AstroNova, Inc. (ALOT): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of AstroNova, Inc. (ALOT), and honestly, what you find isn't just about selling specialized printers; it's a classic, high-margin razor-and-blade play wrapped in aerospace and industrial tech. The real story, which drives valuation, is that nearly three-quarters of their business-a staggering 71% of their $151.3 million Total Net Revenue for fiscal 2025-comes from the recurring sales of supplies and consumables, not the initial hardware sale. So, if you want to see exactly how their Key Resources like the ToughWriter® technology feed into their Value Propositions and where the costs lie, stick around; we've mapped out all nine blocks of their business model below.

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

You're looking at the structure that supports AstroNova, Inc.'s operations as of late 2025. The partnerships here are critical, especially given the ongoing turnaround efforts in the Product Identification segment.

Major Aerospace OEMs like Boeing for flight deck printers

AstroNova Aerospace continues to rely on relationships with major Original Equipment Manufacturers (OEMs) and Tier 1 suppliers for its airborne printing solutions. While specific current contract values with Boeing aren't explicitly detailed for late 2025, historical performance indicates a deep connection, such as winning a Boeing Silver Performance Excellence Award. The segment's success is also tied to the timing of large defense orders, which impacted fiscal 2025 results, with some expected to reoccur in the first half of fiscal 2026.

The Aerospace segment is a global leader in providing products designed for airborne printing solutions, avionics, and data acquisition, including flight deck printing solutions and networking hardware. The company's strategy involves building its installed base to expand recurring revenue.

Defense contractors for military-grade data systems

A significant partnership in the defense sector was renewed in April 2025. AstroNova, Inc. was awarded a multi-year agreement with a leading defense industry customer for its ToughWriter® flight deck printers and ToughSwitch® networking solutions. This firm fixed price contract has an expected total value of approximately $10 million through December 31, 2029. Shipments anticipated to be recognized in fiscal 2026 from this agreement are about $1.7 million. Over the five-year term, AstroNova is expected to deliver nearly 300 ToughWriter printers and over 800 ToughSwitch products.

International distribution alliances for Product Identification (PI) segment

The Product Identification (PI) segment, which generated $102.3 million in revenue for fiscal 2025, relies on distribution channels to reach commercial printers and brand owners. A key historical alliance for the former TrojanLabel™ Unit was with Nilpeter A/S for international distribution. The company's strategy in this segment, which saw a 1.6% decrease in revenue for fiscal 2025 compared to fiscal 2024, involves an expanded go-to-market strategy with cross training and sales force expansion following product launches in April 2025.

Here's a look at the PI segment's recent financial context:

Bank of America for revolving credit and term loans

AstroNova, Inc. executed an amendment to its existing credit agreement with Bank of America on October 31, 2025. This restructuring is intended to support the ongoing turnaround of the Product Identification business. The key terms of the amended facility are:

• Revolving credit facility temporarily increased to $27.5 million from $25.0 million.
• Revolving credit facility maturity extended until August 2028.
• Refinancing of previous term loans into a new $10 million term loan due August 2028.
• Refinancing into a new $9.7 million term A-2 loan due August 2035.
• $17.9 million was drawn on the amended revolver as of the announcement date.
• The agreement allows for up to $1.5 million in add-backs to Consolidated EBITDA for cash restructuring charges when determining financial covenants.

The company's total debt stood at $46.24 million as of the most recent quarter before the full effect of the refinancing structure. The CFO noted the new structure replaces unpredictable Euro payments with fixed USD payments.

Technology partners for print engine development

The company's strategy involves driving growth through innovative new technologies, which includes developing next-generation print engines. Michael J. Natalizia serves as the Chief Technology Officer & VP of Technology Partner Alliances, overseeing research and development groups for all business groups. The launch of new high-performance digital label presses in April 2025 featured breakthrough print engine technology, with plans to launch more products incorporating this next-generation technology in the first quarter of fiscal 2026.

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

You're looking at the core actions AstroNova, Inc. takes to generate revenue and manage its specialized technology business as of late 2025. This is where the rubber meets the road, especially coming off a challenging fiscal year 2025.

Research and development (R&D) for next-gen print engine tech

AstroNova, Inc. is actively building on the technology gained from the MTEX acquisition. This R&D effort is focused on creating a next-generation print engine technology expected to be integrated across both MTEX and AstroNova Product Identification (PI) offerings. This is a critical activity for future recurring revenue.

The strategic product roadmap includes the launch of five next-generation products based on this new MTEX print engine, which are targeted for fiscal year 2026:

• QuickLabel 425/435
• VersaPrint MULTI-800/1300
• VersaPrint 1200

These new products are specifically designed to target higher consumables attach rates and improve the overall margin profile.

Manufacturing and assembly of specialized hardware

Manufacturing involves producing specialized hardware for both the Aerospace and Product Identification segments. The fiscal year 2025 results show the impact of production and delivery timing on this activity.

Here is a look at the financial results for the full fiscal year 2025, which ended January 31, 2025, reflecting the output of these activities:

The Aerospace segment, which is a key hardware driver, delivered record full-year revenue of $48.9M in fiscal 2025, representing about one-third of consolidated sales. Still, Q4 Aerospace revenue fell 9.9% year-over-year due to delayed deliveries.

Global sales and service of consumables and supplies

Selling and servicing aftermarket products, like consumables and supplies, is a crucial activity for generating recurring revenue, especially in the Aerospace segment. Management is laser-focused on accelerating growth in supplies and service revenue.

The strength of this activity is evident in the Aerospace segment's performance, which was supported by a strong installed base and a favorable consumables/service mix. The strategic goal is to use the new next-gen products to boost this attach rate.

Operational realignment and MTEX integration

Integrating the acquired MTEX NS operation has been a significant, resource-intensive key activity, leading to substantial internal changes. The integration hurdles contributed to a challenging fiscal 2025.

Specific actions and financial impacts include:

• Restructuring plan announced to generate $3 million in annualized cost savings.
• The plan involves reducing approximately 10% of the global workforce.
• The MTEX operation in Portugal underwent realignment, and approximately 70% of the MTEX product portfolio was cut, phasing out low-volume models.
• MTEX had an operating loss of $1.1 million on revenue of $1.7 million in Q3 FY2025.
• A $13.4 million non-cash goodwill impairment charge was recorded in Q4 FY2025, largely associated with the MTEX exposure in the PI segment.
• All MTEX sales, marketing, and customer support functions were integrated into AstroNova's global teams.

The company secured a waiver and amendment to its credit agreement, which provides for relaxed financial covenant ratios during fiscal 2026.

Executing multi-year contracts with airline and defense customers

Securing and fulfilling multi-year contracts, particularly in the defense sector, drives significant revenue, though timing can create volatility. The backlog reflects the current state of these commitments.

The order backlog as of January 31, 2025, stood at $28.3 million, down from $31.4 million at the end of fiscal 2024. This decrease reflected softer PI hardware sales and delayed defense/Aerospace deliveries. Specifically, the timing of two large defense orders that occurred in Q4 FY2024 were not anticipated to reoccur until the first half of fiscal 2026. The Aerospace segment's Q4 revenue decline of 9.9% year-over-year was directly linked to these delayed defense orders and deferred deliveries.

The initial acquisition of MTEX NS in May 2024 included an earnout provision of up to €4 million payable over three years based on achieving specified revenue growth targets.

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

You're looking at the core assets AstroNova, Inc. (ALOT) relies on to deliver its value proposition. Honestly, the recent financial results show a company in transition, heavily influenced by the integration of a major acquisition, but the underlying technology base remains key.

Proprietary ToughWriter® ruggedized printer technology

The ToughWriter® line is central to the Test & Measurement (T&M) segment, which showed strong momentum in the third quarter of fiscal 2025. Management is banking on this technology, expecting ToughWriter printers to account for approximately 89% of shipments by fiscal year 2027. This shift is intended to drive margin gains as the company rationalizes its product portfolio. The latest generation, the ToughWriter 5, is noted for its low weight and compact design, making it suitable for flight deck installation in business and regional jets. The predecessor, ToughWriter 4, is already used in B767, B787, and A380 flight decks. For even tighter spaces, the ToughWriter 640 is the newest ARINC 740 printer, weighing under five pounds with a full paper roll. The T&M segment revenue for Q3 FY2025 reached $14.1 million, a year-over-year increase of 28.2%.

Installed base of printers driving recurring supplies revenue

AstroNova, Inc. maintains a large global installed base of printers, which is a crucial driver for recurring supplies revenue. Management specifically mentioned plans to retrofit several models within this large base with the newly acquired MTEX technology. The company's overall consolidated net revenue for the third quarter of fiscal 2025 was $40.4 million. Bookings for that quarter were $37.6 million, though the backlog stood at $27.1 million as of November 2, 2024. The Product Identification (PI) segment, which includes many of these installed base printers, posted revenue of $26.3 million in Q3 FY2025.

Here's a quick look at the segment performance influencing this resource base in Q3 FY2025:

Intellectual property (IP) and patents in data visualization

AstroNova, Inc. has positioned itself as a global leader in data visualization technologies since its founding in 1969. This capability is rooted in its intellectual property, covering products that acquire, store, analyze, and present data in multiple formats. While the company's specific patent count isn't public, its focus remains on this core competency within its Test & Measurement segment, which includes airborne printing solutions and data acquisition systems. The broader IP landscape in late 2025 involves platforms indexing over 203 million patents across more than 170 jurisdictions, underscoring the value of proprietary technology. The company expects royalty burdens to decline sharply by FY2028, suggesting a shift toward internally developed, non-royalty-dependent IP.

Global manufacturing and service infrastructure

AstroNova, Inc. supports its global operations with a manufacturing and service infrastructure spanning multiple segments. The company designs, manufactures, distributes, and services its broad range of products worldwide. The Test & Measurement unit, for example, supports commercial, defense, and business aviation with flight deck printing solutions and specialized aerospace-grade supplies. The PI segment serves OEMs, commercial printers, and brand owners with digital identification solutions. The GAAP gross profit margin for the consolidated company in Q3 FY2025 was 33.9%.

Center of Manufacturing Excellence in Portugal (from MTEX acquisition)

The acquisition of Portugal-based MTEX NS in May 2024 brought a significant manufacturing and technology development center into AstroNova, Inc.'s structure. This center is headquartered outside of Porto, Portugal, and occupies an 81,000-square-foot engineering and manufacturing facility. MTEX NS, which continues as a wholly owned subsidiary, was acquired for a total enterprise value of €24.3 million, with an additional earnout of up to €4 million possible. The acquisition was expected to add between $8 million and $10 million in revenue for the fiscal year of the purchase. However, the integration has presented challenges; MTEX generated only $4.2 million in revenue between May 2024 and January 2025, against an initial expectation of $8.0 million to $10.0 million. In Q3 FY2025, the MTEX operation contributed $1.7 million in revenue but recorded an operating loss of $1.1 million.

Key details on the Portuguese operation:

• Acquisition Date: May 6, 2024.
• Total Enterprise Value Paid: €24.3 million.
• Facility Size: 81,000-square-foot.
• Q3 FY2025 Revenue Contribution: $1.7 million.
• Q3 FY2025 Operating Loss: $1.1 million.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.