ASTROTECH Corp

Astrotech Corporation

Company at a glance

• Astrotech Corporation (Nasdaq: ASTC) is a Delaware corporation that commercializes its Mass Spectrometry and Gas Chromatography platform (AMS Technology) through a family of wholly owned subsidiaries.
• Core platform: AMS Technology — a compact, lower-cost mass spectrometry solution designed to be easier to use than traditional systems, operating under ultra-high vacuum for higher resolution and fewer false alarms.
• Intellectual property: AMS Technology is protected by 17 granted patents plus trade secrets. Astrotech Technologies, Inc. (ATI) owns the AMS IP and licenses it exclusively to five wholly owned subsidiaries.

Organization and active subsidiaries

• 1st Detect Corporation (TRACER 1000 ETD/NTD)

  • Explosive and narcotics trace detectors using AMS Technology.
  • TRACER 1000 is ECAC certified and TSA-approved for air cargo; ECAC certification for air passenger and cargo in various markets.
  • ECAC certification milestones: ECAC/EU G1 approval (May 11, 2026) and wand swabbing ECAC certification (June 8, 2026).
  • Target markets: airports (passenger and cargo), border security, infrastructure security, correctional facilities, military, and law enforcement.
  • Deployed in approximately 37 locations across 16 countries (as of June 30, 2026).
  • Board authorized pursuing a potential sale of 1st Detect (announced June 16, 2026) to raise capital for strategic initiatives.
  • Government program status: TSA Stage II testing; pursuing additional U.S. certification (TSA checkpoint testing) and GSA Schedule 70 sales (Contract No. GS-35F-250GA with SRI Group LLC).

• AgLAB, Inc. (AgLAB 1000 series)

  • Mass spectrometers for the hemp/cannabis market with an initial focus on optimizing distillation yields.
  • Holds the exclusive AMS license for agriculture applications.
  • Field trials indicate the AgLAB MVP and AgLAB 1000-D2 can improve distillation yields; the MVP enables real-time process control to optimize end-product quality and quantity.
  • Target customers include cultivation, processing, oil distillation, quality control, and certification labs.

• BreathTech Corporation (BreathTest-1000)

  • Breath analysis tool to screen for VOC metabolites that may indicate compromised health conditions.
  • Holds the exclusive AMS license for breath analysis.
  • Medical and biomedical applications face significant regulatory requirements; current priorities shift to other units following the end of the Cleveland Clinic study in February 2025.

• Pro-Control, Inc. (Pro-Control 1000-D2)

  • AMS-enabled industrial process control for distillation and other manufacturing processes.
  • Holds the exclusive AMS license for industrial distillation applications.

• EN-SCAN, Inc. (EN-SCAN)

  • Rugged, portable GC-based environmental testing systems for on-site, real-time results.
  • Products: EN-SCAN Handheld GC, EN-SCAN Fenceline Monitor, EN-SCAN Rugged Lab GC.
  • Uses ATi Gas Chromatograph (GC) and AMS Technology; aimed at soil, water, and air analysis and contamination source tracking.
  • Plans to add mass spectrometry in future product generations (expanding from GC-only to GC-MS).

• Lunar Initiatives (LP&L)

  • Board-approved strategy focused on Moon-based resource development, autonomous lunar infrastructure, Moon-based computing, semiconductor manufacturing, lunar power and infrastructure, mining, and related transport/leasing.
  • Early-stage program; no commercial operations or commitments yet. The program will require substantial capital and is subject to government awards and feasibility assessments.

Markets, customers, and go-to-market

• Addressed markets:

  • Security: air cargo and passenger security, border checkpoints, infrastructure security, and law enforcement.
  • Industrial/manufacturing: process control, distillation optimization, and real-time on-site analytics.
  • Agriculture: hemp/cannabis cultivation and distillation yield optimization.
  • Environmental: on-site testing of soil, water, and air.
  • Breath analysis: regulated health monitoring applications.
  • Lunar/space infrastructure: long-term strategic exploration.

• Customers and concentration:

  • Substantial revenue is generated from four customers; these customers do not have long-term contracts with the company.

• Sales channels:

  • 1st Detect: direct sales and channel/distributor partnerships.
  • AgLAB: direct and channel sales, with lease programs (example: SC Labs).
  • EN-SCAN and other units: mix of direct sales and partner channels.

Operations and capabilities

• Headquarters and facilities:

  • ATI operates facilities in Austin, Texas.
  • Metric Facility lease in Austin: about 17,628 sq ft, 89-month term starting July 1, 2025; net lease commitment about $2.7 million after a $312,500 tenant allowance (lease effective January 29, 2025).

• Intellectual property and licensing:

  • AMS IP is licensed on an exclusive basis to the five subsidiaries: 1st Detect (security/cargo), AgLAB (agriculture), BreathTech (breath analysis), Pro-Control (industrial), and EN-SCAN (industrial/environmental).
  • 17 patents granted, plus extensive trade secrets.

• Product development and R&D:

  • Ongoing development to tailor AMS Technology for each market, including detection libraries (explosive/narcotics, cannabis derivatives), sample introduction methods, and user interface improvements.

• Regulatory landscape:

  • Products interact with multiple regulatory regimes: FDA, EU Medical Device Regulation, CE marking, TSA/ECAC for security devices, environmental and labeling regulations, and others.
  • BreathTest-1000 and similar devices may require FDA 510(k), de novo, or PMA clearances; EN-SCAN and other products must meet applicable jurisdictional regulations.

Financial snapshot (as of June 30, 2026)

• Cash and investments: cash approximately $8.4 million; short-term investments approximately $2.9 million.
• Accumulated deficit: approximately $265 million.
• FY2026 results: net loss of about $14.4 million.
• Headcount: 28 employees (as of June 30, 2026); no collective bargaining agreements.
• Deployments: TRACER 1000 deployed in approximately 37 locations across 16 countries (USA, Europe, Asia) as of June 30, 2026.
• Equity and capital structure:
  • Common stock outstanding: 1,998,734 as of June 30, 2026; authorized 250,000,000 common shares.
  • Preferred stock: Series A, C, D designations exist; Series A authorized 300,000 shares (none outstanding); Series D had 280,898 shares outstanding as of June 30, 2026.
• Strategic actions:
  • June 16, 2026: Board authorized management to pursue a potential sale of 1st Detect.

Corporate governance and listing

• Public market: listed on Nasdaq and subject to public-company regulatory and listing requirements, including the risk of delisting if Nasdaq standards are not maintained.
• Governance matters include periodic assessment of strategic alternatives, such as the potential sale of 1st Detect, and related operational implications.

Key distinguishing points

• AMS Technology is a compact, field-ready mass spectrometry platform designed to reduce cost, size, and complexity compared with legacy systems, using ultra-high vacuum to reduce interference and false alarms.
• The company uses an exclusive licensing model across multiple verticals, enabling targeted product development with industry-specific interfaces, detection libraries, and sample introduction methods.

Summary

Astrotech develops, licenses, and commercializes AMS Technology-based mass spectrometry and gas chromatography solutions across targeted markets — security (explosives/narcotics detection), agriculture (hemp/cannabis processing), breath analysis, industrial process control, and environmental on-site testing — through five wholly owned subsidiaries (1st Detect, AgLAB, BreathTech, Pro-Control, EN-SCAN) and an exploratory Lunar Initiatives program. Products include ECAC/TSA-approved TRACER 1000 systems deployed in dozens of locations worldwide, ongoing market expansion efforts, and an early-stage lunar strategy that will require substantial external funding.