AstroNova, Inc.

AstroNova, Inc.

Overview

AstroNova designs, manufactures, and distributes specialty printers and related data acquisition systems. The company has two reporting segments:

• Product Identification (Product ID): tabletop and professional label printers, direct-to-package/overprint printers, mail and sheet/flat-pack printers, recently launched flexible packaging printers, plus related supplies and services.
• Aerospace: flight deck printers, airborne certified networking hardware, related supplies and services, and data acquisition systems sold under the AstroNova brand. Aerospace data acquisition systems are used across aerospace, automotive, defense, rail, energy, industrial, and general manufacturing markets.

Headquarters: West Warwick, Rhode Island. Fiscal year ends January 31.

Financial snapshot (year ended January 31, 2026)

• Revenue: $150.515 million (2026); $151.283 million (2025); $148.086 million (2024)
• Net income (loss): $(2.376) million (2026); $(14.489) million (2025); $4.694 million (2024)
• Net income (loss) per common share
  • Basic: $(0.31) (2026 and 2025); $0.63 (2024)
  • Diluted: $(0.31) (2026 and 2025); $0.63 (2024)
• Weighted average common shares outstanding
  • Basic: 7.614 million (2026); 7.509 million (2025); 7.415 million (2024)
  • Diluted: 7.614 million (2026); 7.509 million (2025); 7.496 million (2024)
• Cash and equivalents: $4.072 million (2026); $5.050 million (2025)
• Total assets: $137.566 million (2026); $145.595 million (2025)
• Total liabilities: $60.704 million (2026); $69.845 million (2025)
• Shareholders’ equity: $76.862 million (2026); $75.750 million (2025)
• Common stock issued: 11.077 million shares issued as of 2026 (par value $0.05)

Segment performance (years ended January 31)

• Revenue by segment
  • Product ID: $104.221 million (2026); $102.345 million (2025); $104.041 million (2024)
  • Aerospace: $46.294 million (2026); $48.938 million (2025); $44.045 million (2024)
  • Total revenue: $150.515 million (2026); $151.283 million (2025); $148.086 million (2024)
• Segment operating income (loss)
  • Product ID: $(0.472) million (2026); $(11.859) million (2025); $5.325 million (2024)
  • Aerospace: $9.763 million (2026); $9.087 million (2025); $8.240 million (2024)
  • Corporate expense: $(8.085) million (2026); $(5.868) million (2025); $(4.769) million (2024)
  • Total operating income (loss): $1.206 million (2026); $(8.640) million (2025); $8.796 million (2024)

Major acquisitions

• MTEX New Solution, S.A. acquisition completed May 6, 2024; purchase price $19.473 million (final fair value after measurement period adjustments).
• Initial estimated fair values for MTEX assets included customer relationships ($8.786m), internally developed technology ($4.719m), trademarks ($0.217m); goodwill recognized $16.207 million (allocated to Product ID).
• MTEX revenue attributable to AstroNova (consolidated): $4.970 million (2026); $4.163 million (2025).
• MTEX pre-tax earnings (operating loss before tax): $(0.941) million (2026); $(17.742) million (2025), driven by goodwill impairment and other factors.
• A correction of immaterial opening-balance-sheet errors related to MTEX property, plant, and equipment was recorded; resulting goodwill adjustments and impairment adjustments are described in the filing notes.

Geography of revenue (year ended January 31, 2026)

• United States: $90.720 million
• Europe: $39.711 million
• Canada: $6.996 million
• Asia: $7.075 million
• Central and South America: $4.748 million
• Other: $1.265 million
• Total: $150.515 million

Liquidity and debt

• Revolving credit facility outstanding: $16.273 million (as of 1/31/2026); available capacity approximately $11.8 million
• Total debt outstanding: $21.436 million (as of 1/31/2026)
  • Long-term debt, net of current portion: $18.295 million
  • Current portion of debt: $3.033 million
• MTEX-related debt included in long-term debt: MTEX Term Loan EUR 1.3 million; MTEX Government Grant Term Loans EUR 0.2 million (balances as of 1/31/2026)
• Interest expense on long-term debt in 2026: approximately $1.5 million; additional revolving credit interest and related costs detailed in filing notes

Other items

• Royalty obligations to Honeywell
  • Outstanding minimum royalty obligation: approximately $1.2 million due over the next 12 months (as of 1/31/2026)
  • Excess royalty expense recorded in cost of revenue: ~$2.1 million (2026); $2.5 million (2025); $2.3 million (2024)
• Restructuring
  • Fiscal 2026 pre-tax restructuring costs: $1.357 million (primarily severance-related)
  • Expected annualized savings: ~ $3.0 million, with completion targeted by Q2 fiscal 2027
• Cash flows (year ended January 31, 2026)
  • Net cash provided by operating activities: $11.738 million
  • Net cash used in investing activities: $(0.219) million
  • Net cash used in financing activities: $(12.857) million
  • Effect of foreign exchange: $0.360 million
  • Net decrease in cash and equivalents: $(0.978) million

Accounting and disclosures

• Revenue recognition: ASC 606
• Leases: ASC 842
• Goodwill
  • Impairment testing performed; prior impairment in MTEX-related goodwill occurred in 2025
  • No impairment of Product ID goodwill in fiscal 2026 after qualitative review
• MTEX government grants
  • Company maintains government grants in MTEX (Portugal) with deferred revenue related to capital grants; grant revenue is recognized against depreciation and selling/marketing costs as applicable