Exhibit 99.1

 

ASTROTECH REPORTS THIRD QUARTER OF FISCAL YEAR 2020

FINANCIAL RESULTS

 

Austin, Texas May 13, 2020 – Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the third quarter of fiscal year 2020, which ended March 31, 2020.

 

This quarter was pivotal for the Company, as we continued to generate interest for our new AgLAB-1000™ product that is being designed for process control and pesticide detection in the hemp and cannabis industries. In addition, our 1st Detect subsidiary continued its sales of the TRACER 1000™ explosives trace detector (ETD) to a global shipping and logistics company. Although the COVID-19 pandemic has caused some near-term uncertainty for the travel industry, global shipping has been less impacted and this is where we see continued demand for our product. Finally, we also launched a new company, BreathTech Corporation, to focus on the breath analysis market to potentially aid in the battle against COVID-19 and pneumonia.

“With both our hemp and cannabis product, the AgLAB-1000™, and our breath analysis product, the BreathTest-1000™, we believe we will be offering highly differentiated solutions compared to other currently available options,” stated Thomas B. Pickens, Chairman and Chief Executive Officer of Astrotech Corporation. “Regarding the BreathTest-1000, many current COVID-19 tests require either a saliva or blood sample to be sent to a laboratory for testing, which can take days to get the results, or require a long swab to be inserted deep into the nasal cavity, which is uncomfortable and not practical for every day testing. We are hopeful that, once fully developed and approved, this could help make available regular mass testing for factories, cruise lines, air travel, sports, or other domains where people congregate in crowded spaces.”

No assurances can be given that we will be able to successfully develop the BreathTest-1000 or the AgLAB-1000. The governmental approval process could be lengthy, time consuming and is inherently unpredictable, and we cannot guarantee that these products will ever be approved for sale and marketing.

 

During the third quarter, the Company raised approximately $5.5 million in equity offerings and borrowings as it looks to expand into the agriculture and breath analysis markets.

Third Quarter Fiscal Year 2020 Financial Highlights

Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.

The Company continued its commercial sales of the TRACER 1000, leading to revenue of $118 thousand for the third quarter of fiscal 2020. Additional purchase orders have already been received.

Monthly cash outlay for this fiscal year has been reduced to approximately $550 thousand, a 24.4% reduction from our cash outlay through the first nine months of fiscal year 2019, which is partially driven by our directors and officers foregoing compensation.

In February 2020, Astrotech secured a loan of $1.0 million from its Chairman and CEO pursuant to a secured promissory note.

The Company completed two registered direct offerings of its common stock at the end of the fiscal quarter, raising total net proceeds of approximately $4.5 million.



The following information was filed by Astrotech Corp (ASTC) on Wednesday, May 13, 2020 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.

View differences made from one quarter to another to evaluate Astrotech Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Astrotech Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Log in with your credentials

or    

Forgot your details?

Create Account