Astrotech Corporation (DE) - ASTC STOCK NEWS

Astrotech (Nasdaq: ASTC) reported financial results for the fiscal year ended June 30, 2024. Key highlights include:

- Revenue increased to $1.7 million, driven by 1st Detect's explosives trace detectors in the international passenger market
- Gross margin improved to 45% from 41% in the prior period
- The TRACER 1000 was approved by TSA for the Air Cargo Security Technology List and advanced to Stage II testing
- 1st Detect began accepting orders for the TRACER 1000 Narcotics Trace Detector
- TRACER 1000 NTD and ETD were registered with the U.S. GSA IT Schedule 70
- Astrotech formed Pro-Control, a new subsidiary for industrial process control applications
- AgLAB and SC Labs entered a master lease agreement for joint marketing of AgLAB 1000-D2™ and MVP™ testing method
- Astrotech's consolidated balance sheet showed $31.9 million in cash and liquid investments

Astrotech (NASDAQ: ASTC) and its subsidiary, 1st Detect , have announced that their TRACER 1000 has been approved by the U.S. Transportation Security Administration (TSA) for inclusion on the Air Cargo Security Technology List (ACSTL). This allows the TRACER 1000 to advance to Stage II testing, aiming for eventual qualification on the ACSTL. The TRACER 1000, known for its near-zero false alarms due to its advanced mass spectrometry technology, is already in use at airport cargo and passenger checkpoints in 14 countries, following its 2020 certification by the European Civil Aviation Conference (ECAC). CEO Tom Pickens highlighted this milestone as a significant step for entering the U.S. regulated air cargo market and progressing TSA passenger checkpoint approval.

Astrotech subsidiary AgLAB, Inc. has entered into a joint marketing agreement with SC Labs to promote the AgLAB 1000-D2 mass spectrometer and the AgLAB Maximum Value Process (MVP) testing method to SC Labs customers. The AgLAB MVP method, using Astrotech Mass Spectrometer Technology, aims to enhance yields and profits for hemp (CBD) and cannabis (THC) oil producers. SC Labs, a major cannabis and hemp testing lab, sees this partnership as a way to improve distillation efficiency and deliver better value to its clients. The agreement is expected to increase production yields by an average of 20%.

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.

Astrotech 's subsidiary, 1st Detect, achieves listing in the U.S. General Services Administration IT Schedule 70, allowing sales to the U.S. federal government. The TRACER 1000 mass spectrometer is now available through GSA Contract No. GS-35F-250GA, offering cost-effective and efficient Explosives and Narcotics Trace Detection capabilities.

Astrotech (ASTC) and its subsidiary, 1st Detect , will showcase the TRACER 1000 Narcotics and Explosives Trace Detector at ISC West. The TRACER 1000 is a rugged mass-spectrometer powered by Astrotech's AMS Technology, capable of rapid detection of narcotic or explosive compounds. It is used in various markets like airports, border security, military, and law enforcement, with the Tracer 1000 ETD already deployed in 14 countries. The device is user-friendly, compact, and has ECAC certification for checkpoint and cargo security.

Astrotech , through its subsidiary 1st Detect , introduces the TRACER 1000 Narcotics Trace Detector, expanding its detection library to include narcotics like fentanyl, heroin, and cocaine. The high-performance instrument, utilizing Astrotech Mass Spectrometer Technology, offers rapid detection of trace narcotic compounds in various security sectors worldwide.

Astrotech Corporation (ASTC) reports robust financial results for Q2 FY 2024, showing a 512% revenue increase and a strong balance sheet. The company's gross margin improved to 46%, driven by successful product deliveries and ongoing research and development efforts. Recent developments include reentry into TSA testing and the launch of Pro-Control, focusing on chemical manufacturing applications.

Astrotech Corporation (NASDAQ:ASTC) forms Pro-Control, Inc., a subsidiary with an exclusive license to use ATi Mass Spectrometer Technology for chemical manufacturing process control applications. Pro-Control introduces Pro-Control Maximum Value ProcessTM and Pro-Control-1000TM mass spectrometer to improve yields, potency, purity, and weight in chemical manufacturing processes, targeting various chemical markets. CEO/CTO Tom Pickens anticipates over 30% increase in yields, aiming to tap into the global chemical manufacturing and tolling markets.