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About Astrotech Corporation (ASTC)
Astrotech Corporation is a science and technology development company dedicated to advancing innovation and delivering cutting-edge solutions across multiple industries. By inventing, acquiring, and commercializing technological breakthroughs, Astrotech addresses critical needs in security, agriculture, and environmental monitoring. The company operates through its subsidiaries, 1st Detect Corporation and AgLAB, which specialize in mass spectrometry-based analytical tools for real-time chemical detection and analysis.
Core Business Areas
Astrotech's business model revolves around the development and commercialization of advanced technologies, particularly in the field of mass spectrometry. Its core business areas include:
- Security and Defense: Through its 1st Detect subsidiary, Astrotech develops chemical analyzers for detecting explosives, narcotics, and other hazardous materials. The TRACER 1000™, a TSA-approved trace analyzer, exemplifies the company’s commitment to enhancing airport security and military applications.
- Agriculture: AgLAB focuses on providing mass spectrometry solutions tailored to the agricultural market. These tools enable real-time analysis for optimizing processes such as distillation, improving efficiency, and reducing waste.
- Environmental Monitoring: Astrotech’s technologies are also applicable to air, water, and soil analysis, addressing the growing demand for environmental sustainability and compliance monitoring.
Technological Innovations
Astrotech’s innovations lie at the intersection of precision engineering and real-time analytics. Its products are designed to simplify complex analytical processes, offering portable, customizable, and automated solutions that deliver actionable insights. The company’s focus on mass spectrometry ensures high sensitivity and accuracy, making its tools indispensable in critical applications such as narcotics detection and agricultural optimization. By continuously expanding its detection libraries and enhancing its product capabilities, Astrotech remains at the forefront of technological advancement.
Market Position and Competitive Landscape
Operating in highly specialized markets, Astrotech positions itself as a solutions provider that bridges the gap between cutting-edge technology and practical applications. Its listing as a U.S. Government-approved vendor (GSA) and its TSA certifications underscore its credibility and reliability. While the company faces competition from established analytical instrumentation firms, it differentiates itself through its focus on real-time, portable systems and its ability to customize solutions to meet specific client needs. Strategic partnerships, such as its collaboration with SC Labs, further strengthen its market presence and enhance its value proposition.
Value Proposition
Astrotech’s primary value lies in its ability to deliver precision, efficiency, and reliability through its innovative technologies. By addressing critical challenges in security, agriculture, and environmental monitoring, the company provides solutions that not only meet regulatory standards but also drive operational efficiency and cost savings for its clients. Its commitment to innovation, coupled with a focus on customer-centric design, ensures that Astrotech remains a trusted partner across its target markets.
Commitment to Excellence
Astrotech’s mission is to expand access to the precision of mass spectrometry by making it more accessible, customizable, and efficient. The company’s dedication to quality, innovation, and customer satisfaction underscores its role as a leader in its field. With a strong emphasis on regulatory approvals, strategic partnerships, and continuous product development, Astrotech is well-positioned to address the evolving needs of its markets.
Astrotech (NASDAQ: ASTC) has announced the creation of a new wholly owned subsidiary, EN-SCAN, focused on manufacturing environmental testing instruments using proprietary ATi Gas Chromatograph and Astrotech Mass Spectrometer Technology.
The company will introduce three new products at PITTCON 2025 in Boston:
- EN-SCAN Rugged-Lab GC-MS: A transportable system for on-site analysis of air, water, and soil
- EN-SCAN Fenceline Monitor: A continuous emissions monitoring system for detecting pollutants like BTEX at refineries
- EN-SCAN Handheld GC: A portable device for detecting volatile organic compounds and contaminants
The product line is designed for outdoor field work, providing real-time analysis and instant feedback for contamination source location and migration in demanding environments.
Astrotech (NASDAQ: ASTC) reported Q2 FY2025 financial results with revenue of $295 thousand, primarily from activities with the U.S. Department of Homeland Security (DHS) for the TRACER 1000™ explosives trace detection system. The company maintains a strong balance sheet with $24.7 million in cash and liquid investments.
Key developments include a new R&D contract (70RSAT24CB0000015) with DHS for the TRACER 1000 and a purchase order from Intuitive Research and Technology , a TSA contractor. The company's 1st Detect subsidiary has expanded its product line to include narcotics trace detection, particularly focusing on fentanyl identification, and introduced Pro-Control products for chemical manufacturing process optimization.
The TRACER 1000 has demonstrated success with four years of operational history in cargo warehouses across 14 countries, processing thousands of samples.
Astrotech (NASDAQ: ASTC) announced the resignation of Chief Financial Officer Jaime Hinojosa, effective February 14, 2025. Hinojosa will transition to work in his family business in Houston, while continuing to provide consulting services to Astrotech through June 30, 2025.
The company has appointed Ryan Polk as interim Chief Financial Officer, effective February 14, 2025. Polk brings experience as CFO in both public and private entities, with expertise in scaling companies through organic growth and acquisition.
CEO Tom Pickens acknowledged Hinojosa's contributions to the company's financial and regulatory reporting, as well as his dedication to employees, customers, and suppliers.
Astrotech (NASDAQ: ASTC) announced that its subsidiary 1st Detect has secured its first purchase order for TRACER 1000™ explosive trace detectors (ETDs) from Intuitive Research and Technology , a TSA contractor. The order is valued at $429K and is expected to be recognized in FY2025.
The TRACER 1000, powered by Astrotech Mass Spectrometer Technology™, is the first TSA-approved ETD utilizing mass spectrometry technology. This breakthrough enables laboratory-level analysis with near-zero false alarms and an unlimited detection library, making previously laboratory-confined mass spectrometry technology practical for field use.
Astrotech (NASDAQ: ASTC) and its subsidiary 1st Detect have secured a research and development contract from the U.S. Department of Homeland Security (DHS) to enhance their TRACER 1000 explosives trace detection system. The contract, numbered 70RSAT24CB0000015, aims to develop improved detection capabilities against evolving security threats.
The project is structured in two 15-month phases with a total potential value of $1,290,650. Phase 1 is valued at $581,639, while Phase 2, which is optional and dependent on successful completion of Phase 1, is worth $709,011. The entire project spans 30 months and aligns with DHS's Long Range Broad Agency Announcement No. 18-01 objectives.
Astrotech (ASTC) reported Q1 FY2025 financial results for the period ended September 30, 2024. Operating expenses increased by $119 thousand (3.3%) due to increased trade event participation. The company maintains a strong balance sheet with $28.3 million in cash and liquid investments. Through its subsidiary 1st Detect, the company is advancing in DHS certification processes, with the TRACER 1000 approved for the Air Cargo Security Technology List and proceeding to Stage II testing. The company continues to demonstrate its explosive and narcotic detection technology at airports, border crossings, and prisons globally.
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.
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