Business
Astrotech Reports Second Quarter of Fiscal Year 2020 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)-- Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the second quarter of fiscal year 2020, which ended
About this update from Astrotech Corporation
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nAstrotech Corporation (NASDAQ: ASTC) reported its financial results for the second quarter of fiscal year 2020, which ended December 31, 2019.\n\n\nFiscal 2020 has been pivotal for the Company. This quarter, 1st Detect sold its first units of the TRACER 1000™ explosives trace detector (ETD) to a global shipping and logistics company. In addition, we have completed numerous domestic and international product demonstrations and field trials where the TRACER 1000 outperformed incumbent ion mobility spectrometry (IMS) ETDs. Among these demonstrations was a field trial with Finland’s Helsinki International Airport and Finavia, one of the world’s most technologically advanced airport operators. The Finavia case study is available on our website at https://www.1stdetect.com/finavia-cs/ and demonstrates that the TRACER 1000 outperforms the IMS-ETDs on a head-to-head comparison. In addition, 1st Detect was selected by the TSA’s Innovation Task Force to conduct live screenings at Miami International Airport, which was completed in November. Results again showed that the TRACER 1000 outperformed IMS-ETDs.\n\n\nThe Company also responded to a number of inquiries from the growing hemp and cannabis market by launching AgLAB Inc. (formerly AG-TECH). With minimal additional development, the Company’s versatile platform mass spectrometry technology is being designed to detect the presence of pesticides in hemp and cannabis. Ideally suited for this market, the AgLAB-1000 can detect pesticides on plant material and during the oil extraction and distillation process. We believe there are currently no other ruggedized instruments in the field that can detect pesticides at parts per billion (ppb) in real-time.\n\n\nIn addition, Thomas B. Pickens, the Company’s Chairman and Chief Executive Officer, invested an additional $1 million subsequent to the end of the quarter.\n\n\n“We have reached an exciting phase in our company,” stated Pickens. “1st Detect completed its first commercial sales with more anticipated sales on the horizon, we continue to outperform our competition in field trials, and our versatile platform technology has a green field of opportunity in the emerging and high-growth hemp and cannabis industry. My continued financial support will help fund working capital and operating expenses as we develop b...