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Exhibit 99.1
ASTROTECH REPORTS FIRST QUARTER OF FISCAL YEAR 2020
FINANCIAL RESULTS
Austin, Texas – November 13, 2019 – Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the first quarter of fiscal year 2020, which ended September 30, 2019.
The beginning of fiscal 2020 has been pivotal for the Company’s development of its mass spectrometry technology. 1st Detect completed numerous domestic and international product demonstrations and field trials where the TRACER 1000™ outperformed antiquated ion mobility spectrometry (IMS) based explosives trace detectors (ETDs). Among these demonstrations was a field trial with Finavia, one of the world’s leading airport operators. The Finavia case study is available on our website at https://www.1stdetect.com/finavia-cs/ and further demonstrates that the TRACER 1000 outperforms IMS-ETDs. The TRACER 1000 does not confuse common household products with explosives, has a virtually unlimited threat library, and delivers near 100% up-time. IMS-ETDs, in contrast, are hampered by high false alarms, have a limited threat library, and exhibit significant down-time.
The Company also launched Agriculture Technology Corporation (AG-TECH) and introduced the AG-LAB-1000™ series of mass spectrometers to address the needs of the agriculture market. With minimal additional R&D required, this introduction was largely in response to a growing concern in the hemp and cannabis market regarding the detection of pesticides in the field or greenhouse. We believe there are currently no other ruggedized instruments in the field that can detect pesticides at parts per billion (ppb) in real-time.
First Quarter Fiscal Year 2020 Financial Highlights
Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.
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Operating expenses decreased $190 thousand, or 8.5%, during the first quarter of fiscal 2020, compared to the first quarter of fiscal 2019, due to an ongoing emphasis on cost reduction. |
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Monthly cash burn for this quarter has been reduced to approximately $610 thousand, an 19.9% reduction from our cash burn rate in the first quarter of fiscal year 2019. |
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In September 2019, Astrotech completed an investment from its Chairman and CEO of a $1.5 million secured promissory note. |
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AG-TECH develops, manufactures, and sells chemical analyzers for use in the agriculture market. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
The following information was filed by Astrotech Corp (ASTC) on Wednesday, November 13, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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ASTC Quarterly Reports
- 10-Q Quarterly Report February 2021
- 10-Q Quarterly Report November 2020
- 10-Q Quarterly Report May 2020
- 10-Q Quarterly Report February 2020
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10-Q Quarterly Report November 2019
- 10-Q Quarterly Report May 2019
- 10-Q Quarterly Report February 2019
- 10-Q Quarterly Report November 2018
- 10-Q Quarterly Report May 2018
- 10-Q Quarterly Report February 2018
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Revenue - Product Highlight
Cash provided by financing activities increased $1.8 million for the three months ended September 30, 2019, compared to the three months ended September 30, 2018, due to a note payable from a related party as well as the sale of shares of common stock through the ATM Offering.
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Revenue - Product Highlight
Cash and cash equivalents remained consistent as of September 30, 2019, compared to June 30, 2019, due to a note payable from a related party and the sale of shares of common stock through an "at the market offering" program (the "ATM Offering"), offset by funding our normal operating activities and research and development initiatives.
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Financial - Shares Highlight
Pursuant to Agreement No. 2, the Company agreed to sell an aggregate of 280,898 shares of its series C convertible preferred stock, par value $0.001 per share (the "Series C Preferred Shares") to the Investor and 280,898 of its series D convertible preferred stock, par value $0.001 per share (the "Series D Preferred Shares") to Mr. Pickens, at a price per share of $3.56 and for aggregate gross proceeds of approximately $2.0 million.
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Financial - Shares Highlight
Pursuant to Agreement No. 1, the Company agreed to sell an aggregate of 866,950 shares of its series B convertible preferred stock, par value $0.001 per share (the "Series B Preferred Shares") to Mr. Pickens and 409,645 of its shares of common stock, par value $0.001 per share (the "Common Shares") to the Investor, at a price per share of $2.35 and for aggregate gross proceeds of approximately $3.0 million.
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Financial - Debt Highlight
The Company is currently evaluating potential offerings of any combination of common stock, preferred stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities.
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Other - Other
Consequently, headcount and expenditures at...Read more
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Other - Other
We believe our technology is...Read more
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Other - Other
With similar protocols as ECAC...Read more
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Ticker: ASTC
CIK: 1001907
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-043442
Submitted to the SEC: Thu Nov 14 2019 8:01:56 AM EST
Accepted by the SEC: Thu Nov 14 2019
Period: Monday, September 30, 2019
Industry: Laboratory Analytical Instruments
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