10-Q · May 13, 2026
Astrotech Corporation's Q3 FY2026 results reveal a decrease in revenue to $343,000, down from $534,000 in the same quarter last year. The gross margin suffered a sharp drop to 5.4% from 44.4%, contributing to a net loss…
Earnings analysis · 10-K
ASTC earnings analysis
Filed September 25, 2026 · Our reading of the company's report
The latest report
Astrotech’s fiscal 2026 results show deteriorating commercial momentum: revenue fell 13.0% to $913 thousand, gross margin declined to 23.8% from 45.3%, and net loss widened to $14.427 million, or $8.49 per diluted…
Read full summary
Astrotech’s fiscal 2026 results show deteriorating commercial momentum: revenue fell 13.0% to $913 thousand, gross margin declined to 23.8% from 45.3%, and net loss widened to $14.427 million, or $8.49 per diluted share. The company preserved near-term liquidity through $6.687 million of ATM proceeds and investment sales, but operating cash burn was $13.453 million and management expects additional funding to be required. The newly approved Lunar Initiatives and proposed 1st Detect sale create substantial strategic upside optionality but add execution, funding, market-development, and disruption risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-8.49
What stood out
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Proprietary platform supports multiple applications
Astrotech is positioning its AMS mass-spectrometry and ATi gas-chromatography technologies as simpler, rugged, ultra-portable field instruments. ATI owns or licenses 17 granted patents and licenses the AMS Technology exclusively to five wholly owned subsidiaries.
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New products launched amid weaker product sales
The company expanded its product roadmap with the EN-SCAN line introduced in August 2025 and the Labrador HH-GC commercially launched in May 2026. However, fiscal 2026 product revenue fell to $610 thousand from $804 thousand, as the company sold three TRACER 1000 units and one Labrador unit versus eight TRACER units in fiscal 2025.
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TRACER gains global deployment footprint
TRACER 1000 was deployed in approximately 37 locations across 16 countries as of June 30, 2026, and the company began TSA checkpoint testing. This provides evidence of international commercialization, although foreign revenue declined to $227 thousand from $319 thousand.
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R&D reduction slowed operating expense growth
Operating expenses declined 5.6% to $14.355 million, driven largely by a $1.658 million reduction in R&D expense. Despite the cost reduction, the operating loss remained $14.138 million and net loss increased to $14.427 million from $13.850 million.
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Capital raising preserved near-term liquidity
Liquidity was supported by $6.687 million of net ATM proceeds and $11.817 million of investing cash inflows, primarily from short-term investment sales. Cash increased to $8.387 million from $3.100 million, with an additional $2.947 million of short-term investments at year-end.
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Major strategic pivot toward lunar markets
The Board approved exploratory Lunar Initiatives covering lunar resource development, autonomous infrastructure, advanced computing, semiconductor manufacturing, power generation, mining, chemical manufacturing, transportation, and equipment leasing. The filing states that no formal business plan or capital budget has yet been approved for these initiatives.
What to watch
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Unfunded lunar expansion could increase losses
The Lunar Initiatives are in exploratory planning and design, have not generated revenue, and lack a formal business plan or capital budget. The company states that it does not have committed funding sufficient to fully execute any Lunar Initiative and that substantial additional capital expenditures will be required.
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1st Detect sale may disrupt core operations
Astrotech authorized management in June 2026 to pursue a potential sale of 1st Detect, and the filing warns that the process may disrupt operations, cause loss of key personnel or customers, and result in write-offs. The proposed sale is intended to provide capital for the new strategic initiatives, but there is no assurance that a transaction will occur.
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High cash burn creates financing dependence
The company used $13.453 million of cash in operating activities during fiscal 2026 against just $913 thousand of revenue, while cash and short-term investments totaled approximately $11.334 million at June 30, 2026. Although management believes liquidity supports current plans for at least 12 months, it states that additional funding will be required and that the ATM program may dilute shareholders.
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Customer concentration limits revenue visibility
Revenue concentration remains material: three customers accounted for approximately $265 thousand, or 29%, $219 thousand, or 24%, and $201 thousand, or 22%, of fiscal 2026 revenue. None of the four significant customers is covered by a long-term contract, increasing volatility if a customer is lost.
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Unproven lunar market faces powerful competitors
The commercial lunar market currently does not exist, and the company warns that demand may never develop. It also expects competition from substantially better-capitalized entities, including SpaceX, Blue Origin, Intuitive Machines, and government-sponsored programs.
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BreathTest-1000 regulatory path remains uncertain
BreathTest-1000 remains a development-stage product with no clinical testing performed to date. The company believes commercialization would require many years and significant investment, and FDA clearance, de novo authorization, or PMA approval may be delayed or never obtained.
Management's outlook
No quantitative annual revenue or EPS guidance is provided in the 10-K; the company states that current available funds are insufficient to complete its business plan and strategic objectives.
Earlier filings 4
10-Q · February 13, 2026
Astrotech reported revenue of $148,000 for the quarter ended December 31, 2025, a sharp decline from $297,000 in the prior quarter and $261,000 in the year-ago quarter. Gross margin collapsed to 5.4% and net loss was…
10-Q · November 13, 2025
Astrotech reported revenue of $297,000 for the three months ended September 30, 2025, vs $34,000 a year earlier, with gross profit of $188,000 and net loss of $3,465,000 (net loss per share $(2.07)). Operating losses…
10-Q · February 14, 2025
Astrotech reported revenue of $261,000 for the three months ended December 31, 2024, down from $1,115,000 a year earlier, while gross margin expanded to 59.4% and R&D investment rose. Despite higher gross margin,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.