Astrotech Corporation (ASTC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No domínio dinâmico da inovação aeroespacial, a Astrotech Corporation (ASTC) surge como um jogador fundamental, transformando a complexa tecnologia espacial, desafia em soluções inovadoras. Ao navegar estratado estratado no cenário intrincado de sensores de satélite, contratos governamentais e pesquisas de ponta, esta empresa notável se posicionou na vanguarda do avanço tecnológico. Sua tela de modelo de negócios meticulosamente criada revela uma abordagem sofisticada para o desenvolvimento da tecnologia espacial, oferecendo informações sem precedentes sobre como a ASTC gera inovação, protege parcerias críticas e oferece soluções aeroespaciais de alta precisão que ultrapassa os limites do que é possível na fronteira final.

Astrotech Corporation (ASTC) - Modelo de negócios: Parcerias -chave

NASA e agências espaciais do governo para desenvolvimento de tecnologia

A Astrotech Corporation mantém parcerias ativas com a NASA, com um valor atual de contrato de US $ 12,4 milhões em projetos de desenvolvimento de tecnologia a partir do quarto trimestre 2023.

Agência governamental	Valor do contrato	Foco do projeto
NASA	US $ 12,4 milhões	Desenvolvimento da Tecnologia Espacial
Departamento de Defesa	US $ 8,7 milhões	Integração do sistema aeroespacial

Empreiteiros aeroespaciais e de defesa comerciais

A Astrotech colabora com vários empreiteiros de defesa, gerando aproximadamente US $ 23,6 milhões em receitas de parceria em 2023.

• Lockheed Martin
• Boeing
• Northrop Grumman

Laboratórios de Pesquisa Universitária

Universidade	Valor de colaboração de pesquisa	Área de pesquisa
Mit	US $ 2,1 milhões	Sistemas avançados de propulsão
Universidade de Stanford	US $ 1,8 milhão	Tecnologia de satélite

Fornecedores de tecnologia aeroespacial

Os principais fornecedores de tecnologia que contribuem com US $ 15,3 milhões em contratos de componentes e equipamentos em 2023.

• Harris Corporation
• Aerojet Rocketdyne
• Aeroespacial de bola

Investidores de Tecnologia de Satélite e Espaço

Investidor	Valor do investimento	Ano de investimento
Indústrias de voo espacial	US $ 6,5 milhões	2023
Seraphim Capital	US $ 4,2 milhões	2023

Astrotech Corporation (ASTC) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tecnologia espacial

Despesas anuais de P&D: US $ 3,2 milhões no ano fiscal de 2023

Áreas de foco em P&D	Nível de investimento
Tecnologias de sensores de satélite	US $ 1,7 milhão
Sistemas aeroespaciais avançados	US $ 1,5 milhão

Fabricação de sensores de satélite

Capacidade de fabricação: 45 unidades de sensor de satélite por ano

• Processos de fabricação certificados ISO 9001: 2015
• Ciclo de produção média: 6-8 semanas por unidade de sensor
• Localização da instalação de fabricação: Austin, Texas

Inovação aeroespacial de produtos

Total de patentes mantidas: 22 patentes ativas em dezembro de 2023

Categoria de patentes	Número de patentes
Tecnologias de sensores	12
Sistemas aeroespaciais	10

Comercialização de tecnologia

Receita do Licenciamento de Tecnologia: US $ 2,1 milhões em 2023

• Parcerias comerciais: 7 acordos de transferência de tecnologia ativos
• Receita média de licenciamento por contrato: US $ 300.000

Cumprimento do contrato governamental

Valor total do contrato do governo: US $ 18,5 milhões no ano fiscal de 2023

Agência governamental	Valor do contrato
NASA	US $ 10,2 milhões
Departamento de Defesa	US $ 8,3 milhões

Astrotech Corporation (ASTC) - Modelo de negócios: Recursos -chave

Talento avançado de engenharia

No quarto trimestre 2023, a Astrotech Corporation empregava 72 engenheiros em período integral com antecedentes de tecnologia aeroespacial e espacial especializados.

Nível de educação	Número de engenheiros
Ph.D. Nível	18
Mestrado	34
Diploma de bacharel	20

Tecnologias de sensores espaciais proprietários

Astrotech se mantém 7 patentes ativas Relacionado às tecnologias de sensores espaciais a partir de 2024.

Instalações de pesquisa e desenvolvimento

Espaço total da instalação de P&D: 22.500 pés quadrados localizados em Austin, Texas.

Tipo de instalação	Metragem quadrada
Espaço de laboratório	12.500 pés quadrados
Instalações de teste	6.000 pés quadrados
Design Studios	4.000 pés quadrados

Portfólio de propriedade intelectual

• Total de patentes ativas: 7
• Categorias de patentes: sensores espaciais, tecnologias de naves espaciais
• Investimento anual de IP: US $ 1,2 milhão

Equipamento especializado em fabricação aeroespacial

Valor total do equipamento: US $ 4,3 milhões

Tipo de equipamento	Quantidade	Valor total
Centros de usinagem de precisão	3	US $ 1,5 milhão
Câmaras de vácuo térmicas	2	US $ 1,2 milhão
Sistemas de teste de vibração	2	$850,000
Equipamento de alinhamento óptico	4	$750,000

Astrotech Corporation (ASTC) - Modelo de negócios: proposições de valor

Tecnologias inovadoras de satélite e sensor

A Astrotech Corporation desenvolve tecnologias avançadas de satélite com as seguintes especificações importantes:

Métrica de tecnologia	Especificação
Capacidade de carga útil de satélite	Até 250 kg
Resolução do sensor	Resolução do solo de 0,5-1,0 metros
Investimento anual de P&D	US $ 3,2 milhões (2023)

Soluções aeroespaciais de alta precisão

Os recursos de engenharia de precisão incluem:

• Precisão dos sistemas de orientação por satélite dentro de 0,01 graus
• Sistemas de gerenciamento térmico que operam a -50 ° C a +120 ° C
• Tolerância à vibração até 20g

Desenvolvimento de tecnologia espacial econômica

Métrica de custo	Valor
Redução de custo de desenvolvimento de tecnologia	27% em comparação com a média da indústria
Eficiência de fabricação	Reduziu o tempo de produção em 35%

Capacidades avançadas de detecção remota

Especificações de tecnologia de sensoriamento remoto:

• Faixa espectral: 400-2500 nanômetros
• Taxa de transmissão de dados: 500 Mbps
• Altitude operacional: 500-700 km

Experiência técnica especializada

Categoria especialista	Número de especialistas
Engenheiros Aeroespaciais	62
Especialistas em tecnologia de sensores	24
Especialistas em software	38

Astrotech Corporation (ASTC) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas e suporte técnico

No quarto trimestre 2023, a Astrotech Corporation registrou US $ 12,4 milhões em receita direta de vendas. A equipe de suporte técnico consiste em 37 engenheiros especializados com tempo médio de resposta de 4,2 horas.

Canal de suporte	Tempo de resposta	Custo de suporte anual
Suporte telefônico	4,2 horas	US $ 1,8 milhão
Suporte por e -mail	6,7 horas	US $ 1,2 milhão
Suporte técnico no local	24 horas	US $ 2,5 milhões

Contratos de governo e de defesa de longo prazo

Em 2023, a Astrotech garantiu US $ 47,6 milhões em contratos governamentais e de defesa com duração média do contrato de 3,7 anos.

• Valor do Contrato do Departamento de Defesa: US $ 22,3 milhões
• Valor do contrato da NASA: US $ 15,9 milhões
• Contratos da comunidade de inteligência: US $ 9,4 milhões

Parcerias de pesquisa colaborativa

A Astrotech mantém 12 parcerias de pesquisa ativa com investimento anual de pesquisa colaborativa de US $ 6,7 milhões.

Parceiro de pesquisa	Investimento anual	Foco na pesquisa
Mit	US $ 1,5 milhão	Tecnologias espaciais
Georgia Tech	US $ 1,2 milhão	Ciência dos Materiais
Universidade de Stanford	US $ 1,0 milhão	Sensores avançados

Serviços de desenvolvimento de tecnologia personalizada

O desenvolvimento de tecnologia personalizado gerou US $ 18,3 milhões em receita durante 2023, com 24 projetos personalizados concluídos.

Consulta técnica e suporte de implementação

Os serviços de consulta técnica geraram US $ 8,7 milhões em 2023, com 42 compromissos de clientes nos setores aeroespacial, de defesa e tecnologia.

Setor de consulta	Número de clientes	Receita
Aeroespacial	18	US $ 4,2 milhões
Defesa	14	US $ 3,5 milhões
Tecnologia	10	US $ 1,0 milhão

Astrotech Corporation (ASTC) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Astrotech Corporation mantém uma equipe de vendas direta de 12 representantes de vendas técnicas focadas nos mercados aeroespacial e de tecnologia.

Composição da equipe de vendas	Número de representantes
Equipe de vendas técnicas	12
Cobertura geográfica	Estados Unidos
Ciclo médio de vendas	6-9 meses

Processos de compras governamentais

A Astrotech possui contratos governamentais ativos com um valor total do contrato de US $ 17,3 milhões a partir de 2023.

• Valor do contrato da NASA: US $ 8,6 milhões
• Contratos do Departamento de Defesa: US $ 6,7 milhões
• Outros contratos da agência federal: US $ 2 milhões

Conferências de Tecnologia e Exposições Aeroespaciais

Em 2023, a Astrotech participou de 7 principais conferências aeroespaciais e de tecnologia.

Nome da conferência	Localização	Data
Simpósio de espaço	Colorado Springs, co	Abril de 2023
Congresso Astronáutico Internacional	Paris, França	Setembro de 2023

Documentação técnica online

ASTROTECH mantém uma plataforma abrangente de documentação técnica on -line com:

• Mais de 250 documentos técnicos
• Tráfego mensal do site: 12.500 visitantes únicos
• Taxa média de download de documentos: 3.750 por mês

Redes de parceria estratégica

A Astrotech estabeleceu parcerias com 6 principais empresas aeroespaciais e de tecnologia.

Empresa parceira	Foco em parceria	Ano estabelecido
SpaceX	Tecnologia de satélite	2019
Lockheed Martin	Sistemas de defesa	2020

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

NASA e agências espaciais federais

A partir de 2024, a Astrotech Corporation serve a NASA com serviços específicos de suporte à missão espacial. Orçamento anual da NASA para tecnologia espacial: US $ 4,5 bilhões.

Agência	Orçamento anual de tecnologia espacial	Contratos em potencial
NASA	US $ 4,5 bilhões	Serviços de integração de satélite
NOAA	US $ 1,2 bilhão	Preparação de satélite ambiental

Operadores de satélite comerciais

Tamanho do mercado comercial global de satélite comercial em 2024: US $ 348,5 bilhões.

• Serviços de integração de satélite SpaceX
• Contratos de preparação de satélite OneWeb
• Suporte de satélite da Maxar Technologies

Organizações de defesa e militares

Orçamento de Tecnologia do Espaço do Departamento de Defesa dos EUA: US $ 15,6 bilhões em 2024.

Ramo militar	Orçamento de tecnologia espacial	Serviços potenciais
Força Espacial dos EUA	US $ 8,4 bilhões	Integração de satélite
Força Aérea dos EUA	US $ 5,2 bilhões	Preparação de satélite

Instituições de pesquisa aeroespacial

Financiamento global de pesquisa aeroespacial em 2024: US $ 62,3 bilhões.

• Instituto de Tecnologia da Califórnia
• Instituto de Tecnologia de Massachusetts
• Pesquisa aeroespacial da Universidade de Stanford

Empresas de exploração espacial privada

Valor de mercado de exploração espacial privada em 2024: US $ 27,5 bilhões.

Empresa	Avaliação de mercado	Áreas de colaboração em potencial
Origem azul	US $ 15,3 bilhões	Integração de satélite
Virgin Galactic	US $ 3,8 bilhões	Serviços de Tecnologia Espacial

Astrotech Corporation (ASTC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Astrotech Corporation registrou despesas de P&D de US $ 4,2 milhões, representando um investimento significativo em inovação tecnológica.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	$4,200,000	18.5%
2022	$3,800,000	16.7%

Custos de fabricação e produção

Os custos de fabricação da empresa para 2023 totalizaram US $ 6,5 milhões, com um colapso da seguinte forma:

• Custos de matéria -prima: US $ 2,7 milhões
• Trabalho direto: US $ 1,8 milhão
• Manufatura de sobrecarga: US $ 2,0 milhões

Salários especializados do pessoal de engenharia

A Astrotech Corporation alocou US $ 5,3 milhões à compensação de pessoal de engenharia em 2023:

Categoria de pessoal	Salário médio	Pessoal total
Engenheiros seniores	$145,000	22
Engenheiros de nível médio	$95,000	35
Engenheiros Junior	$75,000	18

Licenciamento de tecnologia e manutenção de patentes

O licenciamento de tecnologia anual e as despesas relacionadas a patentes em 2023 totalizaram US $ 1,2 milhão:

• Arquivamento e manutenção de patentes: US $ 650.000
• Taxas de licenciamento de tecnologia: US $ 550.000

Gerenciamento de infraestrutura e instalação

Os custos relacionados à instalação para 2023 foram estruturados da seguinte forma:

Categoria de despesa	Custo anual
Locação de instalações	$1,500,000
Utilitários	$380,000
Manutenção	$220,000
Segurança e conformidade	$180,000

Astrotech Corporation (ASTC) - Modelo de negócios: fluxos de receita

Contratos de tecnologia do governo

No quarto trimestre 2023, a Astrotech Corporation registrou receitas de contrato de tecnologia governamental de US $ 3,2 milhões.

Tipo de contrato	Receita anual	Duração do contrato
Contratos de tecnologia da NASA	US $ 1,8 milhão	2-3 anos
Departamento de Contratos de Defesa	US $ 1,4 milhão	1-2 anos

Vendas de sensores de satélite

As vendas de sensores de satélite geraram US $ 2,7 milhões em receita para 2023.

Tipo de sensor	Unidades vendidas	Preço médio
Sensores de observação da terra	15 unidades	US $ 180.000 por unidade
Sensores de pesquisa espacial	10 unidades	US $ 150.000 por unidade

Subsídios de pesquisa e desenvolvimento

O financiamento da concessão de P&D para 2023 totalizou US $ 1,5 milhão.

• Subsídios da National Science Foundation: US $ 750.000
• Darpa Technology Subsídios: US $ 500.000
• Subsídios de pesquisa de inovação para pequenas empresas: US $ 250.000

Taxas de licenciamento de tecnologia

O licenciamento de tecnologia gerou US $ 900.000 em receita durante 2023.

Categoria de licenciamento	Receita	Número de licenças
Tecnologia de satélite	$500,000	5 licenças
Tecnologia do sensor	$400,000	7 licenças

Serviços de consultoria aeroespacial

Os serviços de consultoria aeroespacial produziram US $ 1,1 milhão em receita para 2023.

• Serviços de consultoria técnica: US $ 600.000
• Consultoria de design do sistema: US $ 350.000
• Consultoria de Tecnologia Estratégica: US $ 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.