Astrotech Corp (NASDAQ: ASTC) is a mass spectrometry technology company that develops and commercializes instruments built on its proprietary Astrotech Mass Spectrometry (AMS) Technology across multiple subsidiary business units. Revenue comes from transactional product sales and government research and development contracts, with instruments listed on the U.S. General Services Administration IT Schedule 70 under Contract No. GS-35F-250GA for federal government procurement. The company operates through several wholly-owned subsidiaries: 1st Detect Corporation (explosives and narcotics trace detection), AgLAB Inc. (cannabis and hemp distillation quality control), Pro-Control Inc. (industrial chemical distillation process control), and EN-SCAN Inc. As of June 30, 2025, the company had deployed its TRACER 1000 instrument in approximately 34 locations across 16 countries in the United States, Europe, and Asia. 1st Detect was awarded a U.S. Department of Homeland Security R&D contract (70RSAT24CB0000015) in January 2025. The company is in the early commercial stage, with technologies and business models described in its FY2025 10-K as development-stage with unproven commercial viability.

Revenue model

Product sales of mass spectrometer instruments on a transactional basis, U.S. federal government R&D contracts, and service and warranty contracts. Customer deposits and prepayments are recorded as deferred revenue and recognized upon fulfillment of performance obligations under ASC Topic 606.

Products and services

TRACER 1000 ETD (Explosives Trace Detector) and TRACER 1000 NTD (Narcotic Trace Detector), both listed on GSA IT Schedule 70 as of April 2024. AgLAB 1000-D2 mass spectrometer for cannabis and hemp distillation quality control. Pro-Control 1000-D2 mass spectrometer for industrial chemical process control. BreathTest-1000 (breath-based infection detection, described as requiring significant further investment and regulatory approval as of FY2025 filing).

Customers and end markets

U.S. federal government agencies including the Department of Homeland Security. Commercial end markets include airports, border security, cargo and infrastructure security, correctional facilities, military, law enforcement, cannabis and hemp distillation processors, and industrial chemical manufacturers.

Value-chain role

Instrument manufacturer and technology licensor. Sells directly to government via GSA IT Schedule 70 and through channel partner SRI Group LLC. Also pursues government R&D contracts to develop next-generation instrument capabilities.

Geographic exposure

United States, Europe, and Asia. As of June 30, 2025, TRACER 1000 deployed in approximately 34 locations across 16 countries.

Source: SEC 10-K, filed 2025-09-26

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