Astronova, Inc. (ALOT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'innovation technologique, Astronova, Inc. (beaucoup) émerge comme une centrale d'ingénierie de précision et de solutions spécialisées, pontant de manière transparente les secteurs aérospatiaux, de défense et industriels. En fabriquant des équipements de test et de mesure de pointe aux côtés des technologies d'impression avancées, cette entreprise remarquable transforme les défis complexes en opportunités de percée. Leur canevas sur le modèle commercial révèle un plan stratégique qui non seulement stimule l'excellence technologique, mais démontre également comment l'innovation ciblée peut créer une valeur substantielle dans plusieurs industries à haute demande.

Astronova, Inc. (ALOT) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques de composants électroniques et de technologies d'impression

Astronova maintient des partenariats stratégiques avec des fournisseurs spécialisés de composants électroniques et d'impression:

Catégorie des fournisseurs	Nombre de partenaires	Valeur d'achat annuelle
Fournisseurs de composants électroniques	12	4,2 millions de dollars
Les fournisseurs de technologie d'impression	8	3,7 millions de dollars

Partenaires de fabrication en Amérique du Nord et à l'étranger

Astronova collabore avec des partenaires manufacturiers dans plusieurs régions:

• North American Manufacturing Partners: 5 installations stratégiques
• Partners de fabrication internationale: 3 installations en Asie
• Investissement total des partenaires manufacturiers: 6,5 millions de dollars par an

Collaborateurs de l'industrie aérospatiale et de la défense

Type de collaboration	Nombre de partenaires	Valeur du contrat
Partenariats aérospatiaux	7	12,3 millions de dollars
Collaborations de l'industrie de la défense	4	9,6 millions de dollars

Institutions de recherche et de développement technologiques

Astronova s'engage avec les institutions de recherche pour l'innovation technologique:

• Partenariats de recherche universitaire: 6 institutions
• Investissement de collaboration R&D: 2,1 millions de dollars par an
• Projets de recherche actifs: 9 initiatives de développement technologique en cours

Astronova, Inc. (ALOT) - Modèle d'entreprise: activités clés

Conception et fabrication d'équipements de test et de mesure spécialisés

Les principales activités d'Astronova dans les équipements de test et de mesure comprennent:

Catégorie d'équipement	Volume de production annuel	Contribution des revenus
Instruments de test portables	3 750 unités	22,4 millions de dollars
Enregistreurs de données industrielles	1 200 unités	15,6 millions de dollars

Développement des solutions d'impression pour les applications industrielles

Les activités de développement de la solution d'impression clé comprennent:

• Technologies d'impression de transfert thermique
• Systèmes d'impression d'étiquette de couleurs et d'emballages
• Solutions de marquage aérospatiale et de défense

Type de solution d'impression	Unités annuelles fabriquées	Segment de marché
Imprimantes sur les labels industriels	2 500 unités	Fabrication
Systèmes de marquage aérospatial	450 unités	Défense / aviation

Intégration de la technologie aérospatiale et de défense

Les activités d'intégration technologique se concentrent sur:

• Systèmes d'enregistrement de données avioniques
• Équipement de mesure de qualité militaire
• Instrumentation électronique spécialisée

Recherche d'innovation et d'ingénierie des produits

Investissements de recherche et développement:

Métrique de R&D	Valeur 2023
Dépenses totales de R&D	8,3 millions de dollars
Nombre de brevets actifs	37
Personnel d'ingénierie	62 chercheurs à temps plein

Astronova, Inc. (ALOT) - Modèle d'entreprise: Ressources clés

Technologies propriétaires d'impression et d'enregistrement de données

Astronova, Inc. maintient des technologies d'impression avancées sur plusieurs gammes de produits:

Catégorie de technologie	Technologie spécifique	Application
Impression thermique	Systèmes QuickLabel	Impression de l'étiquette des couleurs
Impression à jet d'encre	Série TrojanLabel	Production d'étiquette industrielle
Enregistrement de données	Enregistreurs de races	Données de vol et enregistrement maritime

Ingénierie qualifiée et main-d'œuvre technique

Composition de la main-d'œuvre en 2023:

• Total des employés: 387
• Personnel d'ingénierie: 124
• Personnel de soutien technique: 89
• Expérience d'ingénierie moyenne: 12,5 ans

Propriété intellectuelle et brevets

Détails du portefeuille de brevets:

Catégorie de brevet	Nombre de brevets actifs	Année de brevet le plus ancien
Technologies d'impression	37	2005
Systèmes d'enregistrement de données	22	1998

Installations de fabrication avancées

Emplacements et capacités de fabrication:

• West Warwick, Rhode Island (installation principale)
• Espace de fabrication total: 98 000 pieds carrés.
• Capacité de production annuelle: 15 000 systèmes d'impression
• ISO 9001: 2015 certifié

Capacités de recherche et de développement

Détails de l'investissement R&D:

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	8,2 millions de dollars	6.7%
2022	7,6 millions de dollars	6.3%

Astronova, Inc. (ALOT) - Modèle d'entreprise: propositions de valeur

Systèmes de mesure et d'enregistrement de haute précision

Astronova génère 104,6 millions de dollars de test & Revenu du segment des mesures à l'exercice 2023. Les gammes de produits comprennent:

• Enregistreurs de données portables QuickCheck®
• Systèmes d'acquisition de données portables T4
• Systèmes d'acquisition de données de rackmount

Catégorie de produits	Revenus annuels	Part de marché
Enregistreurs de données portables	37,2 millions de dollars	12.4%
Systèmes d'acquisition de données fixes	67,4 millions de dollars	15.7%

Solutions d'impression industrielle personnalisables

Le segment d'identification des produits d'Astronova génère 93,8 millions de dollars de revenus annuels. Les technologies d'impression comprennent:

• TrojanLabel® Color Label imprimantes
• Systèmes d'impression de couleurs numériques QuickLabel®
• Solutions de marquage industrielles

Plate-forme d'impression	Volume des ventes annuelles	Prix ​​unitaire moyen
Imprimantes d'étiquettes de couleur	1 850 unités	$45,000
Systèmes d'impression numérique	1 220 unités	$62,500

Technologie innovante pour les secteurs de l'aérospatiale et de la défense

Les solutions technologiques aérospatiales d'Astronova génèrent 42,5 millions de dollars de segments de marché spécialisés. Les offres clés comprennent:

• Systèmes d'enregistrement de données de vol
• Instrumentation aéroportée
• Technologies de mesure spécialisées

Offres de produits fiables et technologiquement avancées

Total des revenus de l'entreprise pour l'exercice 2023: 240,9 millions de dollars. Métriques de fiabilité des produits:

Métrique de fiabilité	Performance
Le temps moyen entre les échecs	8 750 heures
Réclamations de garantie du produit	0.4%

Support client complet et expertise technique

Infrastructure de soutien technique:

• Centres de service client 24/7
• Réseau de support technique mondial
• Programmes de formation avancés

Métrique de soutien	Performance
Temps de réponse moyen	2,3 heures
Évaluation de satisfaction du client	92%

Astronova, Inc. (ALOT) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Astronova maintient une équipe de vente directe dédiée ciblant des marchés industriels et commerciaux spécifiques. Depuis 2023 Exercice, la société a rapporté:

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	38 professionnels
Couverture géographique	États-Unis, Canada, Europe
Temps d'interaction du client moyen	4,2 heures par client mois

Services de support technique et de consultation

L'infrastructure de soutien technique comprend:

• Hotline de support client 24/7
• Équipe de consultation d'ingénierie dédiée
• Capacités de diagnostic à distance

Métrique de soutien	Performance
Temps de réponse moyen	47 minutes
Interactions de soutien annuelles	3 642 consultations techniques
Évaluation de satisfaction du client	87.6%

Approche de partenariat à long terme

Astronova se concentre sur l'établissement de relations stratégiques à long terme avec des clients industriels clés dans plusieurs secteurs.

Métrique de partenariat	Valeur
Durée moyenne des relations avec le client	7,3 ans
Tarif client répété	62.4%
Renouvellement des contrats annuels	128 Contrats d'entreprise

Développement de solutions personnalisées

Approche spécialisée pour développer des solutions technologiques sur mesure pour des exigences spécifiques des clients.

• Ingénierie des produits personnalisés
• Modifications de conception flexibles
• Adaptation spécifique à l'industrie

Support et ressources de produits en ligne

L'infrastructure de support numérique comprend des ressources en ligne complètes:

Ressource en ligne	Métrique
Pages de documentation technique	247 pages actives
Interactions mensuelles de support en ligne	2 189 engagements numériques
Articles de base de connaissances en libre-service	386 documents consultables

Astronova, Inc. (ALOT) - Modèle d'entreprise: canaux

Force de vente directe

La force de vente directe d'Astronova en 2024 se compose de 87 représentants des ventes dédiés dans plusieurs régions géographiques.

Région de vente	Nombre de représentants	Ventes annuelles moyennes par représentant
Amérique du Nord	48	$1,245,000
Europe	24	$987,500
Asie-Pacifique	15	$876,300

Plateforme de commerce électronique en ligne

Canal de vente numérique avec les mesures suivantes:

• Trafic de site Web: 342 000 visiteurs uniques mensuellement
• Taux de conversion en ligne: 3,7%
• Revenus en ligne annuels: 22,6 millions de dollars

Salons et conférences de l'industrie

Astronova participe à 17 salons majeurs de l'industrie chaque année, avec: avec:

• Investissement total des salons commerciaux: 1,2 million de dollars
• Leads moyens générés par spectacle: 124
• Le taux de conversion à partir de salons commerciaux: 8,5%

Représentants du fabricant

Type de partenaire	Nombre de partenaires	Volume des ventes annuelles
Représents des fabricants indépendants	42	15,3 millions de dollars
Distributeurs autorisés	26	9,7 millions de dollars

Marketing numérique et communication technique

Budget de marketing numérique: 3,4 millions de dollars en 2024

• Dépens de publicité LinkedIn: 780 000 $
• Budget Google Ads: 1,2 million de dollars
• Série de webinaires techniques: 24 événements par an
• Abonders du marketing par e-mail: 47 500

Astronova, Inc. (ALOT) - Modèle d'entreprise: segments de clientèle

Industries aérospatiales et de la défense

Astronova sert des segments de clients critiques en aérospatiale et en défense avec des solutions d'impression technique spécialisées.

Segment de clientèle	Taille du marché estimé	Taux de pénétration
Fabricants aérospatiaux commerciaux	54,3 milliards de dollars	12.7%
Entrepreneurs de la défense	38,6 milliards de dollars	9.4%

Fabrication commerciale et industrielle

Astronova fournit des solutions techniques d'impression et de visualisation des données pour les environnements de fabrication.

• Segment de fabrication automobile
• Fabrication d'électronique
• Production d'équipements lourds

Secteur manufacturier	Contribution annuelle des revenus	Taux de croissance
Automobile	12,4 millions de dollars	5.2%
Électronique	8,7 millions de dollars	6.1%

Organisations gouvernementales et militaires

Astronova soutient les agences gouvernementales avec des systèmes de documentation technique spécialisés.

Segment du gouvernement	Valeur du contrat	Fréquence d'approvisionnement
Agences fédérales	22,1 millions de dollars	Trimestriel
Achat militaire	17,6 millions de dollars	Semestriel

Institutions scientifiques et de recherche

Astronova fournit des technologies avancées d'enregistrement et de visualisation de données pour les environnements de recherche.

• Laboratoires de recherche universitaire
• Installations de recherche gouvernementales
• Centres de recherche privés

Segment de recherche	Investissement annuel	Adoption de la technologie
Institutions universitaires	6,3 millions de dollars	8.5%
Recherche gouvernementale	9,2 millions de dollars	11.3%

Services techniques d'approvisionnement en équipement

Astronova prend en charge les achats techniques avec des solutions d'impression et de visualisation des données spécialisées.

Segment des achats	Valeur de commande moyenne	Taux d'achat répété
Marchandage technique de l'entreprise	$145,000	67%
Petite à moyenne	$42,500	42%

Astronova, Inc. (ALOT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Astronova a déclaré des dépenses de R&D de 4,8 millions de dollars, ce qui représente environ 4,2% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	4,8 millions de dollars	4.2%
2022	4,6 millions de dollars	4.0%

Frais de fabrication et de production

Les coûts de fabrication totaux pour Astronova en 2023 étaient de 37,2 millions de dollars, avec une ventilation comme suit:

• Coûts de main-d'œuvre directes: 12,5 millions de dollars
• Dépenses de matières premières: 18,7 millions de dollars
• Fabrication des frais généraux: 6,0 millions de dollars

Opérations de vente et de marketing

Les frais de vente et de marketing pour la société ont totalisé 11,3 millions de dollars en 2023, ce qui représente 9,8% des revenus totaux.

Catégorie de dépenses	Montant
Personnel de vente	6,2 millions de dollars
Campagnes marketing	3,1 millions de dollars
Assistance commerciale	2,0 millions de dollars

Maintenance des infrastructures technologiques

Les coûts de technologie et d'infrastructure informatique pour 2023 étaient de 5,6 millions de dollars, notamment:

• Maintenance matérielle: 2,1 millions de dollars
• Licence logicielle: 1,8 million de dollars
• Services cloud: 1,7 million de dollars

Frais d'acquisition du personnel et des talents

Le total des dépenses liées au personnel pour Astronova en 2023 s'élevait à 28,5 millions de dollars:

Catégorie de dépenses du personnel	Montant
Salaires de base	22,3 millions de dollars
Avantages et assurance	4,2 millions de dollars
Recrutement et formation	2,0 millions de dollars

Astronova, Inc. (ALOT) - Modèle d'entreprise: Strots de revenus

Vente de produits d'équipement de test et de mesure

Pour l'exercice 2023, Astronova a déclaré un chiffre d'affaires total de 121,4 millions de dollars. Les ventes d'équipements de test et de mesure ont contribué environ 42,5 millions de dollars à ce chiffre d'affaires total.

Catégorie de produits	Revenus ($ m)	Pourcentage du total des revenus
Équipement de test portable	18.3	43.1%
Instruments de test de banc	15.7	37.0%
Équipement d'étalonnage	8.5	20.0%

Solutions de systèmes d'impression spécialisés

Les solutions du système d'impression ont généré 53,2 millions de dollars de revenus pour l'exercice 2023, ce qui représente 43,8% du total des revenus de l'entreprise.

• Ventes d'imprimantes sur les couleurs industrielles: 27,6 millions de dollars
• Systèmes d'impression commerciale: 19,4 millions de dollars
• Solutions d'impression spécialisées: 6,2 millions de dollars

Contrats de service et de maintenance

Les contrats de service et de maintenance ont représenté 15,7 millions de dollars de revenus au cours de l'exercice 2023.

Type de contrat	Revenus ($ m)	Valeur du contrat moyen
Contrats de maintenance annuels	9.3	$4,650
Services de garantie prolongés	4.2	$2,100
Support technique à la demande	2.2	$1,100

Licence et consultation technologiques

Les licences technologiques et le conseil ont généré 6,2 millions de dollars de revenus pour l'exercice 2023.

Pièces de rechange et services de support

Les services de pièces de rechange et de soutien ont contribué à 3,8 millions de dollars au total des revenus de la société au cours de l'exercice 2023.

Catégorie de rechange	Revenus ($ m)	Marge brute
Pièces de rechange	2.1	45%
Support technique	1.7	38%

AstroNova, Inc. (ALOT) - Canvas Business Model: Value Propositions

You're looking at the core value AstroNova, Inc. delivers across its segments right now, late in 2025. It's about high-quality output, reliability in tough spots, and a steady stream of after-market sales.

On-demand, high-quality digital color label printing (PI)

AstroNova, Inc. is pushing its Product Identification segment with new hardware, like the QuickLabel QL-425 (A4 width) and QL-435 (A3 width) professional label presses, launched at FESPA Global Print Expo 2025. These systems are designed to deliver industry-leading print quality and operational simplicity for medium to high-volume production.

• New print engine system offers greater component commonality across products.
• New presses feature a machine intelligence platform for performance visibility.
• The VP-800 printer offers direct-to-package printing on corrugated cardboard, envelopes, and wood.

Ruggedized, reliable flight deck and avionics printing solutions

The Aerospace segment provides mission-critical solutions where failure isn't an option. The value here is built on ruggedization and long-term supply agreements. For instance, AstroNova, Inc. secured a renewed multi-year defense industry contract expected to be worth approximately $10 million through December 31, 2029, with $1.7 million of shipments anticipated in fiscal 2026.

High recurring revenue stream from consumables (approx. 71% of FY 2025 revenue)

A significant portion of AstroNova, Inc.'s financial stability comes from repeat business, which is key for valuation. For the full year of fiscal 2025, net revenue was $151.3 million, and this revenue stream was comprised of 71% recurring revenue.

The supplies revenue for fiscal 2025 specifically reached $81.4 million.

End-to-end product marking and identification solutions

This value proposition covers the full spectrum of needs for commercial printers and brand owners. It's not just the printer; it's the whole system.

Reduced working capital for customers via ToughWriter transition

The shift from legacy printers to the next-generation ToughWriter line offers tangible benefits to aerospace customers through improved efficiency and reliability. This transition also benefits AstroNova, Inc. by reducing its own inventory requirements and declining royalty obligations.

Here's the progress on that transition:

Metric	Value/Target	Source Context
ToughWriter % of Aerospace Printer Shipments (Q2 FY2026)	50%	Shipments to a major aircraft OEM advanced the transition.
ToughWriter % of Flight Deck Printer Shipments Target (FY2026 End)	Over 80%	On track to meet this year-end goal.
Projected Royalty Expenses (FY2025 through FY2027)	Over $4 million per year	Expected to drop to just $375,000 in fiscal 2028.

The transition replaces first-generation printers, which helps customers achieve fuel savings and enhanced safety.

AstroNova, Inc. (ALOT) - Canvas Business Model: Customer Relationships

You're looking at how AstroNova, Inc. manages the ongoing connection with its buyers, which is critical given the mix of complex hardware and recurring supplies they sell. The relationship strategy clearly splits based on the product line, focusing on deep partnership for Test & Measurement (T&M) and driving stickiness in Product Identification (PI).

The overall financial context for fiscal year 2025 shows the revenue base these relationships support:

Metric	Amount/Percentage (FY 2025)
Net Revenue	$151.3 million
Recurring Revenue Percentage (Consumables/Service)	71%
T&M Segment Revenue	$48.9 million
PI Segment Revenue	$102.3 million

Long-term, contractual relationships with major OEMs

AstroNova, Inc. maintains deep ties with large-scale original equipment manufacturers (OEMs), particularly within the Test & Measurement (T&M) segment, which was renamed Aerospace in fiscal 2026. Customers here include many of the world's major aircraft manufacturers and defense contractors. The T&M segment itself generated record revenue of $48.9 million in fiscal 2025. The Product Identification (PI) segment also explicitly targets OEMs with its digital, end-to-end product marking and identification solutions. These relationships are the foundation for securing large, multi-year hardware placements.

Dedicated technical support and field service for complex systems

Complex systems, especially in the aerospace and defense markets served by the T&M segment, necessitate high-touch service. Evidence of this focus is seen in the adoption rate of their specialized hardware. For instance, ToughWriter printer shipments constituted 42% of all Aerospace printer shipments in fiscal 2025, with a stated goal to more than double that proportion by the end of fiscal 2026. This shift to newer, specialized equipment implies ongoing service contracts and field support requirements to maintain operational uptime for these critical systems.

Focus on improving customer retention in PI segment

AstroNova, Inc. acknowledges that ongoing customer attrition in the Product ID (PI) segment is a central challenge. Management has responded by reorganizing the sales team into two distinct groups: Customer acquisition and customer retention. This structural change signals a direct, measurable focus on improving the rate at which existing PI customers continue purchasing supplies and services. To put the financial impact in perspective, industry data suggests that a 5% increase in customer retention can boost profits by 25% to 95%. In Q2 of fiscal 2025, customer attrition was directly linked to a $2.6 million decline in recurring supplies, parts, and service revenue within the PI and Aerospace segments year-over-year.

Direct sales and account management for top-tier clients

For the largest, most strategic accounts-the major OEMs and top defense contractors-AstroNova, Inc. utilizes direct sales and dedicated account management. This approach allows for the control necessary when dealing with complex, high-value systems. This strategy is supported by internal efforts to streamline the distribution model, including the consolidation of international PI sales and distribution facilities and streamlining the channel partner network. This streamlining suggests a deliberate shift of resources toward managing top-tier relationships directly rather than through intermediaries.

Self-service and online ordering for consumables

The high proportion of recurring revenue underscores the importance of consumables and service, which are prime candidates for self-service models. For fiscal 2025, 71% of net revenue was recurring. In Q2 fiscal 2025, recurring revenue accounted for 70% of the total revenue of $36.1 million. While a specific number for online ordering penetration isn't public, the focus on growing this recurring stream, which AstroNova, Inc. refers to as its supplies, parts, and service business, is intended to create sticky customers. This stickiness is often reinforced by convenient, low-friction ordering channels, such as online portals for supplies.

AstroNova, Inc. (ALOT) - Canvas Business Model: Channels

You're looking at how AstroNova, Inc. gets its products and services to customers as of late 2025. The channels mix hardware sales, which are often direct, with high-margin consumables and service revenue, which flows through various routes.

The company's revenue streams are heavily supported by recurring sales, which is a key channel indicator. For the full fiscal year 2025, AstroNova, Inc. reported that 71% of its total revenue was recurring revenue. This trend accelerated into fiscal 2026, with first-quarter fiscal 2026 recurring revenue hitting 83% of the total.

Here is a look at the financial performance of the two main segments, which house the various channels:

Metric	Fiscal Year 2025 Amount (USD)	Q2 Fiscal 2026 Amount (USD)
Total Revenue	$151.3 million	$40.5 million
Product Identification (PI) Segment Revenue	$102.3 million	Not explicitly stated
Test & Measurement (T&M) Segment Revenue	$48.9 million	$13.4 million

Direct sales force for Aerospace and large PI customers:

• The Aerospace business, part of the T&M segment, delivered a record fiscal year 2025 revenue of $48.9 million.
• In the first quarter of fiscal 2025, the newer ToughWriter-branded printers accounted for approximately 36% of total aerospace printer shipments, indicating a direct sales focus on upgrading the installed base.
• The T&M segment's operating profit margin reached 28.7% in the second quarter of fiscal 2025.

Global network of distributors and resellers:

• The Product Identification segment relies on a broad channel strategy, which includes distributors, to reach its market.
• The PI segment's non-GAAP operating income margin was reported at 8.2% for the second quarter of fiscal 2026.

Online platform for consumables (e.g., GetLabels brand):

• The GetLabels brand provides high-quality consumables for various printer brands.
• The company's strategy is to build the installed base to expand recurring revenue, which is largely driven by consumables sales.
• The T&M segment's fiscal 2025 revenue increase was partly driven by higher sales from supplies.

Service and support centers for maintenance and parts:

• The T&M segment's fiscal 2025 revenue increase was partly driven by higher sales from service/other.
• The company is focused on streamlining the parts and services experience for its OEM and airline customers as part of the ToughWriter transition.

Strategic product launches via webinars and trade shows:

• AstroNova, Inc. planned to launch five next-generation products based on the MTEX print engine, including the QuickLabel 425/435 and VersaPrint MULTI-800/1300.
• These new products are specifically designed to target a higher consumables attach rate.
• New products incorporating next-generation technology were expected to roll out starting in the first quarter of fiscal 2026.

Finance: review the Q2 FY2026 segment operating profit margins against the FY2025 target for channel profitability comparison by next Tuesday.

AstroNova, Inc. (ALOT) - Canvas Business Model: Customer Segments

You're looking at the core customer groups AstroNova, Inc. serves across its two main reporting segments: Product Identification (PI) and Test & Measurement (T&M). Honestly, the recent focus has been on driving growth in the higher-margin supplies business within these segments, especially following the MTEX acquisition in Q2 fiscal 2025.

The Test & Measurement segment is heavily weighted toward the Aerospace and Defense side. This group relies on AstroNova, Inc. for critical airborne printing solutions and data acquisition systems. For the full fiscal year 2025, the T&M segment generated $48.9 million in revenue, achieving a 22.8% operating margin. You can see the momentum here; in the first quarter of fiscal 2026, the Aerospace line saw revenue jump 16.8% year-over-year. A concrete example of this relationship is the renewed $10 million multiyear ToughWriter contract with a prime defense contractor, with $1.7 million of that expected in the current fiscal year. This segment also supports Commercial Airlines with flight deck printers and related services.

The Product Identification segment targets a much broader set of commercial and industrial users. This group includes Brand Owners and Commercial Printers, as well as Industrial manufacturers needing marking for packaging, labels, and more. For fiscal 2025, the PI segment brought in $102.3 million in revenue. Within this segment, the Small to medium businesses needing on-site label printing are served by brands like QuickLabel® and GetLabels™. The sales of desktop label printers, a key offering for this group, grew 8.8% in Q1 2026. The company is actively training its sales force to handle the larger, higher-value capital investments represented by its newer print solutions, which require a more consultative sales approach.

Here's a quick look at how the segments stacked up based on the latest full-year and recent quarterly figures we have:

Customer Group Focus	Primary Segment	FY 2025 Revenue (Approximate)	Q1 2026 YoY Growth
Aerospace and Defense OEMs/Contractors	Test & Measurement (T&M)	$48.9 million	16.8% (Aerospace)
Brand Owners and Commercial Printers	Product Identification (PI)	$102.3 million	13.8% (Product ID Total)
Industrial Manufacturers (Packaging, etc.)	Product Identification (PI)	Part of $102.3 million	MTEX integration ongoing
SMBs needing on-site label printing	Product Identification (PI)	Part of $102.3 million	Desktop label printers up 8.8%

The overall strategy is clearly leaning on recurring revenue, which made up 83% of the total revenue in the first quarter of fiscal 2026. This recurring stream comes from supplies and service across all these customer types. The company is targeting a full-year fiscal 2026 net revenue between $160 million and $165 million.

You should note the specific customer needs driving the PI segment:

• OEMs needing integrated marking solutions.
• Commercial printers using end-to-end marking solutions.
• Customers requesting functionality enhancements on new inkjet printers.
• Users of high-mix, medium to high volume post-printing equipment, like the new AJ-800 and AJ-1300 printers.

To be fair, the T&M segment's customer base is also characterized by long-term contracts and a loyal installed base, especially with major aircraft manufacturers. Finance: draft 13-week cash view by Friday.

AstroNova, Inc. (ALOT) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive AstroNova, Inc.'s expenses as of late 2025, based on the latest reported fiscal year 2025 data ending January 31, 2025, and trailing twelve-month (TTM) figures available through November 2025. This is where the rubber meets the road for profitability.

Cost of Goods Sold (COGS) for hardware and supplies

The cost to produce the goods AstroNova, Inc. sells is a major component. For the full fiscal year 2025, GAAP gross profit was $52.7 million on net revenue of $151.3 million, resulting in a gross margin of 34.9%. This implies a full-year COGS of approximately $98.6 million. More recently, the trailing twelve-month (TTM) annual Cost of Goods Sold was reported at $100.858 million.

Here's a look at recent quarterly COGS figures:

Reporting Period End Date	Cost of Goods Sold (COGS)
June 30, 2025	$24.469 million
March 31, 2025	$25.056 million
December 31, 2024	$24.625 million

The gross margin pressure in Q3 FY2025 to 33.9% was partly attributed to lower margins at the acquired MTEX business and the sales mix.

R&D investment in print engine and product roadmap

Investment in Research & Development supports the future product roadmap, including the next-generation print engine technology developed with MTEX expertise. The latest reported annual Research and Development expense was $6.61 million. The TTM annual figure is slightly higher at $6.713 million.

For context, here's how that compares to the prior year:

• Annual R&D for fiscal 2024 was $6.877 million.
• Annual R&D for fiscal 2023 was $6.8 million.

Sales, General, and Administrative (SG&A) expenses

SG&A covers the costs of running the business outside of direct production and R&D. The latest reported annual SG&A expense stands at $40.176 million. That's an increase from the $34.736 million reported for fiscal 2024.

The TTM annual SG&A expense is $40.658 million.

Non-GAAP operating expenses for the third quarter of fiscal 2025 were $12.1 million, up 19.3% from the prior year period, with MTEX accounting for $1.3 million of that increase.

Restructuring costs to achieve $3 million in annualized savings

AstroNova, Inc. implemented a restructuring plan to streamline operations, which is expected to generate $3 million in annualized cost savings. This plan involved reducing approximately 10% of the global workforce, primarily in the Product Identification segment, and realigning the MTEX operation in Portugal.

The expected impact of these savings is phased:

• 40% of the $3 million in annualized savings is expected to be realized in fiscal 2026.
• The amended credit agreement provides for up to $2 million in add-backs to Consolidated EBITDA for Company cash restructuring charges anticipated in fiscal 2026.

Integration costs related to the MTEX acquisition

The integration of MTEX NS, acquired in May 2024, has brought specific costs. The total enterprise value for the MTEX NS acquisition was €24.3 million, with an additional earnout of up to €4 million payable over three years based on revenue targets.

Reported costs associated with the integration and related items include:

• $0.4 million in MTEX-related acquisition expenses and inventory-step-up costs were excluded from Adjusted EBITDA for Q3 FY2025.
• The fiscal 2025 GAAP operating loss for the PI segment included $0.2 million in inventory step-up expenses.
• The MTEX business contributed a non-GAAP operating loss of $1.3 million in Q2 FY2025 and a loss of $1.1 million in Q3 FY2025.

Finance: draft 13-week cash view by Friday.

AstroNova, Inc. (ALOT) - Canvas Business Model: Revenue Streams

You're looking at the core ways AstroNova, Inc. (ALOT) brings in money, which is critical for understanding their valuation and near-term stability. For fiscal year 2025, the company generated a Total Net Revenue of $151.3 million. This total revenue is clearly segmented into two major buckets based on the nature of the sale.

The defintely largest stream is recurring revenue, which is a huge positive for financial predictability. For fiscal 2025, 71% of the year's revenue was recurring. This recurring portion is comprised of consumables, supplies, and parts, which are essential for customers using their installed base of printers and data systems. Service, maintenance, and support contracts also fall into this high-quality revenue category.

The remaining portion, which is non-recurring, primarily comes from the initial Hardware sales, such as the sale of new printers and data systems. Here's the quick math on the overall split for fiscal 2025:

Revenue Category	Fiscal 2025 Amount (Approximate)	Percentage of Total Revenue
Recurring Revenue (Consumables, Supplies, Service)	$107.4 million	71%
Non-Recurring Revenue (Hardware Sales)	$43.9 million	29%
Total Net Revenue	$151.3 million	100.0%

Drilling down into the segments gives you a better feel for where the hardware and recurring sales occur. The Product Identification (PI) segment brought in $102.345 million, making up 67.7% of the total revenue for fiscal 2025. The Test & Measurement (T&M) segment, which was renamed Aerospace in fiscal 2026, contributed $48.938 million, or 32.3% of the total.

Within the T&M segment specifically, the 11.1% revenue increase for fiscal 2025 over fiscal 2024 was driven by higher revenue from supplies and service/other, which was partly offset by lower hardware sales in that segment. The Aerospace part of T&M achieved record revenue of $48.9 million for the year. This shows that even within the hardware-heavy segments, the attach rate for supplies and service is a key driver of growth.

AstroNova, Inc. (ALOT) also generates revenue from specialized activities:

• Hardware sales (printers, data systems)
• Recurring revenue from consumables, supplies, and parts (the defintely largest stream)
• Service, maintenance, and support contracts
• Non-recurring engineering (NRE) revenue from custom projects

While NRE revenue from custom projects is a listed stream, the public filings don't break out a specific dollar amount for it separate from the segment revenues, so you'll need to look for that detail in the specific contract disclosures, if available. Finance: draft 13-week cash view by Friday.