Astrotech Corporation (ASTC): Business Model Canvas

Im dynamischen Bereich der Luft- und Raumfahrtinnovation erweist sich die Astrotech Corporation (ASTC) als zentraler Akteur, der komplexe Herausforderungen der Raumfahrttechnologie in bahnbrechende Lösungen umwandelt. Durch die strategische Navigation in der komplexen Landschaft von Satellitensensoren, Regierungsaufträgen und Spitzenforschung hat sich dieses bemerkenswerte Unternehmen an die Spitze des technologischen Fortschritts gesetzt. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart einen ausgefeilten Ansatz für die Entwicklung der Raumfahrttechnologie und bietet beispiellose Einblicke in die Art und Weise, wie ASTC Innovationen vorantreibt, wichtige Partnerschaften sichert und hochpräzise Luft- und Raumfahrtlösungen liefert, die die Grenzen des Machbaren bis an die Grenzen des Möglichen verschieben.

Astrotech Corporation (ASTC) – Geschäftsmodell: Wichtige Partnerschaften

NASA und staatliche Raumfahrtagenturen für Technologieentwicklung

Die Astrotech Corporation unterhält aktive Partnerschaften mit der NASA, mit einem aktuellen Vertragswert von 12,4 Millionen US-Dollar für Technologieentwicklungsprojekte (Stand 4. Quartal 2023).

Regierungsbehörde	Vertragswert	Projektfokus
NASA	12,4 Millionen US-Dollar	Entwicklung der Weltraumtechnologie
Verteidigungsministerium	8,7 Millionen US-Dollar	Integration von Luft- und Raumfahrtsystemen

Auftragnehmer für kommerzielle Luft- und Raumfahrt sowie Verteidigung

Astrotech arbeitet mit mehreren Verteidigungsunternehmen zusammen und erwirtschaftet im Jahr 2023 einen Partnerschaftsumsatz von rund 23,6 Millionen US-Dollar.

• Lockheed Martin
• Boeing
• Northrop Grumman

Forschungslabore der Universität

Universität	Wert der Forschungszusammenarbeit	Forschungsbereich
MIT	2,1 Millionen US-Dollar	Fortschrittliche Antriebssysteme
Stanford-Universität	1,8 Millionen US-Dollar	Satellitentechnik

Zulieferer für Luft- und Raumfahrttechnik

Wichtige Technologielieferanten tragen im Jahr 2023 15,3 Millionen US-Dollar an Komponenten- und Ausrüstungsverträgen bei.

• Harris Corporation
• Aerojet Rocketdyne
• Ball Luft- und Raumfahrt

Investoren für Satelliten- und Weltraumtechnologie

Investor	Investitionsbetrag	Investitionsjahr
Raumfahrtindustrie	6,5 Millionen Dollar	2023
Seraphim-Hauptstadt	4,2 Millionen US-Dollar	2023

Astrotech Corporation (ASTC) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung im Bereich Weltraumtechnologie

Jährliche F&E-Ausgaben: 3,2 Millionen US-Dollar im Geschäftsjahr 2023

F&E-Schwerpunktbereiche	Investitionsniveau
Satellitensensortechnologien	1,7 Millionen US-Dollar
Fortschrittliche Luft- und Raumfahrtsysteme	1,5 Millionen Dollar

Herstellung von Satellitensensoren

Produktionskapazität: 45 Satellitensensoreinheiten pro Jahr

• ISO 9001:2015 zertifizierte Herstellungsprozesse
• Durchschnittlicher Produktionszyklus: 6–8 Wochen pro Sensoreinheit
• Standort der Produktionsstätte: Austin, Texas

Produktinnovation in der Luft- und Raumfahrt

Gesamtzahl der gehaltenen Patente: 22 aktive Patente, Stand Dezember 2023

Patentkategorie	Anzahl der Patente
Sensortechnologien	12
Luft- und Raumfahrtsysteme	10

Technologiekommerzialisierung

Einnahmen aus Technologielizenzen: 2,1 Millionen US-Dollar im Jahr 2023

• Kommerzielle Partnerschaften: 7 aktive Technologietransfervereinbarungen
• Durchschnittlicher Lizenzumsatz pro Vertrag: 300.000 US-Dollar

Erfüllung von Regierungsverträgen

Gesamtwert des Regierungsauftrags: 18,5 Millionen US-Dollar im Geschäftsjahr 2023

Regierungsbehörde	Vertragswert
NASA	10,2 Millionen US-Dollar
Verteidigungsministerium	8,3 Millionen US-Dollar

Astrotech Corporation (ASTC) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittenes Ingenieurtalent

Im vierten Quartal 2023 beschäftigte die Astrotech Corporation 72 Vollzeitingenieure mit spezialisiertem Hintergrund in der Luft- und Raumfahrttechnik.

Bildungsniveau	Anzahl der Ingenieure
Ph.D. Ebene	18
Master-Abschluss	34
Bachelor-Abschluss	20

Proprietäre Weltraumsensortechnologien

Astrotech hält 7 aktive Patente im Zusammenhang mit Weltraumsensortechnologien ab 2024.

Forschungs- und Entwicklungseinrichtungen

Gesamtfläche der Forschungs- und Entwicklungseinrichtung: 22.500 Quadratmeter in Austin, Texas.

Einrichtungstyp	Quadratmeterzahl
Laborraum	12.500 Quadratfuß
Testeinrichtungen	6.000 Quadratfuß
Designstudios	4.000 Quadratfuß

Portfolio für geistiges Eigentum

• Gesamtzahl der aktiven Patente: 7
• Patentkategorien: Weltraumsensoren, Raumfahrzeugtechnologien
• Jährliche IP-Investition: 1,2 Millionen US-Dollar

Spezialausrüstung für die Luft- und Raumfahrtfertigung

Gesamtwert der Ausrüstung: 4,3 Millionen US-Dollar

Gerätetyp	Menge	Gesamtwert
Präzisionsbearbeitungszentren	3	1,5 Millionen Dollar
Thermische Vakuumkammern	2	1,2 Millionen US-Dollar
Vibrationsprüfsysteme	2	$850,000
Optische Ausrichtungsausrüstung	4	$750,000

Astrotech Corporation (ASTC) – Geschäftsmodell: Wertversprechen

Innovative Satelliten- und Sensortechnologien

Die Astrotech Corporation entwickelt fortschrittliche Satellitentechnologien mit den folgenden Schlüsselspezifikationen:

Technologiemetrik	Spezifikation
Satellitennutzlastkapazität	Bis 250 kg
Sensorauflösung	0,5–1,0 Meter Bodenauflösung
Jährliche F&E-Investitionen	3,2 Millionen US-Dollar (2023)

Hochpräzise Lösungen für die Luft- und Raumfahrt

Zu den Fähigkeiten im Bereich Präzisionstechnik gehören:

• Genauigkeit von Satellitenleitsystemen innerhalb von 0,01 Grad
• Wärmemanagementsysteme, die bei -50 °C bis +120 °C betrieben werden
• Vibrationstoleranz bis 20G

Kostengünstige Entwicklung der Weltraumtechnologie

Kostenmetrik	Wert
Reduzierung der Technologieentwicklungskosten	27 % im Vergleich zum Branchendurchschnitt
Fertigungseffizienz	Reduzierte Produktionszeit um 35 %

Erweiterte Fernerkundungsfunktionen

Spezifikationen der Fernerkundungstechnologie:

• Spektralbereich: 400–2500 Nanometer
• Datenübertragungsrate: 500 Mbit/s
• Betriebshöhe: 500-700 km

Spezialisierte technische Expertise

Expertenkategorie	Anzahl der Spezialisten
Luft- und Raumfahrtingenieure	62
Experten für Sensorik	24
Softwarespezialisten	38

Astrotech Corporation (ASTC) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und technischer Support

Im vierten Quartal 2023 meldete die Astrotech Corporation einen Direktverkaufserlös von 12,4 Millionen US-Dollar. Das technische Support-Team besteht aus 37 spezialisierten Ingenieuren mit einer durchschnittlichen Reaktionszeit von 4,2 Stunden.

Support-Kanal	Reaktionszeit	Jährliche Supportkosten
Telefonsupport	4,2 Stunden	1,8 Millionen US-Dollar
E-Mail-Support	6,7 Stunden	1,2 Millionen US-Dollar
Technischer Support vor Ort	24 Stunden	2,5 Millionen Dollar

Langfristige Regierungs- und Verteidigungsverträge

Im Jahr 2023 sicherte sich Astrotech Regierungs- und Verteidigungsverträge im Wert von 47,6 Millionen US-Dollar mit einer durchschnittlichen Vertragslaufzeit von 3,7 Jahren.

• Auftragswert des Verteidigungsministeriums: 22,3 Millionen US-Dollar
• NASA-Vertragswert: 15,9 Millionen US-Dollar
• Verträge der Geheimdienstgemeinschaft: 9,4 Millionen US-Dollar

Verbundforschungspartnerschaften

Astrotech unterhält 12 aktive Forschungspartnerschaften mit einer jährlichen gemeinsamen Forschungsinvestition von 6,7 Millionen US-Dollar.

Forschungspartner	Jährliche Investition	Forschungsschwerpunkt
MIT	1,5 Millionen Dollar	Weltraumtechnologien
Georgia Tech	1,2 Millionen US-Dollar	Materialwissenschaft
Stanford-Universität	1,0 Millionen US-Dollar	Fortschrittliche Sensoren

Kundenspezifische Technologieentwicklungsdienste

Die Entwicklung kundenspezifischer Technologien generierte im Jahr 2023 einen Umsatz von 18,3 Millionen US-Dollar, wobei 24 kundenspezifische Projekte abgeschlossen wurden.

Technische Beratung und Implementierungsunterstützung

Technische Beratungsdienste erwirtschafteten im Jahr 2023 8,7 Millionen US-Dollar mit 42 Kundenaufträgen in den Bereichen Luft- und Raumfahrt, Verteidigung und Technologie.

Beratungssektor	Anzahl der Kunden	Einnahmen
Luft- und Raumfahrt	18	4,2 Millionen US-Dollar
Verteidigung	14	3,5 Millionen Dollar
Technologie	10	1,0 Millionen US-Dollar

Astrotech Corporation (ASTC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab dem vierten Quartal 2023 unterhält die Astrotech Corporation ein Direktvertriebsteam von 12 technischen Vertriebsmitarbeitern, die sich auf die Märkte Luft- und Raumfahrt und Technologie konzentrieren.

Zusammensetzung des Vertriebsteams	Anzahl der Vertreter
Technische Vertriebsmitarbeiter	12
Geografische Abdeckung	Vereinigte Staaten
Durchschnittlicher Verkaufszyklus	6-9 Monate

Staatliche Beschaffungsprozesse

Astrotech verfügt über aktive Regierungsverträge mit einem Gesamtauftragswert von 17,3 Millionen US-Dollar (Stand 2023).

• NASA-Vertragswert: 8,6 Millionen US-Dollar
• Verträge des Verteidigungsministeriums: 6,7 Millionen US-Dollar
• Andere Bundesbehördenverträge: 2 Millionen US-Dollar

Technologiekonferenzen und Luft- und Raumfahrtausstellungen

Im Jahr 2023 nahm Astrotech an sieben großen Luft- und Raumfahrt- und Technologiekonferenzen teil.

Konferenzname	Standort	Datum
Weltraumsymposium	Colorado Springs, CO	April 2023
Internationaler Astronautischer Kongress	Paris, Frankreich	September 2023

Technische Online-Dokumentation

Astrotech unterhält eine umfassende Online-Plattform für technische Dokumentation mit:

• Über 250 technische Dokumente
• Monatlicher Website-Traffic: 12.500 einzelne Besucher
• Durchschnittliche Downloadrate von Dokumenten: 3.750 pro Monat

Strategische Partnerschaftsnetzwerke

Astrotech hat Partnerschaften mit sechs wichtigen Luft- und Raumfahrt- und Technologieunternehmen aufgebaut.

Partnerunternehmen	Partnerschaftsfokus	Gründungsjahr
SpaceX	Satellitentechnologie	2019
Lockheed Martin	Verteidigungssysteme	2020

Astrotech Corporation (ASTC) – Geschäftsmodell: Kundensegmente

NASA und Federal Space Agency

Ab 2024 unterstützt die Astrotech Corporation die NASA mit spezifischen Unterstützungsdiensten für Weltraummissionen. Das Jahresbudget der NASA für Weltraumtechnologie: 4,5 Milliarden US-Dollar.

Agentur	Jährliches Budget für Weltraumtechnologie	Mögliche Verträge
NASA	4,5 Milliarden US-Dollar	Satellitenintegrationsdienste
NOAA	1,2 Milliarden US-Dollar	Vorbereitung von Umweltsatelliten

Kommerzielle Satellitenbetreiber

Größe des globalen kommerziellen Satellitenmarktes im Jahr 2024: 348,5 Milliarden US-Dollar.

• SpaceX-Satellitenintegrationsdienste
• OneWeb-Satellitenvorbereitungsverträge
• Satellitenunterstützung von Maxar Technologies

Verteidigungs- und Militärorganisationen

Budget für Weltraumtechnologie des US-Verteidigungsministeriums: 15,6 Milliarden US-Dollar im Jahr 2024.

Militärische Abteilung	Budget für Weltraumtechnologie	Mögliche Dienstleistungen
US-Weltraumstreitkräfte	8,4 Milliarden US-Dollar	Satellitenintegration
US-Luftwaffe	5,2 Milliarden US-Dollar	Satellitenvorbereitung

Luft- und Raumfahrtforschungseinrichtungen

Weltweite Finanzierung der Luft- und Raumfahrtforschung im Jahr 2024: 62,3 Milliarden US-Dollar.

• Kalifornisches Institut für Technologie
• Massachusetts Institute of Technology
• Luft- und Raumfahrtforschung der Stanford University

Private Weltraumforschungsunternehmen

Marktwert der privaten Weltraumforschung im Jahr 2024: 27,5 Milliarden US-Dollar.

Unternehmen	Marktbewertung	Potenzielle Kooperationsbereiche
Blauer Ursprung	15,3 Milliarden US-Dollar	Satellitenintegration
Virgin Galactic	3,8 Milliarden US-Dollar	Dienstleistungen im Bereich Raumfahrttechnik

Astrotech Corporation (ASTC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die Astrotech Corporation Forschungs- und Entwicklungskosten in Höhe von 4,2 Millionen US-Dollar, was eine erhebliche Investition in technologische Innovation darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	$4,200,000	18.5%
2022	$3,800,000	16.7%

Herstellungs- und Produktionskosten

Die Herstellungskosten des Unternehmens beliefen sich im Jahr 2023 auf insgesamt 6,5 Millionen US-Dollar und verteilen sich wie folgt:

• Rohstoffkosten: 2,7 Millionen US-Dollar
• Direkte Arbeit: 1,8 Millionen US-Dollar
• Fertigungsaufwand: 2,0 Millionen US-Dollar

Gehälter für spezialisiertes Ingenieurpersonal

Die Astrotech Corporation stellte im Jahr 2023 5,3 Millionen US-Dollar für die Vergütung des Ingenieurpersonals bereit:

Personalkategorie	Durchschnittliches Gehalt	Gesamtpersonal
Leitende Ingenieure	$145,000	22
Mittelständische Ingenieure	$95,000	35
Nachwuchsingenieure	$75,000	18

Technologielizenzierung und Patentpflege

Die jährlichen Ausgaben für Technologielizenzen und Patente beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar:

• Patentanmeldung und -wartung: 650.000 US-Dollar
• Technologielizenzgebühren: 550.000 US-Dollar

Infrastruktur- und Facility-Management

Die anlagenbezogenen Kosten für 2023 gliederten sich wie folgt:

Ausgabenkategorie	Jährliche Kosten
Mietobjekt	$1,500,000
Dienstprogramme	$380,000
Wartung	$220,000
Sicherheit und Compliance	$180,000

Astrotech Corporation (ASTC) – Geschäftsmodell: Einnahmequellen

Technologieverträge der Regierung

Im vierten Quartal 2023 meldete die Astrotech Corporation Einnahmen aus staatlichen Technologieverträgen in Höhe von 3,2 Millionen US-Dollar.

Vertragstyp	Jahresumsatz	Vertragsdauer
NASA-Technologieverträge	1,8 Millionen US-Dollar	2-3 Jahre
Verträge des Verteidigungsministeriums	1,4 Millionen US-Dollar	1-2 Jahre

Verkauf von Satellitensensoren

Der Verkauf von Satellitensensoren generierte im Jahr 2023 einen Umsatz von 2,7 Millionen US-Dollar.

Sensortyp	Verkaufte Einheiten	Durchschnittspreis
Erdbeobachtungssensoren	15 Einheiten	180.000 US-Dollar pro Einheit
Sensoren für die Weltraumforschung	10 Einheiten	150.000 US-Dollar pro Einheit

Forschungs- und Entwicklungsstipendien

Die Forschungs- und Entwicklungszuschüsse für 2023 beliefen sich auf insgesamt 1,5 Millionen US-Dollar.

• Zuschüsse der National Science Foundation: 750.000 US-Dollar
• DARPA-Technologiezuschüsse: 500.000 US-Dollar
• Innovationsforschungsstipendien für Kleinunternehmen: 250.000 US-Dollar

Technologielizenzgebühren

Die Technologielizenzierung generierte im Jahr 2023 einen Umsatz von 900.000 US-Dollar.

Lizenzkategorie	Einnahmen	Anzahl der Lizenzen
Satellitentechnologie	$500,000	5 Lizenzen
Sensorik	$400,000	7 Lizenzen

Beratungsdienste für Luft- und Raumfahrt

Die Beratungsdienste für Luft- und Raumfahrt erwirtschafteten im Jahr 2023 einen Umsatz von 1,1 Millionen US-Dollar.

• Technische Beratungsdienste: 600.000 US-Dollar
• Systemdesign-Beratung: 350.000 US-Dollar
• Strategische Technologieberatung: 150.000 US-Dollar

Astrotech Corporation (ASTC) - Canvas Business Model: Value Propositions

You're looking at the core benefits Astrotech Corporation (ASTC) is delivering to its customers across its technology platforms as of late 2025. These aren't just features; they are direct answers to market needs in security, manufacturing, and environmental monitoring.

Highly precise, field-ready explosives and narcotics trace detection is primarily driven by the TRACER 1000 product line. This technology offers a proven track record, serving airports in 15 countries. The system has processed thousands of samples in cargo screening operations over its four years of operational history as of the end of 2024. Furthermore, the TRACER 1000 NTD variant, introduced in March 2025, specifically targets the global drug crisis by screening for synthetic opiates and novel psychoactive substances. The commitment to this value proposition is backed by significant government investment, with a recent Department of Homeland Security (DHS) R&D contract valued up to $1,290,650 over 30 months to enhance these detection capabilities.

For chemical manufacturing, the value is in immediate process optimization. The real-time, in-situ chemical process control offered by the Pro-Control product line helps automate and optimize chemical manufacturing processes. This capability is being tested with some of the largest chemical and petrochemical companies, suggesting a high-value application where real-time data translates directly into efficiency gains.

The newly introduced EN-SCAN subsidiary focuses on delivering portable, ruggedized systems for on-site environmental testing. This line, featuring proprietary ATi Gas Chromatograph and Mass Spectrometer Technology™, is purpose-built for demanding field conditions. The value here is speed and accuracy, eliminating the traditional testing bottleneck where results from remote labs often take days or even weeks. With EN-SCAN, threats or contamination that previously went undetected for days can now be identified in minutes.

The inherent design of Astrotech Corporation's mass spectrometry instruments supports simplified operating procedures and minimal maintenance for end-users, which is crucial for field deployment across security and environmental sectors. This ease of use, combined with rugged design, allows for immediate, data-driven decision-making at the point of need.

Finally, the underlying technology offers significant flexibility through customization and field updatability of mass spectrometry instruments. This is evident in the EN-SCAN devices, which come preloaded with a library of thousands of chemical signatures, with the ability to add new or custom signatures easily in the field. This adaptability ensures the instruments remain relevant against evolving threats and testing requirements.

Here's a breakdown of how the key product lines deliver these value propositions, referencing recent operational and financial metrics where applicable:

Product Line	Primary Value Proposition Delivered	Key Metric/Data Point (as of late 2025)
TRACER 1000 / NTD	Highly precise, field-ready trace detection (Explosives & Narcotics)	Operational in 15 countries; DHS R&D contract up to $1,290,650
Pro-Control	Real-time, in-situ chemical process control for manufacturing optimization	Currently undergoing testing with some of the largest chemical and petrochemical companies
EN-SCAN (Rugged-Lab, Fenceline, Handheld GC)	Portable, ruggedized systems for on-site environmental testing	Reduces testing time from days/weeks to minutes
Mass Spectrometry Platform (Underlying Tech)	Customization and field updatability	EN-SCAN devices support a library of thousands of chemical signatures

The overall financial performance reflects the transition to selling these new lines. For example, Q3 Fiscal Year 2025 revenue reached $534 thousand, which included TRACER 1000 shipments. Despite this, the gross margin for the most recent reported quarter ending September 30, 2025, stood at 63%, indicating strong pricing or cost control on the units sold, even as the company manages a substantial free cash flow deficit of -$2,709,000 as of early October 2025.

• Deliver lab-grade accuracy in the most demanding environments.
• Support continuous monitoring and immediate response for environmental compliance.
• Enable easy procurement for government entities via GSA IT Schedule 70 listing for TRACER 1000.

Astrotech Corporation (ASTC) - Canvas Business Model: Customer Relationships

You're looking at how Astrotech Corporation (ASTC) manages its connections with its buyers, which is critical given its specialized, high-tech product lines. The relationships are clearly segmented based on the end-market, moving from direct government engagement to industrial process optimization.

Long-term contractual relationships with government agencies (e.g., DHS)

The relationship with the Department of Homeland Security (DHS) is foundational, evidenced by specific contract activity. Astrotech Corporation's subsidiary, 1st Detect, secured research and development contract number 70RSAT24CB0000015 with the DHS for the TRACER 1000 explosives trace detection system. Revenue in the second quarter of fiscal year 2025 was $295 thousand, primarily generated from activities supporting work with the DHS for the TRACER 1000™. By the third quarter of fiscal year 2025, total revenue reached $534,000, which included TRACER 1000™ shipments and a government grant. As of September 30, 2025, the company had deployed the TRACER 1000 in approximately 34 locations across 16 countries in the United States, Europe, and Asia. The TRACER 1000 system has four years of operational history in cargo warehouses across 14 countries.

Consultative selling model for Pro-Control chemical clients

For the Pro-Control subsidiary, which targets chemical manufacturing, the relationship is heavily consultative. Astrotech believes the Pro-Control MVP has the ability to routinely improve yields from 20% to 30%. This value proposition-improving lost yields and delivering found profits directly to the bottom line-necessitates a deep, technical engagement with large-volume chemical manufacturers. Decisions are progressing, and many quotes are pending following testing completed with some of the largest chemical and petrochemical companies.

Dedicated sales team for high-touch, enterprise-level B2B sales

The sales approach for specialized instruments like the TRACER line, which serves security and narcotics screening, requires a high-touch model. The company continues to advance its strategic sales plans globally. The deployment across 16 countries as of September 30, 2025, implies a structured, likely dedicated, international sales and deployment effort to manage these enterprise-level B2B relationships.

Direct technical support and maintenance for specialized instruments

The revenue mix in Q3 FY2025 included recurring consumable sales and maintenance services, which directly reflects the ongoing support relationship required after instrument deployment. This recurring revenue stream is a direct result of providing technical support and maintenance for the specialized mass spectrometry instruments deployed in the field.

Investor relations for transparency during strategic review

The relationship with shareholders is currently focused on transparency regarding corporate direction. The Board of Directors initiated a review of strategic alternatives on November 19, 2025. Management, including the Chairman and CEO, hosted investor meetings on September 9, 2025, as part of the H.C. Wainwright 27th Annual Global Investment Conference. As of September 30, 2025, the company held $13.9 million in cash and liquid investments to support its operations during this review period.

Key Customer Relationship Metrics as of Late 2025:

Relationship Aspect	Metric/Value	Context/Date
Government Contract Value (R&D)	70RSAT24CB0000015	DHS R&D Contract for TRACER 1000
Government-Related Revenue (Q2 FY2025)	$295 thousand	Primarily from DHS activities
Total Revenue (Q3 FY2025)	$534,000	Included maintenance services
Pro-Control Yield Improvement Potential	20% to 30%	Routinely achievable for MVP
Global TRACER 1000 Deployments	34 locations	As of September 30, 2025
Countries with TRACER 1000 History	14 countries	Operational history in cargo warehouses
Cash Position during Strategic Review	$13.9 million	As of September 30, 2025

• TRACER 1000 operational history spans four years.
• The company is focused on selling and marketing all its brands.
• Investor Relations activity included a conference presentation on September 9, 2025.

Astrotech Corporation (ASTC) - Canvas Business Model: Channels

You're looking at how Astrotech Corporation moves its technology, like the TRACER 1000, from the lab to the end-user as of late 2025. This is all about getting those specialized mass spectrometry instruments into the hands of government agencies and international clients.

The government channel is clearly a major focus. Astrotech's subsidiary, 1st Detect Corporation, secured research and development contract 70RSAT24CB0000015 with the Department of Homeland Security (DHS) on January 14, 2025, specifically to mature the TRACER 1000 for next-generation explosives trace detection. Revenue in Q2 of fiscal year 2025, which was $295 thousand, came primarily from activities supporting work with the DHS. Furthermore, a purchase order valued at $429 thousand for TRACER 1000 ETDs from a TSA contractor was fulfilled and recognized as revenue in the quarter ending March 31, 2025.

The GSA listing acts as a pre-approved pathway for federal sales. 1st Detect's TRACER 1000 is listed in the U.S. General Services Administration (GSA) IT Schedule 70 under Contract No. GS-35F-250GA. This streamlines the process for federal agencies to procure the technology.

For global reach, Astrotech is expanding its footprint. The company announced the first sale and deployment of its TRACER 1000 Narcotics Trace Detector in Vietnam, marking a step into Southeast Asia. Looking at the most recent quarterly revenue breakdown (Q1 FY2026, ending September 30, 2025), foreign sales accounted for $41 thousand, while U.S. sales were $256 thousand.

The actual movement of product involves direct shipments, as revenue in Q3 FY2025 was comprised of TRACER 1000 shipments, a government grant, and recurring consumable sales. The installed base shows this distribution:

Metric	Value as of June 30, 2025	Value as of September 30, 2025
Total TRACER 1000 Deployments	Approximately 34 locations	Approximately 34 locations
Countries with Deployments	16 countries	16 countries
Geographic Reach	United States, Europe and Asia	United States, Europe and Asia

Product showcases at industry events are part of the marketing spend. For the period ending September 30, 2024 (Q1 FY2025), operating expenses increased by $119 thousand, which represented a 3.3% rise, specifically due to increased trade event participation.

The direct sales effort targets specific high-value markets, which include:

• Airport security checkpoints
• Border security operations
• Cargo handling facilities
• Infrastructure security sites
• Correctional facilities
• Military bases
• Law enforcement centers

The TRACER 1000 NTD and ETD together form a comprehensive protection platform applied across these sectors.

Finance: draft 13-week cash view by Friday.

Astrotech Corporation (ASTC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Astrotech Corporation (ASTC) as of late 2025. This company, through its subsidiaries like 1st Detect, AgLab, Pro-Control, and the newly formed EN-SCAN, targets several distinct, high-stakes markets using its core mass spectrometry technology. Honestly, the revenue figures show they are still heavily reliant on government R&D, but the segment expansion is clear.

The primary customer segments Astrotech Corporation targets are clearly defined by the application of its detection and analysis instruments:

• Government security agencies (DHS, TSA, military) for explosives detection
• International airport and cargo screening facilities in 16 countries
• Chemical and petrochemical manufacturers for process control
• Environmental testing and remediation firms (air, water, soil analysis)
• Law enforcement and border patrol for narcotics trace detection (TRACER NTD)

The government security segment is a major driver, especially for the TRACER 1000 explosives trace detector (ETD). You see this reflected directly in the financials. For example, the second quarter of fiscal year 2025 (ended December 31, 2024) revenue was $295 thousand, which came primarily from work supporting the U.S. Department of Homeland Security (DHS) on the TRACER 1000 demonstration. Furthermore, 1st Detect secured a significant R&D contract (70RSAT24CB0000015) with DHS on January 14, 2025, to mature the TRACER 1000 for next-generation explosives trace detection, valued up to $1,290,650 over 30 months. This contract is split into Phase 1 for $581,639 and a contingent Phase 2 for $709,011.

The deployment footprint in the security sector is expanding globally. As of June 30, 2025, the TRACER 1000 has been deployed in approximately 34 locations across 16 countries spanning the United States, Europe, and Asia. This builds on earlier success; by February 2025, the CEO noted the explosive trace detection products were proven with four years of use in cargo warehouses at airports in 14 countries. The TSA has also been a key partner, with 1st Detect receiving a purchase order for TRACER 1000 ETDs from Intuitive Research and Technology Corporation, a TSA contractor, on January 23, 2025. That specific $429 thousand purchase order was fulfilled and recognized as revenue during the three months ended March 31, 2025.

The expansion into narcotics detection directly targets law enforcement and border patrol needs. 1st Detect Corporation launched its enhanced TRACER 1000 Narcotics Trace Detector (TRACER 1000 NTD). This system is specifically configured to deliver speed and accuracy in detecting trace levels of synthetic opiates and novel psychoactive substances, including fentanyl. A major milestone for this segment was the first sale and deployment of the TRACER 1000 NTD system in Vietnam on July 31, 2025.

For the chemical and petrochemical sector, Astrotech Corporation uses its subsidiary Pro-Control, Inc., which produces products for the in-situ control of chemical manufacturing processes. The overall focus on mass spectrometry technology is positioned to serve these customers for process optimization.

Environmental testing is a newer, dedicated segment, established with the formation of EN-SCAN, Inc. in February 2025. This subsidiary develops instruments for on-site, real-time air, water, and soil analysis using proprietary technology. The company announced the deployment of EN-SCAN devices in August 2025 to transform instant, on-site environmental field monitoring.

Here's a quick look at how the revenue streams supporting these segments looked for the fiscal year ended June 30, 2025, and the subsequent quarter:

Metric	Value (FY Ended June 30, 2025)	Value (Q1 FY2026, Ended Sept 30, 2025)
Total Revenue	$1.0 million	$297,000
US Sales Component	Not specified	$256 thousand
Foreign Sales Component	Not specified	$41 thousand
Cash & Liquid Investments (End of Period)	$18.2 million	Approx. $16.3 million ($2.646M cash + $11.290M short-term investments)

To be fair, while the customer base is diversifying across security, environmental, and industrial process control, the Q1 FY2026 revenue of $297,000 is only a 35% increase over the previous quarter (Q4 FY2025 revenue was $220,000). Still, the gross margin improved to 63% for the full fiscal year 2025, up from 45.1% in the prior year, due to higher-margin device sales in 2025.

Finance: review the Q1 FY2026 revenue breakdown against the Pro-Control and EN-SCAN sales pipeline by next Tuesday.

Astrotech Corporation (ASTC) - Canvas Business Model: Cost Structure

You're looking at the expenses Astrotech Corporation is carrying as it tries to scale its product lines. Honestly, the cost side is where the current pressure is showing up.

The most immediate figure you see is the bottom line for the first quarter of fiscal year 2026, which ended September 30, 2025. The net loss for that period was reported at $3.465 million. $(3.465)M is a significant burn rate, especially when compared to the prior year's loss of $(3.278)M for the same quarter.

This loss is driven by the overall operating structure. The loss from operations for Q1 FY2026 was $(3.536) million, which was slightly better than the prior year's loss from operations of $(3.628) million. The company noted that Selling, General, and Administrative (SG&A) expenses were slightly higher in Q1 FY2026. The operating cash outflow for that same quarter was substantial at $(3.936) million.

Here's a quick look at the Q1 FY2026 financial snapshot that feeds into these costs:

Metric	Amount (Q1 FY2026)
Total Revenue	$297 thousand
Gross Profit	$188 thousand
Gross Margin	63%
Net Loss	$(3.465) million

Regarding research and development (R&D), the most recent detailed change available shows that R&D expenses actually decreased in the first quarter of fiscal year 2025 compared to Q1 FY2024. Specifically, R&D expenses decreased by $5 thousand, or 0.2%. This decrease was attributed to lower material purchases and slightly reduced consulting costs. However, this reduction was partially offset by higher personnel-related expenses, which included equity compensation and recruiting costs for technical hires needed to mature those product lines.

Costs of revenue (COGS) are a factor, as the search results indicate that rising operating costs and COGS eroded profitability despite the revenue surge in Q1 FY2026. With Q1 FY2026 revenue at $297 thousand and gross profit at $188 thousand, the implied COGS for that period was approximately $109 thousand ($297k - $188k).

Employee compensation is a component of the operating expenses. While the specific stock-based compensation figure of $1 million isn't explicitly stated for the latest period, we know equity compensation was part of the personnel costs driving R&D expenses in Q1 FY2025. Furthermore, the company finalized separation terms with its former CFO, which included a cash payment of $122,795.25 plus COBRA premiums through April 30, 2026.

General and administrative costs include the expenses related to the strategic review. Astrotech Corporation announced that its Board initiated a review of strategic alternatives on November 19, 2025. This review process, which explores actions like raising equity capital, reverse mergers, or sale of part of the business, inherently involves legal fees and other administrative costs that fall into the G&A bucket, though the exact amount for these specific legal fees isn't itemized in the latest reports.

• R&D expense change (Q1 FY2025 vs Q1 FY2024): Down $5 thousand
• Personnel costs in R&D included equity compensation
• Former CFO separation cash payment: $122,795.25
• COBRA coverage for former CFO through: April 30, 2026

Finance: draft 13-week cash view by Friday.

Astrotech Corporation (ASTC) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Astrotech Corporation (ASTC) as of late 2025. Honestly, the numbers show a company heavily reliant on specific, large, project-based wins right now, though they are actively building out recurring sources.

The primary engine for top-line growth in the most recent reported quarter was the sale of the core detection hardware. Sales of TRACER 1000™ trace detection devices generated significant revenue, exemplified by the $534 thousand reported in Q3 FY2025. To be precise, a large portion of that quarterly figure came from a single event: a $429 thousand purchase order from Intuitive Research and Technology Corporation, a contractor for the Transportation Security Administration (TSA), which was fulfilled and recognized in that period.

The total fiscal year 2025 revenue, which ended June 30, 2025, was reported as $1.0 million, a defintely small figure when you look at the operational burn rate. Still, this revenue is composed of several distinct sources, which is key to understanding the model.

Here's a breakdown of the known revenue components based on the latest available data points:

Revenue Stream Component	Most Recent Specific Data Point (Period)	Amount
TRACER 1000™ Device Sales (Single Order Example)	Q3 FY2025	$429 thousand
Total Quarterly Revenue (Device Sales, Grant, Recurring)	Q3 FY2025	$534 thousand
Total Annual Revenue	Fiscal Year Ended June 30, 2025	$1.0 million
Grant Revenue and Consumables (Latest Indicator)	Q1 FY2026 (Ended September 30, 2025)	Drove 35% increase over Q4 FY2025

You see the focus on government funding supporting development. Government research and development (R&D) grant revenue is a clear stream, evidenced by the award of contract 70RSAT24CB0000015 with the Department of Homeland Security (DHS) for TRACER 1000 maturation, which contributed to the Q3 FY2025 total.

The company is actively trying to shift toward more predictable income. Recurring revenue from consumable sales and maintenance services is a stated goal. The most recent quarter, Q1 FY2026, showed revenue of $297 thousand, which was explicitly driven by more grant revenue and increased consumable sales compared to the prior quarter (Q4 FY2025).

Astrotech Corporation is also building out revenue potential through new product lines. Sales of these newer offerings are expected to diversify the base beyond the core TRACER 1000™ Explosives Trace Detector (ETD) platform. These include:

• Sales of new product lines: TRACER NTD
• Sales of new product lines: Pro-Control
• Sales of new product lines: EN-SCAN

The management team highlighted the launch of these four product lines in total during fiscal year 2025, aiming to expand sales opportunities across security, environmental monitoring, and chemical processing markets.

Finance: draft 13-week cash view by Friday.