Administrative Expenses | ||||||||||||||||||
ASTRONOVA, INC. |
||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Items for PI Segment |
||||||||||||||||||||||||||||||||||||
Amounts In Thousands |
||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||
| Three Months Ended January 31, 2025 | Three Months Ended January 31, 2024 | |||||||||||||||||||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||||||||||||||
| Total PI Segment as Reported | MTEX as Reported | Inventory Step-Up | Goodwill Impairment | Adj MTEX | PI Excluding MTEX | Total PI Segment as Reported | Restructuring Charges | Product Retrofit Costs | PI (Non-GAAP) | |||||||||||||||||||||||||||
| Net Revenue | $ |
25,679 |
|
$ |
1,657 |
|
$ |
1,657 |
|
$ |
24,022 |
$ |
26,626 |
$ |
26,626 |
|||||||||||||||||||||
| Cost of Revenue |
|
17,108 |
|
|
1,313 |
|
|
(62 |
) |
|
1,251 |
|
|
15,795 |
|
17,215 |
|
75 |
|
|
210 |
|
|
17,500 |
||||||||||||
| Gross Profit |
|
8,571 |
|
|
344 |
|
|
62 |
|
|
- |
|
|
406 |
|
|
8,227 |
|
9,411 |
|
(75 |
) |
|
(210 |
) |
|
9,126 |
|||||||||
| Selling & Marketing |
|
5,439 |
|
|
730 |
|
|
730 |
|
|
4,709 |
|
5,121 |
|
5,121 |
|||||||||||||||||||||
| Research & Development |
|
904 |
|
|
198 |
|
|
198 |
|
|
706 |
|
1,051 |
|
1,051 |
|||||||||||||||||||||
| Goodwill Impairment |
|
13,403 |
|
|
13,403 |
|
|
(13,403 |
) |
|
- |
|
|
- |
|
- |
|
- |
||||||||||||||||||
| Operating Expenses |
|
19,746 |
|
|
14,331 |
|
|
- |
|
|
|
(13,403 |
) |
|
928 |
|
|
|
5,415 |
|
6,172 |
|
- |
|
|
- |
|
|
6,172 |
|||||||
| Segment Operating Profit (Loss) | $ |
(11,175 |
) |
$ |
(13,987 |
) |
$ |
62 |
|
|
$ |
13,403 |
|
$ |
(522 |
) |
|
$ |
2,812 |
$ |
3,239 |
$ |
(75 |
) |
$ |
(210 |
) |
$ |
2,954 |
|||||||
| Twelve Months Ended January 31, 2025 | Twelve Months Ended January 31, 2024 | |||||||||||||||||||||||||||||||||||
| Non-GAAP | ||||||||||||||||||||||||||||||||||||
| Total PI Segment as Reported | MTEX as Reported | Inventory Step-Up | Goodwill Impairment | Adj MTEX | PI Excluding MTEX | Total PI Segment as Reported | Restructuring Charges | Product Retrofit Costs | PI (Non-GAAP) | |||||||||||||||||||||||||||
| Net Revenue | $ |
102,345 |
|
$ |
4,163 |
|
$ |
4,163 |
|
$ |
98,182 |
$ |
104,041 |
$ |
104,041 |
|||||||||||||||||||||
| Cost of Revenue |
|
68,420 |
|
|
3,652 |
|
|
(216 |
) |
|
3,436 |
|
|
64,768 |
|
69,064 |
|
(2,494 |
) |
|
(642 |
) |
|
65,928 |
||||||||||||
| Gross Profit |
|
33,925 |
|
|
511 |
|
|
216 |
|
|
- |
|
|
727 |
|
|
33,414 |
|
34,977 |
|
2,494 |
|
|
642 |
|
|
38,113 |
|||||||||
| Selling & Marketing |
|
21,386 |
|
|
2,485 |
|
|
2,485 |
|
|
18,901 |
|
20,601 |
|
- |
|
|
20,601 |
||||||||||||||||||
| Research & Development |
|
3,104 |
|
|
309 |
|
|
309 |
|
|
2,795 |
|
4,289 |
|
- |
|
|
4,289 |
||||||||||||||||||
| Goodwill Impairment |
|
13,403 |
|
|
13,403 |
|
|
(13,403 |
) |
|
- |
|
|
- |
|
0 |
|
- |
|
|
0 |
|||||||||||||||
| Operating Expenses |
|
37,893 |
|
|
16,197 |
|
|
- |
|
|
|
(13,403 |
) |
|
2,794 |
|
|
|
21,696 |
|
24,890 |
|
- |
|
|
- |
|
|
24,890 |
|||||||
| Segment Operating Profit (Loss) | $ |
(3,968 |
) |
$ |
(15,686 |
) |
$ |
216 |
|
|
$ |
13,403 |
|
$ |
(2,067 |
) |
|
$ |
11,718 |
$ |
10,087 |
$ |
2,494 |
|
$ |
642 |
|
$ |
13,223 |
|||||||
| Note: Segment Operating Profit (Loss) excludes General & Administrative Expenses. MTEX General & Administrative Expenses of |
||||||||||||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250413216286/en/
Tom DeByle
Vice President, Chief Financial Officer & Treasurer
AstroNova, Inc.
(401) 828-4000
Scott Solomon
Senior Vice President
Sharon Merrill Advisors
(857) 383-2409
ALOT@investorrelations.com
Source: AstroNova
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