0001437749-24-003765.txt : 20240212 0001437749-24-003765.hdr.sgml : 20240212 20240212163704 ACCESSION NUMBER: 0001437749-24-003765 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20240212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240212 DATE AS OF CHANGE: 20240212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASTROTECH Corp CENTRAL INDEX KEY: 0001001907 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 911273737 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34426 FILM NUMBER: 24620615 BUSINESS ADDRESS: STREET 1: 2105 DONLEY DR. SUITE 100 CITY: AUSTIN STATE: TX ZIP: 78758 BUSINESS PHONE: 5124859530 MAIL ADDRESS: STREET 1: 2028 E. BEN WHITE BLVD. STREET 2: SUITE 240-9530 CITY: AUSTIN STATE: TX ZIP: 78741 FORMER COMPANY: FORMER CONFORMED NAME: ASTROTECH Corp \WA\ DATE OF NAME CHANGE: 20090310 FORMER COMPANY: FORMER CONFORMED NAME: SPACEHAB INC \WA\ DATE OF NAME CHANGE: 19951006 8-K 1 astc20240208_8k.htm FORM 8-K astc20240208_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 

 
FORM 8-K
 

 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): February 12, 2024
 

 
smlogo01.jpg
 
Astrotech Corporation
(Exact Name of Registrant as Specified in Charter)
 
Delaware
 
001-34426
 
91-1273737
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
   
2105 Donley Drive, Suite 100, Austin, Texas
 
78758
(Address of Principal Executive Offices)
 
(Zip Code)
 
(512) 485-9530
Registrants Telephone Number, Including Area Code
 
(Former Name or Former Address, if Changed Since Last Report)
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
 
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
       
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
       
 
 
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
       
 
 
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.001 par value per share
 
ASTC
 
NASDAQ Stock Market, LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 

 
 
Item 2.02. Results of Operations and Financial Condition.
 
On February 12, 2024, Astrotech Corporation (the “Company”) issued a press release announcing its results of operations for its second quarter of fiscal year 2024, which ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Astrotech Corporation
 
       
February 12, 2024
By:
/s/ Thomas B. Pickens III
 
   
Thomas B. Pickens III
 
   
Chief Executive Officer, Chief Technology Officer and Chairman of the Board
 
 
 
 
EX-99.1 2 ex_624148.htm EXHIBIT 99.1 ex_624148.htm

Exhibit 99.1

 

astclogo.jpg

 

 

ASTROTECH REPORTS SECOND QUARTER OF FISCAL YEAR 2024 FINANCIAL RESULTS

 

Austin, Texas February 12, 2024 – Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the second quarter of fiscal year 2024, which ended December 31, 2023.

 

Financial Highlights & Recent Developments 

 

 

Year-to-date revenue totaled $1,540 thousand compared to $301 thousand in the comparative period in the prior year. This represents an increase of 512%. The growth was predominantly due to the Company successfully delivering on two previously announced purchase orders for TRACER 1000™ explosive trace detectors (ETDs) to customers in Romania.

 

 

Astrotech’s consolidated balance sheet remains strong with $37 million in cash and liquid investments, which are anticipated to support our research and development, organic growth, and potential acquisition targets.

 

 

Year-to-date fiscal year 2024 gross margin increased to 46% from 38% during the comparative period in the prior year, as we continue to benefit from the further refining and ruggedizing of our equipment.

 

 

After the end of the quarter, 1st Detect reentered detection and non-detection testing with the U.S. Transportation Security Administration (TSA) for cargo security. Successful completion of TSA cargo detection testing is the final step to be listed on the Air Cargo Screening Technology List as an “approved” device.  If approved, we believe the TRACER 1000 will be approved for cargo security screening sales in the United States.

 

 

Pro-Control, Inc. (Pro-Control) was launched December 12, 2023, and is focused on applying the Astrotech Mass Spectrometer Technology™ (AMS Technology) in chemical manufacturing process control applications developed by AgLAB.  The Pro-Control Maximum Value Process™ and the Pro-Control-1000™ mass spectrometer are designed to test, measure and increase potency, purity and weight yields in the chemical manufacturing processes.

 

 

Production and sales efforts continue for the AgLAB 1000-D2™, which utilizes the Maximum Value Process™. We exhibited it at this year’s MJ BizCon held late in the second quarter of fiscal year 2024.

 

“Fiscal year 2024 continued with strong sales at 1st Detect as we successfully fulfilled our two significant Tracer 1000 orders,” stated Thomas B. Pickens, III, Astrotech’s Chairman, Chief Executive Officer, and Chief Technology Officer. “We are gaining traction with the checkpoint market, especially with those customers looking to the future, by bringing the world’s first ECAC approved mass spectrometer ETD to their airports. Our ruggedized ETD brings the selectivity of a mass spectrometer to the checkpoint, and our customers have reported less false alarms while using our ETD compared to traditional IMS machines. This requires little to no additional training normally associated with using a traditional mass spectrometer.  Further, the Pro-Control subsidiary was launched late this quarter and we look forward to introducing Pro-Control to chemical manufacturers who are using vacuum distillation,” stated Thomas B. Pickens, III.

 

 

About Astrotech Corporation

 

Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Pro-Control is developing the mass spectrometry technology for use in chemical manufacturing processes. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

 

 

 

About the AgLAB-1000™, the BreathTest-1000™ and the Pro-Control-1000

 

This press release contains information about our new products under development, AgLAB-1000, BreathTest-1000 and Pro-Control-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all. 

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the adverse impact of inflationary pressures, including significant increases in fuel costs, global economic conditions and events related to these conditions, including the ongoing wars in Ukraine and the middle east and the COVID-19 pandemic, the Companys use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Companys Securities and Exchange Commission filings including the Companys most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. While we do not intend to directly harvest, manufacture, distribute or sell cannabis or cannabis products, we may be detrimentally affected by a change in enforcement by federal or state governments and we may be subject to additional risks in connection with the evolving regulatory area and associated uncertainties. Any such effects may give rise to risks and uncertainties that are currently unknown or amplify others mentioned herein. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward-looking statements included in this press release represent the Companys views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

 

Company Contact: Jaime Hinojosa, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

 

Tables follow

 

 

 

 

ASTROTECH CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
   

December 31,

   

December 31,

 
   

2023

   

2022

   

2023

   

2022

 

Revenue

  $ 1,115     $ 263     $ 1,540     $ 301  

Cost of revenue

    583       155       825       187  

Gross profit

    532       108       715       114  

Operating expenses:

                               

Selling, general and administrative

    2,022       1,558       3,668       3,200  

Research and development

    1,578       1,364       3,450       2,492  

Total operating expenses

    3,600       2,922       7,118       5,692  

Loss from operations

    (3,068 )     (2,814 )     (6,403 )     (5,578 )

Other income and expense, net

    427       396       850       631  

Net loss

  $ (2,641 )   $ (2,418 )   $ (5,553 )   $ (4,947 )

Weighted average common shares outstanding:

                               

Basic and diluted

    1,631       1,613       1,631       1,613  

Basic and diluted net loss per common share:

                               

Net loss per common share

  $ (1.62 )   $ (1.50 )   $ (3.40 )   $ (3.07 )

Other comprehensive loss, net of tax:

                               

Net loss

  $ (2,641 )   $ (2,418 )   $ (5,553 )   $ (4,947 )

Available-for-sale securities:

                               

Net unrealized loss

    325       (2 )     270       (370 )

Total comprehensive loss

  $ (2,316 )   $ (2,420 )   $ (5,283 )   $ (5,317 )

 

 

 

ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

                                                                                                                                                                                                                           

   

December 31,

   

June 30,

 
   

2023

   

2023

 
   

(Unaudited)

   

(Note)

 

Assets

               

Current assets

               

Cash and cash equivalents

  $ 11,096     $ 14,208  

Short-term investments

    26,183       27,919  

Accounts receivable

    294       225  

Inventory, net:

               

Raw materials

    1,530       1,379  

Work-in-process

    275       243  

Finished goods

    260       373  

Income tax receivable

          1  

Prepaid expenses and other current assets

    426       365  

Total current assets

    40,064       44,713  

Property and equipment, net

    2,546       2,670  

Operating lease right-of-use assets, net

    191       262  

Other assets, net

    30       30  

Total assets

  $ 42,831     $ 47,675  

Liabilities and stockholders equity

               

Current liabilities

               

Accounts payable

    567       546  

Payroll related accruals

    817       633  

Accrued expenses and other liabilities

    621       1,170  

Lease liabilities, current

    309       316  

Total current liabilities

    2,314       2,665  

Accrued expenses and other liabilities, net of current portion

    91        

Lease liabilities, net of current portion

    152       291  

Total liabilities

    2,557       2,956  

Commitments and contingencies

               

Stockholders equity

               

Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at December 31, 2023 and June 30, 2023

           

Common stock, $0.001 par value, 250,000,000 shares authorized at December 31, 2023 and June 30, 2023, respectively; 1,712,045 and 1,692,045 shares issued at December 31, 2023 and June 30, 2023, respectively; 1,701,729 and 1,681,729 outstanding at December 31, 2023 and June 30, 2023, respectively

    190,643       190,643  

Treasury shares, 10,316 at December 31, 2023 and June 30, 2023, respectively

    (119 )     (119 )

Additional paid-in capital

    81,839       81,002  

Accumulated deficit

    (230,907 )     (225,354 )

Accumulated other comprehensive loss

    (1,182 )     (1,453 )

Total stockholders equity

    40,274       44,719  

Total liabilities and stockholders equity

  $ 42,831     $ 47,675  

 

Note: The condensed consolidated balance sheet at June 30, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by the United States generally accepted accounting principles for complete financial statements.

 

 
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Document And Entity Information
Feb. 12, 2024
Document Information [Line Items]  
Entity, Registrant Name Astrotech Corporation
Document, Type 8-K
Document, Period End Date Feb. 12, 2024
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-34426
Entity, Tax Identification Number 91-1273737
Entity, Address, Address Line One 2105 Donley Drive, Suite 100
Entity, Address, City or Town Austin
Entity, Address, State or Province TX
Entity, Address, Postal Zip Code 78758
City Area Code 512
Local Phone Number 485-9530
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol ASTC
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001001907
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