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Astrotech Corp (ASTC) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, June 30, 2021

Astrotech Corp

CIK: 1001907 Ticker: ASTC

 

 

Exhibit 99.1

 

 

ASTROTECH REPORTS FISCAL YEAR 2021 FINANCIAL RESULTS

 

 

Austin, Texas September 20, 2021 – Astrotech Corporation (Nasdaq: ASTC) reported its financial results for the fiscal year ended June 30, 2021.

Fiscal year 2021 represented a turning point for Astrotech Corporation. We successfully raised a total of $74.3 million in gross proceeds from equity offerings, strengthening our balance sheet and sufficiently capitalizing the company for the foreseeable future. We plan to ramp sales of our mass spectrometry instrumentation and explore other strategic opportunities to accelerate growth. The capital further provided the opportunity to engage a leading contract manufacturer, Sanmina, to manufacture our various mass spectrometry products, adding flexibility and scalability.

As the first and only mass spectrometry-based explosives trace detector (ETD) certified for air and cargo security, 1st Detect’s TRACER 1000™ continues to demonstrate why we believe mass spectrometry is the way of the future for ETDs. With its near-zero false alarms and a more reliable analysis than ion mobility spectrometry (IMS) based ETDs, cargo facilities using the TRACER 1000 are seeing fewer delays to their operations. In addition, while the downturn in air travel caused by COVID-19 caused some delays in our ramping sales in checkpoint security, on August 25, 2021, we announced that we have secured our first purchase order for the TRACER 1000 to be deployed at an international airport security checkpoint for passenger screening.

Meanwhile, AgLAB continued its development of the AgLAB-1000™ series of instruments and recently hired hemp and cannabis industry veteran and mass spectrometry expert, Joe Levinthal, as its Chief Science Officer. As an authority in distillation of hemp and cannabis products, Mr. Levinthal is leading AgLAB’s product development team and finalizing a product that is being designed to optimize yield during the hemp and cannabis oil extraction and distillation process, and thereby meaningfully increase top line revenue for hemp and cannabis oil manufacturers.

Finally, BreathTech continues to move forward in its partnership with Cleveland Clinic to develop the BreathTest-1000™ to screen for volatile organic compound (VOC) metabolites found in a person’s breath that could indicate they may have an infection, including COVID-19 or pneumonia. In April 2021, we announced that BreathTech signed an Investigator-Initiated Study Agreement with Cleveland Clinic to use the BreathTest-1000 to compare exhaled breath from individuals who have tested positive on a COVID-19 polymerase chain reaction (PCR) test against subjects who have had a negative COVID-19 PCR test. We are excited to finish our study and prospectively enter the ongoing battle against COVID-19.

“The continued development of our mass spectrometry technology has provided new and exciting opportunities,” stated Thomas B. Pickens, III, Chairman and Chief Executive Officer of Astrotech Corporation. “We now have what we believe to be the most rugged and least expensive mass spectrometer on the market that can provide an analysis comparable to laboratory instruments that are much more expensive. Further, our instruments have been designed such that a highly sophisticated operator is not required, unlike many of the other mass spectrometers on the market. We continue to look for opportunities to further exploit our technology and we welcome discussions with potential industry partners that have applications where our technology can add value.”

 


The following information was filed by Astrotech Corp (ASTC) on Monday, September 20, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Astrotech Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Operations And Comprehensive Loss (Parentheticals)
Business Risk And Credit Risk Concentration Involving Cash
Business Risk And Credit Risk Concentration Involving Cash - Additional Information (Details)
Commitments And Contingencies
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans (Tables)
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Additional Information (Details)
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Schedule Of Restricted Stock Activity (Details)
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Schedule Of Share-Based Compensation Fair Value (Details)
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Schedule Of Stock Option Activity (Details)
Common Stock Incentive, Stock Purchase Plans, And Other Compensation Plans - Schedule Of Stock Options By Exercise Price (Details)
Debt
Debt - Additional Information (Details)
Description Of The Company And Operating Environment
Description Of The Company And Operating Environment - Additional Information (Details)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Summary Of Carrying Amounts, Estimated Fair Values, And Valuation Input Levels Of Certain Financial Instruments (Details)
Impact Of Covid-19 Pandemic
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Rollforward Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Investments
Investments (Tables)
Investments - Additional Information (Details)
Investments - Schedule Of Available-For-Sale Securities (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Balance Sheet Presentation Of Operating And Finance Leases (Details)
Leases - Schedule Of Future Minimum Lease Payments (Details)
Leases - Schedule Of Other Information (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Additional Information (Details)
Net Loss Per Share - Schedule Of Computations Of Basic And Diluted Net Loss Per Share (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Schedule Of Property And Equipment, Net (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Schedule Of Segment Reporting Information By Segment (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Schedule Of Warrants Outstanding (Details)
Stockholders' Equity - Summary Of Common Stock Warrant Activity (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Summary Of Warranty Provision (Details)
Ticker: ASTC
CIK: 1001907
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-048370
Submitted to the SEC: Tue Sep 21 2021 9:00:17 AM EST
Accepted by the SEC: Tue Sep 21 2021
Period: Wednesday, June 30, 2021
Industry: Laboratory Analytical Instruments

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