Astrotech Corporation (ASTC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el ámbito dinámico de la innovación aeroespacial, Astrotech Corporation (ASTC) surge como un jugador fundamental, transformando los desafíos de tecnología espacial compleja en soluciones innovadoras. Al navegar estratégicamente el intrincado paisaje de los sensores satelitales, los contratos gubernamentales y la investigación de vanguardia, esta notable compañía se ha posicionado a la vanguardia del avance tecnológico. Su lienzo de modelo de negocio meticulosamente elaborado revela un enfoque sofisticado para el desarrollo de la tecnología espacial, que ofrece información sin precedentes sobre cómo ASTC impulsa la innovación, asegura asociaciones críticas y ofrece soluciones aeroespaciales de alta precisión que empujan los límites de lo que es posible en la frontera final.

Astrotech Corporation (ASTC) - Modelo de negocios: asociaciones clave

NASA y agencias espaciales gubernamentales para el desarrollo de tecnología

Astrotech Corporation mantiene asociaciones activas con la NASA, con un valor de contrato actual de $ 12.4 millones para proyectos de desarrollo tecnológico a partir del cuarto trimestre de 2023.

Agencia gubernamental	Valor de contrato	Enfoque del proyecto
NASA	$ 12.4 millones	Desarrollo de tecnología espacial
Ministerio de defensa	$ 8.7 millones	Integración del sistema aeroespacial

Contratistas aeroespaciales comerciales y de defensa

Astotech colabora con múltiples contratistas de defensa, generando aproximadamente $ 23.6 millones en ingresos por asociación en 2023.

• Lockheed Martin
• Boeing
• Northrop Grumman

Laboratorios de investigación universitarios

Universidad	Valor de colaboración de investigación	Área de investigación
MIT	$ 2.1 millones	Sistemas de propulsión avanzados
Universidad de Stanford	$ 1.8 millones	Tecnología satelital

Proveedores de tecnología aeroespacial

Proveedores de tecnología clave que contribuyen con $ 15.3 millones en contratos de componentes y equipos en 2023.

• Harris Corporation
• Aerojet Rocketdyne
• Bola aeroespacial

Inversores de tecnología satelital y espacial

Inversor	Monto de la inversión	Año de inversión
Industrias de vuelo espacial	$ 6.5 millones	2023
Capital serafín	$ 4.2 millones	2023

Astrotech Corporation (ASTC) - Modelo de negocios: actividades clave

Investigación y desarrollo de tecnología espacial

Gastos anuales de I + D: $ 3.2 millones en año fiscal 2023

Áreas de enfoque de I + D	Nivel de inversión
Tecnologías de sensores satelitales	$ 1.7 millones
Sistemas aeroespaciales avanzados	$ 1.5 millones

Fabricación de sensores satelitales

Capacidad de fabricación: 45 unidades de sensor satelital por año

• Procesos de fabricación certificados ISO 9001: 2015
• Ciclo de producción promedio: 6-8 semanas por unidad de sensor
• Ubicación de la instalación de fabricación: Austin, Texas

Innovación de productos aeroespaciales

Patentes totales celebradas: 22 patentes activas a diciembre de 2023

Categoría de patente	Número de patentes
Tecnologías de sensores	12
Sistemas aeroespaciales	10

Comercialización tecnológica

Ingresos de la licencia de tecnología: $ 2.1 millones en 2023

• Asociaciones comerciales: 7 acuerdos de transferencia de tecnología activa
• Ingresos de licencia promedio por acuerdo: $ 300,000

Cumplimiento del contrato del gobierno

Valor total del contrato del gobierno: $ 18.5 millones en el año fiscal 2023

Agencia gubernamental	Valor de contrato
NASA	$ 10.2 millones
Ministerio de defensa	$ 8.3 millones

Astrotech Corporation (ASTC) - Modelo de negocios: recursos clave

Talento de ingeniería avanzada

A partir del cuarto trimestre de 2023, Astrotech Corporation empleó a 72 ingenieros a tiempo completo con fondos especializados de tecnología aeroespacial y espacial.

Nivel educativo	Número de ingenieros
Doctor en Filosofía. Nivel	18
Maestría	34
Licenciatura	20

Tecnologías de sensores de espacio patentados

Astotech sostiene 7 patentes activas Relacionado con las tecnologías del sensor de espacio a partir de 2024.

Investigaciones y instalaciones de desarrollo

Espacio total de la instalación de I + D: 22,500 pies cuadrados ubicado en Austin, Texas.

Tipo de instalación	Pies cuadrados
Espacio de laboratorio	12,500 pies cuadrados
Instalaciones de prueba	6,000 pies cuadrados
Estudios de diseño	4,000 pies cuadrados

Cartera de propiedades intelectuales

• Patentes activas totales: 7
• Categorías de patentes: sensores de espacio, tecnologías de naves espaciales
• Inversión anual de IP: $ 1.2 millones

Equipo de fabricación aeroespacial especializado

Valor total del equipo: $ 4.3 millones

Tipo de equipo	Cantidad	Valor total
Centros de mecanizado de precisión	3	$ 1.5 millones
Cámaras de vacío térmico	2	$ 1.2 millones
Sistemas de prueba de vibración	2	$850,000
Equipo de alineación óptica	4	$750,000

Astrotech Corporation (ASTC) - Modelo de negocio: propuestas de valor

Tecnologías innovadoras de satélites y sensores

Astrotech Corporation desarrolla tecnologías satelitales avanzadas con las siguientes especificaciones clave:

Métrica de tecnología	Especificación
Capacidad de carga útil satelital	Hasta 250 kg
Resolución del sensor	0.5-1.0 metros de resolución terrestre
Inversión anual de I + D	$ 3.2 millones (2023)

Soluciones aeroespaciales de alta precisión

Las capacidades de ingeniería de precisión incluyen:

• La precisión de los sistemas de orientación por satélite dentro de 0.01 grados
• Sistemas de gestión térmica que operan a -50 ° C a +120 ° C
• Tolerancia a la vibración de hasta 20 g

Desarrollo de tecnología espacial rentable

Métrico de costo	Valor
Reducción de costos de desarrollo tecnológico	27% en comparación con el promedio de la industria
Eficiencia de fabricación	Tiempo de producción reducido en un 35%

Capacidades avanzadas de teledetección

Especificaciones de tecnología de teledetección:

• Rango espectral: 400-2500 nanómetros
• Tasa de transmisión de datos: 500 Mbps
• Altitud operativa: 500-700 km

Experiencia técnica especializada

Categoría de expertos	Número de especialistas
Ingenieros aeroespaciales	62
Expertos en tecnología de sensores	24
Especialistas en software	38

Astrotech Corporation (ASTC) - Modelo de negocios: relaciones con los clientes

Ventas directas y soporte técnico

A partir del cuarto trimestre de 2023, Astrotech Corporation reportó $ 12.4 millones en ingresos de ventas directas. El equipo de soporte técnico consta de 37 ingenieros especializados con un tiempo de respuesta promedio de 4.2 horas.

Canal de soporte	Tiempo de respuesta	Costo de soporte anual
Soporte telefónico	4.2 horas	$ 1.8 millones
Soporte por correo electrónico	6.7 horas	$ 1.2 millones
Soporte técnico en el sitio	24 horas	$ 2.5 millones

Contratos de gobierno y defensa a largo plazo

En 2023, Astrotech obtuvo $ 47.6 millones en contratos gubernamentales y de defensa con una duración promedio de contratos de 3.7 años.

• Valor del Contrato del Departamento de Defensa: $ 22.3 millones
• Valor del contrato de la NASA: $ 15.9 millones
• Contratos comunitarios de inteligencia: $ 9.4 millones

Asociaciones de investigación colaborativa

Astrotech mantiene 12 asociaciones de investigación activa con inversión de investigación colaborativa anual de $ 6.7 millones.

Socio de investigación	Inversión anual	Enfoque de investigación
MIT	$ 1.5 millones	Tecnologías espaciales
Georgia Tech	$ 1.2 millones	Ciencias de los materiales
Universidad de Stanford	$ 1.0 millones	Sensores avanzados

Servicios de desarrollo de tecnología personalizada

El desarrollo de tecnología personalizada generó $ 18.3 millones en ingresos durante 2023, con 24 proyectos personalizados completados.

Soporte de consulta técnica e implementación

Los servicios de consulta técnica generaron $ 8.7 millones en 2023, con 42 compromisos de clientes en sectores aeroespacial, de defensa y tecnología.

Sector de consulta	Número de clientes	Ganancia
Aeroespacial	18	$ 4.2 millones
Defensa	14	$ 3.5 millones
Tecnología	10	$ 1.0 millones

Astrotech Corporation (ASTC) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Astrotech Corporation mantiene un equipo de ventas directo de 12 representantes de ventas técnicas centradas en los mercados aeroespaciales y de tecnología.

Composición del equipo de ventas	Número de representantes
Personal de ventas técnicas	12
Cobertura geográfica	Estados Unidos
Ciclo de ventas promedio	6-9 meses

Procesos de adquisición del gobierno

Astrotech tiene contratos gubernamentales activos con un valor contractual total de $ 17.3 millones a partir de 2023.

• Valor del contrato de la NASA: $ 8.6 millones
• Contratos del Departamento de Defensa: $ 6.7 millones
• Otros contratos de la agencia federal: $ 2 millones

Conferencias tecnológicas y exposiciones aeroespaciales

En 2023, Astrotech participó en 7 principales conferencias aeroespaciales y tecnológicas.

Nombre de conferencia	Ubicación	Fecha
Simposio espacial	Colorado Springs, CO	Abril de 2023
Congreso astronáutico internacional	París, Francia	Septiembre de 2023

Documentación técnica en línea

Astrotech mantiene una plataforma de documentación técnica en línea integral con:

• Más de 250 documentos técnicos
• Tráfico mensual del sitio web: 12,500 visitantes únicos
• Tasa de descarga promedio de documentos: 3,750 por mes

Redes de asociación estratégica

Astotech ha establecido asociaciones con 6 empresas aeroespaciales y tecnológicas clave.

Empresa asociada	Enfoque de asociación	Año establecido
Spacex	Tecnología satelital	2019
Lockheed Martin	Sistemas de defensa	2020

Astrotech Corporation (ASTC) - Modelo de negocios: segmentos de clientes

NASA y agencias espaciales federales

A partir de 2024, Astrotech Corporation sirve a la NASA con servicios específicos de apoyo a la misión espacial. Presupuesto anual de la NASA para la tecnología espacial: $ 4.5 mil millones.

Agencia	Presupuesto anual de tecnología espacial	Contratos potenciales
NASA	$ 4.5 mil millones	Servicios de integración satelital
Noaa	$ 1.2 mil millones	Preparación del satélite ambiental

Operadores satelitales comerciales

Tamaño del mercado de satélite comercial global en 2024: $ 348.5 mil millones.

• Servicios de integración satelital de SpaceX
• Contratos de preparación satelital de OneWeb
• Soporte satelital de Maxar Technologies

Organizaciones de defensa y militar

Presupuesto de tecnología del espacio de defensa del Departamento de Defensa de los Estados Unidos: $ 15.6 mil millones en 2024.

Rama militar	Presupuesto de tecnología espacial	Servicios potenciales
Fuerza espacial de los Estados Unidos	$ 8.4 mil millones	Integración satelital
Fuerza Aérea de los Estados Unidos	$ 5.2 mil millones	Preparación por satélite

Instituciones de investigación aeroespaciales

Financiación global de investigación aeroespacial en 2024: $ 62.3 mil millones.

• Instituto de Tecnología de California
• Instituto de Tecnología de Massachusetts
• Investigación aeroespacial de la Universidad de Stanford

Empresas de exploración espacial privadas

Valor de mercado de exploración espacial privada en 2024: $ 27.5 mil millones.

Compañía	Valoración del mercado	Áreas potenciales de colaboración
Origen azul	$ 15.3 mil millones	Integración satelital
Virgen Galáctica	$ 3.8 mil millones	Servicios de tecnología espacial

Astrotech Corporation (ASTC) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Astrotech Corporation informó gastos de I + D de $ 4.2 millones, lo que representa una inversión significativa en innovación tecnológica.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$4,200,000	18.5%
2022	$3,800,000	16.7%

Costos de fabricación y producción

Los costos de fabricación de la compañía para 2023 totalizaron $ 6.5 millones, con un desglose de la siguiente manera:

• Costos de materia prima: $ 2.7 millones
• Trabajo directo: $ 1.8 millones
• Sobrecoss de fabricación: $ 2.0 millones

Salarios de personal de ingeniería especializada

Astotech Corporation asignó $ 5.3 millones a la compensación de personal de ingeniería en 2023:

Categoría de personal	Salario promedio	Personal total
Ingenieros senior	$145,000	22
Ingenieros de nivel medio	$95,000	35
Ingenieros junior	$75,000	18

Licencias de tecnología y mantenimiento de patentes

Licencias de tecnología anual y gastos relacionados con la patente para 2023 ascendieron a $ 1.2 millones:

• Presentación y mantenimiento de patentes: $ 650,000
• Tarifas de licencias de tecnología: $ 550,000

Infraestructura e gestión de instalaciones

Los costos relacionados con las instalaciones para 2023 se estructuraron de la siguiente manera:

Categoría de gastos	Costo anual
Arrendamiento de la instalación	$1,500,000
Utilidades	$380,000
Mantenimiento	$220,000
Seguridad y cumplimiento	$180,000

Astrotech Corporation (ASTC) - Modelo de negocios: flujos de ingresos

Contratos de tecnología gubernamental

A partir del cuarto trimestre de 2023, Astrotech Corporation informó ingresos por contratos de tecnología gubernamental de $ 3.2 millones.

Tipo de contrato	Ingresos anuales	Duración del contrato
Contratos de tecnología de la NASA	$ 1.8 millones	2-3 años
Contratos del Departamento de Defensa	$ 1.4 millones	1-2 años

Venta de sensores satelitales

Las ventas de sensores satelitales generaron $ 2.7 millones en ingresos para 2023.

Tipo de sensor	Unidades vendidas	Precio medio
Sensores de observación de la tierra	15 unidades	$ 180,000 por unidad
Sensores de investigación espacial	10 unidades	$ 150,000 por unidad

Subvenciones de investigación y desarrollo

La financiación de la subvención de I + D para 2023 totalizaron $ 1.5 millones.

• Subvenciones de la Fundación Nacional de Ciencias: $ 750,000
• DARPA Technology subvenciones: $ 500,000
• Subvenciones de Investigación de Innovación de Pequeñas Empresas: $ 250,000

Tarifas de licencia de tecnología

La licencia de tecnología generó $ 900,000 en ingresos durante 2023.

Categoría de licencias	Ganancia	Número de licencias
Tecnología satelital	$500,000	5 licencias
Tecnología de sensores	$400,000	7 licencias

Servicios de consultoría aeroespacial

Los servicios de consultoría aeroespacial produjeron $ 1.1 millones en ingresos para 2023.

• Servicios de asesoramiento técnico: $ 600,000
• Consultoría de diseño del sistema: $ 350,000
• Consultoría de tecnología estratégica: $ 150,000

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.