AstroNova Reports 8.5% Sequential Growth in Revenue for Third Quarter Fiscal 2026

Key Terms

non-GAAP financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

adjusted EBITDA financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

goodwill impairment financial

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

backlog financial

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

• Achieved revenue of $39.2 million in the quarter driven by sequential quarter growth in both Aerospace and Product Identification (“Product ID”)
• Net income was $0.4 million, or $0.05 per diluted share; Non-GAAP net income was $1.5 million, or $0.20 per diluted share
• Adjusted EBITDA was $4.2 million, or 10.7% of sales
• Generated $3.4 million of operating cash in the quarter and $8.1 million year to date
• Strengthened balance sheet with debt reduced by $3.2 million in the quarter and $6.4 million year to date
• Refinanced lending agreement on favorable terms

WEST WARWICK, R.I.--(BUSINESS WIRE)-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in specialized print technology solutions, today announced financial results for its fiscal 2026 third quarter ended October 31, 2025.

Jorik Ittmann, President and Chief Executive Officer of AstroNova, noted, “Our third quarter results indicate our efforts to stabilize the business, reignite sales in our Product ID segment and develop a greater sense of urgency in the business to deliver for our customers and shareholders are having a positive impact. We drove improvements in our mail & sheet/flatpack operations to provide more timely lead times for our customers and to reduce dated backlog. Importantly, the strong margins of our Aerospace segment confirm the value of the leading market position of our ToughWriter brand flight deck printers which are displacing legacy products for our highest volume major aircraft partners. This action combined with encouraging aircraft build rate forecasts bode well for this segment.”

Mr. Ittmann added, “While we have improved our financial results sequentially, including growing Product ID’s valuable and profitable recurring supplies, parts and service revenue, work remains to deliver consistent growth while we capture the benefits of our Aerospace segment.”

Third Quarter Fiscal 2026 Overview¹ (comparisons are to the prior-year period unless noted otherwise)

		Three Months Ended
		October 31, 2025				November 2, 2024				$ Variance				% Variance			July 31, 2025				$ Variance			% Variance
Revenue		$	39,169			$	40,422			$	(1,253	)		(3.1	)%		$	36,102			$	3,067		8.5	%
Gross Profit		$	14,197			$	13,714			$	483			3.5	%		$	11,633			$	2,564		22.0	%
Gross Profit Margin			36.2	%			33.9	%										32.2	%
Non-GAAP Gross Profit		$	14,557			$	13,748			$	809			5.9	%		$	11,631			$	2,926		25.2	%
Non-GAAP Adjusted Gross Profit Margin			37.2	%			34.0	%										32.2	%
Operating Income (Loss)		$	1,287			$	1,264			$	23			1.8	%		$	(708	)		$	1,995		(281.7	)%
Operating Margin			3.3	%			3.1	%										(2.0	)%
Non-GAAP Operating Income		$	2,561			$	1,623			$	938			57.8	%		$	380			$	2,181		574.0	%
Non-GAAP Operating Income Margin			6.5	%			4.0	%										1.1	%
Net Income (Loss)		$	378			$	240			$	138			57.3	%		$	(1,243	)		$	1,621		(130.4	)%
Non-GAAP Net Income (Loss)		$	1,532			$	513			$	1,019			198.6	%		$	(412	)		$	1,944		(471.8	)%
Adjusted EBITDA		$	4,172			$	3,228			$	944			29.3	%		$	2,055			$	2,117		103.0	%
Adjusted EBITDA Margin			10.7	%			8.0	%										5.7	%

______________________________

1 Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin are Non-GAAP financial measures. Refer to the reconciliation of GAAP to non-GAAP measures in the tables that accompany this news release.

Compared with the trailing second quarter of fiscal 2026, revenue increased 8.5% reflecting growth in both Aerospace and Product ID segments. Gross profit improved sequentially by 400 basis points as a result of productivity improvements and improved product mix. Operating income increased over the trailing quarter representing operating leverage on higher volume and improved product mix.

Compared with the prior-year period, revenue declined $1.3 million as the combined growth in Product ID and the Aerospace segment’s Commercial Aircraft, Defense and Other markets sales did not fully offset lower Aerospace Aftermarket revenue, which had a tough comparison against an unusually strong third quarter in FY 2025. Tariff mitigation contributed $0.4 million in revenue and foreign currency translation was a $0.3 million benefit in the quarter.

As a result of improved productivity and a more profitable mix, gross profit was up $0.5 million, or 3.5%, and gross margin expanded 230 basis points compared with the prior-year period despite lower revenue and a provision for inventory of $0.4 million related to the closure of a warehouse. On an adjusted basis, gross margin expanded 320 basis points from the prior-year period to 37.2%.

Operating expenses in the quarter were $12.9 million up from $12.5 million in the prior-year period. Savings from cost reduction actions were offset by $0.4 million in legal expenses related to ongoing litigation, $0.1 million of costs related to the contested proxy solicitation and a $0.3 million goodwill impairment charge associated with the May 2024 MTEX acquisition. Operating income for the quarter was $1.3 million similar to the prior-year period, while non-GAAP operating income was $2.6 million, up $0.9 million, or 57.8% compared with the prior-year period.

Interest expense of $0.8 million was down 12.4% as debt balance decreased from $46.7 million in the prior-year end to $40.3 million as of the end of the quarter fiscal. Improved financial performance resulted in net income of $0.4 million, or $0.05 per share, compared with $0.2 million in the prior-year period. Non-GAAP net income was $1.5 million, or $0.20 per share. Adjusted EBITDA was $4.2 million and Adjusted EBITDA margin was 10.7%.

Product Identification (Product ID) Segment Review

Product ID revenue was $26.8 million for the third quarter of fiscal 2026, up 2.0%, or $0.5 million, compared with the prior year and was up $2.1 million, or 8.5%, sequentially. Sequential growth was across all product categories with Mail & Sheet/Flat Pack Printers increasing $0.5 million, or 14.4%, as productivity improvements enabled higher shipment levels.

Operating income for Product ID of $1.9 million was similar with the prior-year period, as improved volume and mix helped to offset an inventory provision of $0.7 million related to a warehouse closure and true-up between segments and a $0.3 million goodwill impairment charge. Operating margin was 7.0% compared with 7.1% in the prior-year period. Non-GAAP segment operating income grew $1.0 million, or 50%, to $2.9 million. Non-GAAP operating income margin for the third quarter of fiscal 2026 was 10.6%.

Aerospace Segment Review

Aerospace segment revenue was $12.3 million in the fiscal 2026 third quarter, a decrease of 12.7%, or $1.8 million. The decline reflects the benefit of $2.3 million in revenue in the prior-year period from atypical orders related to replacement printheads that had built up in backlog pending certification.

Despite lower sales, Aerospace segment operating profit was $4.5 million, up $1.3 million, or 39.4%, over the prior-year period from a $0.3 million benefit from an inventory provision true-up between segments as well as improved product mix.

Balance Sheet and Cash Flow

Cash provided by operations in the third quarter of fiscal 2026 was $3.4 million and was $8.1 million year to date. The improvement in cash generation in the quarter was a combination of stronger cash earnings and reduced working capital requirements, primarily due to lower inventory.

Capital expenditures in the quarter were $86 thousand and $0.2 million year to date compared with $0.3 million and $1.1 million, respectively, in the prior year periods.

Cash at the end of the third quarter of fiscal 2026 was $3.6 million, down $1.4 million from the end of fiscal 2025. The Company strengthened its balance sheet and reduced debt by $3.2 million in the quarter and by $6.4 million year to date. Debt as of October 31, 2025 was $40.3 million compared with $46.7 million as of January 31, 2025.

On October 31, 2025, the Company executed an amended credit agreement which extended the maturity of its revolving credit facility, temporarily increased the facility to $27.5 million, and refinanced previous term loans resulting in a new $10 million term loan and a new $9.7 million term A-2 loan. The new credit structure reduces principal payments and eliminates the foreign currency exchange rate volatility of the Euro payments. It also provides greater flexibility in its EBITDA covenant.

Bookings and Backlog by Segment

Orders in the quarter for the Product ID segment were $22.5 million, down $4.3 million compared with the prior-year period due to delays in renewing blanket orders with certain customers. The Company expects those orders to be renewed in the fourth quarter of fiscal 2026. As a result, the book to bill ratio for the segment was 84% and backlog decreased by $4.4 million from second quarter of fiscal 2026.

Orders in the quarter for the Aerospace segment increased $2.6 million, or 23.7%, over the prior-year period to $13.4 million primarily related to major OEM orders improving as inventory better aligns with build rates. The book to bill ratio for the segment was 109%. Backlog at the end of the third quarter of fiscal 2026 increased by $1.1 million compared with second quarter of fiscal 2026.

Fiscal 2026 Outlook

“Our solid performance in the third quarter and the progress we are making in the business provide us further confidence in our expectations for the full year," concluded Mr. Ittmann.

AstroNova has maintained its revenue expectations for fiscal 2026 within a range of $149 million to $154 million implying fourth quarter revenue in a range of $36 million to $41 million. Adjusted EBITDA margin expectations are in a range of 7.5% to 8.5% for the year.

Earnings Conference Call Information

AstroNova will host a conference call and webcast today at 8:30 a.m. ET to review financial and operating results for the third quarter of fiscal 2026. A question and answer session will follow.

To access the conference call, please dial (201) 689-8560 or find the webcast and accompanying slide presentation at https://investors.astronovainc.com/investors/events-and-presentations/default.aspx.

A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Wednesday, December 24, 2025. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13756179. The webcast replay will be available on the Investor Relations section of the Company’s website where a transcript will be posted once available.

About AstroNova, Inc.

AstroNova (Nasdaq: ALOT) is a leading innovator in specialized print technology solutions. The Company designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats on a variety of media. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its aftermarket products.

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 for printing on paper, labels, paperboard packaging, corrugated boxes, and paper bags. The Aerospace segment is a global leader in providing products designed for airborne printing solutions, avionics, and data acquisition including flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. More information about the Company can be found at www.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 profit margin, Non-GAAP operating expenses, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income (loss), Non-GAAP net income per Common Share - diluted , Non-GAAP segment gross profit, Non-GAAP segment gross profit margin, Non-GAAP segment operating income, Non-GAAP segment operating margin, Adjusted EBITDA, and Adjusted EBITDA Margin. 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 nine months ended October 31, 2025 and November 2, 2024 and the year ending January 31, 2025.

AstroNova has not reconciled the forward-looking Adjusted EBITDA margin 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.

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 efforts to improve sales in our Product Identification segment may not result in the benefits we expect, (ii) the risk that our Aerospace customers may not continue to convert to our ToughWriter^® printer in the volumes or on the schedule that we expect; (iii) the risk that we may not realize the anticipated benefits of our next-generation print engine technology; and (iv) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025 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 (Loss)
(In thousands, except per share data)
(Unaudited)
		Three Months Ended
		October 31, 2025				November 2, 2024				$ Variance				% Variance
Revenue		$	39,169			$	40,422			$	(1,253	)		(3.1	)%
Cost of Revenue			24,972				26,708				(1,736	)		(6.5	)%
Gross Profit			14,197				13,714				483			3.5	%
Total Gross Profit Margin			36.2	%			33.9	%
Operating Expenses:
Selling & Marketing			5,593				6,752				(1,159	)		(17.2	)%
Research & Development			1,898				1,843				55			3.0	%
General & Administrative			5,122				3,855				1,267			32.9	%
Goodwill Impairment			297				—				297			100.0	%
Total Operating Expenses			12,910				12,450				460			3.7	%
Operating Income			1,287				1,264				23			1.8	%
Total Operating Margin			3.3	%			3.1	%
Interest Expense			827				944				(117	)		(12.4	)%
Other (Income)/Expense, net			210				46				164			356.5	%
Income Before Taxes			250				274				(24	)		(8.9	)%
Income Tax Provision (Benefit)			(128	)			34				(162	)		(476.5	)%
Net Income		$	378			$	240			$	138			57.3	%
Net Income per Common Share - Basic		$	0.05			$	0.03
Net Income per Common Share - Diluted		$	0.05			$	0.03
Weighted Average Number of Common Shares - Basic			7,633				7,524
Weighted Average Number of Common Shares - Diluted			7,698				7,580
		Nine Months Ended
		October 31, 2025				November 2, 2024				$ Variance				% Variance
Revenue		$	112,979			$	113,922			$	(943	)		(0.8	)%
Cost of Revenue			74,496				73,909				587			0.8	%
Gross Profit			38,483				40,013				(1,530	)		(3.8	)%
Total Gross Profit Margin			34.1	%			35.1	%
Operating Expenses:
Selling & Marketing			16,877				19,140				(2,263	)		(11.8	)%
Research & Development			5,017				4,859				158			3.3	%
General & Administrative			15,140				12,343				2,797			22.7	%
Goodwill Impairment			297				—				297			100.0	%
Total Operating Expenses			37,331				36,342				989			2.7	%
Operating Income			1,152				3,671				(2,519	)		(68.6	)%
Total Operating Margin			1.0	%			3.2	%
Interest Expense			2,609				2,363				246			10.4	%
Other (Income)/Expense, net			291				337				(46	)		(13.6	)%
Income (Loss) Before Taxes			(1,748	)			971				(2,719	)		(280.1	)%
Income Tax Provision (Benefit)			(506	)			(139	)			(367	)		264.0	%
Net Income (Loss)		$	(1,242	)		$	1,110			$	(2,352	)		(211.9	)%
Net Income (Loss) per Common Share - Basic		$	(0.16	)		$	0.15
Net Income (Loss) per Common Share - Diluted		$	(0.16	)		$	0.15
Weighted Average Number of Common Shares - Basic			7,601				7,501
Weighted Average Number of Common Shares - Diluted			7,601				7,605

ASTRONOVA, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
		October 31, 2025				January 31, 2025
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents		$	3,606			$	5,050
Accounts Receivable, net			20,396				21,218
Inventories, net			45,124				47,894
Prepaid Expenses and Other Current Assets			5,022				3,855
Total Current Assets			74,148				78,017
PROPERTY, PLANT AND EQUIPMENT			61,183				58,613
Less Accumulated Depreciation			(46,474	)			(42,820	)
Property, Plant and Equipment, net			14,709				15,793
OTHER ASSETS
Identifiable Intangibles, net			22,070				23,519
Goodwill			17,121				16,361
Deferred Tax Assets, net			8,565				8,431
Right of Use Asset			2,573				1,781
Other Assets			1,647				1,693
TOTAL ASSETS		$	140,833			$	145,595
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable		$	7,402			$	7,928
Accrued Compensation			4,036				3,745
Other Accrued Expenses			4,857				4,461
Revolving Line of Credit			18,146				20,929
Current Portion of Long-Term Debt			3,152				6,110
Short-Term Debt			-				581
Current Liability – Royalty Obligation			1,600				1,358
Current Liability – Excess Royalty Payment Due			592				691
Deferred Revenue			846				543
Total Current Liabilities			40,631				46,346
NON-CURRENT LIABILITIES
Long-Term Debt, net of current portion			18,978				19,044
Lease Liabilities, net of current portion			2,107				1,535
Grant Deferred Revenue			1,061				1,090
Royalty Obligation, net of current portion			354				1,106
Income Tax Payables			684				684
Deferred Tax Liabilities			-				40
Other Long-Term Liability			138				-
TOTAL LIABILITIES			63,953				69,845
SHAREHOLDERS’ EQUITY
Common Stock			553				547
Additional Paid-in Capital			65,681				64,215
Retained Earnings			48,139				49,380
Treasury Stock			(35,226	)			(35,043	)
Accumulated Other Comprehensive Loss, net of tax			(2,267	)			(3,349	)
TOTAL SHAREHOLDERS’ EQUITY			76,880				75,750
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	140,833			$	145,595

ASTRONOVA, INC.
Condensed Consolidated Statements of Cash Flow
(In thousands)
(Unaudited)
			Nine Months Ended
			October 31, 2025				November 2, 2024
Cash Flows from Operating Activities:
	Net Income (Loss)		$	(1,242	)		$	1,110
	Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
	Depreciation and Amortization			3,425				3,514
	Grant Income Included in Depreciation			175				108
	Goodwill Impairment			289				—
	Amortization of Debt Issuance Costs			33				22
	Share-Based Compensation			1,559				1,159
	Deferred Income Tax Provision (Benefit)			(74	)			—
	Loss on Disposal of Fixed Assets			112				—
	Changes in Assets and Liabilities:
	Accounts Receivable			1,220				1,619
	Inventories			3,780				1,380
	Income Taxes			(1,101	)			(1,534	)
	Accounts Payable and Accrued Expenses			(367	)			(2,371	)
	Deferred Revenue			99				(1,080	)
	Other			149				(1,603	)
	Net Cash Provided by Operating Activities			8,057				2,324
Cash Flows from Investing Activities:
	Proceeds from Sale of Equipment			100				—
	Purchases of Property, Plant and Equipment			(193	)			(1,086	)
	Cash Paid for MTEX Acquisition, net of cash acquired			-				(19,109	)
	Net Cash Used for Investing Activities			(93	)			(20,195	)
Cash Flows from Financing Activities:
	Net Cash Proceeds from Employee Stock Option Plans			-				13
	Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan			50				98
	Net Cash Used for Payment of Taxes Related to Vested Restricted Stock			(183	)			(432	)
	Revolving Credit Facility, net			(3,177	)			10,774
	Proceeds from Long Term Debt Borrowings			19,720				15,078
	Payment of Minimum Guarantee Royalty Obligation			(959	)			(1,247	)
	Principal Payments of Long-Term Debt			(25,117	)			(6,706	)
	Payments of Debt Issuance Costs			(66	)			(37	)
	Net Cash Provided by (Used for) Financing Activities			(9,731	)			17,541
Effect of Exchange Rate Changes on Cash and Cash Equivalents				324				235
Net Decrease Cash and Cash Equivalents				(1,443	)			(95	)
Cash and Cash Equivalents, Beginning of Period			$	5,050				4,527
Cash and Cash Equivalents, End of Period				3,606			$	4,432
Supplemental Information:
	Cash Paid (Received) During the Period for:
	Interest		$	2,292			$	1,891
	Income Taxes, net of refunds			621			$	1,503
	Non-Cash Transactions:
	Operating Lease Obtained in Exchange for Operating Lease Liabilities		$	986			$	1,581

ASTRONOVA, INC.
Segment Sales and Profit
(Unaudited, $ in thousands)
		Three Months Ended								Nine Months Ended
($ in thousands)		October 31, 2025				November 2, 2024				October 31, 2025				November 2, 2024
Revenue:
Product ID		$	26,849			$	26,317			$	77,891			$	76,667
Aerospace			12,320				14,105				35,088				37,255
Total Revenue		$	39,169			$	40,422			$	112,979			$	113,922
Gross Profit:
Product ID		$	7,806			$	8,407			$	24,211			$	25,354
Aerospace			6,391				5,307				14,272				14,659
Gross Profit		$	14,197			$	13,714			$	38,483			$	40,013
Gross Profit Margin:
Product ID			29.1	%			31.9	%			31.1	%			33.1	%
Aerospace			51.9	%			37.6	%			40.7	%			39.3	%
Gross Profit Margin			36.2	%			33.9	%			34.1	%			35.1	%
Segment Operating Income:
Product ID		$	1,878			$	1,868			$	6,585			$	7,208
Aerospace			4,531				3,251				9,707				8,806
Total Segment Operating Income		$	6,409			$	5,119			$	16,292			$	16,014
Segment Operating Margin:
Product ID			7.0	%			7.1	%			8.5	%			9.4	%
Aerospace			36.8	%			23.0	%			27.7	%			23.6	%
Total Segment Operating Margin			16.4	%			12.7	%			14.4	%			14.1	%
Corporate Expense			(5,122	)			(3,855	)			(15,140	)			(12,343	)
Operating Income		$	1,287			$	1,264			$	1,152			$	3,671
Interest Expense		$	827			$	944			$	2,609			$	2,363
Other (Income)/Expense, net			210				46				291				337
Income Before Income Taxes		$	250			$	274			$	(1,748	)		$	971
Income Tax Provision (Benefit)			(128	)			34				(506	)			(139	)
Net Income		$	378			$	240			$	(1,242	)		$	1,110

ASTRONOVA, INC.
Segment Sales and Non-GAAP Profit
(Unaudited, $ in thousands)
		Three Months Ended								Nine Months Ended
($ in thousands)		October 31, 2025				November 2, 2024				October 31, 2025				November 2, 2024
Revenue:
Product ID		$	26,849			$	26,317			$	77,891			$	76,667
Aerospace			12,320				14,105				35,088				37,255
Total Revenue		$	39,169			$	40,422			$	112,979			$	113,922
Gross Profit:
Product ID		$	8,476			$	8,441			$	25,115			$	25,508
Aerospace			6,080				5,307				14,126				14,659
Non-GAAP Gross Profit		$	14,556			$	13,748			$	39,241			$	40,167
Gross Profit Margin:
Product ID			31.6	%			32.1	%			32.2	%			33.3	%
Aerospace			49.4	%			37.6	%			40.3	%			39.3	%
Non-GAAP Gross Profit Margin			37.2	%			34.0	%			34.7	%			35.3	%
Segment Operating Income:
Product ID		$	2,852			$	1,902			$	7,994			$	7,362
Aerospace			4,220				3,251				9,567				8,806
Total Non-GAAP Segment Operating Income		$	7,072			$	5,153			$	17,561			$	16,168
Segment Operating Margin:
Product ID			10.6	%			7.2	%			10.3	%			9.6	%
Aerospace			34.3	%			23.0	%			27.3	%			23.6	%
Total Non-GAAP Segment Operating Margin			18.1	%			12.7	%			15.5	%			14.2	%
Corporate Expense			(4,511	)			(3,530	)			(13,092	)			(10,961	)
Non-GAAP Operating Income		$	2,561			$	1,623			$	4,469			$	5,207
Interest Expense		$	827			$	944			$	2,609			$	2,363
Other (Income)/Expense, net			(1	)			46				78				337
Income Before Income Taxes		$	1,735			$	633			$	1,782			$	2,507
Adjusted Income Tax Provision (Benefit)			204				120				309				242
Non-GAAP Net Income		$	1,531			$	513			$	1,473			$	2,265

ASTRONOVA, INC.
Revenue by Market
(unaudited, $ in thousands)
Product ID:				Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY2025		Q1 FY26		Q2 FY26		Q3 FY26
	Desktop Label Printers			$	14,220	$	16,349	$	15,408	$	14,019	$	59,996	$	15,478	$	15,190	$	16,115
	Mail & Sheet/Flat Pack Printers				3,930		3,471		3,679		4,494		15,574		4,050		3,740		4,280
	Professional Label Printers				3,245		4,231		3,423		2,972		13,871		3,247		3,506		3,636
	Direct to Package/Overprint Printers				1,787		2,925		3,627		2,718		11,057		3,396		2,230		2,371
	Flexible Packaging Printers				-		-		15		1,289		1,304		30		69		79
	Other				3		189		165		186		541		88		19		368
	TOTAL			$	23,185	$	27,165	$	26,317	$	25,678	$	102,345	$	26,289	$	24,754	$	26,849
Aerospace:				Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY2025		Q1 FY26*		Q2 FY26		Q3 FY26
	Aftermarket			$	4,694	$	5,326	$	7,058	$	5,481	$	22,560	$	4,911	$	4,953	$	4,955
	Commercial Aircraft				3,813		6,299		5,221		4,363		19,696		4,953		4,714		5,764
	Defense				329		608		734		781		2,452		811		1,047		766
	Regional and Biz Jet Aircraft				697		604		993		802		3,096		396		431		634
	Other				243		537		98		256		1,134		348		203		201
	TOTAL			$	9,776	$	13,374	$	14,105	$	11,683	$	48,938	$	11,419	$	11,348	$	12,320
	Consolidated Total			$	32,961	$	40,539	$	40,422	$	37,361	$	151,283	$	37,708	$	36,102	$	39,169
*Q1 fiscal 2026 revenue by market has been revised from amount previously reported in our Q1 fiscal 2026 press release issued on June 5, 2025, to correct a classification error between market categories. Total Q1 fiscal sales were unaffected.

ASTRONOVA, INC.
Revenue by Type
(unaudited, $ in thousands)
Product ID		Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY 2025		Q1 FY26		Q2 FY26		Q3 FY26
	Product ID HW	$	3,802	$	4,311	$	4,590	$	5,591	$	18,294	$	4,776	$	4,511	$	5,357
	Product ID Recurring Supplies, Parts & Service		19,383		22,854		21,727		20,087		84,051		21,513		20,243		21,492
	Total Product ID	$	23,185	$	27,165	$	26,317	$	25,678	$	102,345	$	26,289	$	24,754	$	26,849
Aerospace
	Aerospace HW	$	5,073	$	8,048	$	7,032	$	6,185	$	26,338	$	6,519	$	6,425	$	7,360
	Aerospace Recurring Supplies, Parts & Service		4,703		5,326		7,073		5,498		22,600		4,900		4,923		4,960
	Total Aerospace	$	9,776	$	13,374	$	14,105	$	11,683	$	48,938	$	11,419	$	11,348	$	12,320
Consolidated
	AstroNova HW	$	8,875	$	12,359	$	11,622	$	11,776	$	44,632	$	11,295	$	10,936	$	12,717
	AstroNova Recurring Supplies, Parts & Service		24,086		28,180		28,800		25,585		106,651		26,413		25,166		26,452
	TOTAL	$	32,961	$	40,539	$	40,422	$	37,361	$	151,283	$	37,708	$	36,102	$	39,169

ASTRONOVA, INC.
Bookings and Backlog
(unaudited, $ in thousands)
AstroNova
		Q1 FY25			Q2 FY25			Q3 FY25			Q4 FY25			FY 2025			Q1 FY26			Q2 FY26			Q3 FY26
Beginning backlog (Non-MTEX)		$	31,394		$	31,556		$	29,900		$	27,093		$	31,394		$	28,307		$	25,491		$	25,291
MTEX*		$	-		$	3,084		$	-		$	-		$	3,084		$	-		$	-		$	-
Backlog Beginning of Period (incl. MTEX)		$	31,394		$	34,640		$	29,900		$	27,093		$	34,478		$	28,307		$	25,491		$	25,291
Revenue Recognized (Billings)		$	32,961		$	40,539		$	40,422		$	37,361		$	151,283		$	37,708		$	36,102		$	39,169
New Bookings During Period		$	33,122		$	35,799		$	37,615		$	38,576		$	145,112		$	34,893		$	35,901		$	35,867
Backlog End of Period		$	31,556		$	29,900		$	27,093		$	28,307		$	28,307		$	25,491		$	25,291		$	21,989
Book/Bill %			100	%		88	%		93	%		103	%		96	%		93	%		99	%		92	%
*MTEX Backlog was acquired during 2nd quarter fiscal 2025
Product Identification
		Q1 FY25			Q2 FY25			Q3 FY25			Q4 FY25			FY 2025			Q1 FY26			Q2 FY26			Q3 FY26
Beginning backlog (Non-MTEX)		$	19,725		$	19,467		$	18,786		$	19,254		$	19,725		$	18,091		$	18,044		$	16,727
MTEX*		$	-		$	3,084		$	-		$	-		$	3,084		$	-		$	-		$	-
Backlog Beginning of Period (incl. MTEX)		$	19,725		$	22,551		$	18,786		$	19,254		$	22,809		$	18,091		$	18,044		$	16,727
Revenue Recognized (Billings)		$	23,185		$	27,165		$	26,317		$	25,678		$	102,345		$	26,289		$	24,754		$	26,849
New Bookings During Period		$	22,926		$	23,400		$	26,785		$	24,516		$	97,627		$	26,242		$	23,437		$	22,473
Backlog End of Period		$	19,467		$	18,786		$	19,254		$	18,091		$	18,091		$	18,044		$	16,727		$	12,351
Book/Bill %			99	%		86	%		102	%		95	%		95	%		100	%		95	%		84	%
*MTEX Backlog was acquired during 2nd quarter fiscal 2025
Aerospace
		Q1 FY25			Q2 FY25			Q3 FY25			Q4 FY25			FY 2025			Q1 FY26			Q2 FY26			Q3 FY26
Backlog Beginning of Period		$	11,669		$	12,089		$	11,114		$	7,839		$	11,669		$	10,216		$	7,447		$	8,563
Revenue Recognized (Billings)		$	9,776		$	13,374		$	14,105		$	11,683		$	48,938		$	11,419		$	11,348		$	12,320
New Bookings During Period		$	10,196		$	12,399		$	10,830		$	14,060		$	47,485		$	8,651		$	12,464		$	13,394
Backlog End of Period		$	12,089		$	11,114		$	7,839		$	10,216		$	10,216		$	7,447		$	8,563		$	9,638
Book/Bill %			104	%		93	%		77	%		120	%		97	%		76	%		110	%		109	%

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Items
(Unaudited, $ in thousands)
		Three Months Ended
		October 31, 2025				November 2, 2024
Revenue		$	39,169			$	40,422
Gross Profit		$	14,197			$	13,714
Inventory Step-Up			-				34
Inventory Provision			360				-
Non-GAAP Gross Profit		$	14,557			$	13,748
Gross Profit Margin			36.2	%			33.9	%
Non-GAAP Gross Profit Margin			37.2	%			34.0	%
Operating Expenses		$	12,910			$	12,450
MTEX-related Acquisition Expenses			-				(325	)
Restructuring Charges			(58	)			-
Non-Recurring Legal Expenses			(387	)			-
Non-Recurring Proxy Costs			(172	)			-
Goodwill Impairment			(297	)			-
Non-GAAP Operating Expenses		$	11,996			$	12,125
Operating Income		$	1,287			$	1,264
MTEX-related Acquisition Expenses			-				325
Inventory Step-Up			-				34
Inventory Provision			360				-
Restructuring Charges			58				-
Non-Recurring Legal Expenses			387				-
Non-Recurring Proxy Costs			172				-
Goodwill Impairment			297				-
Non-GAAP Operating Income		$	2,561			$	1,623
Operating Income Margin			3.3	%			3.1	%
Non-GAAP Operating Income Margin			6.5	%			4.0	%
Net Income		$	378			$	240
MTEX-related Acquisition Expenses(1)			-				247
Inventory Step-Up(1)			-				26
Inventory Provision(1)			275				-
Restructuring Charges(1)			43				-
Non-Recurring Legal Expenses(1)			301				-
Non-Recurring Proxy Costs(1)			131				-
Realized Fx(1)			80				-
Other (Income) and Expense(1)			85				-
Goodwill Impairment(1)			238				-
Non-GAAP Net Income		$	1,532			$	513
Diluted Earnings Per Share		$	0.05			$	0.03
MTEX-related Acquisition Expenses(1)			-				0.03
Inventory Provision(1)			0.04				-
Restructuring Charges(1)			-				-
Non-Recurring Legal Expenses(1)			0.04				-
Non-Recurring Proxy Costs(1)			0.02				-
Realized Fx(1)			0.01				-
Other (Income) and Expense(1)			0.01				-
Goodwill Impairment(1)			0.03				-
Non-GAAP Diluted Earnings Per Share		$	0.20			$	0.06
(1) Net of taxes

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Items
(Unaudited, $ in thousands)
		Nine Months Ended
		October 31, 2025				November 2, 2024
Revenue		$	112,979			$	113,922
Gross Profit		$	38,483			$	40,013
Inventory Step-Up			61				154
Inventory Provision			360				-
Restructuring Charges			337				-
Non-GAAP Gross Profit		$	39,241			$	40,167
Gross Profit Margin			34.1	%			35.1	%
Non-GAAP Gross Profit Margin			34.7	%			35.3	%
Operating Expenses		$	37,331			$	36,342
MTEX-related Acquisition Expenses			(311	)			(1,382	)
Restructuring Charges			(968	)			-
Non-Recurring Legal Expenses			(457	)			-
Non-Recurring Proxy Costs			(527	)			-
Realized Fx			(100	)			-
Other (Income) and Expense			(112	)			-
Goodwill Impairment			(297	)			-
Non-GAAP Operating Expenses		$	34,559			$	34,960
Operating Income		$	1,152			$	3,671
MTEX-related Acquisition Expenses			311				1,382
Inventory Step-Up			61				154
Inventory Provision			360				-
Restructuring Charges			1,305				-
Non-Recurring Legal Expenses			457				-
Non-Recurring Proxy Costs			527				-
Realized Fx			100				-
Other (Income) and Expense			112				-
Goodwill Impairment			297				-
Non-GAAP Operating Income		$	4,682			$	5,207
Operating Income Margin			1.0	%			3.2	%
Non-GAAP Operating Income Margin			4.1	%			4.6	%
Net Income (Loss)		$	(1,242	)		$	1,110
MTEX-related Acquisition Expenses(1)			238				1,044
Inventory Step-Up(1)			49				111
Inventory Provision(1)			275				-
Restructuring Charges(1)			1,001				-
Non-Recurring Legal Expenses(1)			354				-
Non-Recurring Proxy Costs(1)			403				-
Realized Fx(1)			80				-
Other (Income) and Expense(1)			86				-
Goodwill Impairment			238				-
Non-GAAP Net Income (Loss)		$	1,480			$	2,265
Diluted Earnings (Loss) Per Share		$	(0.16	)		$	0.15
MTEX-related Acquisition Expenses(1)			0.03				0.14
Inventory Step-Up(1)			0.01				0.01
Inventory Provision(1)			0.04				-
Restructuring Charges(1)			0.13				-
Non-Recurring Legal Expenses(1)			0.05				-
Non-Recurring Proxy Costs(1)			0.05				-
Realized Fx(1)			0.01				-
Other (Income) and Expense(1)			0.01				-
Goodwill Impairment			0.03				-
Non-GAAP Diluted Earnings Per Share		$	0.20			$	0.30
(1) Net of taxes

ASTRONOVA, INC.
Reconciliation of Net Income and Margin to Adjusted EBITDA and Margin
(Unaudited, $ in thousands)
		Three Months Ended
		October 31, 2025			November 2, 2024
Net Income		$	378		$	240
Interest Expense			827			944
Income Tax Expense (Benefit)			(128	)		34
Depreciation & Amortization			855			1,298
EBITDA		$	1,932		$	2,516
Share-Based Compensation			754			353
MTEX-related Acquisition Expenses			-			325
Inventory Step-Up			-			34
Inventory Provision			360			-
Restructuring Charges			58			-
Non-Recurring Legal Expenses			387			-
Non-Recurring Proxy Costs			172			-
Realized Fx			100			-
Other (Income) and Expense			112			-
Goodwill Impairment			297			-
Adjusted EBITDA		$	4,172		$	3,228
Revenue		$	39,169		$	40,422
Net Income Margin			1.0	%		0.6	%
Adjusted EBITDA Margin			10.7	%		8.0	%
		Nine Months Ended
		October 31, 2025			November 2, 2024
Net Income (Loss)		$	(1,242	)	$	1,110
Interest Expense			2,609			2,363
Income Tax Expense (Benefit)			(506	)		(139	)
Depreciation & Amortization			3,425			3,514
EBITDA		$	4,286		$	6,848
Share-Based Compensation			1,559			1,159
MTEX-related Acquisition Expenses			311			1,382
Inventory Step-Up			61			154
Inventory Provision			360			-
Restructuring Charges			1,305			-
Non-Recurring Legal Expenses			457			-
Non-Recurring Proxy Costs			527			-
Realized Fx			100			-
Other (Income) and Expense			112			-
Goodwill Impairment			297			-
Adjusted EBITDA		$	9,375		$	9,543
Revenue		$	112,979		$	113,922
Net Income (Loss) Margin			(1.1	)%		1.0	%
Adjusted EBITDA Margin			8.3	%		8.4	%

ASTRONOVA, INC.
Reconciliation of Segment Gross Profit and Margin to Non-GAAP Gross Profit and Margin
(Unaudited, $ in thousands)
	Three Months Ended
	October 31, 2025										November 2, 2024
	Product ID			Aerospace			Total				Product ID			Aerospace			Total
Segment Gross Profit	$	7,806		$	6,391		$	14,197			$	8,407		$	5,307		$	13,714
Inventory Step-Up		-			-			-				34			-			34
Inventory Provision		671			(311	)		360				-			-			-
Non-GAAP - Segment Gross Profit	$	8,477		$	6,080		$	14,557			$	8,441		$	5,307		$	13,748
Revenue	$	26,849		$	12,320		$	39,169			$	26,317		$	14,105		$	40,422
Gross Profit Margin		29.1	%		51.9	%		36.2	%			31.9	%		37.6	%		33.9	%
Non-GAAP Segment Gross Profit Margin		31.6	%		49.4	%		37.2	%			32.1	%		37.6	%		34.0	%
	Nine Months Ended
	October 31, 2025										November 2, 2024
	Product ID			Aerospace			Total				Product ID			Aerospace			Total
Segment Gross Profit	$	24,211		$	14,272		$	38,483			$	25,354		$	14,659		$	40,013
Inventory Step-Up		61			-			61				154			-			154
Inventory Provision		671			(311	)		360				-			-			-
Restructuring Charges		173			165			338				-			-			-
Non-GAAP - Segment Gross Profit	$	25,116		$	14,126		$	39,242			$	25,508		$	14,659		$	40,167
Revenue	$	77,890		$	35,089		$	112,979			$	76,667		$	37,255		$	113,922
Gross Profit Margin		31.1	%		40.7	%		34.1	%			33.1	%		39.3	%		35.1	%
Non-GAAP Segment Gross Profit Margin		32.2	%		40.3	%		34.7	%			33.3	%		39.3	%		35.3	%
Note: Segment Operating Income excludes General & Administrative Expenses

ASTRONOVA, INC.
Reconciliation of Segment Operating Profit and Margin to Non-GAAP Operating Profit and Margin
(Unaudited, $ in thousands)
	Three Months Ended
	October 31, 2025										November 2, 2024
	Product ID			Aerospace			Total				Product ID			Aerospace			Total
Segment Operating Income	$	1,878		$	4,531		$	6,409			$	1,868		$	3,251		$	5,119
Inventory Step-Up		-			-			-				34			-			34
Inventory Provision		671			(311	)		360				-			-			-
Goodwill Impairment		297			-			297				-			-			-
Restructuring Charges		7			-			7				-			-			-
Non-GAAP - Segment Operating Income	$	2,853		$	4,220		$	7,073			$	1,902		$	3,251		$	5,153
Revenue	$	26,849		$	12,320		$	39,169			$	26,317		$	14,105		$	40,422
Operating Margin		7.0	%		36.8	%		16.4	%			7.1	%		23.0	%		12.7	%
Non-GAAP Operating Margin		10.6	%		34.3	%		18.1	%			7.2	%		23.0	%		12.7	%
	Nine Months Ended
	October 31, 2025										November 2, 2024
	Product ID			Aerospace			Total				Product ID			Aerospace			Total
Segment Operating Income	$	6,585		$	9,707		$	16,292			$	7,208		$	8,806		$	16,014
Inventory Step-Up		61			-			61				154			-			154
Inventory Provision		671			(311	)		360				-			-			-
Goodwill Impairment		297			-			297				-			-			-
Restructuring Charges		381			171			552				-			-			-
Non-GAAP - Segment Operating Income	$	7,995		$	9,567		$	17,562			$	7,362		$	8,806		$	16,168
Revenue	$	77,890		$	35,089		$	112,979			$	76,667		$	37,255		$	113,922
Operating Margin		8.5	%		27.7	%		14.4	%			9.4	%		23.6	%		14.1	%
Non-GAAP Operating Margin		10.3	%		27.3	%		15.5	%			9.6	%		23.6	%		14.2	%
Note: Segment Operating Income excludes General & Administrative Expenses

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251210678311/en/

Deborah Pawlowski, IRC, Alliance Advisors

Email: dpawlowski@allianceadvisors.com

Phone: 716.843.3908

Source: AstroNova, Inc.