Astrotech (NASDAQ: ASTC), an innovative science and technology company, is releasing its financial results for Q2 2024, the period ended Dec. 31, 2023. Highlights of the report include a 512% increase in year-to-date revenue, which reached $1,540,000 compared to $301,000 in the same period in 2023; a strong consolidated balance sheet with $37 million in cash and liquid investments; and a year-to-date FY 2024 gross margin increase of 46% from 38% during the same period in 2023. In addition, the company reported that its 1st Detect subsidiary reentered detection and nondetection testing with the U.S. Transportation Security Administration (“TSA”) for cargo security, and its Pro-Control subsidiary, which is focused on applying the Astrotech Mass Spectrometer Technology(TM) in chemical manufacturing process control applications developed by AgLAB, was launched Dec. 12, 2023. The company also reported that production and sales efforts continue for its AgLAB 1000-D2(TM).
“Fiscal year 2024 continued with strong sales at 1st Detect as we successfully fulfilled our two significant Tracer 1000 orders,” said Astrotech chair, CEO and chief technology officers Thomas B. Pickens III in the press release. “We are re gaining traction with the checkpoint market, especially with those customers looking to the future, by bringing the world’s first ECAC approved mass spectrometer ETD to their airports. Our ruggedized ETD brings the selectivity of a mass spectrometer to the checkpoint, and our customers have reported less false alarms while using our ETD compared to traditional IMS machines. This requires little to no additional training normally associated with using a traditional mass spectrometer. Further, the Pro-Control subsidiary was launched late this quarter, and we look forward to introducing Pro-Control to chemical manufacturers who are using vacuum distillation.”
To view the full press release, visit https://ibn.fm/m00cy
About Astrotech Corp.
Astrotech is a mass spectrometry company that launches, manages and commercializes scalable companies based on its innovative core technology through its wholly owned subsidiaries. 1st Detect develops, manufactures and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Pro-Control is developing the mass spectrometry technology for use in chemical manufacturing processes. For more information, please visit www.AstrotechCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://ibn.fm/ASTC
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