Astrotech Corporation (NASDAQ: ASTC) reported its financial
results for the second quarter of fiscal year 2021, which ended
December 31, 2020.
Since the beginning of the quarter, we successfully raised a
total of $37.0 million in gross proceeds, strengthening our balance
sheet for our future growth and expansion of our business. The
financings will allow for continued operating expenses and working
capital as we increase sales of our TRACER 1000™ explosives trace
detector (ETD) to DHL (Deutsche Post AG) and other customers in the
security market, launch the AgLAB-1000-D2™ into the hemp and
cannabis industry, and develop, in partnership with The Cleveland
Clinic Foundation, the BreathTest-1000™ to screen for volatile
organic compound (VOC) metabolites found in a person’s breath that
could indicate they may have an infection, including Coronavirus
Disease 2019 (COVID-19) or the resulting disease, pneumonia.
On the heels of the capital raises, we announced that 1st Detect
exceeded $1 million in purchase orders and an additional $1 million
in future service & support commitments for its TRACER 1000. In
December, we also announced that the TRACER 1000 ETD received a
Gold Award for the Best CBRNE Detection System category at American
Security Today’s ‘ASTORS’ Homeland Security Awards program, the
preeminent U.S. Homeland Security Awards Program that highlights
the most cutting-edge and forward-thinking security solutions
coming onto the market today. We also continue to get closer to
domestic sales at 1st Detect. Following the successful completion
of non-detection testing last quarter with the U.S. Transportation
Security Administration (TSA), we have entered detection testing,
which is the final phase before the TRACER 1000 can be approved for
cargo sales in the United States.
“We are excited to have our superior technology recognized by a
leading voice in the security industry, to have passed the
significant $1 million purchase order milestone, and for our
progress with TSA. We believe that we offer the most advanced ETD
on the market,” stated Thomas B. Pickens III, Chairman and Chief
Executive Officer of Astrotech Corporation. “Our work to bring our
Ag solution to the market continues to move forward as we receive
positive feedback and much interest from prospective customers.
Finally, our breath analysis efforts are progressing with The
Cleveland Clinic Foundation and we hope to have an update on our
work in the near-term,” concluded Pickens.
Second Quarter Fiscal Year 2021
Financial Highlights
Management continues efforts to optimize our resources while
reducing cost and adding financial flexibility.
- Through this release, $37.0 million in gross proceeds was
raised through an S-1 public offering, an at-the-market (“ATM”)
public offering, and two registered direct offerings.
- Commercial sales of the TRACER 1000 continued, leading to
revenue of $130 thousand for the second quarter of fiscal 2021. For
the fiscal year 2021, we have increased sales by $64 thousand,
compared to the same period in fiscal year 2020. Additional
purchase orders have already been received.
- For the quarter ended December 31, 2020, SG&A expenses
decreased $307 thousand, or 27.7%, and R&D expenses decreased
$181 thousand, or 19.3%, compared to the quarter ended December 31,
2019. Year to date through December 31, 2020, SG&A expenses
decreased $583 thousand, or 25.2%, and R&D expenses decreased
$427 thousand, or 23.8%, compared to the same period last
year.
- Monthly cash outlay for this fiscal year has been reduced to
approximately $416 thousand, a 25.6% reduction from our cash outlay
through the first six months of fiscal year 2020.
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology development
and commercialization company that launches, manages, and builds
scalable companies based on innovative technology in order to
maximize shareholder value. 1st Detect develops,
manufactures, and sells trace detectors for use in the security and
detection market. AgLAB is developing chemical analyzers for
use in the agriculture market. BreathTech is developing a
breath analysis tool to provide early detection of lung diseases.
Astrotech is headquartered in Austin, Texas. For information,
please visit www.astrotechcorp.com.
About AgLAB-1000™ and BreathTest-1000™
This press release contains information about our new products
under development, AgLAB-1000 and BreathTest-1000. Product
development involves a high degree of risk and uncertainty, and
there can be no assurance that our new products will be
successfully developed, achieve their intended benefits, receive
full market authorization, or be commercially successful. In
addition, FDA approval will be required to market BreathTest-1000
in the United States. Obtaining FDA approval is a complex and
lengthy process, and there can be no assurance that FDA approval
for BreathTest-1000 will be granted on a timely basis or at
all.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, the severity and duration of the COVID-19 pandemic and
its impact on the U.S. and worldwide economy, the timing, scope and
effect of further U.S. and international governmental, regulatory,
fiscal, monetary and public health responses to the COVID-19
pandemic, the Company’s use of proceeds from its recent financings,
whether we can successfully complete the development of our new
products and proprietary technologies, whether we can obtain the
FDA and other regulatory approvals required to market our products
under development in the United States or abroad, and whether the
market will accept our products and services, as well as other risk
factors and business considerations described in the Company’s
Securities and Exchange Commission filings including our annual
report on Form 10-K. Any forward-looking statements in this
document should be evaluated in light of these important risk
factors. In addition, any forward-looking statements included in
this press release represent the Company’s views only as of the
date of its publication and should not be relied upon as
representing its views as of any subsequent date. The Company
assumes no obligation to update these forward-looking
statements.
ASTROTECH CORPORATION
Condensed Consolidated Statements
of Operations and Comprehensive Loss
(In thousands, except per share
data)
(Unaudited)
Three Months Ended December
31,
Six Months Ended December
31,
2020
2019
2020
2019
Revenue
$
130
$
205
$
270
$
206
Cost of revenue
128
196
241
196
Gross profit
2
9
29
10
Operating expenses:
Selling, general and administrative
803
1,110
1,729
2,312
Research and development
758
939
1,367
1,794
Disposal of corporate lease
—
—
544
—
Total operating expenses
1,561
2,049
3,640
4,106
Loss from operations
(1,559
)
(2,040
)
(3,611
)
(4,096
)
Interest and other expense, net
(63
)
(43
)
(122
)
(55
)
Loss from operations before income
taxes
(1,622
)
(2,083
)
(3,733
)
(4,151
)
Income tax benefit
—
—
—
—
Net loss
$
(1,622
)
$
(2,083
)
$
(3,733
)
$
(4,151
)
Weighted average common shares
outstanding:
Basic and diluted
15,864
5,947
11,769
5,769
Basic and diluted net loss per common
share:
Net loss
$
(0.10
)
$
(0.35
)
$
(0.32
)
$
(0.72
)
Total comprehensive loss
$
(1,622
)
$
(2,083
)
$
(3,733
)
$
(4,151
)
ASTROTECH CORPORATION
Condensed Consolidated Balance
Sheets
(In thousands, except share and
per share data)
(Unaudited)
December 31, 2020
June 30, 2020
Assets
Current assets
Cash and cash equivalents
$
22,121
$
3,349
Restricted cash
542
—
Accounts receivable
95
101
Inventory:
Raw materials
173
416
Work-in-process
221
38
Finished goods
194
222
Income tax receivable
—
429
Prepaid expenses and other current
assets
76
117
Total current assets
23,422
4,672
Property and equipment, net
85
99
Assets held for disposal
—
237
Operating leases, right-of-use assets,
net
72
851
Other assets
—
71
Total assets
$
23,579
$
5,930
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
228
239
Payroll related accruals
434
433
Accrued expenses and other liabilities
939
627
Income tax payable
2
2
Term note payable - related party
2,500
2,500
Term note payable
421
210
Lease liabilities
82
339
Total current liabilities
4,606
4,350
Term note payable, net of current
portion
121
332
Lease liabilities, net of current
portion
42
623
Total liabilities
4,769
5,305
Commitments and contingencies
Stockholders’ equity
Convertible preferred stock, $0.001 par
value, 2,500,000 shares authorized; 280,898 shares of Series D
issued and outstanding at December 31, 2020 and June 30, 2020
—
—
Common stock, $0.001 par value, 50,000,000
shares authorized; 18,941,345 and 8,250,286 shares issued at
December 31, 2020 and June 30, 2020, respectively; 18,541,429 and
7,850,362 shares outstanding at December 31, 2020 and June 30,
2020, respectively
190,610
190,599
Treasury stock, 399,916 shares at cost at
December 31, 2020 and June 30, 2020
(4,129
)
(4,129
)
Additional paid-in capital
35,841
13,934
Accumulated deficit
(203,512
)
(199,779
)
Total stockholders’ equity
18,810
625
Total liabilities and stockholders’
equity
$
23,579
$
5,930
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210216006116/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Astrotech (NASDAQ:ASTC)
Historical Stock Chart
From Sep 2023 to Sep 2024