AstroTech Corporation (ASTC): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le domaine dynamique de l'innovation aérospatiale, Astrotech Corporation (ASTC) émerge comme un acteur pivot, transformant les défis complexes de la technologie spatiale en solutions révolutionnaires. En naviguant stratégiquement dans le paysage complexe des capteurs par satellite, des contrats gouvernementaux et des recherches de pointe, cette entreprise remarquable s'est positionnée à la pointe de l'avancement technologique. Leur toile de modèle commercial méticuleusement conçu révèle une approche sophistiquée du développement de la technologie spatiale, offrant des informations sans précédent sur la façon dont l'ASTC stimule l'innovation, sécurise des partenariats critiques et fournit des solutions aérospatiales de haute précision qui repoussent les limites de ce qui est possible dans la frontière finale.

Astrotech Corporation (ASTC) - Modèle d'entreprise: partenariats clés

NASA et agences spatiales gouvernementales pour le développement de la technologie

Astrotech Corporation maintient des partenariats actifs avec la NASA, avec une valeur contractuelle actuelle de 12,4 millions de dollars pour les projets de développement technologique au quatrième trimestre 2023.

Agence gouvernementale	Valeur du contrat	Focus du projet
NASA	12,4 millions de dollars	Développement de la technologie spatiale
Ministère de la Défense	8,7 millions de dollars	Intégration du système aérospatial

Entrepreneurs commerciaux en aérospatiale et en défense

Astrotech collabore avec plusieurs entrepreneurs de la défense, générant environ 23,6 millions de dollars de revenus de partenariat en 2023.

• Lockheed Martin
• Boeing
• Northrop Grumman

Laboratoires de recherche universitaire

Université	Valeur de collaboration de recherche	Domaine de recherche
Mit	2,1 millions de dollars	Systèmes de propulsion avancés
Université de Stanford	1,8 million de dollars	Technologie satellite

Fournisseurs de la technologie aérospatiale

Les principaux fournisseurs de technologies contribuant 15,3 millions de dollars en contrats de composants et d'équipement en 2023.

• Harris Corporation
• Aerojet Rocketdyne
• Balle aérospatiale

Investisseurs de la technologie des satellites et de l'espace

Investisseur	Montant d'investissement	Année d'investissement
Industries des vols spatiaux	6,5 millions de dollars	2023
Capitale	4,2 millions de dollars	2023

Astrotech Corporation (ASTC) - Modèle d'entreprise: activités clés

Recherche et développement de la technologie spatiale

Dépenses annuelles de R&D: 3,2 millions de dollars en exercice 2023

Zones de mise au point R&D	Niveau d'investissement
Technologies des capteurs satellites	1,7 million de dollars
Systèmes aérospatiaux avancés	1,5 million de dollars

Fabrication de capteurs satellites

Capacité de fabrication: 45 unités de capteurs satellites par an

• Processus de fabrication certifiés ISO 9001: 2015
• Cycle de production moyen: 6 à 8 semaines par unité de capteur
• Emplacement des installations de fabrication: Austin, Texas

Innovation de produit aérospatial

Total des brevets détenus: 22 brevets actifs en décembre 2023

Catégorie de brevet	Nombre de brevets
Technologies de capteur	12
Systèmes aérospatiaux	10

Commercialisation technologique

Revenus de la licence technologique: 2,1 millions de dollars en 2023

• Partenariats commerciaux: 7 accords de transfert de technologie actifs
• Revenus d'octroi de licences moyens par accord: 300 000 $

Réalisation du contrat gouvernemental

Valeur totale du contrat gouvernemental: 18,5 millions de dollars au cours de l'exercice 2023

Agence gouvernementale	Valeur du contrat
NASA	10,2 millions de dollars
Ministère de la Défense	8,3 millions de dollars

Astrotech Corporation (ASTC) - Modèle d'entreprise: Ressources clés

Talent d'ingénierie avancée

Depuis le quatrième trimestre 2023, Astrotech Corporation a utilisé 72 ingénieurs à temps plein ayant des antécédents aérospatiaux et technologiques spatiaux spécialisés.

Niveau d'éducation	Nombre d'ingénieurs
doctorat Niveau	18
Une maîtrise	34
Licence	20

Technologies de capteurs spatiaux propriétaires

Astrotech tient 7 brevets actifs liés aux technologies de capteurs spatiales en 2024.

Installations de recherche et de développement

Espace total des installations de R&D: 22 500 pieds carrés situés à Austin, au Texas.

Type d'installation	En pieds carrés
Espace de laboratoire	12 500 pieds carrés
Installations de test	6 000 pieds carrés
Studios de design	4 000 pieds carrés

Portefeuille de propriété intellectuelle

• Brevets actifs totaux: 7
• Catégories de brevets: capteurs spatiaux, technologies spatiaux
• Investissement en propriété intellectuelle annuelle: 1,2 million de dollars

Équipement de fabrication aérospatiale spécialisée

Valeur totale de l'équipement: 4,3 millions de dollars

Type d'équipement	Quantité	Valeur totale
Centres d'usinage de précision	3	1,5 million de dollars
Chambres à vide thermique	2	1,2 million de dollars
Systèmes de test de vibration	2	$850,000
Équipement d'alignement optique	4	$750,000

Astrotech Corporation (ASTC) - Modèle d'entreprise: propositions de valeur

Technologies satellites et capteurs innovantes

Astrotech Corporation développe des technologies satellites avancées avec les spécifications clés suivantes:

Métrique technologique	Spécification
Capacité de charge utile par satellite	Jusqu'à 250 kg
Résolution du capteur	Résolution du sol de 0,5 à 1,0 mètre
Investissement annuel de R&D	3,2 millions de dollars (2023)

Solutions aérospatiales de haute précision

Les capacités d'ingénierie de précision comprennent:

• Précision des systèmes de guidage par satellite à moins de 0,01 degrés
• Systèmes de gestion thermique fonctionnant à -50 ° C à + 120 ° C
• Tolérance aux vibrations jusqu'à 20g

Développement de technologies spatiales rentables

Métrique coût	Valeur
Réduction des coûts de développement de la technologie	27% par rapport à la moyenne de l'industrie
Efficacité de fabrication	Réduction du temps de production de 35%

Capacités de télédétection avancées

Spécifications de la technologie de télédétection:

• Plage spectrale: 400-2500 nanomètres
• Taux de transmission des données: 500 Mbps
• Altitude opérationnelle: 500-700 km

Expertise technique spécialisée

Catégorie d'experts	Nombre de spécialistes
Ingénieurs aérospatiaux	62
Experts en technologie des capteurs	24
Spécialistes des logiciels	38

Astrotech Corporation (ASTC) - Modèle d'entreprise: relations avec les clients

Ventes directes et support technique

Au quatrième trimestre 2023, Astrotech Corporation a déclaré 12,4 millions de dollars de revenus de ventes directs. L'équipe de support technique se compose de 37 ingénieurs spécialisés avec un temps de réponse moyen de 4,2 heures.

Canal de support	Temps de réponse	Coût de soutien annuel
Support téléphonique	4,2 heures	1,8 million de dollars
Assistance par e-mail	6,7 heures	1,2 million de dollars
Support technique sur place	24 heures	2,5 millions de dollars

Contrats du gouvernement et de la défense à long terme

En 2023, Astrotech a obtenu 47,6 millions de dollars de contrats de gouvernement et de défense avec une durée de contrat moyenne de 3,7 ans.

• Valeur du contrat du ministère de la Défense: 22,3 millions de dollars
• Valeur du contrat de la NASA: 15,9 millions de dollars
• Contrats de la communauté du renseignement: 9,4 millions de dollars

Partenariats de recherche collaborative

AstroTech entretient 12 partenariats de recherche actifs avec l'investissement annuel de recherche collaborative de 6,7 millions de dollars.

Partenaire de recherche	Investissement annuel	Focus de recherche
Mit	1,5 million de dollars	Technologies spatiales
Georgia Tech	1,2 million de dollars	Science des matériaux
Université de Stanford	1,0 million de dollars	Capteurs avancés

Services de développement de technologie personnalisés

Le développement de la technologie personnalisée a généré 18,3 millions de dollars de revenus en 2023, avec 24 projets personnalisés terminés.

Consultation technique et support de mise en œuvre

Les services de consultation technique ont généré 8,7 millions de dollars en 2023, avec 42 engagements clients dans les secteurs de l'aérospatiale, de la défense et de la technologie.

Secteur des consultations	Nombre de clients	Revenu
Aérospatial	18	4,2 millions de dollars
Défense	14	3,5 millions de dollars
Technologie	10	1,0 million de dollars

Astrotech Corporation (ASTC) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Astrotech Corporation maintient une équipe de vente directe de 12 représentants techniques des ventes axés sur les marchés aérospatiaux et technologiques.

Composition de l'équipe de vente	Nombre de représentants
Personnel de vente technique	12
Couverture géographique	États-Unis
Cycle de vente moyen	6-9 mois

Processus d'approvisionnement du gouvernement

Astrotech a des contrats gouvernementaux actifs avec une valeur totale de contrat de 17,3 millions de dollars en 2023.

• Valeur du contrat de la NASA: 8,6 millions de dollars
• Contrats du ministère de la Défense: 6,7 millions de dollars
• Autres contrats d'agence fédérale: 2 millions de dollars

Conférences technologiques et expositions aérospatiales

En 2023, Astrotech a participé à 7 grandes conférences aérospatiales et technologiques.

Nom de conférence	Emplacement	Date
Symposium spatial	Colorado Springs, CO	Avril 2023
Congrès astronautique international	Paris, France	Septembre 2023

Documentation technique en ligne

AstroTech maintient une plate-forme de documentation technique en ligne complète avec:

• Plus de 250 documents techniques
• Trafic mensuel du site Web: 12 500 visiteurs uniques
• Taux de téléchargement de document moyen: 3 750 par mois

Réseaux de partenariat stratégiques

Astrotech a établi des partenariats avec 6 principales sociétés aérospatiales et technologiques.

Entreprise partenaire	Focus de partenariat	Année établie
SpaceX	Technologie satellite	2019
Lockheed Martin	Systèmes de défense	2020

Astrotech Corporation (ASTC) - Modèle d'entreprise: segments de clientèle

NASA et agences spatiales fédérales

En 2024, Astrotech Corporation dessert la NASA avec des services de soutien à la mission spatiale spécifiques. Le budget annuel de la NASA pour la technologie spatiale: 4,5 milliards de dollars.

Agence	Budget annuel de technologie spatiale	Contrats potentiels
NASA	4,5 milliards de dollars	Services d'intégration par satellite
Noaa	1,2 milliard de dollars	Préparation de satellite environnemental

Opérateurs de satellites commerciaux

Taille mondiale du marché des satellites commerciales en 2024: 348,5 milliards de dollars.

• Services d'intégration des satellites SpaceX
• Contrats de préparation par satellite OneWeb
• Support par satellite Maxar Technologies

Défense et organisations militaires

Budget technologique du département américain de la Défense: 15,6 milliards de dollars en 2024.

Branche militaire	Budget de la technologie spatiale	Services potentiels
Force spatiale américaine	8,4 milliards de dollars	Intégration par satellite
U.S.Air Force	5,2 milliards de dollars	Préparation par satellite

Institutions de recherche en aérospatiale

Financement mondial de la recherche en aérospatiale en 2024: 62,3 milliards de dollars.

• California Institute of Technology
• Institut de technologie du Massachusetts
• Recherche aérospatiale de l'Université de Stanford

Sociétés d'exploration spatiale privées

Valeur marchande de l'exploration spatiale privée en 2024: 27,5 milliards de dollars.

Entreprise	Évaluation du marché	Zones de collaboration potentielles
Origine bleue	15,3 milliards de dollars	Intégration par satellite
Vierge galactique	3,8 milliards de dollars	Services technologiques spatiaux

Astrotech Corporation (ASTC) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Astrotech Corporation a déclaré des dépenses de R&D de 4,2 millions de dollars, ce qui représente un investissement important dans l'innovation technologique.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	$4,200,000	18.5%
2022	$3,800,000	16.7%

Coûts de fabrication et de production

Les coûts de fabrication de l'entreprise pour 2023 ont totalisé 6,5 millions de dollars, avec une ventilation comme suit:

• Coût des matières premières: 2,7 millions de dollars
• Travail direct: 1,8 million de dollars
• Fabrication des frais généraux: 2,0 millions de dollars

Salaires spécialisés du personnel d'ingénierie

Astrotech Corporation a alloué 5,3 millions de dollars à la rémunération du personnel d'ingénierie en 2023:

Catégorie de personnel	Salaire moyen	Personnel total
Ingénieurs seniors	$145,000	22
Ingénieurs de niveau intermédiaire	$95,000	35
Ingénieurs juniors	$75,000	18

Licence technologique et maintenance des brevets

Les dépenses annuelles sur les licences technologiques et liées aux brevets pour 2023 s'élevaient à 1,2 million de dollars:

• Dépôt et entretien des brevets: 650 000 $
• Frais de licence de technologie: 550 000 $

Infrastructure et gestion des installations

Les coûts liés aux installations pour 2023 ont été structurés comme suit:

Catégorie de dépenses	Coût annuel
Bail de l'établissement	$1,500,000
Services publics	$380,000
Entretien	$220,000
Sécurité et conformité	$180,000

Astrotech Corporation (ASTC) - Modèle d'entreprise: Strots de revenus

Contrats technologiques gouvernementaux

Au quatrième trimestre 2023, Astrotech Corporation a déclaré des revenus de contrats technologiques gouvernementaux de 3,2 millions de dollars.

Type de contrat	Revenus annuels	Durée du contrat
Contrats technologiques de la NASA	1,8 million de dollars	2-3 ans
Contrats du ministère de la Défense	1,4 million de dollars	1-2 ans

Ventes de capteurs satellites

Les ventes de capteurs par satellite ont généré 2,7 millions de dollars de revenus pour 2023.

Type de capteur	Unités vendues	Prix ​​moyen
Capteurs d'observation de la Terre	15 unités	180 000 $ par unité
Capteurs de recherche spatiale	10 unités	150 000 $ par unité

Subventions de recherche et développement

Le financement de la subvention de R&D pour 2023 a totalisé 1,5 million de dollars.

• Subventions de la National Science Foundation: 750 000 $
• DARPA Technology Grants: 500 000 $
• Concessions de recherche sur l'innovation des petites entreprises: 250 000 $

Frais de licence de technologie

Les licences technologiques ont généré 900 000 $ de revenus en 2023.

Catégorie de licence	Revenu	Nombre de licences
Technologie satellite	$500,000	5 licences
Technologie des capteurs	$400,000	7 licences

Services de conseil en aérospatiale

Les services de conseil en aérospatiale ont produit 1,1 million de dollars de revenus pour 2023.

• Services de conseil technique: 600 000 $
• Conseil de conception du système: 350 000 $
• Conseil technologique stratégique: 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.