Financial tables follow ASTROTECH CORPORATION AND SUBSIDIARIESCondensed Consolidated Statements of Operations and Comprehensive Loss(In thousands, except per share data)(Unaudited) Three Months Ended September 30, 2024 2023 Revenue $34 $425 Cost of revenue 25 242 Gross profit 9 183 Operating expenses: Selling, general and administrative 1,688 1,646 Research and development 1,949 1,872 Total operating expenses 3,637 3,518 Loss from operations (3,628) (3,335)Other income and expense, net 350 423 Loss from operations before income taxes (3,278) (2,912)Income tax expense — — Net loss $(3,278) $(2,912)Weighted average common shares outstanding: Basic and diluted 1,631 1,631 Basic and diluted net loss per common share: Net loss per common share $(2.01) $(1.79)Other comprehensive loss, net of tax: Net loss $(3,278) $(2,912)Available-for-sale securities: Net unrealized gain (loss) 316 (54)Total comprehensive loss $(2,962) $(2,966) ASTROTECH CORPORATION AND SUBSIDIARIESCondensed Consolidated Balance Sheets(In thousands, except share and per share data) September 30, June 30, 2024 2024 (Unaudited) (Note) Assets Current assets Cash and cash equivalents $6,518 $10,442 Short-term investments 21,790 21,474 Accounts receivable 91 77 Inventory, net: Raw materials 2,212 2,038 Work-in-process 177 66 Finished goods 309 370 Prepaid expenses and other current assets 515 261 Total current assets 31,612 34,728 Property and equipment, net 2,724 2,763 Operating lease right-of-use assets, net 83 119 Other assets, net 30 30 Total assets $34,449 $37,640 Liabilities and stockholders’ equity Current liabilities Accounts payable $649 $373 Payroll related accruals 612 1,174 Accrued expenses and other liabilities 717 754 Lease liabilities, current 149 227 Total current liabilities 2,127 2,528 Accrued expenses and other liabilities, net of current portion 194 232 Lease liabilities, net of current portion 67 73 Total liabilities 2,388 2,833 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 September 30, 2024 and June 30, 2024 — — Common stock, $0.001 par value, 250,000,000 shares authorized at September 30, 2024 and June 30, 2024, respectively; 1,712,045 shares issued at September 30, 2024 and June 30, 2024, respectively; 1,701,729 outstanding at September 30, 2024 and June 30, 2024, respectively 190,643 190,643 Treasury shares, 10,316 at September 30, 2024 and June 30, 2024, respectively (119) (119)Additional paid-in capital 82,696 82,480 Accumulated deficit (240,298) (237,020)Accumulated other comprehensive loss (861) (1,177)Total stockholders’ equity 32,061 34,807 Total liabilities and stockholders’ equity $34,449 $37,640 Note: The balance sheet at June 30, 2024 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.
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 Company’s 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 Company’s Securities and Exchange Commission filings including the Company’s most recent Annual Report on Form 10-K.
Financial Highlights & Recent Developments Operating expenses increased $119 thousand or 3.3% as the Company increased its participation in trade events in the U.S.featuring its array of industry-specific solutions offered by its subsidiaries: 1st Detect Corporation ("1st Detect”), AgLab Inc., and Pro-Control, Inc.1st Detect, which is focused on explosives and narcotics detection, continues to work with several departments within the Department of Homeland Security ("DHS”) to demonstrate and work through their processes for certification, qualification and visibility, including but not limited to the below: The Company advanced work with the Transportation Security Laboratory ("TSL”) in Developmental Test and Evaluation to ensure its readiness to enter certification testing for the U.S.
The story "Astrotech Reports First Quarter of Fiscal Year 2025 Financial Results" has 931 words across 24 sentences, which will take approximately 4 - 8 minutes for the average person to read.
Which news outlet covered this story?
The story "Astrotech Reports First Quarter of Fiscal Year 2025 Financial Results" was covered 17 hours ago by GlobeNewswire, a news publisher based in China.
How trustworthy is 'GlobeNewswire' news outlet?
GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.
The outlet is headquartered in China and publishes an average of 98 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
