Astrotech Reports Fiscal Year 2021 Financial Results

CANNANNEW REPORT

AUSTIN, Texas–(BUSINESS WIRE)–Astrotech Corporation (Nasdaq: ASTC) reported its financial results for the fiscal year ended June 30, 2021. Fiscal year 2021 represented a turning point for Astrotech Corporation. We successfully raised a total of $74.3 million in gross proceeds from equity offerings, strengthening our balance sheet and sufficiently capitalizing the company for the foreseeable future. We plan to ramp sales of our mass spectrometry instrumentation and explore other strategic opportunities to accelerate growth. The capital further provided the opportunity to engage a leading contract manufacturer, Sanmina, to manufacture our various mass spectrometry products, adding flexibility and scalability. As the first and only mass spectrometry-based explosives trace detector (ETD) certified for air and cargo security, 1st Detect’s TRACER 1000™ continues to demonstrate why we believe mass spectrometry is the way of the future for ETDs. With its near-zero false alarms and a more reliable analysis than ion mobility spectrometry (IMS) based ETDs, cargo facilities using the TRACER 1000 are seeing fewer delays to their operations. In addition, while the downturn in air travel caused by COVID-19 caused some delays in our ramping sales in checkpoint security, on August 25, 2021, we announced that we have secured our first purchase order for the TRACER 1000 to be deployed at an international airport security checkpoint for passenger screening. Meanwhile, AgLAB continued its development of the AgLAB-1000™ series of instruments and recently hired hemp and cannabis industry veteran and mass spectrometry expert, Joe Levinthal, as its Chief Science Officer. As an authority in distillation of hemp and cannabis products, Mr. Levinthal is leading AgLAB’s product development team and finalizing a product that is being designed to optimize yield during the hemp and cannabis oil extraction and distillation process, and thereby meaningfully increase top line revenue for hemp and cannabis oil manufacturers. Finally, BreathTech continues…

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Source : Astrotech Reports Fiscal Year 2021 Financial Results

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