- Achieved revenue of $39.2 million in the quarter driven by sequential quarter growth in both Aerospace and Product Identification (“Product ID”)
- Net income was $0.4 million, or $0.05 per diluted share; Non-GAAP net income was $1.5 million, or $0.20 per diluted share
- Adjusted EBITDA was $4.2 million, or 10.7% of sales
- Generated $3.4 million of operating cash in the quarter and $8.1 million year to date
- Strengthened balance sheet with debt reduced by $3.2 million in the quarter and $6.4 million year to date
- Refinanced lending agreement on favorable terms
Company Website:
https://www.astronovainc.com/
WEST WARWICK, R.I. -- (Business Wire)
AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in specialized print technology solutions, today announced financial results for its fiscal 2026 third quarter ended October 31, 2025.
Jorik Ittmann, President and Chief Executive Officer of AstroNova, noted, “Our third quarter results indicate our efforts to stabilize the business, reignite sales in our Product ID segment and develop a greater sense of urgency in the business to deliver for our customers and shareholders are having a positive impact. We drove improvements in our mail & sheet/flatpack operations to provide more timely lead times for our customers and to reduce dated backlog. Importantly, the strong margins of our Aerospace segment confirm the value of the leading market position of our ToughWriter brand flight deck printers which are displacing legacy products for our highest volume major aircraft partners. This action combined with encouraging aircraft build rate forecasts bode well for this segment.”
Mr. Ittmann added, “While we have improved our financial results sequentially, including growing Product ID’s valuable and profitable recurring supplies, parts and service revenue, work remains to deliver consistent growth while we capture the benefits of our Aerospace segment.”
Third Quarter Fiscal 2026 Overview1(comparisons are to the prior-year period unless noted otherwise)
| | | | | | | | | | | | | | |
| | Three Months Ended |
| | October 31,
2025 | | November 2,
2024 | | $
Variance | | % Variance | | July 31,
2025 | | $
Variance | | %
Variance |
| Revenue | |
$
|
39,169
|
| |
$
|
40,422
|
| |
$
|
(1,253
|
)
| |
(3.1
|
)%
| |
$
|
36,102
|
| |
$
|
3,067
| |
8.5
|
%
|
| Gross Profit | |
$
|
14,197
|
| |
$
|
13,714
|
| |
$
|
483
|
| |
3.5
|
%
| |
$
|
11,633
|
| |
$
|
2,564
| |
22.0
|
%
|
| Gross Profit Margin | |
| 36.2 | % | |
| 33.9 | % | | | | | |
| 32.2 | % | | | | |
| Non-GAAP Gross Profit | |
$
|
14,557
|
| |
$
|
13,748
|
| |
$
|
809
|
| |
5.9
|
%
| |
$
|
11,631
|
| |
$
|
2,926
| |
25.2
|
%
|
| Non-GAAP Adjusted Gross Profit Margin | |
| 37.2 | % | |
| 34.0 | % | | | | | |
| 32.2 | % | | | | |
| Operating Income (Loss) | |
$
|
1,287
|
| |
$
|
1,264
|
| |
$
|
23
|
| |
1.8
|
%
| |
$
|
(708
|
)
| |
$
|
1,995
| |
(281.7
|
)%
|
| Operating Margin | |
| 3.3 | % | |
| 3.1 | % | | | | | |
| (2.0 | )% | | | | |
| Non-GAAP Operating Income | |
$
|
2,561
|
| |
$
|
1,623
|
| |
$
|
938
|
| |
57.8
|
%
| |
$
|
380
|
| |
$
|
2,181
| |
574.0
|
%
|
| Non-GAAP Operating Income Margin | |
| 6.5 | % | |
| 4.0 | % | | | | | |
| 1.1 | % | | | | |
| Net Income (Loss) | |
$
|
378
|
| |
$
|
240
|
| |
$
|
138
|
| |
57.3
|
%
| |
$
|
(1,243
|
)
| |
$
|
1,621
| |
(130.4
|
)%
|
| Non-GAAP Net Income (Loss) | |
$
|
1,532
|
| |
$
|
513
|
| |
$
|
1,019
|
| |
198.6
|
%
| |
$
|
(412
|
)
| |
$
|
1,944
| |
(471.8
|
)%
|
| Adjusted EBITDA | |
$
|
4,172
|
| |
$
|
3,228
|
| |
$
|
944
|
| |
29.3
|
%
| |
$
|
2,055
|
| |
$
|
2,117
| |
103.0
|
%
|
| Adjusted EBITDA Margin | |
| 10.7 | % | |
| 8.0 | % | | | | | |
| 5.7 | % | | | | |
| | | | | | | | | | | | | | |
| ______________________________ |
1 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. Refer to the reconciliation of GAAP to non-GAAP measures in the tables that accompany this news release. |
Compared with the trailing second quarter of fiscal 2026, revenue increased 8.5% reflecting growth in both Aerospace and Product ID segments. Gross profit improved sequentially by 400 basis points as a result of productivity improvements and improved product mix. Operating income increased over the trailing quarter representing operating leverage on higher volume and improved product mix.
Compared with the prior-year period, revenue declined $1.3 million as the combined growth in Product ID and the Aerospace segment’s Commercial Aircraft, Defense and Other markets sales did not fully offset lower Aerospace Aftermarket revenue, which had a tough comparison against an unusually strong third quarter in FY 2025. Tariff mitigation contributed $0.4 million in revenue and foreign currency translation was a $0.3 million benefit in the quarter.
As a result of improved productivity and a more profitable mix, gross profit was up $0.5 million, or 3.5%, and gross margin expanded 230 basis points compared with the prior-year period despite lower revenue and a provision for inventory of $0.4 million related to the closure of a warehouse. On an adjusted basis, gross margin expanded 320 basis points from the prior-year period to 37.2%.
Operating expenses in the quarter were $12.9 million up from $12.5 million in the prior-year period. Savings from cost reduction actions were offset by $0.4 million in legal expenses related to ongoing litigation, $0.1 million of costs related to the contested proxy solicitation and a $0.3 million goodwill impairment charge associated with the May 2024 MTEX acquisition. Operating income for the quarter was $1.3 million similar to the prior-year period, while non-GAAP operating income was $2.6 million, up $0.9 million, or 57.8% compared with the prior-year period.
Interest expense of $0.8 million was down 12.4% as debt balance decreased from $46.7 million in the prior-year end to $40.3 million as of the end of the quarter fiscal. Improved financial performance resulted in net income of $0.4 million, or $0.05 per share, compared with $0.2 million in the prior-year period. Non-GAAP net income was $1.5 million, or $0.20 per share. Adjusted EBITDA was $4.2 million and Adjusted EBITDA margin was 10.7%.
Product Identification (Product ID) Segment Review
Product ID revenue was $26.8 million for the third quarter of fiscal 2026, up 2.0%, or $0.5 million, compared with the prior year and was up $2.1 million, or 8.5%, sequentially. Sequential growth was across all product categories with Mail & Sheet/Flat Pack Printers increasing $0.5 million, or 14.4%, as productivity improvements enabled higher shipment levels.
Operating income for Product ID of $1.9 million was similar with the prior-year period, as improved volume and mix helped to offset an inventory provision of $0.7 million related to a warehouse closure and true-up between segments and a $0.3 million goodwill impairment charge. Operating margin was 7.0% compared with 7.1% in the prior-year period. Non-GAAP segment operating income grew $1.0 million, or 50%, to $2.9 million. Non-GAAP operating income margin for the third quarter of fiscal 2026 was 10.6%.
Aerospace Segment Review
Aerospace segment revenue was $12.3 million in the fiscal 2026 third quarter, a decrease of 12.7%, or $1.8 million. The decline reflects the benefit of $2.3 million in revenue in the prior-year period from atypical orders related to replacement printheads that had built up in backlog pending certification.
Despite lower sales, Aerospace segment operating profit was $4.5 million, up $1.3 million, or 39.4%, over the prior-year period from a $0.3 million benefit from an inventory provision true-up between segments as well as improved product mix.
Balance Sheet and Cash Flow
Cash provided by operations in the third quarter of fiscal 2026 was $3.4 million and was $8.1 million year to date. The improvement in cash generation in the quarter was a combination of stronger cash earnings and reduced working capital requirements, primarily due to lower inventory.
Capital expenditures in the quarter were $86 thousand and $0.2 million year to date compared with $0.3 million and $1.1 million, respectively, in the prior year periods.
Cash at the end of the third quarter of fiscal 2026 was $3.6 million, down $1.4 million from the end of fiscal 2025. The Company strengthened its balance sheet and reduced debt by $3.2 million in the quarter and by $6.4 million year to date. Debt as of October 31, 2025 was $40.3 million compared with $46.7 million as of January 31, 2025.
On October 31, 2025, the Company executed an amended credit agreement which extended the maturity of its revolving credit facility, temporarily increased the facility to $27.5 million, and refinanced previous term loans resulting in a new $10 million term loan and a new $9.7 million term A-2 loan. The new credit structure reduces principal payments and eliminates the foreign currency exchange rate volatility of the Euro payments. It also provides greater flexibility in its EBITDA covenant.
Bookings and Backlog by Segment
Orders in the quarter for the Product ID segment were $22.5 million, down $4.3 million compared with the prior-year period due to delays in renewing blanket orders with certain customers. The Company expects those orders to be renewed in the fourth quarter of fiscal 2026. As a result, the book to bill ratio for the segment was 84% and backlog decreased by $4.4 million from second quarter of fiscal 2026.
Orders in the quarter for the Aerospace segment increased $2.6 million, or 23.7%, over the prior-year period to $13.4 million primarily related to major OEM orders improving as inventory better aligns with build rates. The book to bill ratio for the segment was 109%. Backlog at the end of the third quarter of fiscal 2026 increased by $1.1 million compared with second quarter of fiscal 2026.
Fiscal 2026 Outlook
“Our solid performance in the third quarter and the progress we are making in the business provide us further confidence in our expectations for the full year," concluded Mr. Ittmann.
AstroNova has maintained its revenue expectations for fiscal 2026 within a range of $149 million to $154 million implying fourth quarter revenue in a range of $36 million to $41 million. Adjusted EBITDA margin expectations are in a range of 7.5% to 8.5% for the year.
Earnings Conference Call Information
AstroNova will host a conference call and webcast today at 8:30 a.m. ET to review financial and operating results for the third quarter of 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 https://investors.astronovainc.com/investors/events-and-presentations/default.aspx.
A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Wednesday, December 24, 2025. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13756179. The webcast replay will be available on the Investor Relations section of the Company’s website where a transcript will be posted once available.
About AstroNova, Inc.
AstroNova (Nasdaq: ALOT) is a leading innovator in specialized print technology solutions. The Company designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats on a variety of media. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its aftermarket products.
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 for printing on paper, labels, paperboard packaging, corrugated boxes, and paper bags. The Aerospace segment is a global leader in providing products designed for airborne printing solutions, avionics, and data acquisition including flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. More information about the Company can be found at www.astronovainc.com.
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 (loss), 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 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 nine months ended October 31, 2025 and November 2, 2024 and the year ending January 31, 2025.
AstroNova has not reconciled the forward-looking Adjusted EBITDA margin 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.
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 efforts to improve sales in our Product Identification segment may not result in the benefits we expect, (ii) the risk that our Aerospace customers may not continue to convert to our ToughWriter® printer in the volumes or on the schedule that we expect; (iii) the risk that we may not realize the anticipated benefits of our next-generation print engine technology; and (iv) 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 | | | | |
| | October 31,
2025 | | November 2,
2024 | | $ Variance | | % Variance |
| Revenue | | $ | 39,169 |
| |
$
|
40,422
|
| |
$
|
(1,253
|
)
| |
(3.1
|
)%
|
| Cost of Revenue | |
| 24,972 |
| |
|
26,708
|
| |
|
(1,736
|
)
| |
(6.5
|
)%
|
| Gross Profit | |
| 14,197 |
| |
|
13,714
|
| |
|
483
|
| |
3.5
|
%
|
| Total Gross Profit Margin | |
| 36.2 | % | |
| 33.9 | % | | | | |
| Operating Expenses: | | | | | | | | |
| Selling & Marketing | |
| 5,593 |
| |
|
6,752
|
| |
|
(1,159
|
)
| |
(17.2
|
)%
|
| Research & Development | |
| 1,898 |
| |
|
1,843
|
| |
|
55
|
| |
3.0
|
%
|
| General & Administrative | |
| 5,122 |
| |
|
3,855
|
| |
|
1,267
|
| |
32.9
|
%
|
| Goodwill Impairment | |
| 297 |
| |
|
—
|
| |
|
297
|
| |
100.0
|
%
|
| Total Operating Expenses | |
| 12,910 |
| |
|
12,450
|
| |
|
460
|
| |
3.7
|
%
|
| Operating Income | |
| 1,287 |
| |
|
1,264
|
| |
|
23
|
| |
1.8
|
%
|
| Total Operating Margin | |
| 3.3 | % | |
| 3.1 | % | | | | |
| Interest Expense | |
| 827 |
| |
|
944
|
| |
|
(117
|
)
| |
(12.4
|
)%
|
| Other (Income)/Expense, net | |
| 210 |
| |
|
46
|
| |
|
164
|
| |
356.5
|
%
|
| Income Before Taxes | |
| 250 |
| |
|
274
|
| |
|
(24
|
)
| |
(8.9
|
)%
|
| Income Tax Provision (Benefit) | |
| (128 | ) | |
|
34
|
| |
|
(162
|
)
| |
(476.5
|
)%
|
| Net Income | | $ | 378 |
| |
$
|
240
|
| |
$
|
138
|
| |
57.3
|
%
|
| Net Income per Common Share - Basic | | $ | 0.05 |
| |
$
|
0.03
|
| | | | |
| Net Income per Common Share - Diluted | | $ | 0.05 |
| |
$
|
0.03
|
| | | | |
| | | | | | | | |
| Weighted Average Number of Common Shares - Basic | |
| 7,633 |
| |
|
7,524
|
| | | | |
| Weighted Average Number of Common Shares - Diluted | |
| 7,698 |
| |
|
7,580
|
| | | | |
| | | | | | | | |
| | | | | | | | |
| | Nine Months Ended | | | | |
| | October 31,
2025 | | November 2,
2024 | | $ Variance | | % Variance |
| Revenue | | $ | 112,979 |
| |
$
|
113,922
|
| |
$
|
(943
|
)
| |
(0.8
|
)%
|
| Cost of Revenue | |
| 74,496 |
| |
|
73,909
|
| |
|
587
|
| |
0.8
|
%
|
| Gross Profit | |
| 38,483 |
| |
|
40,013
|
| |
|
(1,530
|
)
| |
(3.8
|
)%
|
| Total Gross Profit Margin | |
| 34.1 | % | |
| 35.1 | % | | | | |
| Operating Expenses: | | | | | | | | |
| Selling & Marketing | |
| 16,877 |
| |
|
19,140
|
| |
|
(2,263
|
)
| |
(11.8
|
)%
|
| Research & Development | |
| 5,017 |
| |
|
4,859
|
| |
|
158
|
| |
3.3
|
%
|
| General & Administrative | |
| 15,140 |
| |
|
12,343
|
| |
|
2,797
|
| |
22.7
|
%
|
| Goodwill Impairment | |
| 297 |
| |
|
—
|
| |
|
297
|
| |
100.0
|
%
|
| Total Operating Expenses | |
| 37,331 |
| |
|
36,342
|
| |
|
989
|
| |
2.7
|
%
|
| Operating Income | |
| 1,152 |
| |
|
3,671
|
| |
|
(2,519
|
)
| |
(68.6
|
)%
|
| Total Operating Margin | |
| 1.0 | % | |
| 3.2 | % | | | | |
| Interest Expense | |
| 2,609 |
| |
|
2,363
|
| |
|
246
|
| |
10.4
|
%
|
| Other (Income)/Expense, net | |
| 291 |
| |
|
337
|
| |
|
(46
|
)
| |
(13.6
|
)%
|
| Income (Loss) Before Taxes | |
| (1,748 | ) | |
|
971
|
| |
|
(2,719
|
)
| |
(280.1
|
)%
|
| Income Tax Provision (Benefit) | |
| (506 | ) | |
|
(139
|
)
| |
|
(367
|
)
| |
264.0
|
%
|
| Net Income (Loss) | | $ | (1,242 | ) | |
$
|
1,110
|
| |
$
|
(2,352
|
)
| |
(211.9
|
)%
|
| Net Income (Loss) per Common Share - Basic | | $ | (0.16 | ) | |
$
|
0.15
|
| | | | |
| Net Income (Loss) per Common Share - Diluted | | $ | (0.16 | ) | |
$
|
0.15
|
| | | | |
| | | | | | | | |
| Weighted Average Number of Common Shares - Basic | |
| 7,601 |
| |
|
7,501
|
| | | | |
| Weighted Average Number of Common Shares - Diluted | |
| 7,601 |
| |
|
7,605
|
| | | | |
ASTRONOVA, INC. |
Condensed Consolidated Balance Sheets |
(In thousands) |
(Unaudited) |
| | | | |
| | October 31,
2025 | | January 31,
2025 |
| ASSETS | | | | |
| CURRENT ASSETS | | | | |
| Cash and Cash Equivalents | | $ | 3,606 |
| |
$
|
5,050
|
|
| Accounts Receivable, net | |
| 20,396 |
| |
|
21,218
|
|
| Inventories, net | |
| 45,124 |
| |
|
47,894
|
|
| Prepaid Expenses and Other Current Assets | |
| 5,022 |
| |
|
3,855
|
|
| Total Current Assets | |
| 74,148 |
| |
|
78,017
|
|
| PROPERTY, PLANT AND EQUIPMENT | |
| 61,183 |
| |
|
58,613
|
|
| Less Accumulated Depreciation | |
| (46,474 | ) | |
|
(42,820
|
)
|
| Property, Plant and Equipment, net | |
| 14,709 |
| |
|
15,793
|
|
| OTHER ASSETS | | | | |
| Identifiable Intangibles, net | |
| 22,070 |
| |
|
23,519
|
|
| Goodwill | |
| 17,121 |
| |
|
16,361
|
|
| Deferred Tax Assets, net | |
| 8,565 |
| |
|
8,431
|
|
| Right of Use Asset | |
| 2,573 |
| |
|
1,781
|
|
| Other Assets | |
| 1,647 |
| |
|
1,693
|
|
| TOTAL ASSETS | | $ | 140,833 |
| |
$
|
145,595
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
| CURRENT LIABILITIES | | | | |
| Accounts Payable | | $ | 7,402 |
| |
$
|
7,928
|
|
| Accrued Compensation | |
| 4,036 |
| |
|
3,745
|
|
| Other Accrued Expenses | |
| 4,857 |
| |
|
4,461
|
|
| Revolving Line of Credit | |
| 18,146 |
| |
|
20,929
|
|
| Current Portion of Long-Term Debt | |
| 3,152 |
| |
|
6,110
|
|
| Short-Term Debt | |
| - |
| |
|
581
|
|
| Current Liability – Royalty Obligation | |
| 1,600 |
| |
|
1,358
|
|
| Current Liability – Excess Royalty Payment Due | |
| 592 |
| |
|
691
|
|
| Deferred Revenue | |
| 846 |
| |
|
543
|
|
| Total Current Liabilities | |
| 40,631 |
| |
|
46,346
|
|
| NON-CURRENT LIABILITIES | | | | |
| Long-Term Debt, net of current portion | |
| 18,978 |
| |
|
19,044
|
|
| Lease Liabilities, net of current portion | |
| 2,107 |
| |
|
1,535
|
|
| Grant Deferred Revenue | |
| 1,061 |
| |
|
1,090
|
|
| Royalty Obligation, net of current portion | |
| 354 |
| |
|
1,106
|
|
| Income Tax Payables | |
| 684 |
| |
|
684
|
|
| Deferred Tax Liabilities | |
| - |
| |
|
40
|
|
| Other Long-Term Liability | |
| 138 |
| |
|
-
|
|
| TOTAL LIABILITIES | |
| 63,953 |
| |
|
69,845
|
|
| SHAREHOLDERS’ EQUITY | | | | |
| Common Stock | |
| 553 |
| |
|
547
|
|
| Additional Paid-in Capital | |
| 65,681 |
| |
|
64,215
|
|
| Retained Earnings | |
| 48,139 |
| |
|
49,380
|
|
| Treasury Stock | |
| (35,226 | ) | |
|
(35,043
|
)
|
| Accumulated Other Comprehensive Loss, net of tax | |
| (2,267 | ) | |
|
(3,349
|
)
|
| TOTAL SHAREHOLDERS’ EQUITY | |
| 76,880 |
| |
|
75,750
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 140,833 |
| |
$
|
145,595
|
|
ASTRONOVA, INC. |
Condensed Consolidated Statements of Cash Flow |
(In thousands) |
(Unaudited) |
| | | |
| | | Nine Months Ended |
| | | October 31,
2025 | | November 2,
2024 |
| Cash Flows from Operating Activities: | | | | |
| Net Income (Loss) | | $ | (1,242 | ) | |
$
|
1,110
|
|
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
| | |
| Depreciation and Amortization | |
| 3,425 |
| |
|
3,514
|
|
| Grant Income Included in Depreciation | |
| 175 |
| |
|
108
|
|
| Goodwill Impairment | |
| 289 |
| |
|
—
|
|
| Amortization of Debt Issuance Costs | |
| 33 |
| |
|
22
|
|
| Share-Based Compensation | |
| 1,559 |
| |
|
1,159
|
|
| Deferred Income Tax Provision (Benefit) | |
| (74 | ) | |
|
—
|
|
| Loss on Disposal of Fixed Assets | |
| 112 |
| |
|
—
|
|
| Changes in Assets and Liabilities: | | | | |
| Accounts Receivable | |
| 1,220 |
| |
|
1,619
|
|
| Inventories | |
| 3,780 |
| |
|
1,380
|
|
| Income Taxes | |
| (1,101 | ) | |
|
(1,534
|
)
|
| Accounts Payable and Accrued Expenses | |
| (367 | ) | |
|
(2,371
|
)
|
| Deferred Revenue | |
| 99 |
| |
|
(1,080
|
)
|
| Other | |
| 149 |
| |
|
(1,603
|
)
|
| Net Cash Provided by Operating Activities | |
| 8,057 |
| |
|
2,324
|
|
| | | | | |
| Cash Flows from Investing Activities: | | | | |
| Proceeds from Sale of Equipment | |
| 100 |
| |
|
—
|
|
| Purchases of Property, Plant and Equipment | |
| (193 | ) | |
|
(1,086
|
)
|
| Cash Paid for MTEX Acquisition, net of cash acquired | |
| - |
| |
|
(19,109
|
)
|
| Net Cash Used for Investing Activities | |
| (93 | ) | |
|
(20,195
|
)
|
| | | | | |
| Cash Flows from Financing Activities: | | | | |
| Net Cash Proceeds from Employee Stock Option Plans | |
| - |
| |
|
13
|
|
| Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan | |
| 50 |
| |
|
98
|
|
| Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | |
| (183 | ) | |
|
(432
|
)
|
| Revolving Credit Facility, net | |
| (3,177 | ) | |
|
10,774
|
|
| Proceeds from Long Term Debt Borrowings | |
| 19,720 |
| |
|
15,078
|
|
| Payment of Minimum Guarantee Royalty Obligation | |
| (959 | ) | |
|
(1,247
|
)
|
| Principal Payments of Long-Term Debt | |
| (25,117 | ) | |
|
(6,706
|
)
|
| Payments of Debt Issuance Costs | |
| (66 | ) | |
|
(37
|
)
|
| Net Cash Provided by (Used for) Financing Activities | |
| (9,731 | ) | |
|
17,541
|
|
| | | | | |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | |
| 324 |
| |
|
235
|
|
| Net Decrease Cash and Cash Equivalents | |
| (1,443 | ) | |
|
(95
|
)
|
| Cash and Cash Equivalents, Beginning of Period | | $ | 5,050 |
| |
|
4,527
|
|
| Cash and Cash Equivalents, End of Period | |
| 3,606 |
| |
$
|
4,432
|
|
| | | | | |
| Supplemental Information: | | | | |
|
Cash Paid (Received) During the Period for:
| | | | |
| Interest | | $ | 2,292 |
| |
$
|
1,891
|
|
| Income Taxes, net of refunds | |
| 621 |
| |
$
|
1,503
|
|
|
Non-Cash Transactions:
| | | | |
| Operating Lease Obtained in Exchange for Operating Lease Liabilities | | $ | 986 |
| |
$
|
1,581
|
|
ASTRONOVA, INC. |
Segment Sales and Profit |
(Unaudited, $ in thousands) |
| | | | |
| | Three Months
Ended | | Nine Months
Ended |
| ($ in thousands) | | October 31,
2025 | | November 2,
2024 | | October 31,
2025 | | November 2,
2024 |
| Revenue: | | | | | | | | |
| Product ID | | $ | 26,849 |
| |
$
|
26,317
|
| | $ | 77,891 |
| |
$
|
76,667
|
|
| Aerospace | |
| 12,320 |
| |
|
14,105
|
| |
| 35,088 |
| |
|
37,255
|
|
| Total Revenue | | $ | 39,169 |
| |
$
|
40,422
|
| | $ | 112,979 |
| |
$
|
113,922
|
|
| | | | | | | | |
| Gross Profit: | | | | | | | | |
| Product ID | | $ | 7,806 |
| |
$
|
8,407
|
| | $ | 24,211 |
| |
$
|
25,354
|
|
| Aerospace | |
| 6,391 |
| |
|
5,307
|
| |
| 14,272 |
| |
|
14,659
|
|
| Gross Profit | | $ | 14,197 |
| |
$
|
13,714
|
| | $ | 38,483 |
| |
$
|
40,013
|
|
| | | | | | | | |
| Gross Profit Margin: | | | | | | | | |
| Product ID | |
| 29.1 | % | |
|
31.9
|
%
| |
| 31.1 | % | |
|
33.1
|
%
|
| Aerospace | |
| 51.9 | % | |
|
37.6
|
%
| |
| 40.7 | % | |
|
39.3
|
%
|
| Gross Profit Margin | |
| 36.2 | % | |
|
33.9
|
%
| |
| 34.1 | % | |
|
35.1
|
%
|
| | | | | | | | |
| Segment Operating Income: | | | | | | | | |
| Product ID | | $ | 1,878 |
| |
$
|
1,868
|
| | $ | 6,585 |
| |
$
|
7,208
|
|
| Aerospace | |
| 4,531 |
| |
|
3,251
|
| |
| 9,707 |
| |
|
8,806
|
|
| Total Segment Operating Income | | $ | 6,409 |
| |
$
|
5,119
|
| | $ | 16,292 |
| |
$
|
16,014
|
|
| | | | | | | | |
| Segment Operating Margin: | | | | | | | | |
| Product ID | |
| 7.0 | % | |
|
7.1
|
%
| |
| 8.5 | % | |
|
9.4
|
%
|
| Aerospace | |
| 36.8 | % | |
|
23.0
|
%
| |
| 27.7 | % | |
|
23.6
|
%
|
| Total Segment Operating Margin | |
| 16.4 | % | |
|
12.7
|
%
| |
| 14.4 | % | |
|
14.1
|
%
|
| | | | | | | | |
| Corporate Expense | |
| (5,122 | ) | |
|
(3,855
|
)
| |
| (15,140 | ) | |
|
(12,343
|
)
|
| Operating Income | | $ | 1,287 |
| |
$
|
1,264
|
| | $ | 1,152 |
| |
$
|
3,671
|
|
| Interest Expense | | $ | 827 |
| |
$
|
944
|
| | $ | 2,609 |
| |
$
|
2,363
|
|
| Other (Income)/Expense, net | |
| 210 |
| |
|
46
|
| |
| 291 |
| |
|
337
|
|
| Income Before Income Taxes | | $ | 250 |
| |
$
|
274
|
| | $ | (1,748 | ) | |
$
|
971
|
|
| Income Tax Provision (Benefit) | |
| (128 | ) | |
|
34
|
| |
| (506 | ) | |
|
(139
|
)
|
| Net Income | | $ | 378 |
| |
$
|
240
|
| | $ | (1,242 | ) | |
$
|
1,110
|
|
ASTRONOVA, INC. |
Segment Sales and Non-GAAP Profit |
(Unaudited, $ in thousands) |
| | | | |
| | Three Months
Ended | | Nine Months
Ended |
| ($ in thousands) | | October 31,
2025 | | November 2,
2024 | | October 31,
2025 | | November 2,
2024 |
| Revenue: | | | | | | | | |
| Product ID | | $ | 26,849 |
| |
$
|
26,317
|
| | $ | 77,891 |
| |
$
|
76,667
|
|
| Aerospace | |
| 12,320 |
| |
|
14,105
|
| |
| 35,088 |
| |
|
37,255
|
|
| Total Revenue | | $ | 39,169 |
| |
$
|
40,422
|
| | $ | 112,979 |
| |
$
|
113,922
|
|
| | | | | | | | |
| Gross Profit: | | | | | | | | |
| Product ID | | $ | 8,476 |
| |
$
|
8,441
|
| | $ | 25,115 |
| |
$
|
25,508
|
|
| Aerospace | |
| 6,080 |
| |
|
5,307
|
| |
| 14,126 |
| |
|
14,659
|
|
| Non-GAAP Gross Profit | | $ | 14,556 |
| |
$
|
13,748
|
| | $ | 39,241 |
| |
$
|
40,167
|
|
| | | | | | | | |
| Gross Profit Margin: | | | | | | | | |
| Product ID | |
| 31.6 | % | |
|
32.1
|
%
| |
| 32.2 | % | |
|
33.3
|
%
|
| Aerospace | |
| 49.4 | % | |
|
37.6
|
%
| |
| 40.3 | % | |
|
39.3
|
%
|
| Non-GAAP Gross Profit Margin | |
| 37.2 | % | |
|
34.0
|
%
| |
| 34.7 | % | |
|
35.3
|
%
|
| | | | | | | | |
| Segment Operating Income: | | | | | | | | |
| Product ID | | $ | 2,852 |
| |
$
|
1,902
|
| | $ | 7,994 |
| |
$
|
7,362
|
|
| Aerospace | |
| 4,220 |
| |
|
3,251
|
| |
| 9,567 |
| |
|
8,806
|
|
| Total Non-GAAP Segment Operating Income | | $ | 7,072 |
| |
$
|
5,153
|
| | $ | 17,561 |
| |
$
|
16,168
|
|
| | | | | | | | |
| Segment Operating Margin: | | | | | | | | |
| Product ID | |
| 10.6 | % | |
|
7.2
|
%
| |
| 10.3 | % | |
|
9.6
|
%
|
| Aerospace | |
| 34.3 | % | |
|
23.0
|
%
| |
| 27.3 | % | |
|
23.6
|
%
|
| Total Non-GAAP Segment Operating Margin | |
| 18.1 | % | |
|
12.7
|
%
| |
| 15.5 | % | |
|
14.2
|
%
|
| | | | | | | | |
| Corporate Expense | |
| (4,511 | ) | |
|
(3,530
|
)
| |
| (13,092 | ) | |
|
(10,961
|
)
|
| Non-GAAP Operating Income | | $ | 2,561 |
| |
$
|
1,623
|
| | $ | 4,469 |
| |
$
|
5,207
|
|
| Interest Expense | | $ | 827 |
| |
$
|
944
|
| | $ | 2,609 |
| |
$
|
2,363
|
|
| Other (Income)/Expense, net | |
| (1 | ) | |
|
46
|
| |
| 78 |
| |
|
337
|
|
| Income Before Income Taxes | | $ | 1,735 |
| |
$
|
633
|
| | $ | 1,782 |
| |
$
|
2,507
|
|
| Adjusted Income Tax Provision (Benefit) | |
| 204 |
| |
|
120
|
| |
| 309 |
| |
|
242
|
|
| Non-GAAP Net Income | | $ | 1,531 |
| |
$
|
513
|
| | $ | 1,473 |
| |
$
|
2,265
|
|
ASTRONOVA, INC. |
Revenue by Market |
(unaudited, $ in thousands) |
| | | | | | | | | | |
| Product ID: | | | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY2025 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
| Desktop Label Printers | | |
$
|
14,220
|
$
|
16,349
|
$
|
15,408
|
$
|
14,019
|
$
|
59,996
|
$
|
15,478
|
$
|
15,190
|
$
|
16,115
|
| Mail & Sheet/Flat Pack Printers |
|
3,930
|
|
3,471
|
|
3,679
|
|
4,494
|
|
15,574
|
|
4,050
|
|
3,740
|
|
4,280
|
| Professional Label Printers |
|
3,245
|
|
4,231
|
|
3,423
|
|
2,972
|
|
13,871
|
|
3,247
|
|
3,506
|
|
3,636
|
| Direct to Package/Overprint Printers |
|
1,787
|
|
2,925
|
|
3,627
|
|
2,718
|
|
11,057
|
|
3,396
|
|
2,230
|
|
2,371
|
| Flexible Packaging Printers |
|
-
|
|
-
|
|
15
|
|
1,289
|
|
1,304
|
|
30
|
|
69
|
|
79
|
| Other | | |
|
3
|
|
189
|
|
165
|
|
186
|
|
541
|
|
88
|
|
19
|
|
368
|
| TOTAL | | | $ | 23,185 | $ | 27,165 | $ | 26,317 | $ | 25,678 | $ | 102,345 | $ | 26,289 | $ | 24,754 | $ | 26,849 |
| | | | | | | | | | | |
| Aerospace: | | | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY2025 | Q1 FY26* | Q2 FY26 | Q3 FY26 |
| Aftermarket | |
$
|
4,694
|
$
|
5,326
|
$
|
7,058
|
$
|
5,481
|
$
|
22,560
|
$
|
4,911
|
$
|
4,953
|
$
|
4,955
|
| Commercial Aircraft | |
|
3,813
|
|
6,299
|
|
5,221
|
|
4,363
|
|
19,696
|
|
4,953
|
|
4,714
|
|
5,764
|
| Defense | | |
|
329
|
|
608
|
|
734
|
|
781
|
|
2,452
|
|
811
|
|
1,047
|
|
766
|
| Regional and Biz Jet Aircraft |
|
697
|
|
604
|
|
993
|
|
802
|
|
3,096
|
|
396
|
|
431
|
|
634
|
| Other | | |
|
243
|
|
537
|
|
98
|
|
256
|
|
1,134
|
|
348
|
|
203
|
|
201
|
| TOTAL | | | $ | 9,776 | $ | 13,374 | $ | 14,105 | $ | 11,683 | $ | 48,938 | $ | 11,419 | $ | 11,348 | $ | 12,320 |
| | | | | | | | | | | |
| Consolidated Total | | $ | 32,961 | $ | 40,539 | $ | 40,422 | $ | 37,361 | $ | 151,283 | $ | 37,708 | $ | 36,102 | $ | 39,169 |
| | | | | | | | | | | |
| *Q1 fiscal 2026 revenue by market has been revised from amount previously reported in our Q1 fiscal 2026 press release issued on June 5, 2025, to correct a classification error between market categories. Total Q1 fiscal sales were unaffected. |
ASTRONOVA, INC. |
Revenue by Type |
(unaudited, $ in thousands) |
| | | | | | | | |
| Product ID | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY 2025 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
| Product ID HW |
$
|
3,802
|
$
|
4,311
|
$
|
4,590
|
$
|
5,591
|
$
|
18,294
|
$
|
4,776
|
$
|
4,511
|
$
|
5,357
|
| Product ID Recurring Supplies, Parts & Service |
|
19,383
|
|
22,854
|
|
21,727
|
|
20,087
|
|
84,051
|
|
21,513
|
|
20,243
|
|
21,492
|
| Total Product ID | $ | 23,185 | $ | 27,165 | $ | 26,317 | $ | 25,678 | $ | 102,345 | $ | 26,289 | $ | 24,754 | $ | 26,849 |
| Aerospace | | | | | | | | |
| Aerospace HW |
$
|
5,073
|
$
|
8,048
|
$
|
7,032
|
$
|
6,185
|
$
|
26,338
|
$
|
6,519
|
$
|
6,425
|
$
|
7,360
|
| Aerospace Recurring Supplies, Parts & Service |
|
4,703
|
|
5,326
|
|
7,073
|
|
5,498
|
|
22,600
|
|
4,900
|
|
4,923
|
|
4,960
|
| Total Aerospace | $ | 9,776 | $ | 13,374 | $ | 14,105 | $ | 11,683 | $ | 48,938 | $ | 11,419 | $ | 11,348 | $ | 12,320 |
| Consolidated | | | | | | | | |
| AstroNova HW |
$
|
8,875
|
$
|
12,359
|
$
|
11,622
|
$
|
11,776
|
$
|
44,632
|
$
|
11,295
|
$
|
10,936
|
$
|
12,717
|
| AstroNova Recurring Supplies, Parts & Service |
|
24,086
|
|
28,180
|
|
28,800
|
|
25,585
|
|
106,651
|
|
26,413
|
|
25,166
|
|
26,452
|
| TOTAL | $ | 32,961 | $ | 40,539 | $ | 40,422 | $ | 37,361 | $ | 151,283 | $ | 37,708 | $ | 36,102 | $ | 39,169 |
ASTRONOVA, INC. |
Bookings and Backlog |
(unaudited, $ in thousands) |
| |
| AstroNova | |
| | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY 2025 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
| Beginning backlog (Non-MTEX) |
$
|
31,394
|
|
$
|
31,556
|
|
$
|
29,900
|
|
$
|
27,093
|
|
$
|
31,394
|
|
$
|
28,307
|
|
$
|
25,491
|
|
$
|
25,291
|
|
| MTEX* | |
$
|
-
|
|
$
|
3,084
|
|
$
|
-
|
|
$
|
-
|
|
$
|
3,084
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
| Backlog Beginning of Period (incl. MTEX) |
$
|
31,394
|
|
$
|
34,640
|
|
$
|
29,900
|
|
$
|
27,093
|
|
$
|
34,478
|
|
$
|
28,307
|
|
$
|
25,491
|
|
$
|
25,291
|
|
| Revenue Recognized (Billings) |
$
|
32,961
|
|
$
|
40,539
|
|
$
|
40,422
|
|
$
|
37,361
|
|
$
|
151,283
|
|
$
|
37,708
|
|
$
|
36,102
|
|
$
|
39,169
|
|
| New Bookings During Period |
$
|
33,122
|
|
$
|
35,799
|
|
$
|
37,615
|
|
$
|
38,576
|
|
$
|
145,112
|
|
$
|
34,893
|
|
$
|
35,901
|
|
$
|
35,867
|
|
| Backlog End of Period |
$
|
31,556
|
|
$
|
29,900
|
|
$
|
27,093
|
|
$
|
28,307
|
|
$
|
28,307
|
|
$
|
25,491
|
|
$
|
25,291
|
|
$
|
21,989
|
|
| Book/Bill % | |
|
100
|
%
|
|
88
|
%
|
|
93
|
%
|
|
103
|
%
|
|
96
|
%
|
|
93
|
%
|
|
99
|
%
|
|
92
|
%
|
| *MTEX Backlog was acquired during 2nd quarter fiscal 2025 | | | | | |
| | | | | | | | | |
| Product Identification | |
| | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY 2025 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
| Beginning backlog (Non-MTEX) |
$
|
19,725
|
|
$
|
19,467
|
|
$
|
18,786
|
|
$
|
19,254
|
|
$
|
19,725
|
|
$
|
18,091
|
|
$
|
18,044
|
|
$
|
16,727
|
|
| MTEX* | |
$
|
-
|
|
$
|
3,084
|
|
$
|
-
|
|
$
|
-
|
|
$
|
3,084
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
| Backlog Beginning of Period (incl. MTEX) |
$
|
19,725
|
|
$
|
22,551
|
|
$
|
18,786
|
|
$
|
19,254
|
|
$
|
22,809
|
|
$
|
18,091
|
|
$
|
18,044
|
|
$
|
16,727
|
|
| Revenue Recognized (Billings) |
$
|
23,185
|
|
$
|
27,165
|
|
$
|
26,317
|
|
$
|
25,678
|
|
$
|
102,345
|
|
$
|
26,289
|
|
$
|
24,754
|
|
$
|
26,849
|
|
| New Bookings During Period |
$
|
22,926
|
|
$
|
23,400
|
|
$
|
26,785
|
|
$
|
24,516
|
|
$
|
97,627
|
|
$
|
26,242
|
|
$
|
23,437
|
|
$
|
22,473
|
|
| Backlog End of Period |
$
|
19,467
|
|
$
|
18,786
|
|
$
|
19,254
|
|
$
|
18,091
|
|
$
|
18,091
|
|
$
|
18,044
|
|
$
|
16,727
|
|
$
|
12,351
|
|
| Book/Bill % | |
|
99
|
%
|
|
86
|
%
|
|
102
|
%
|
|
95
|
%
|
|
95
|
%
|
|
100
|
%
|
|
95
|
%
|
|
84
|
%
|
| *MTEX Backlog was acquired during 2nd quarter fiscal 2025 | | | | | |
| | | | | | | | | |
| Aerospace | |
| | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY 2025 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
| Backlog Beginning of Period |
$
|
11,669
|
|
$
|
12,089
|
|
$
|
11,114
|
|
$
|
7,839
|
|
$
|
11,669
|
|
$
|
10,216
|
|
$
|
7,447
|
|
$
|
8,563
|
|
| Revenue Recognized (Billings) |
$
|
9,776
|
|
$
|
13,374
|
|
$
|
14,105
|
|
$
|
11,683
|
|
$
|
48,938
|
|
$
|
11,419
|
|
$
|
11,348
|
|
$
|
12,320
|
|
| New Bookings During Period |
$
|
10,196
|
|
$
|
12,399
|
|
$
|
10,830
|
|
$
|
14,060
|
|
$
|
47,485
|
|
$
|
8,651
|
|
$
|
12,464
|
|
$
|
13,394
|
|
| Backlog End of Period |
$
|
12,089
|
|
$
|
11,114
|
|
$
|
7,839
|
|
$
|
10,216
|
|
$
|
10,216
|
|
$
|
7,447
|
|
$
|
8,563
|
|
$
|
9,638
|
|
| Book/Bill % | |
|
104
|
%
|
|
93
|
%
|
|
77
|
%
|
|
120
|
%
|
|
97
|
%
|
|
76
|
%
|
|
110
|
%
|
|
109
|
%
|
ASTRONOVA, INC. |
Reconciliation of GAAP to Non-GAAP Items |
(Unaudited, $ in thousands) |
| | |
| | Three Months Ended |
| | October 31,
2025 | | November 2,
2024 |
| | | | |
| Revenue | | $ | 39,169 |
| |
$
|
40,422
|
|
| | | | |
| Gross Profit | | $ | 14,197 |
| |
$
|
13,714
|
|
| Inventory Step-Up | |
| - |
| |
|
34
|
|
| Inventory Provision | |
| 360 |
| |
|
-
|
|
| Non-GAAP Gross Profit | | $ | 14,557 |
| |
$
|
13,748
|
|
| Gross Profit Margin | |
| 36.2 | % | |
|
33.9
|
%
|
| Non-GAAP Gross Profit Margin | |
| 37.2 | % | |
|
34.0
|
%
|
| | | | |
| Operating Expenses | | $ | 12,910 |
| |
$
|
12,450
|
|
| MTEX-related Acquisition Expenses | |
| - |
| |
|
(325
|
)
|
| Restructuring Charges | |
| (58 | ) | |
|
-
|
|
| Non-Recurring Legal Expenses | |
| (387 | ) | |
|
-
|
|
| Non-Recurring Proxy Costs | |
| (172 | ) | |
|
-
|
|
| Goodwill Impairment | |
| (297 | ) | |
|
-
|
|
| Non-GAAP Operating Expenses | | $ | 11,996 |
| |
$
|
12,125
|
|
| | | | |
| Operating Income | | $ | 1,287 |
| |
$
|
1,264
|
|
| MTEX-related Acquisition Expenses | |
| - |
| |
|
325
|
|
| Inventory Step-Up | |
| - |
| |
|
34
|
|
| Inventory Provision | |
| 360 |
| |
|
-
|
|
| Restructuring Charges | |
| 58 |
| |
|
-
|
|
| Non-Recurring Legal Expenses | |
| 387 |
| |
|
-
|
|
| Non-Recurring Proxy Costs | |
| 172 |
| |
|
-
|
|
| Goodwill Impairment | |
| 297 |
| |
|
-
|
|
| Non-GAAP Operating Income | | $ | 2,561 |
| |
$
|
1,623
|
|
| Operating Income Margin | |
| 3.3 | % | |
|
3.1
|
%
|
| Non-GAAP Operating Income Margin | |
| 6.5 | % | |
|
4.0
|
%
|
| | | | |
| Net Income | | $ | 378 |
| |
$
|
240
|
|
| MTEX-related Acquisition Expenses(1) | |
| - |
| |
|
247
|
|
| Inventory Step-Up(1) | |
| - |
| |
|
26
|
|
| Inventory Provision(1) | |
| 275 |
| |
|
-
|
|
| Restructuring Charges(1) | |
| 43 |
| |
|
-
|
|
| Non-Recurring Legal Expenses(1) | |
| 301 |
| |
|
-
|
|
| Non-Recurring Proxy Costs(1) | |
| 131 |
| |
|
-
|
|
| Realized Fx(1) | |
| 80 |
| |
|
-
|
|
| Other (Income) and Expense(1) | |
| 85 |
| |
|
-
|
|
| Goodwill Impairment(1) | |
| 238 |
| |
|
-
|
|
| Non-GAAP Net Income | | $ | 1,532 |
| |
$
|
513
|
|
| | | | |
| Diluted Earnings Per Share | | $ | 0.05 |
| |
$
|
0.03
|
|
| MTEX-related Acquisition Expenses(1) | |
| - |
| |
|
0.03
|
|
| Inventory Provision(1) | |
| 0.04 |
| |
|
-
|
|
| Restructuring Charges(1) | |
| - |
| |
|
-
|
|
| Non-Recurring Legal Expenses(1) | |
| 0.04 |
| |
|
-
|
|
| Non-Recurring Proxy Costs(1) | |
| 0.02 |
| |
|
-
|
|
| Realized Fx(1) | |
| 0.01 |
| |
|
-
|
|
| Other (Income) and Expense(1) | |
| 0.01 |
| |
|
-
|
|
| Goodwill Impairment(1) | |
| 0.03 |
| |
|
-
|
|
| Non-GAAP Diluted Earnings Per Share | | $ | 0.20 |
| |
$
|
0.06
|
|
| | | | |
| (1) Net of taxes | | | | |
ASTRONOVA, INC. |
Reconciliation of GAAP to Non-GAAP Items |
(Unaudited, $ in thousands) |
| | |
| | Nine Months Ended |
| | October 31,
2025 | | November 2,
2024 |
| | | | |
| Revenue | | $ | 112,979 |
| |
$
|
113,922
|
|
| | | | |
| Gross Profit | | $ | 38,483 |
| |
$
|
40,013
|
|
| Inventory Step-Up | |
| 61 |
| |
|
154
|
|
| Inventory Provision | |
| 360 |
| |
|
-
|
|
| Restructuring Charges | |
| 337 |
| |
|
-
|
|
| Non-GAAP Gross Profit | | $ | 39,241 |
| |
$
|
40,167
|
|
| Gross Profit Margin | |
| 34.1 | % | |
|
35.1
|
%
|
| Non-GAAP Gross Profit Margin | |
| 34.7 | % | |
|
35.3
|
%
|
| | | | |
| Operating Expenses | | $ | 37,331 |
| |
$
|
36,342
|
|
| MTEX-related Acquisition Expenses | |
| (311 | ) | |
|
(1,382
|
)
|
| Restructuring Charges | |
| (968 | ) | |
|
-
|
|
| Non-Recurring Legal Expenses | |
| (457 | ) | |
|
-
|
|
| Non-Recurring Proxy Costs | |
| (527 | ) | |
|
-
|
|
| Realized Fx | |
| (100 | ) | |
|
-
|
|
| Other (Income) and Expense | |
| (112 | ) | |
|
-
|
|
| Goodwill Impairment | |
| (297 | ) | |
|
-
|
|
| Non-GAAP Operating Expenses | | $ | 34,559 |
| |
$
|
34,960
|
|
| | | | |
| Operating Income | | $ | 1,152 |
| |
$
|
3,671
|
|
| MTEX-related Acquisition Expenses | |
| 311 |
| |
|
1,382
|
|
| Inventory Step-Up | |
| 61 |
| |
|
154
|
|
| Inventory Provision | |
| 360 |
| |
|
-
|
|
| Restructuring Charges | |
| 1,305 |
| |
|
-
|
|
| Non-Recurring Legal Expenses | |
| 457 |
| |
|
-
|
|
| Non-Recurring Proxy Costs | |
| 527 |
| |
|
-
|
|
| Realized Fx | |
| 100 |
| |
|
-
|
|
| Other (Income) and Expense | |
| 112 |
| |
|
-
|
|
| Goodwill Impairment | |
| 297 |
| |
|
-
|
|
| Non-GAAP Operating Income | | $ | 4,682 |
| |
$
|
5,207
|
|
| Operating Income Margin | |
| 1.0 | % | |
|
3.2
|
%
|
| Non-GAAP Operating Income Margin | |
| 4.1 | % | |
|
4.6
|
%
|
| | | | |
| Net Income (Loss) | | $ | (1,242 | ) | |
$
|
1,110
|
|
| MTEX-related Acquisition Expenses(1) | |
| 238 |
| |
|
1,044
|
|
| Inventory Step-Up(1) | |
| 49 |
| |
|
111
|
|
| Inventory Provision(1) | |
| 275 |
| |
|
-
|
|
| Restructuring Charges(1) | |
| 1,001 |
| |
|
-
|
|
| Non-Recurring Legal Expenses(1) | |
| 354 |
| |
|
-
|
|
| Non-Recurring Proxy Costs(1) | |
| 403 |
| |
|
-
|
|
| Realized Fx(1) | |
| 80 |
| |
|
-
|
|
| Other (Income) and Expense(1) | |
| 86 |
| |
|
-
|
|
| Goodwill Impairment | |
| 238 |
| |
|
-
|
|
| Non-GAAP Net Income (Loss) | | $ | 1,480 |
| |
$
|
2,265
|
|
| | | | |
| Diluted Earnings (Loss) Per Share | | $ | (0.16 | ) | |
$
|
0.15
|
|
| MTEX-related Acquisition Expenses(1) | |
| 0.03 |
| |
|
0.14
|
|
| Inventory Step-Up(1) | |
| 0.01 |
| |
|
0.01
|
|
| Inventory Provision(1) | |
| 0.04 |
| |
|
-
|
|
| Restructuring Charges(1) | |
| 0.13 |
| |
|
-
|
|
| Non-Recurring Legal Expenses(1) | |
| 0.05 |
| |
|
-
|
|
| Non-Recurring Proxy Costs(1) | |
| 0.05 |
| |
|
-
|
|
| Realized Fx(1) | |
| 0.01 |
| |
|
-
|
|
| Other (Income) and Expense(1) | |
| 0.01 |
| |
|
-
|
|
| Goodwill Impairment | |
| 0.03 |
| |
|
-
|
|
| Non-GAAP Diluted Earnings Per Share | | $ | 0.20 |
| |
$
|
0.30
|
|
| | | | |
| (1) Net of taxes | | | | |
ASTRONOVA, INC. |
Reconciliation of Net Income and Margin to Adjusted EBITDA and Margin |
(Unaudited, $ in thousands) |
| | |
| | Three Months Ended |
| | October 31,
2025 | November 2,
2024 |
| | | |
| Net Income | $ | 378 |
|
$
|
240
|
|
| Interest Expense |
| 827 |
|
|
944
|
|
| Income Tax Expense (Benefit) |
| (128 | ) |
|
34
|
|
| Depreciation & Amortization |
| 855 |
|
|
1,298
|
|
| EBITDA | $ | 1,932 |
|
$
|
2,516
|
|
| Share-Based Compensation |
| 754 |
|
|
353
|
|
| MTEX-related Acquisition Expenses |
| - |
|
|
325
|
|
| Inventory Step-Up |
| - |
|
|
34
|
|
| Inventory Provision |
| 360 |
|
|
-
|
|
| Restructuring Charges |
| 58 |
|
|
-
|
|
| Non-Recurring Legal Expenses |
| 387 |
|
|
-
|
|
| Non-Recurring Proxy Costs |
| 172 |
|
|
-
|
|
| Realized Fx |
| 100 |
|
|
-
|
|
| Other (Income) and Expense |
| 112 |
|
|
-
|
|
| Goodwill Impairment |
| 297 |
|
|
-
|
|
| Adjusted EBITDA | $ | 4,172 |
|
$
|
3,228
|
|
| Revenue | $ | 39,169 |
|
$
|
40,422
|
|
| Net Income Margin |
| 1.0 | % |
|
0.6
|
%
|
| Adjusted EBITDA Margin |
| 10.7 | % |
|
8.0
|
%
|
| | | |
| | Nine Months Ended |
| | October 31,
2025 | November 2,
2024 |
| | | |
| Net Income (Loss) | $ | (1,242 | ) |
$
|
1,110
|
|
| Interest Expense |
| 2,609 |
|
|
2,363
|
|
| Income Tax Expense (Benefit) |
| (506 | ) |
|
(139
|
)
|
| Depreciation & Amortization |
| 3,425 |
|
|
3,514
|
|
| EBITDA | $ | 4,286 |
|
$
|
6,848
|
|
| Share-Based Compensation |
| 1,559 |
|
|
1,159
|
|
| MTEX-related Acquisition Expenses |
| 311 |
|
|
1,382
|
|
| Inventory Step-Up |
| 61 |
|
|
154
|
|
| Inventory Provision |
| 360 |
|
|
-
|
|
| Restructuring Charges |
| 1,305 |
|
|
-
|
|
| Non-Recurring Legal Expenses |
| 457 |
|
|
-
|
|
| Non-Recurring Proxy Costs |
| 527 |
|
|
-
|
|
| Realized Fx |
| 100 |
|
|
-
|
|
| Other (Income) and Expense |
| 112 |
|
|
-
|
|
| Goodwill Impairment |
| 297 |
|
|
-
|
|
| Adjusted EBITDA | $ | 9,375 |
|
$
|
9,543
|
|
| Revenue | $ | 112,979 |
|
$
|
113,922
|
|
| Net Income (Loss) Margin |
| (1.1 | )% |
|
1.0
|
%
|
| Adjusted EBITDA Margin |
| 8.3 | % |
|
8.4
|
%
|
|
ASTRONOVA, INC. |
Reconciliation of Segment Gross Profit and Margin to Non-GAAP Gross Profit and Margin |
(Unaudited, $ in thousands) |
| |
| |
| Three Months Ended |
| October 31,
2025 | | November 2,
2024 |
| Product
ID | Aerospace | Total | | Product
ID | Aerospace | Total |
| | | | | | | |
| Segment Gross Profit | $ | 7,806 |
| $ | 6,391 |
| $ | 14,197 |
| |
$
|
8,407
|
|
$
|
5,307
|
|
$
|
13,714
|
|
| Inventory Step-Up |
| - |
|
| - |
|
| - |
| |
|
34
|
|
|
-
|
|
|
34
|
|
| Inventory Provision |
| 671 |
|
| (311 | ) |
| 360 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Non-GAAP - Segment Gross Profit | $ | 8,477 |
| $ | 6,080 |
| $ | 14,557 |
| |
$
|
8,441
|
|
$
|
5,307
|
|
$
|
13,748
|
|
| | | | | | | |
| Revenue | $ | 26,849 |
| $ | 12,320 |
| $ | 39,169 |
| |
$
|
26,317
|
|
$
|
14,105
|
|
$
|
40,422
|
|
| Gross Profit Margin |
| 29.1 | % |
| 51.9 | % |
| 36.2 | % | |
|
31.9
|
%
|
|
37.6
|
%
|
|
33.9
|
%
|
| Non-GAAP Segment Gross Profit Margin |
| 31.6 | % |
| 49.4 | % |
| 37.2 | % | |
|
32.1
|
%
|
|
37.6
|
%
|
|
34.0
|
%
|
| | | | | | | |
| | | | | | | |
| Nine Months Ended |
| October 31,
2025 | | November 2,
2024 |
| Product
ID | Aerospace | Total | | Product
ID | Aerospace | Total |
| | | | | | | |
| Segment Gross Profit | $ | 24,211 |
| $ | 14,272 |
| $ | 38,483 |
| |
$
|
25,354
|
|
$
|
14,659
|
|
$
|
40,013
|
|
| Inventory Step-Up |
| 61 |
|
| - |
|
| 61 |
| |
|
154
|
|
|
-
|
|
|
154
|
|
| Inventory Provision |
| 671 |
|
| (311 | ) |
| 360 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Restructuring Charges |
| 173 |
|
| 165 |
|
| 338 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Non-GAAP - Segment Gross Profit | $ | 25,116 |
| $ | 14,126 |
| $ | 39,242 |
| |
$
|
25,508
|
|
$
|
14,659
|
|
$
|
40,167
|
|
| | | | | | | |
| Revenue | $ | 77,890 |
| $ | 35,089 |
| $ | 112,979 |
| |
$
|
76,667
|
|
$
|
37,255
|
|
$
|
113,922
|
|
| Gross Profit Margin |
| 31.1 | % |
| 40.7 | % |
| 34.1 | % | |
|
33.1
|
%
|
|
39.3
|
%
|
|
35.1
|
%
|
| Non-GAAP Segment Gross Profit Margin |
| 32.2 | % |
| 40.3 | % |
| 34.7 | % | |
|
33.3
|
%
|
|
39.3
|
%
|
|
35.3
|
%
|
| | | | | | | |
| Note: Segment Operating Income excludes General & Administrative Expenses |
|
| ASTRONOVA, INC. |
| Reconciliation of Segment Operating Profit and Margin to Non-GAAP Operating Profit and Margin |
(Unaudited, $ in thousands) |
| | | | | | | |
| Three Months Ended |
| October 31,
2025 | | November 2,
2024 |
| Product
ID | Aerospace | Total | | Product
ID | Aerospace | Total |
| | | | | | | |
| Segment Operating Income | $ | 1,878 |
| $ | 4,531 |
| $ | 6,409 |
| |
$
|
1,868
|
|
$
|
3,251
|
|
$
|
5,119
|
|
| Inventory Step-Up |
| - |
|
| - |
|
| - |
| |
|
34
|
|
|
-
|
|
|
34
|
|
| Inventory Provision |
| 671 |
|
| (311 | ) |
| 360 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Goodwill Impairment |
| 297 |
|
| - |
|
| 297 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Restructuring Charges |
| 7 |
|
| - |
|
| 7 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Non-GAAP - Segment Operating Income | $ | 2,853 |
| $ | 4,220 |
| $ | 7,073 |
| |
$
|
1,902
|
|
$
|
3,251
|
|
$
|
5,153
|
|
| | | | | | | |
| Revenue | $ | 26,849 |
| $ | 12,320 |
| $ | 39,169 |
| |
$
|
26,317
|
|
$
|
14,105
|
|
$
|
40,422
|
|
| Operating Margin |
| 7.0 | % |
| 36.8 | % |
| 16.4 | % | |
|
7.1
|
%
|
|
23.0
|
%
|
|
12.7
|
%
|
| Non-GAAP Operating Margin |
| 10.6 | % |
| 34.3 | % |
| 18.1 | % | |
|
7.2
|
%
|
|
23.0
|
%
|
|
12.7
|
%
|
| | | | | | | |
| | | | | | | |
| Nine Months Ended |
| October 31,
2025 | | November 2,
2024 |
| Product
ID | Aerospace | Total | | Product
ID | Aerospace | Total |
| | | | | | | |
| Segment Operating Income | $ | 6,585 |
| $ | 9,707 |
| $ | 16,292 |
| |
$
|
7,208
|
|
$
|
8,806
|
|
$
|
16,014
|
|
| Inventory Step-Up |
| 61 |
|
| - |
|
| 61 |
| |
|
154
|
|
|
-
|
|
|
154
|
|
| Inventory Provision |
| 671 |
|
| (311 | ) |
| 360 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Goodwill Impairment |
| 297 |
|
| - |
|
| 297 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| Restructuring Charges |
| 381 |
|
| 171 |
|
| 552 |
| |
|
-
|
|
|
-
|
|
|
-
|
|
| | | | | | | |
| Non-GAAP - Segment Operating Income | $ | 7,995 |
| $ | 9,567 |
| $ | 17,562 |
| |
$
|
7,362
|
|
$
|
8,806
|
|
$
|
16,168
|
|
| | | | | | | |
| Revenue | $ | 77,890 |
| $ | 35,089 |
| $ | 112,979 |
| |
$
|
76,667
|
|
$
|
37,255
|
|
$
|
113,922
|
|
| Operating Margin |
| 8.5 | % |
| 27.7 | % |
| 14.4 | % | |
|
9.4
|
%
|
|
23.6
|
%
|
|
14.1
|
%
|
| Non-GAAP Operating Margin |
| 10.3 | % |
| 27.3 | % |
| 15.5 | % | |
|
9.6
|
%
|
|
23.6
|
%
|
|
14.2
|
%
|
| | | | | | | | | | | | | | | | | | | |
| Note: Segment Operating Income excludes General & Administrative Expenses |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251210678311/en/
Contacts:
Deborah Pawlowski, IRC, Alliance Advisors
Email: dpawlowski@allianceadvisors.com
Phone: 716.843.3908
Source: AstroNova, Inc.
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