Astrotech Corp Stock Price, News & Analysis

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.