- Revenue grew 14.4% year-over-year to $37.7 million, driven by 16.8% growth in Aerospace and 13.4% growth in Product Identification
- Executed on $1.9 million of annualized cost savings in first quarter as part of restructuring plan; expect to complete previously announced $3 million in annualized cost reductions in second quarter of fiscal 2026
- Operating income was $0.6 million vs $1.3 million in prior year; Non-GAAP operating income1 of $1.5 million increased 13.5% over prior-year period
- Launched three innovative next-generation printing solutions in Product Identification while capturing renewed $10 million multi-year defense contract for Aerospace
- Reaffirms fiscal 2026 revenue and margin expectations with revenue growing to range of $160 million to $165 million and adjusted EBITDA margin expanding to 8.5% to 9.5%
AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2026 first quarter ended April 30, 2025. Results include the May 6, 2024, acquisition of MTEX (“MTEX” or “the acquisition”) which has been fully integrated into the Product Identification (“Product ID”) segment.
Greg Woods, President and Chief Executive Officer of AstroNova, stated, “We are executing on our plan to drive growth and improve profitability. Early results were demonstrated in the first quarter as we delivered double-digit growth in the quarter from both segments, driven in part by the contribution of the acquisition, increasing commercial aircraft build rates, demand for digital color label and package printers, as well as shipments related to the recently announced defense contract renewal. We implemented approximately $1.9 million of our previously announced $3 million annualized cost reduction plan. In the second quarter, we expect to realize those reductions and to substantially complete the full cost reduction plan.”
Mr. Woods added, “Importantly, we have made significant progress advancing the new foundational technology gained with the MTEX acquisition. We have re-engineered the acquired technology to incorporate a wide range of improvements that provide a more robust, next-generation print engine solution designed to enhance our customer’s experience while reducing their total cost of ownership. In Product Identification, we expect the combination of our restructured sales organization under new leadership, combined with these highly innovative technological advancements, to gain traction in the market and drive hardware, supplies, and service revenue growth as we increase our installed base.”
____________________ |
1 Non-GAAP operating income is a Non-GAAP financial measure. Please see the reconciliation of GAAP to Non-GAAP financial measures in the tables that accompany this release. |
First Quarter Fiscal 2026 Overview2
| Three Months Ended | ||||||||||||||||||||||||||
| April 30, 2025 | April 27, 2024 | $ Variance | % Variance | January 31, 2025 | $ Variance | % Variance | ||||||||||||||||||||
| Revenue | $ |
37,708 |
|
$ |
32,961 |
|
$ |
4,747 |
|
14.4 |
% |
$ |
37,361 |
|
$ |
347 |
|
0.9 |
% |
|||||||
| Gross Profit | $ |
12,652 |
|
$ |
11,972 |
|
$ |
680 |
|
5.7 |
% |
$ |
12,737 |
|
$ |
(85 |
) |
-0.7 |
% |
|||||||
| Gross Profit Margin |
|
33.6 |
% |
|
36.3 |
% |
|
34.1 |
% |
|||||||||||||||||
| Non-GAAP Gross Profit | $ |
13,053 |
|
$ |
11,972 |
|
$ |
1,081 |
|
9.0 |
% |
$ |
12,799 |
|
$ |
254 |
|
2.0 |
% |
|||||||
| Non-GAAP Gross Profit Margin |
|
34.6 |
% |
|
36.3 |
% |
|
34.3 |
% |
|||||||||||||||||
| Operating Income (Loss) | $ |
571 |
|
$ |
1,346 |
|
$ |
(775 |
) |
-57.6 |
% |
$ |
(12,311 |
) |
$ |
12,882 |
|
-104.6 |
% |
|||||||
| Operating Margin |
|
1.5 |
% |
|
4.1 |
% |
|
(33.0 |
)% |
|||||||||||||||||
| Non-GAAP Operating Income | $ |
1,527 |
|
$ |
1,346 |
|
$ |
181 |
|
13.4 |
% |
$ |
1,408 |
|
$ |
119 |
|
8.4 |
% |
|||||||
| Non-GAAP Operating Income Margin |
|
4.0 |
% |
|
4.1 |
% |
|
3.8 |
% |
|||||||||||||||||
| Net Income (Loss) | $ |
(376 |
) |
$ |
1,181 |
|
$ |
(1,557 |
) |
-131.8 |
% |
$ |
(15,600 |
) |
$ |
15,224 |
|
-97.6 |
% |
|||||||
| Non-GAAP Net Income | $ |
354 |
|
$ |
1,181 |
|
$ |
(827 |
) |
-70.0 |
% |
$ |
419 |
|
$ |
(65 |
) |
-15.5 |
% |
|||||||
| Adjusted EBITDA | $ |
3,148 |
|
$ |
2,465 |
|
$ |
683 |
|
27.7 |
% |
$ |
2,793 |
|
$ |
355 |
|
12.7 |
% |
|||||||
| Adjusted EBITDA Margin |
|
8.3 |
% |
|
7.5 |
% |
|
7.5 |
% |
|||||||||||||||||
Net revenue growth of $4.7 million reflected strength in both the Aerospace and Product Identification segments, which benefitted from a combination of drivers that delivered double digit growth in both segments. Foreign currency translation was a $0.6 million benefit in the quarter.
Gross profit was $12.7 million, or 33.6% of sales. Lower gross margin year-over-year reflects the margin dilution related to the acquisition and product mix.
Operating income was $0.6 million and operating margin for the quarter was 1.5%. On a non-GAAP basis, operating income2 increased 13.4% or $0.2 million compared with the first quarter of the prior year. The improvement, which excludes inventory step-up, acquisition and restructuring expenses, was the result of improved operating performance by the Aerospace segment offset by a $1.6 million increase in corporate expenses. The increase in corporate expenses was primarily the result of increased healthcare costs and higher professional fees. Sequentially, adjusted operating income improved 8.4% on relatively similar revenue, reflecting cost containment efforts and early impacts of the restructuring.
Interest expense increased $0.4 million to $0.9 million on higher balances and higher rates related to the financing for the acquisition.
Net loss was $0.4 million, or a loss of $0.05 per diluted share, compared with net income of $1.2 million, or $0.15 per diluted share. Non-GAAP net income was $0.4 million, or $0.05 per diluted share. There were no adjustments in the prior-year period. Net profit margin for the fiscal 2026 first quarter was (1.0)% compared with 3.6% and (41.8)% for the first and fourth quarters of fiscal 2025, respectively. Adjusted EBITDA of $3.1 million increased 27.6% compared with the prior-year period and grew 28% compared with the trailing fourth quarter of fiscal 2025. Adjusted EBITDA margin for the fiscal 2026 first quarter expanded 80 basis points both year-over-year and sequentially.
____________________ |
2 Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin are Non-GAAP financial measures. Please see the reconciliation of GAAP to Non-GAAP measures in the tables that accompany this news release. |
Product Identification Segment Review
Product ID revenue was $26.3 million for the first quarter of fiscal 2026 compared with $23.2 million for the first quarter of fiscal 2025, an increase of 13.4% or $3.1 million. The contribution of $1.4 million from the acquisition, increased demand for legacy desktop label printers of $1.3 million and shipments of $0.4 million of mail & sheet printers out of backlog drove the increase.
Operating income for Product ID was $2.8 million compared with $3.0 million in the prior-year period. Operating margin was 10.6% compared with 12.9% in the prior year period. Non-GAAP segment operating income increased $0.1 million, or 4.4% to $3.1 million after adjusting for $0.3 million of restructuring charges and $0. 1 million related inventory step-up expenses. Non-GAAP operating margin for the first quarter of fiscal 2026 was 11.9%.
Aerospace Segment Review
Aerospace segment revenue was $11.4 million for the first quarter of fiscal 2026 compared with $9.8 million for the first quarter of fiscal 2025, an increase of 16.8%, or $1.6 million. Growth was driven by increased shipments of ToughWriter® products for both the commercial and defense markets.
Aerospace segment operating profit was $2.8 million, up $1.0 million or 60.5% from the prior year first quarter, based on higher volume.
Balance Sheet and Liquidity
Cash at the end of the first quarter of fiscal 2026 was $5.4 million, up $0.3 million from the end of fiscal 2025. The Company paid down $3.7 million in debt, comprised of principal on the term loan and borrowings under its revolving credit facility in the first quarter of fiscal 2026. The Company was in compliance with the covenants of its lending agreement at the end of the quarter.
Cash provided by operations in the fiscal 2026 first quarter was $4.4 million, down from $6.9 million in the prior year period. The decline was driven primarily by the timing associated with bulk replenishment of legacy ink, printheads, and media supplies, amounting to $3.0 million. The Company is executing on a plan to improve inventory turns to 3x from current levels of approximately 2x.
Capital expenditures required $60 thousand in the quarter and are expected to be less than $2 million for fiscal 2026.
Orders, Backlog and Fiscal 2026 Outlook
Orders in the first quarter of fiscal 2026 were $34.9 million, up from $33.1 million in the first quarter of fiscal 2025. The Company’s order backlog was $25.5 million as of April 30, 2025, compared with $28.3 million at the end of fiscal 2025.
Mr. Woods noted, “We expect to benefit from a number of factors as we advance through fiscal 2026 and beyond. These tailwinds include the following:
- The multi-year backlogs at commercial aircraft OEMs whose build rates are expected to grow over the next few years
- The Aerospace transition from legacy equipment to our ToughWriter® models which will support proprietary aftermarket revenue growth
- The measurable expansion of the total addressable market for our Product Identification segment driven by the new next-generation wider format, higher volume printer solutions we now offer as a result of the MTEX acquisition
- The seven significant new product launches planned for fiscal 2026, of which three have been completed
In addition, we expect margin improvement given our restructuring efforts and the streamlining of the organization. And, looking further ahead, we will benefit significantly from the approximately $4 million reduction in royalty payments in fiscal 2028.”
For fiscal 2026, AstroNova continues to expect net revenue in the range of $160 million to $165 million, which is a 7% increase over fiscal 2025 at the mid-point of the range. Adjusted EBITDA margin is expected to be in the range of 8.5% to 9.5%, an 80-basis point expansion over the prior year at the mid-point. The Company’s expected effective tax rate for fiscal 2026 is approximately 25% and depreciation and amortization are expected to be approximately $5 million.
Earnings Conference Call Information
AstroNova will host a conference call and webcast today at 9:00 a.m. ET to review financial and operating results for the first quarter fiscal 2026. A question and answer session will follow.
To access the conference call, please dial (201) 689-8560 or find the webcast and accompanying slide presentation at investors.astronovainc.com.
A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Thursday, June 19, 2025. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13753559. The webcast replay will be available on the Investor Relations section of the Company’s website where a transcript will be posted once available.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the Non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating expenses, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per Common Share - diluted , Non-GAAP segment gross profit, Non-GAAP segment gross profit margin, Non-GAAP segment operating income, Non-GAAP segment operating income margin Adjusted EBITDA, and Adjusted EBITDA Margin. AstroNova believes that the inclusion of these Non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a Non-GAAP basis. AstroNova’s management uses these Non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision-making. Please refer to the financial reconciliation table included in this news release for a reconciliation of the Non-GAAP measures to the most directly comparable GAAP measures for the three months ended April 30, 2025, January 31, 2025 and April 27, 2024.
AstroNova has not reconciled the forward-looking Adjusted EBITDA growth percentage included in its fiscal 2026 financial targets and outlook to the most directly comparable forward-looking GAAP measure because this cannot be done without unreasonable effort due to the lack of predictability regarding cost of sales, operating expenses, depreciation and amortization, and stock-based compensation. The impact of any of these items, individually or in the aggregate, may be significant.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats.
The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, high precision production and power monitoring, and maintenance applications.
AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting https://astronovainc.com/.
Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that our organizational improvements at MTEX may not result in the benefits that we expect; (ii) the risk that our cost-reduction and product line rationalization initiative may not provide the expected benefits; (iii) the risk that our Aerospace customers may not increase their build rates as much as we expect or convert to our ToughWriter® line in the volumes or on the schedule that we expect; (iv) the risk that the addressable market for our Product Identification products may not expand as much as we expect, (v) the risk that we may not realize the anticipated benefits of our next-generation print engine technology; and (vi) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.
| ASTRONOVA, INC. | |||||||||||||||
| Condensed Consolidated Statements of Income (Loss) | |||||||||||||||
(In thousands, except per share data) |
|||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| April 30, 2025 | April 27, 2024 | $ Variance | % Variance | ||||||||||||
| Revenue | $ |
37,708 |
|
$ |
32,961 |
|
$ |
4,747 |
|
14.4 |
% |
||||
| Cost of Revenue |
|
25,056 |
|
|
20,989 |
|
|
4,067 |
|
19.4 |
% |
||||
| Gross Profit |
|
12,652 |
|
|
11,972 |
|
|
680 |
|
5.7 |
% |
||||
| Total Gross Profit Margin |
|
33.6 |
% |
|
36.3 |
% |
|||||||||
| Operating Expenses: | |||||||||||||||
| Selling & Marketing |
|
5,554 |
|
|
5,656 |
|
|
(102 |
) |
(1.8 |
%) |
||||
| Research & Development |
|
1,543 |
|
|
1,603 |
|
|
(60 |
) |
(3.8 |
%) |
||||
| General & Administrative |
|
4,984 |
|
|
3,367 |
|
|
1,617 |
|
48.0 |
% |
||||
| Total Operating Expenses |
|
12,081 |
|
|
10,626 |
|
|
1,455 |
|
13.7 |
% |
||||
| Operating Income |
|
571 |
|
|
1,346 |
|
|
(775 |
) |
(57.6 |
%) |
||||
| Total Operating Margin |
|
1.5 |
% |
|
4.1 |
% |
|||||||||
| Interest Expense |
|
897 |
|
|
482 |
|
|
415 |
|
86.1 |
% |
||||
| Other (Income)/Expense, net |
|
(25 |
) |
|
117 |
|
|
(142 |
) |
(121.4 |
%) |
||||
| Income (Loss) Before Taxes |
|
(301 |
) |
|
747 |
|
|
(1,048 |
) |
(140.3 |
%) |
||||
| Income Tax Provision (Benefit) |
|
75 |
|
|
(434 |
) |
|
509 |
|
(117.3 |
%) |
||||
| Net Income (Loss) | $ |
(376 |
) |
$ |
1,181 |
|
$ |
(1,557 |
) |
(131.9 |
%) |
||||
| Net Income (Loss) per Common Share - Basic | $ |
(0.05 |
) |
$ |
0.16 |
|
|||||||||
| Net Income (Loss) per Common Share - Diluted | $ |
(0.05 |
) |
$ |
0.15 |
|
|||||||||
| Weighted Average Number of Common Shares - Basic |
|
7,560 |
|
|
7,459 |
|
|||||||||
| Weighted Average Number of Common Shares - Diluted |
|
7,560 |
|
|
7,628 |
|
|||||||||
| ASTRONOVA, INC. | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
(In thousands) |
|||||||||
(Unaudited) |
|||||||||
| April 30, 2025 | January 31, 2025 | ||||||||
| ASSETS | |||||||||
| CURRENT ASSETS | |||||||||
| Cash and Cash Equivalents | $ |
5,353 |
|
$ |
5,050 |
|
|||
| Accounts Receivable, net |
|
21,365 |
|
|
21,218 |
|
|||
| Inventories, net |
|
51,457 |
|
|
47,894 |
|
|||
| Prepaid Expenses and Other Current Assets |
|
3,006 |
|
|
3,855 |
|
|||
| Total Current Assets |
|
81,181 |
|
|
78,017 |
|
|||
| PROPERTY, PLANT AND EQUIPMENT |
|
63,050 |
|
|
62,361 |
|
|||
| Less Accumulated Depreciation |
|
(45,530 |
) |
|
(44,722 |
) |
|||
| Property, Plant and Equipment, net |
|
17,520 |
|
|
17,639 |
|
|||
| OTHER ASSETS | |||||||||
| Identifiable Intangibles, net |
|
23,414 |
|
|
23,519 |
|
|||
| Goodwill |
|
15,232 |
|
|
14,515 |
|
|||
| Deferred Tax Assets, net |
|
8,527 |
|
|
8,431 |
|
|||
| Right of Use Asset |
|
2,763 |
|
|
1,781 |
|
|||
| Other Assets |
|
1,687 |
|
|
1,693 |
|
|||
| TOTAL ASSETS | $ |
150,324 |
|
$ |
145,595 |
|
|||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts Payable | $ |
11,383 |
|
$ |
7,928 |
|
|||
| Accrued Compensation |
|
4,878 |
|
|
3,745 |
|
|||
| Other Accrued Expenses |
|
4,165 |
|
|
4,461 |
|
|||
| Revolving Line of Credit |
|
18,370 |
|
|
20,929 |
|
|||
| Current Portion of Long-Term Debt |
|
6,041 |
|
|
6,110 |
|
|||
| Short-Term Debt |
|
327 |
|
|
581 |
|
|||
| Current Liability – Royalty Obligation |
|
1,233 |
|
|
1,358 |
|
|||
| Current Liability – Excess Royalty Payment Due |
|
580 |
|
|
691 |
|
|||
| Deferred Revenue |
|
1,666 |
|
|
543 |
|
|||
| Total Current Liabilities |
|
48,643 |
|
|
46,346 |
|
|||
| NON-CURRENT LIABILITIES | |||||||||
| Long-Term Debt, net of current portion |
|
20,002 |
|
|
19,044 |
|
|||
| Lease Liabilities, net of current portion |
|
2,318 |
|
|
1,535 |
|
|||
| Grant Deferred Revenue |
|
1,144 |
|
|
1,090 |
|
|||
| Royalty Obligation, net of current portion |
|
982 |
|
|
1,106 |
|
|||
| Income Tax Payables |
|
684 |
|
|
684 |
|
|||
| Deferred Tax Liabilities |
|
- |
|
|
40 |
|
|||
| TOTAL LIABILITIES |
|
73,773 |
|
|
69,845 |
|
|||
| SHAREHOLDERS’ EQUITY | |||||||||
| Common Stock |
|
550 |
|
|
547 |
|
|||
| Additional Paid-in Capital |
|
64,569 |
|
|
64,215 |
|
|||
| Retained Earnings |
|
49,004 |
|
|
49,380 |
|
|||
| Treasury Stock |
|
(35,198 |
) |
|
(35,043 |
) |
|||
| Accumulated Other Comprehensive Loss, net of tax |
|
(2,374 |
) |
|
(3,349 |
) |
|||
| TOTAL SHAREHOLDERS’ EQUITY |
|
76,551 |
|
|
75,750 |
|
|||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
150,324 |
|
$ |
145,595 |
|
|||
| ASTRONOVA, INC. | ||||||||
| Condensed Consolidated Statements of Cash Flow | ||||||||
| (In Thousands) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| April 30, 2025 | April 27, 2024 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net Income (Loss) | $ |
(376 |
) |
$ |
1,181 |
|
||
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||
| Depreciation and Amortization |
|
1,290 |
|
|
911 |
|
||
| Grant Income charged to Depreciation |
|
56 |
|
|
— |
|
||
| Amortization of Debt Issuance Costs |
|
8 |
|
|
6 |
|
||
| Share-Based Compensation |
|
306 |
|
|
325 |
|
||
| Deferred Income Tax provision (Benefit) |
|
(52 |
) |
|
— |
|
||
| Changes in Assets and Liabilities: | ||||||||
| Accounts Receivable |
|
210 |
|
|
5,130 |
|
||
| Inventories |
|
(2,704 |
) |
|
1,117 |
|
||
| Income Taxes |
|
172 |
|
|
(532 |
) |
||
| Accounts Payable and Accrued Expenses |
|
3,622 |
|
|
(1,213 |
) |
||
| Deferred Revenue |
|
1,041 |
|
|
(183 |
) |
||
| Other |
|
822 |
|
|
162 |
|
||
| Net Cash Provided by Operating Activities |
|
4,395 |
|
|
6,904 |
|
||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of Property, Plant and Equipment |
|
(60 |
) |
|
(492 |
) |
||
| Net Cash Used by Investing Activities |
|
(60 |
) |
|
(492 |
) |
||
| Cash Flows from Financing Activities: | ||||||||
| Net Cash Proceeds from Employee Stock Option Plans |
|
- |
|
|
18 |
|
||
| Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan |
|
51 |
|
|
30 |
|
||
| Net Cash Used for Payment of Taxes Related to Vested Restricted Stock |
|
(155 |
) |
|
(432 |
) |
||
| Repayments under Revolving Credit Facility |
|
(2,872 |
) |
|
(5,500 |
) |
||
| Payment of Minimum Guarantee Royalty Obligation |
|
(428 |
) |
|
(375 |
) |
||
| Principal Payments of Long-Term Debt |
|
(826 |
) |
|
(710 |
) |
||
| Net Cash Used for Financing Activities |
|
(4,230 |
) |
|
(6,969 |
) |
||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
198 |
|
|
20 |
|
||
| Net (Decrease) Increase in Cash and Cash Equivalents |
|
303 |
|
|
(537 |
) |
||
| Cash and Cash Equivalents, Beginning of Period |
|
5,050 |
|
|
4,527 |
|
||
| Cash and Cash Equivalents, End of Period | $ |
5,353 |
|
$ |
3,990 |
|
||
| Supplemental Information: | ||||||||
| Cash Paid (Received) During the Period for: | ||||||||
| Interest | $ |
770 |
|
$ |
409 |
|
||
| Income Taxes, net of refunds | $ |
(100 |
) |
$ |
93 |
|
||
| Non-Cash Transactions: | ||||||||
| Operating Lease Obtained in Exchange for Operating Lease Liabilities | $ |
936 |
|
$ |
358 |
|
||
ASTRONOVA, INC. |
||||||||
| Segment Sales and Profit | ||||||||
| (Unaudited, $ in thousands) | ||||||||
Three Months Ended |
||||||||
| ($ in thousands) | April 30, 2025 | April 27, 2024 | ||||||
| Revenue: | ||||||||
| Product Identification | $ |
26,289 |
|
$ |
23,185 |
|
||
| Aerospace |
|
11,419 |
|
|
9,776 |
|
||
| Total Revenue | $ |
37,708 |
|
$ |
32,961 |
|
||
| Gross Profit: | ||||||||
| Product Identification | $ |
8,727 |
|
$ |
8,326 |
|
||
| Aerospace |
|
3,925 |
|
|
3,646 |
|
||
| Gross Profit | $ |
12,652 |
|
$ |
11,972 |
|
||
| Gross Profit Margin: | ||||||||
| Product Identification |
|
33.2 |
% |
|
35.9 |
% |
||
| Aerospace |
|
34.4 |
% |
|
37.3 |
% |
||
| Gross Profit Margin |
|
33.6 |
% |
|
36.3 |
% |
||
| Segment Operating Income: | ||||||||
| Product Identification | $ |
2,791 |
|
$ |
2,991 |
|
||
| Aerospace |
|
2,764 |
|
|
1,722 |
|
||
| Total Segment Operating Income | $ |
5,555 |
|
$ |
4,713 |
|
||
| Segment Operating Margin: | ||||||||
| Product Identification |
|
10.6 |
% |
|
12.9 |
% |
||
| Aerospace |
|
24.2 |
% |
|
17.6 |
% |
||
| Total Segment Operating Margin |
|
14.7 |
% |
|
14.3 |
% |
||
| Corporate Expense |
|
(4,984 |
) |
|
(3,367 |
) |
||
| Operating Income | $ |
571 |
|
$ |
1,346 |
|
||
| Interest Expense | $ |
897 |
|
$ |
482 |
|
||
| Other (Income)/Expense, net |
|
(25 |
) |
|
117 |
|
||
| Income (Loss) Before Income Taxes | $ |
(301 |
) |
$ |
747 |
|
||
| Income Tax Provision (Benefit) |
|
75 |
|
|
(434 |
) |
||
| Net Income (Loss) | $ |
(376 |
) |
$ |
1,181 |
|
||
| ASTRONOVA, INC. | ||||||||
| Segment Sales and Non-GAAP Profit | ||||||||
| (Unaudited, $ in thousands) | ||||||||
Three Months Ended |
||||||||
| ($ in thousands) | April 30, 2025 | April 27, 2024 | ||||||
| Revenue: | ||||||||
| Product Identification | $ |
26,289 |
|
$ |
23,185 |
|
||
| Aerospace |
|
11,419 |
|
|
9,776 |
|
||
| Total Revenue | $ |
37,708 |
|
$ |
32,961 |
|
||
| Non-GAAP Gross Profit: | ||||||||
| Product Identification | $ |
8,961 |
|
$ |
8,326 |
|
||
| Aerospace |
|
4,092 |
|
|
3,646 |
|
||
| Non-GAAP Gross Profit | $ |
13,053 |
|
$ |
11,972 |
|
||
| Non-GAAP Gross Profit Margin: | ||||||||
| Product Identification |
|
34.1 |
% |
|
35.9 |
% |
||
| Aerospace |
|
35.8 |
% |
|
37.3 |
% |
||
| Non-GAAP Gross Profit Margin |
|
34.6 |
% |
|
36.3 |
% |
||
| Non-GAAP Segment Operating Income: | ||||||||
| Product Identification | $ |
3,120 |
|
$ |
2,991 |
|
||
| Aerospace |
|
2,932 |
|
|
1,722 |
|
||
| Total Non-GAAP Segment Operating Income | $ |
6,052 |
|
$ |
4,713 |
|
||
| Non-GAAP Segment Operating Margin: | ||||||||
| Product Identification |
|
11.9 |
% |
|
12.9 |
% |
||
| Aerospace |
|
25.7 |
% |
|
17.6 |
% |
||
| Total Non-GAAP Segment Operating Margin |
|
16.0 |
% |
|
14.3 |
% |
||
| ASTRONOVA, INC. | ||||||||||||||||||||
| Revenue by Market | ||||||||||||||||||||
(unaudited, $ in thousands) |
||||||||||||||||||||
| Product Identification: | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY2025 | Q1 FY26 | ||||||||||||||
| Desktop Label Printers | $ |
14,220 |
$ |
16,349 |
$ |
15,408 |
$ |
14,019 |
$ |
59,996 |
$ |
15,478 |
||||||||
| Professional Label Printers |
|
3,245 |
|
4,231 |
|
3,423 |
|
2,972 |
|
13,872 |
|
3,247 |
||||||||
| Direct to Package/Overprint Printers |
|
1,787 |
|
2,925 |
|
3,627 |
|
2,718 |
|
11,057 |
|
3,396 |
||||||||
| Mail & Sheet/Flat Pack Printers |
|
3,930 |
|
3,471 |
|
3,679 |
|
4,494 |
|
15,574 |
|
4,050 |
||||||||
| Flexible Packaging Printers |
|
0 |
|
0 |
|
15 |
|
1,289 |
|
1,304 |
|
30 |
||||||||
| Other |
|
3 |
|
188 |
|
165 |
|
187 |
|
542 |
|
88 |
||||||||
| TOTAL | $ |
23,185 |
$ |
27,165 |
$ |
26,317 |
$ |
25,679 |
$ |
102,345 |
|
26,289 |
||||||||
| Aerospace: | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY2025 | Q1 FY26 | ||||||||||||||
| Defense | $ |
329 |
$ |
608 |
$ |
734 |
$ |
781 |
$ |
2,452 |
$ |
2,502 |
||||||||
| Commercial Aircraft |
|
3,813 |
|
6,299 |
|
5,221 |
|
4,363 |
|
19,696 |
|
3,444 |
||||||||
| Regional and Biz Jet Aircraft |
|
697 |
|
604 |
|
993 |
|
802 |
|
3,096 |
|
251 |
||||||||
| Aftermarket |
|
4,694 |
|
5,326 |
|
7,059 |
|
5,481 |
|
22,559 |
|
4,869 |
||||||||
| Other |
|
243 |
|
537 |
|
99 |
|
255 |
|
1,134 |
|
352 |
||||||||
| TOTAL | $ |
9,776 |
$ |
13,374 |
$ |
14,105 |
$ |
11,683 |
$ |
48,938 |
$ |
11,419 |
||||||||
| Consolidated Total | $ |
32,961 |
$ |
40,539 |
$ |
40,422 |
$ |
37,361 |
$ |
151,283 |
$ |
37,708 |
||||||||
| ASTRONOVA, INC. | ||||||||||||||||||
| Revenue by Type | ||||||||||||||||||
| (Unaudited, $ in thousands) | ||||||||||||||||||
| Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY 2025 | Q1 FY26 | |||||||||||||
| Product ID Hardware | $ |
3,802 |
$ |
4,311 |
$ |
4,590 |
$ |
5,591 |
$ |
18,294 |
$ |
4,776 |
||||||
| Product ID Recurring Supplies, Parts & Service |
|
19,383 |
|
22,854 |
|
21,727 |
|
20,087 |
|
84,051 |
|
21,513 |
||||||
| Total Product ID | $ |
23,185 |
$ |
27,165 |
$ |
26,317 |
$ |
25,678 |
$ |
102,345 |
$ |
26,289 |
||||||
| Aerospace Hardware | $ |
5,073 |
$ |
8,048 |
$ |
7,032 |
$ |
6,185 |
$ |
26,338 |
$ |
6,519 |
||||||
| Aerospace Recurring Supplies, Parts & Service |
|
4,703 |
|
5,326 |
|
7,073 |
|
5,498 |
|
22,600 |
|
4,900 |
||||||
| Total Aerospace | $ |
9,776 |
$ |
13,374 |
$ |
14,105 |
$ |
11,683 |
$ |
48,938 |
$ |
11,419 |
||||||
| AstroNova Hardware | $ |
8,875 |
$ |
12,359 |
$ |
11,622 |
$ |
11,776 |
$ |
44,632 |
$ |
11,295 |
||||||
| AstroNova Recurring Supplies, Parts & Service |
|
24,086 |
|
28,180 |
|
28,800 |
|
25,585 |
|
106,651 |
|
26,413 |
||||||
| TOTAL | $ |
32,961 |
$ |
40,539 |
$ |
40,422 |
$ |
37,361 |
$ |
151,283 |
$ |
37,708 |
||||||
| ASTRONOVA, INC. | |||||||||||||||||||||||
| Bookings and Backlog | |||||||||||||||||||||||
| (Unaudited, $ in thousands) | |||||||||||||||||||||||
| Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY 2025 | Q1 FY26 | ||||||||||||||||||
| Sales | $ |
32,961 |
|
$ |
40,539 |
|
$ |
40,422 |
|
$ |
37,361 |
|
$ |
151,283 |
|
$ |
37,708 |
|
|||||
| Bookings | $ |
33,122 |
|
$ |
35,799 |
|
$ |
37,615 |
|
$ |
38,576 |
|
$ |
145,112 |
|
$ |
34,893 |
|
|||||
| Backlog | $ |
31,556 |
|
$ |
29,900 |
|
$ |
27,092 |
|
$ |
28,307 |
|
$ |
28,307 |
|
$ |
25,491 |
|
|||||
| Book:Bill |
|
100 |
% |
|
88 |
% |
|
93 |
% |
|
103 |
% |
|
96 |
% |
|
93 |
% |
|||||
| ASTRONOVA, INC. | ||||||||
| Reconciliation of GAAP to Non-GAAP Items | ||||||||
(Unaudited, $ in thousands) |
||||||||
| Three Months Ended | ||||||||
| April 30, 2025 | April 27, 2024 | |||||||
| Revenue | $ |
37,708 |
|
$ |
32,961 |
|
||
| Gross Profit | $ |
12,652 |
|
$ |
11,972 |
|
||
| Inventory Step-Up |
|
61 |
|
|
- |
|
||
| Restructuring Charges |
|
340 |
|
|
- |
|
||
| Non-GAAP Gross Profit | $ |
13,053 |
|
$ |
11,972 |
|
||
| Gross Profit Margin |
|
33.6 |
% |
|
36.3 |
% |
||
| Non-GAAP Gross Profit Margin |
|
34.6 |
% |
|
36.3 |
% |
||
| Operating Expenses | $ |
12,081 |
|
$ |
10,626 |
|
||
| MTEX-related Acquisition Expenses |
|
(337 |
) |
|
- |
|
||
| Restructuring Charges |
|
(218 |
) |
|
- |
|
||
| Non-GAAP Operating Expenses | $ |
11,526 |
|
$ |
10,626 |
|
||
| Operating Income | $ |
571 |
|
$ |
1,346 |
|
||
| MTEX-related Acquisition Expenses |
|
337 |
|
|
- |
|
||
| Inventory Step-Up |
|
61 |
|
|
- |
|
||
| Restructuring Charges |
|
558 |
|
|
- |
|
||
| Non-GAAP Operating Income | $ |
1,527 |
|
$ |
1,346 |
|
||
| Operating Income Margin |
|
1.5 |
% |
|
4.1 |
% |
||
| Non-GAAP Operating Income Margin |
|
4.0 |
% |
|
4.1 |
% |
||
| Net Income (Loss) | $ |
(376 |
) |
$ |
1,181 |
|
||
| MTEX-related Acquisition Expenses(1) |
|
257 |
|
|
- |
|
||
| Inventory Step-Up(1) |
|
49 |
|
|
- |
|
||
| Restructuring Charges(1) |
|
424 |
|
|
- |
|
||
| Non-GAAP Net Income | $ |
354 |
|
$ |
1,181 |
|
||
| Net Income (Loss) per Common Share - Diluted | $ |
(0.05 |
) |
$ |
0.15 |
|
||
| MTEX-related Acquisition Expenses(1) |
|
0.03 |
|
|
- |
|
||
| Inventory Step-Up(1) |
|
0.01 |
|
|
- |
|
||
| Restructuring Charges(1) |
|
0.06 |
|
|
- |
|
||
| Non-GAAP Net Income per Common Share - Diluted | $ |
0.05 |
|
$ |
0.15 |
|
||
| (1) Net of taxes | ||||||||
| ASTRONOVA, INC. | |||||||
Reconciliation of Net Income and Margin to Adjusted EBITDA and Margin |
|||||||
(Unaudited, $ in thousands) |
|||||||
| Three Months Ended | |||||||
| April 30, 2025 | April 27, 2024 | ||||||
| Net Income (Loss) | $ |
(376 |
) |
$ |
1,181 |
|
|
| Interest Expense |
|
897 |
|
|
482 |
|
|
| Income Tax Expense (Benefit) |
|
75 |
|
|
(434 |
) |
|
| Depreciation & Amortization |
|
1,290 |
|
|
911 |
|
|
| EBITDA | $ |
1,886 |
|
$ |
2,141 |
|
|
| Share-Based Compensation |
|
306 |
|
|
325 |
|
|
| MTEX-related Acquisition Expenses |
|
337 |
|
|
- |
|
|
| Inventory Step-Up |
|
61 |
|
|
- |
|
|
| Restructuring Charges |
|
558 |
|
|
- |
|
|
| Adjusted EBITDA | $ |
3,148 |
|
$ |
2,465 |
|
|
| Revenue |
|
37,708 |
|
|
32,961 |
|
|
| Net Income (Loss) Margin |
|
-1.0 |
% |
|
3.6 |
% |
|
| Adjusted EBITDA Margin |
|
8.3 |
% |
|
7.5 |
% |
|
| ASTRONOVA, INC. | |||||||||||||||||||
Reconciliation of Segment Gross Profit and Margin to Non-GAAP Gross Profit and Margin |
|||||||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| April 30, 2025 | April 27, 2024 | ||||||||||||||||||
Product Identification |
Aerospace | Total | Product Identification |
Aerospace | Total | ||||||||||||||
| Segment Gross Profit | $ |
8,727 |
|
$ |
3,925 |
|
$ |
12,652 |
|
$ |
8,326 |
|
$ |
3,646 |
|
$ |
11,972 |
|
|
| Inventory Step-Up |
|
61 |
|
|
- |
|
|
61 |
|
|
- |
|
|
- |
|
|
- |
|
|
| Restructuring Charges |
|
173 |
|
|
167 |
|
|
340 |
|
|
- |
|
|
- |
|
|
- |
|
|
| Non-GAAP - Segment Gross Profit | $ |
8,961 |
|
$ |
4,092 |
|
$ |
13,053 |
|
$ |
8,326 |
|
$ |
3,646 |
|
$ |
11,972 |
|
|
| Revenue | $ |
26,289 |
|
$ |
11,419 |
|
$ |
37,708 |
|
$ |
23,185 |
|
$ |
9,776 |
|
$ |
32,961 |
|
|
| Gross Profit Margin |
|
33.2 |
% |
|
34.4 |
% |
|
33.6 |
% |
|
35.9 |
% |
|
37.3 |
% |
|
36.3 |
% |
|
| Non-GAAP Segment Gross Profit Margin |
|
34.1 |
% |
|
35.8 |
% |
|
34.6 |
% |
|
35.9 |
% |
|
37.3 |
% |
|
36.3 |
% |
|
| ASTRONOVA, INC. | |||||||||||||||||||
Reconciliation of Segment Operating Profit and Margin to Non-GAAP Operating Profit and Margin |
|||||||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| April 30, 2025 | April 27, 2024 | ||||||||||||||||||
Product Identification |
Aerospace | Total | Product Identification |
Aerospace | Total | ||||||||||||||
| Segment Operating Income | $ |
2,791 |
|
$ |
2,764 |
|
$ |
5,555 |
|
$ |
2,991 |
|
$ |
1,722 |
|
$ |
4,713 |
|
|
| Inventory Step-Up |
|
61 |
|
|
- |
|
|
61 |
|
|
- |
|
|
- |
|
|
- |
|
|
| Restructuring Charges |
|
268 |
|
|
168 |
|
|
436 |
|
|
- |
|
|
- |
|
|
- |
|
|
| Non-GAAP - Segment Operating Income | $ |
3,120 |
|
$ |
2,932 |
|
$ |
6,052 |
|
$ |
2,991 |
|
$ |
1,722 |
|
$ |
4,713 |
|
|
| Revenue | $ |
26,289 |
|
$ |
11,419 |
|
$ |
37,708 |
|
$ |
23,185 |
|
$ |
9,776 |
|
$ |
32,961 |
|
|
| Operating Margin |
|
10.6 |
% |
|
24.2 |
% |
|
14.7 |
% |
|
12.9 |
% |
|
17.6 |
% |
|
14.3 |
% |
|
| Non-GAAP Operating Margin |
|
11.9 |
% |
|
25.7 |
% |
|
16.0 |
% |
|
12.9 |
% |
|
17.6 |
% |
|
14.3 |
% |
|
| Note: Segment Operating Income excludes General & Administrative Expenses | |||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250605972708/en/
Contacts
Deborah Pawlowski, IRC, Alliance Advisors
Email: dpawlowski@allianceadvisors.com
Phone: 716.843.3908
