Astrotech reports fiscal year 2024 results in Austin, Texas

Astrotech Corporation reported its financial results for the fiscal year ending June 30, 2024, revealing a revenue increase to $1.7 million, primarily driven by its subsidiary, 1st Detect, which is gaining traction in the international passenger market with its explosives trace detectors. The TRACER 1000 received approval from the U.S. Transportation Security Administration for air cargo security, allowing its use in operations by air cargo companies in the U.S. This approval is a significant milestone for the company as it enhances the marketability of its products. Additionally, Astrotech has entered into a Developmental Test and Evaluation phase with the Transportation Security Laboratory to ensure the TRACER 1000's readiness for TSA certification testing. The company has also registered its TRACER 1000 models with the U.S. General Services Administration, further solidifying its position in the market. The formation of a new subsidiary, Pro-Control, aims to utilize Astrotech's Mass Spectrometer Technology for industrial applications, expanding its reach beyond the agriculture sector. Astrotech's consolidated balance sheet remains robust, with $31.9 million in cash and liquid investments, which are expected to support ongoing research and development, as well as potential acquisitions. Despite the positive developments, the company reported a net loss of $11.666 million for the fiscal year, reflecting increased operating expenses, particularly in selling, general, and administrative costs, as well as research and development. The company remains optimistic about its future, emphasizing its mission to enhance access to mass spectrometry technology across various industries. However, it acknowledges the inherent risks and uncertainties that could impact its forward-looking statements and overall performance in the coming years.