astc20250331

astc20250331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 001-34426

Astrotech Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware		91-1273737
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.

2105 Donley Drive, Suite 100, Austin, Texas		78758
Address of Principal Executive Offices		Zip Code

(512) 485-9530

Registrant’s Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

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

Table of Contents

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 12, 2025, the number of shares of the registrant’s common stock outstanding was: 1,693,953.

Table of Contents

ASTROTECH CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

		Page
PART I:	FINANCIAL INFORMATION	3

ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	3
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	26
ITEM 4.	CONTROLS AND PROCEDURES	26

PART II:	OTHER INFORMATION	27

ITEM 1.	LEGAL PROCEEDINGS	27
ITEM 1A.	RISK FACTORS	27
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	28
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	28
ITEM 4.	MINE SAFETY DISCLOSURES	28
ITEM 5.	OTHER INFORMATION	28
ITEM 6.	EXHIBITS	29

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PART I: FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Financial Statements

ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

	*March 31,*			*June 30,*
	*2025*			*2024*
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	2,812		$	10,442
Short-term investments		18,057			21,474
Accounts receivable		516			77
Contract Asset		7			—
Inventory, net:
Raw materials		2,296			2,038
Work-in-process		146			66
Finished goods		310			370
Prepaid expenses and other current assets		431			261
Total current assets		24,575			34,728
Property and equipment, net		2,486			2,763
Intangible asset, net		50			—
Operating lease right-of-use assets, net		35			119
Other assets, net		346			30
Total assets	$	27,492		$	37,640
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	616		$	373
Payroll related accruals		928			1,174
Accrued expenses and other liabilities		882			754
Lease liabilities, current		66			227
Total current liabilities		2,492			2,528
Accrued expenses and other liabilities, net of current portion		193			232
Lease liabilities, net of current portion		55			73
Total liabilities		2,740			2,833
Commitments and contingencies (Note 14)
Stockholders’ equity
Convertible preferred stock, $0.001 par value (2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at March 31, 2025, and June 30, 2024)		—			—
Common stock, $0.001 par value (250,000,000 shares authorized at March 31, 2025, and June 30, 2024, respectively; 1,704,269 and 1,712,045 shares issued at March 31, 2025, and June 30, 2024, respectively; 1,693,953 and 1,701,729 shares outstanding at March 31, 2025, and June 30, 2024, respectively)		190,643			190,643
Treasury shares (10,316 shares at March 31, 2025, and June 30, 2024)		(119	)		(119	)
Additional paid-in capital		83,109			82,480
Accumulated deficit		(247,940	)		(237,020	)
Accumulated other comprehensive loss		(941	)		(1,177	)
Total stockholders’ equity		24,752			34,807
Total liabilities and stockholders’ equity	$	27,492		$	37,640

See accompanying notes to unaudited condensed consolidated financial statements.

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ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share data)

(Unaudited)

	*Three Months Ended*						*Nine Months Ended*
	*March 31,*						*March 31,*
	*2025*			*2024*			*2025*			*2024*
Revenue	$	534		$	50		$	829		$	1,590
Cost of revenue		297			42			428			867
Gross profit		237			8			401			723
Operating expenses:
Selling, general and administrative		2,115			1,833			5,842			5,501
Research and development		1,989			1,708			6,375			5,158
Total operating expenses		4,104			3,541			12,217			10,659
Loss from operations		(3,867	)		(3,533	)		(11,816	)		(9,936	)
Other income and expense, net		234			379			896			1,229
Net loss	$	(3,633	)	$	(3,154	)	$	(10,920	)	$	(8,707	)
Weighted average common shares outstanding:
Basic and diluted		1,665			1,633			1,663			1,632
Basic and diluted net loss per common share:
Net loss per common share	$	(2.18	)	$	(1.93	)	$	(6.57	)	$	(5.34	)
Other comprehensive loss, net of tax:
Net loss	$	(3,633	)	$	(3,154	)	$	(10,920	)	$	(8,707	)
Available-for-sale securities:
Net unrealized gain		139			13			236			284
Total comprehensive loss	$	(3,494	)	$	(3,141	)	$	(10,684	)	$	(8,423	)

See accompanying notes to unaudited condensed consolidated financial statements.

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ASTROTECH CORPORATION

Condensed Consolidated Statement of Changes in Stockholders’ Equity

(In thousands)

(Unaudited)

	*Preferred Stock*
	*Series D*				*Common Stock*
	*Number of Shares Outstanding*		*Amount*		*Number of Shares Outstanding*			*Amount*		*Treasury Stock Amount*			*Additional Paid-In Capital*		*Accumulated Deficit*			*Accumulated Other Comprehensive Loss*			*Total Stockholders’ Equity*
Balance at June 30, 2024		281	$	—		1,702		$	190,643	$	(119	)	$	82,480	$	(237,020	)	$	(1,177	)	$	34,807
Net change in available-for-sale marketable securities		—		—		—			—		—			—		—			316			316
Stock-based compensation		—		—		—			—		—			216		—			—			216
Net loss		—		—		—			—		—			—		(3,278	)		—			(3,278	)
Balance at September 30, 2024		281	$	—		1,702		$	190,643	$	(119	)	$	82,696	$	(240,298	)	$	(861	)	$	32,061
Net change in available-for-sale marketable securities		—		—		—			—		—			—		—			(219	)		(219	)
Stock-based compensation		—		—		—			—		—			261		—			—			261
Net loss		—		—		—			—		—			—		(4,009	)		—			(4,009	)
Balance at December 31, 2024		281	$	—		1,702		$	190,643	$	(119	)	$	82,957	$	(244,307	)	$	(1,080	)	$	28,094
Net change in available-for-sale marketable securities		—		—		—			—		—			—		—			139			139
Stock-based compensation		—		—		—			—		—			152		—			—			152
Cancellation of restricted stock		—		—		(8	)		—		—			—		—			—			—
Net loss		—		—		—			—		—			—		(3,633	)		—			(3,633	)
Balance at March 31, 2025		281	$	—		1,694		$	190,643	$	(119	)	$	83,109	$	(247,940	)	$	(941	)	$	24,752

	*Preferred Stock*
	*Series D*				*Common Stock*
	*Number of Shares Outstanding*		*Amount*		*Number of Shares Outstanding*		*Amount*		*Treasury Stock Amount*			*Additional Paid-In Capital*		*Accumulated Deficit*			*Accumulated Other Comprehensive Loss*			*Total Stockholders’ Equity*
Balance at June 30, 2023		281	$	—		1,682	$	190,643	$	(119	)	$	81,002	$	(225,354	)	$	(1,453	)	$	44,719
Net change in available-for-sale marketable securities		—		—		—		—		—			—		—			(54	)		(54	)
Stock-based compensation		—		—		—		—		—			364		—			—			364
Issuance of restricted stock		—		—		20		—		—			—		—			—			—
Net loss		—		—		—		—		—			—		(2,912	)		—			(2,912	)
Balance at September 30, 2023		281	$	—		1,702	$	190,643	$	(119	)	$	81,366	$	(228,266	)	$	(1,507	)	$	42,117
Net change in available-for-sale marketable securities		—		—		—		—		—			—		—			325			325
Stock-based compensation		—		—		—		—		—			473		—			—

SEC Form 10-Q filed by Astrotech Corporation (DE)