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Astrotech Corp (ASTC) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

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Astrotech Corp

CIK: 1001907 Ticker: ASTC

 

 

Exhibit 99.1

 

 

ASTROTECH REPORTS SECOND QUARTER OF

FISCAL YEAR 2022 FINANCIAL RESULTS

 

Austin, Texas – February 11, 2022 – Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the second quarter of fiscal year 2022, which ended December 31, 2021.

Astrotech had its best quarter since sales of 1st Detect’s TRACER 1000™ began, with revenue related to the TRACER 1000 up 332% compared to the same period one year ago. After garnering initial traction in the cargo security market due to the TRACER 1000’s near-zero false alarm rate, in the second quarter, 1st Detect completed a major milestone by fulfilling its first purchase order for airport security checkpoint and passenger screening. The TRACER 1000 is now deployed in 13 countries worldwide.

AgLAB has reached an important milestone with the completion of its cannabis field trials for the AgLAB-1000-D2™ mass spectrometer. The field trials successfully demonstrated that the AgLAB-1000-D2 can be used in the distillation process to significantly boost the potency and weight yields of THC and CBD oil manufacturing. This is a significant accomplishment as it fulfills our long-term vision to start a family of “process control” instruments, methods, and solutions.  

BreathTech has completed the agreements required to begin the COVID-19 pre-clinical breath trials with Cleveland Clinic. We have also completed the development of the BreathTest-1000™ mass spectrometer, including the development of the InBreath-1000™ prototype sample collection system needed to safely transfer the infected patient breath to the mass spectrometer for testing. Progress was delayed due to COVID-related materials shortages and shipping delays, but we are optimistic that we will be able to begin and complete the human trials within the first half of this year. In preparation for the trials, we announced on February 2, 2022 that Dr. Karim Sirgi, MD, MBA and FCAP has joined BreathTech Corporation as its Chief Science Officer. Dr. Sirgi will help lead our research and development and regulatory efforts as BreathTech looks to commercialize the BreathTest-1000.

Finally, in November 2021, Astrotech announced its plans to actively pursue strategic and accretive acquisition opportunities with the appointment of its board member, Tom Wilkinson, to Lead Independent Director. Mr. Wilkinson will identify ideal acquisition candidates for Astrotech that will complement or improve the Company’s core technology, accelerate revenue growth, and/or reduce time to market, while being accretive to earnings and therefore shareholder value.

“This is an exciting period for Astrotech as we are transitioning our mass spectrometer technology from government to commercial applications. The first commercial market we have entered is the hemp and cannabis distillation market with our AgLAB-1000-D2 solution. The AgLAB-1000-D2 will be used in high throughput biomass-to-oil applications designed to substantially increase THC and CBD yields, which we believe will have a directly proportional impact on customer revenues. The BreathTest-1000, which has been designed to rapidly screen for COVID-19 or related indicators within 60 seconds, is also soon to follow. Even with 15-minute tests


The following information was filed by Astrotech Corp (ASTC) on Friday, February 11, 2022 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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Inside Astrotech Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Changes In Stockholders' Equity (Deficit)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Business Risk And Credit Risk Concentration Involving Cash
Business Risk And Credit Risk Concentration Involving Cash - Additional Information (Details)
Commitments And Contingencies
Debt
Debt - 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)
General Information
General Information (Policies)
General Information - Additional Information (Details)
Impact Of Covid-19 Pandemic
Income Taxes
Income Taxes - Additional Information (Details)
Investments
Investments (Tables)
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
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Schedule Of Property And Equipment, Net (Details)
Revenue Recognition
Revenue Recognition - Additional Information (Details)
Segment Information
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Activity (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation - Schedule Of Stock Options Outstanding (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

Material Contracts, Statements, Certifications & more

Astrotech Corp provided additional information to their SEC Filing as exhibits

Ticker: ASTC
CIK: 1001907
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-004900
Submitted to the SEC: Mon Feb 14 2022 1:12:56 PM EST
Accepted by the SEC: Mon Feb 14 2022
Period: Friday, December 31, 2021
Industry: Laboratory Analytical Instruments

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