Business
AstroNova Reports 4.4% Growth in Sales for First Quarter Fiscal 2027
AstroNova Reports 4.4% Growth in Sales for First Quarter Fiscal
About this update from Astronova, Inc.
AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in specialized print technology solutions, today announced financial results for its fiscal 2027 first quarter ended April 30, 2026. Jorik Ittmann, President and Chief Executive Officer of AstroNova, stated, “We had a solid start to fiscal 2027, with revenue increasing over 4% while operating profit grew over 170%. Our ToughWriter ® branded flight deck printer is now the predominant product sold by our Aerospace segment. As a result, we had higher volume combined with improved pricing which drove profitability for that segment. In addition, our Product ID progress continues to strengthen its sales, marketing and operations with upgraded talent and an ever more sophisticated, customer-centric approach to the business. We are encouraged by our momentum and remain confident in the outlook for a strong year.” First Quarter Fiscal 2027 Overview 1 (comparisons are to the prior-year period unless noted otherwise) Three Months Ended April 30, 2026 April 30, 2025 $ Variance % Variance Revenue $ 39,364 $ 37,708 $ 1,656 4.4 % Gross Profit $ 14,425 $ 11,951 $ 2,474 20.7 % Gross Profit Margin 36.6 % 31.7 % Non-GAAP Gross Profit $ 14,552 $ 12,352 $ 2,200 17.8 % Non-GAAP Adjusted Gross Profit Margin 36.9 % 32.8 % Operating Income (Loss) $ 1,562 $ 571 $ 991 173.7 % Operating Margin 4.0 % 1.5 % Non-GAAP Operating Income $ 2,589 $ 1,527 $ 1,062 69.5 % Non-GAAP Operating Income Margin 6.6 % 4.0 % Net Income (Loss) $ 653 $ (376 ) $ 1,029 (273.5 )% Non-GAAP Net Income (Loss) $ 1,443 $ 354 $ 1,089 307.8 % Adjusted EBITDA $ 4,122 $ 3,148 $ 974 30.9 % Adjusted EBITDA Margin 10.5 % 8.3 % ____________________________________ 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 prior-year period, revenue increased $1.7 million, or 4.4%, driven by Aerospace segment growth that was marginally offset by a slight decline in Product ID revenue. Tariff mitigation contributed $0.7 million in revenue and foreign currency translation was a $0.6 million benefit to revenue in the quarter. Gross profit increased $2.5 million, or 20.7%, and gross margin expanded 490 basis points to 36.6% primarily reflecting higher Aerospace volume and favorable mix. On an adjusted basis, excluding restructuring charges of $0.4 million and a $0.3 million net inventory reserve reversal, gross margin expanded 410 basis points from the prior-year to 36.9%. Operating expenses in the quarter of $12.9 million included $0.7 million of non-recurring legal and professional fees. Higher gross profit combined with cost containment initiatives resulted in operating income increasing $1.0 million to $1.6 million in the quarter while operating margin expanded 250 basis points. Excluding non-recurring items, non-GAAP operating income increased 69.5% to $2.6 million compared with the prior-year period. Interest expense of $0.7 million decreased $0.2 million from the prior-year period, reflecting lower outstanding debt. Net income grew to $0.7 million, or $0.08 per diluted share, compared with a net loss in the prior-year period. Non-GAAP net income increased to $1.4 million, or $0.19 per share, as a result of the improved performance in the quarter. Adjusted EBITDA was $4.1 million and Adjusted EBITDA margin was 10.5%. Aerospace Segment Review Aerospace segment revenue grew $1.9 million, or 16.3%, to $13.3 million compared with the prior year. Growth was driven by higher hardware volume and favorable product mix as commercial OEM production rates continued to increase. Aerospace hardware revenue grew 37.9% to $9.0 million year-over-year reflecting continued conversion to the ToughWriter ® platform. Aerospace segment operating profit increased $1.9 million, or 96%, to $3.9 million driven by improved volume and pricing. Non-GAAP segment operating income was $3.4 million, or 25.6% of revenue, compared with $2.2 million in the prior-year period. Orders in the quarter for the Aerospace segment increased 125.1% to $19.5 million for a book-to-bill ratio of 147% reflecting strong demand from OEMs for new build aircraft. Backlog at the end of the first quarter was $18.2 million, an increase of $6.2 million from the end of fiscal 2026 and more than double the $7.4 million at the end of the prior-year period. Product Identification (Product ID) Segment Review Product ID revenue was $26.1 million for the first quarter of fiscal 2027, down 0.8%, or $0.2 million, compared with the prior year. Hardware revenue increased modestly on new customer acquisition while recurring revenue was down $0.2 million. Recurring revenue represented approximately 82% of total segment sales. The year-over-year decline in direct-to-package revenue reflects the planned migration from legacy Trojan-platform products to MTEX-based solutions that the Company expects to begin to ramp in the second quarter of fiscal 2027. Product ID segment operating income was $0.6 million, double over the prior-year period, reflecting improving productivity, better cost control and favorable aftermarket mix. Non-GAAP segment operating income was $1.3 million, or 4.8% of revenue, compared with $1.0 million in the prior-year period. Orders in the quarter for the Product ID segment increased $0.5 million, or 2.1%, to $26.8 million compared with the prior-year period. The book-to-bill ratio for the segment was 103% and backlog at the end of the first quarter was $14.2 million. Balance Sheet and Cash Flow Cash from operations in the first quarter of fiscal 2027 was $3.0 million compared with $4.4 million in the prior year period as stronger cash earnings were offset by higher working capital requirements due to timing of receivables from customers and inventory requirements to support growth. Capital expenditures in the quarter were $36 thousand compared with $60 thousand in the prior year. Cash at the end of the first quarter of fiscal 2027 was $4.7 million compared with $4.1 million at the end of fiscal 2026. Net debt as of April 30, 2026, was $31.2 million, a reduction of $2.3 million, or 6.9%, compared with the end of the fourth quarter of fiscal 2026. Earnings Conference Call Information AstroNova will host a conference call and webcast at 8:15 a.m. ET on Monday, June 8, 2026, to review financial and operating results for the first quarter of fiscal 2027. 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 Monday, June 22, 2026. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13760545. 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 global provider of printing technologies serving regulated and industrial markets. The Company designs, manufactures, distributes, and services solutions that enable customers to identify, track, and communicate essential product and safety information across a wide range of applications and media. AstroNova supports customers by enabling safety, accuracy and durability for flight deck communications, medical device and healthcare products, essential chemical products, and mission-critical industrial components, while ensuring compliance with local and regional regulatory requirements. The Product Identification segment delivers end-to-end marking and identification solutions, including hardware, software, and consumables for OEMs, commercial printers, and brand owners. These solutions are used across labels, flexible packaging, corrugated, and industrial substrates, where durability, traceability, and compliance are essential. 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. For more information please visit: 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 three months ended April 30, 2026 and 2025. 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, 2026 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 April 30, 2026 April 30, 2025 $ Variance % Variance Revenue $ 39,364 $ 37,708 $ 1,656 4.4 % Cost of Revenue 24,939 25,757 (818 ) (3.2 )% Gross Profit 14,425 11,951 2,474 20.7 % Total Gross Profit Margin 36.6 % 31.7 % Operating Expenses: Selling & Marketing 5,692 5,605 87 1.6 % Research & Development 1,809 1,529 280 18.3 % General & Administrative 5,363 4,246 1,117 26.3 % Total Operating Expenses 12,864 11,380 1,484 13.0 % Operating Income 1,562 571 991 173.7 % Total Operating Margin 4.0 % 1.5 % Interest Expense 675 897 (222 ) (24.7 )% Other (Income)/Expense, net 38 (25 ) 63 (250.0 )% Income (Loss) Before Taxes 849 (301 ) 1,150 (381.7 )% Income Tax Provision 196 75 121 161.3 % Net Income (Loss) $ 653 $ (376 ) $ 1,029 (273.5 )% Net Income (Loss) per Common Share - Basic $ 0.09 $ (0.05 ) Net Income (Loss) per Common Share - Diluted $ 0.08 $ (0.05 ) Weighted Average Number of Common Shares - Basic 7,678 7,560 Weighted Average Number of Common Shares - Diluted 7,774 7,560 ASTRONOVA, INC. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) April 30, 2026 Jan 31, 2026 ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 4,675 $ 4,072 Accounts Receivable, net 21,627 18,985 Inventories, net 43,926 43,252 Prepaid Expenses and Other Current Assets 4,425 4,395 Total Current Assets 74,653 70,704 PROPERTY, PLANT AND EQUIPMENT 40,364 40,400 Less Accumulated Depreciation (26,718 ) (26,272 ) Property, Plant and Equipment, net 13,646 14,128 OTHER ASSETS Identifiable Intangibles, net 20,684 21,496 Goodwill 17,244 17,376 Deferred Tax Assets, net 9,780 9,831 Right of Use Asset 2,307 2,466 Other Assets 1,542 1,565 TOTAL ASSETS $ 139,856 $ 137,566 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts Payable $ 7,601 $ 6,806 Accrued Compensation 4,673 4,390 Other Accrued Expenses 7,564 4,702 Revolving Line of Credit 15,398 16,273 Current Portion of Long-Term Debt 4,272 3,033 Current Liability – Royalty Obligation 1,233 1,656 Current Liability – Excess Royalty Payment Due 194 331 Income Taxes Payable 1,036 691 Deferred Revenue 393 489 Total Current Liabilities 42,364 38,371 NON-CURRENT LIABILITIES Long-Term Debt, net of current portion 16,234 18,295 Lease Liabilities, net of current portion 1,784 1,953 Grant Deferred Revenue 926 899 Royalty Obligation, net of current portion 160 145 Income Tax Payables 800 800 Other Long-Term Liability 66 241 TOTAL LIABILITIES 62,334 60,704 SHAREHOLDERS’ EQUITY Common Stock 558 554 Additional Paid-in Capital 66,889 66,329 Retained Earnings 47,657 47,004 Treasury Stock (35,418 ) (35,227 ) Accumulated Other Comprehensive Loss, net of tax (2,164 ) (1,798 ) TOTAL SHAREHOLDERS’ EQUITY 77,522 76,862 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 139,856 $ 137,566 ASTRONOVA, INC. Condensed Consolidated Statements of Cash Flow – Three Months (In thousands) (Unaudited) Three Months Ended April 30, 2026 April 30, 2025 Cash Flows from Operating Activities: Net Income (Loss) $ 653 $ (376 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and Amortization 1,182 1,290 Grant Income Included in Depreciation 69 56 Amortization of Debt Issuance Costs 10 8 Share-Based Compensation 389 306 Deferred Income Tax Provision (Benefit) 37 (52 ) Changes in Assets and Liabilities: Accounts Receivable (2,691 ) 210 Inventories (766 ) (2,704 ) Income Taxes 146 172 Accounts Payable and Accrued Expenses 3,902 3,622 Deferred Revenue (73 ) 1,041 Other 163 822 Net Cash Provided by Operating Activities 3,021 4,395 Cash Flows from Investing Activities: Purchases of Property, Plant and Equipment (36 ) (60 ) Net Cash Used for Investing Activities (36 ) (60 ) Cash Flows from Financing Activities: Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan — 51 Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (191 ) (155 ) Revolving Credit Facility, net (824 ) (2,872 ) Payment of Minimum Guarantee Royalty Obligation (423 ) (428 ) Principal Payments of Long-Term Debt (809 ) (826 ) Net Cash Provided by (Used for) Financing Activities (2,247 ) (4,230 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents (135 ) 198 Net Increase in Cash and Cash Equivalents 602 303 Cash and Cash Equivalents, Beginning of Period 4,072 5,050 Cash and Cash Equivalents, End of Period $ 4,675 $ 5,353 Supplemental Information: Cash Paid (Received) During the Period for: Interest $ 652 $ 770 Income Taxes, net of refunds $ 50 $ (100 ) Non-Cash Transactions: Operating Lease Obtained in Exchange for Operating Lease Liabilities $ — $ 936 ASTRONOVA, INC. Segment Sales and Profit (Unaudited, $ in thousands) Three Months Ended ($ in thousands) April 30, 2026 April 30, 2025 Revenue: Product ID $ 26,089 $ 26,289 Aerospace 13,275 11,419 Total Revenue $ 39,364 $ 37,708 Gross Profit: Product ID $ 8,403 $ 8,233 Aerospace 6,022 3,718 Gross Profit $ 14,425 $ 11,951 Gross Profit Margin: Product ID 32.2 % 31.3 % Aerospace 45.4 % 32.6 % Gross Profit Margin 36.6 % 31.7 % Segment Operating Income: Product ID $ 566 $ 260 Aerospace 3,878 1,979 Total Segment Operating Income $ 4,444 $ 2,239 Segment Operating Margin: Product ID 2.2 % 1.0 % Aerospace 29.2 % 17.3 % Total Segment Operating Margin 11.3 % 5.9 % Corporate Expense (2,882 ) (1,668 ) Operating Income (Loss) $ 1,562 $ 571 Interest Expense 675 897 Other (Income)/Expense, net 38 (25 ) Income (Loss) Before Income Taxes $ 849 $ (301 ) Income Tax Provision (Benefit) 196 75 Net Income (Loss) $ 653 $ (376 ) ASTRONOVA, INC. Segment Sales and Non-GAAP Profit (Unaudited, $ in thousands) Three Months Ended ($ in thousands) April 30, 2026 April 30, 2025 Revenue: Product ID $ 26,089 $ 26,289 Aerospace 13,275 11,419 Total Revenue $ 39,364 $ 37,708 Gross Profit: Product ID $ 9,023 $ 8,465 Aerospace 5,527 3,887 Non-GAAP Gross Profit $ 14,550 $ 12,352 Gross Profit Margin: Product ID 34.6 % 32.2 % Aerospace 41.6 % 34.0 % Non-GAAP Gross Profit Margin 36.9 % 32.8 % Segment Operating Income: Product ID $ 1,263 $ 995 Aerospace 3,393 2,150 Total Non-GAAP Segment Operating Income $ 4,656 $ 3,145 Segment Operating Margin: Product ID 4.8 % 3.8 % Aerospace 25.6 % 18.8 % Total Non-GAAP Segment Operating Margin 11.8 % 8.3 % Corporate Expense (2,067 ) (1,620 ) Non-GAAP Operating Income $ 2,589 $ 1,527 Interest Expense $ 675 $ 897 Other (Income)/Expense, net 38 (25 ) Income Before Income Taxes $ 1,876 $ 655 Adjusted Income Tax Provision (Benefit) 433 301 Non-GAAP Net Income $ 1,443 $ 354 ASTRONOVA, INC. Revenue by Market (unaudited, $ in thousands) Product ID: Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 Q1 FY27 YTD FY2027 Desktop Label Printers $ 15,478 $ 15,190 $ 16,115 15,041 61,824 $ 15,466 15,466 Mail & Sheet/Flat Pack Printers 4,050 3,740 4,280 4,138 16,208 4,095 4,095 Professional Label Printers 3,247 3,506 3,636 3,863 14,252 3,503 3,503 Direct to Package/Overprint Printers 3,396 2,230 2,371 2,579 10,576 2,248 2,248 Flexible Packaging Printers 30 69 79 38 216 47 47 Other 88 19 368 670 1,145 731 731 TOTAL $ 26,289 $ 24,754 $ 26,849 26,329 104,221 $ 26,089 26,089 Aerospace: Q1 FY26* Q2 FY26 Q3 FY26 Q4 FY26 FY2026 Q1 FY27 YTD FY2027 Commercial Aircraft $ 4,953 $ 4,714 $ 5,764 $ 5,030 $ 20,461 $ 7,247 $ 7,247 Aftermarket 4,911 4,953 4,955 4,831 19,650 4,275 4,275 Defense 811 1,047 766 885 3,509 754 754 Regional and Biz Jet Aircraft 396 431 634 195 1,656 564 564 Other 348 203 201 266 1,018 435 435 TOTAL $ 11,419 $ 11,348 $ 12,320 $ 11,207 $ 46,294 $ 13,275 $ 13,275 Consolidated Total $ 37,708 $ 36,102 $ 39,169 37,536 150,515 $ 39,364 39,364 *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 2026 fiscal sales were unaffected. ASTRONOVA, INC. Revenue by Type (unaudited, $ in thousands) Product ID Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY 2026 Q1 FY27 YTD FY2027 Product ID HW $ 4,776 $ 4,511 $ 5,357 $ 5,332 $ 19,976 $ 4,783 $ 4,783 Product ID Recurring Supplies, Parts & Service 21,513 20,243 21,492 20,997 84,245 21,306 21,306 Total Product ID $ 26,289 $ 24,754 $ 26,849 $ 26,329 $ 104,221 $ 26,089 $ 26,089 Aerospace Aerospace HW $ 6,519 $ 6,425 $ 7,360 $ 6,369 $ 26,672 $ 8,992 $ 8,992 Aerospace Recurring Supplies, Parts & Service 4,900 4,923 4,960 4,838 19,622 4,283 4,283 Total Aerospace $ 11,419 $ 11,348 $ 12,320 $ 11,207 $ 46,294 $ 13,275 $ 13,275 Consolidated AstroNova HW $ 11,295 $ 10,936 $ 12,717 $ 11,701 $ 46,648 $ 13,775 $ 13,775 AstroNova Recurring Supplies, Parts & Service 26,413 25,166 26,452 25,835 103,867 25,589 25,589 TOTAL $ 37,708 $ 36,102 $ 39,169 $ 37,536 $ 150,515 $ 39,364 $ 39,363 ASTRONOVA, INC. Bookings and Backlog (unaudited, $ in thousands) AstroNova Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY 2026 Q1 FY27 YTD FY2027 Backlog Beginning of Period (incl. MTEX) $ 28,307 $ 25,491 $ 25,291 $ 21,989 $ 28,307 $ 25,530 $ 25,530 Revenue Recognized (Billings) $ 37,708 $ 36,102 $ 39,169 $ 37,536 $ 150,515 $ 39,364 $ 39,364 New Bookings During Period $ 34,893 $ 35,901 $ 35,867 $ 41,077 $ 147,738 $ 46,261 $ 46,261 Backlog End of Period $ 25,491 $ 25,291 $ 21,989 $ 25,530 $ 25,530 $ 32,426 $ 32,426 Book/Bill % 93 % 99 % 92 % 109 % 96 % 118 % 118 % Product Identification Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY 2026 Q1 FY27 YTD FY2027 Backlog Beginning of Period (incl. MTEX) $ 18,091 $ 18,044 $ 16,727 $ 12,351 $ 18,091 $ 13,482 $ 13,482 Revenue Recognized (Billings) $ 26,289 $ 24,754 $ 26,849 $ 26,329 $ 104,221 $ 26,089 $ 26,089 New Bookings During Period $ 26,242 $ 23,437 $ 22,473 $ 27,460 $ 99,612 $ 26,789 $ 26,789 Backlog End of Period $ 18,044 $ 16,727 $ 12,351 $ 13,484 $ 13,482 $ 14,182 $ 14,182 Book/Bill % 100 % 95 % 84 % 104 % 95 % 103 % 103 % Aerospace Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY 2025 Q1 FY27 YTD FY2027 Backlog Beginning of Period $ 10,216 $ 7,447 $ 8,563 $ 9,638 $ 10,216 $ 12,048 $ 12,048 Revenue Recognized (Billings) $ 11,419 $ 11,348 $ 12,320 $ 11,207 $ 46,294 $ 13,275 $ 13,275 New Bookings During Period $ 8,651 $ 12,464 $ 13,394 $ 13,617 $ 48,126 $ 19,471 $ 19,471 Backlog End of Period $ 7,447 $ 8,563 $ 9,638 $ 12,047 $ 12,048 $ 18,244 $ 18,244 Book/Bill % 76 % 110 % 109 % 122 % 97 % 147 % 147 % ASTRONOVA, INC. Segment Sales and Profit – Historical Quarterly Summary (Recast) (unaudited, $ in thousands) FY24 Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 Q1 FY27 Aerospace Revenue $ 44,045 9,776 13,374 14,105 11,683 $ 48,938 11,419 11,348 12,320 11,206 $ 46,294 13,275 Gross profit $ 15,900 3,456 5,548 5,093 3,989 $ 18,087 3,718 3,721 6,121 4,236 $ 17,797 6,022 Gross Profit Margin 36.1 % 35.4 % 41.5 % 36.1 % 34.1 % 37.0 % 32.6 % 32.8 % 49.7 % 37.8 % 38.4 % 45.4 % Operating Expenses: Selling & Marketing $ 3,433 904 899 913 822 $ 3,537 481 911 1,095 772 $ 3,260 903 Research & Development $ 2,347 801 781 877 785 $ 3,243 652 603 710 656 $ 2,621 548 General & Administrative $ 1,881 644 567 512 497 $ 2,220 606 540 536 471 $ 2,154 693 Total Operating Expenses $ 7,661 2,348 2,246 2,301 2,104 $ 9,000 1,739 2,055 2,341 1,899 $ 8,034 2,144 Aerospace Operating Income $ 8,240 1,108 3,302 2,792 1,885 $ 9,087 1,979 1,666 3,780 2,338 $ 9,763 3,878 Aerospace Operating Margin 18.7 % 11.3 % 24.7 % 19.8 % 16.1 % 18.6 % 17.3 % 14.7 % 30.7 % 20.9 % 21.1 % 29.2 % Non-GAAP Aerospace Adjusted EBITDA 1 $ 10,239 1,519 3,719 3,193 2,279 $ 10,710 2,566 2,081 3,911 3,104 $ 11,662 3,769 Adjusted EBITDA Margin 1 23.2 % 15.5 % 27.8 % 22.6 % 19.5 % 21.9 % 22.5 % 18.3 % 31.7 % 27.7 % 25.2 % 28.4 % FY24 Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 Q1 FY27 Product ID Revenue $ 104,041 23,185 27,165 26,317 25,679 $ 102,345 26,289 24,754 26,849 26,330 $ 104,221 26,089 Gross profit $ 33,604 8,002 8,315 8,015 8,236 $ 32,570 8,233 7,194 7,323 7,088 $ 29,838 8,403 Gross Profit Margin 32.3 % 34.5 % 30.6 % 30.5 % 32.1 % 31.8 % 31.3 % 29.1 % 27.3 % 26.9 % 28.6 % 32.2 % Operating Expenses: Selling & Marketing $ 19,971 4,436 5,567 5,438 5,274 $ 20,715 5,124 4,935 4,773 4,870 $ 19,703 4,789 Research & Development $ 3,994 670 507 795 832 $ 2,804 877 961 1,188 1,141 $ 4,167 1,261 General & Administrative $ 4,314 1,447 2,363 1,896 15,206 $ 20,911 1,971 1,490 1,667 1,310 $ 6,439 1,787 Total Operating Expenses $ 28,280 6,553 8,437 8,128 21,312 $ 44,430 7,973 7,387 7,628 7,323 $ 30,310 7,837 Product ID Operating Income $ 5,325 1,449 (121 ) (112 ) (13,076 ) $ (11,860 ) 260 (192 ) (304 ) (234 ) $ (471 ) 566 Product ID Operating Margin 5.1 % 6.2 % -0.4 % -0.4 % -50.9 % -11.6 % 1.0 % -0.8 % -1.1 % -0.9 % -0.5 % 2.2 % Non-GAAP Product ID Adjusted EBITDA 1 $ 11,156 2,046 1,619 1,269 1,615 $ 6,550 1,903 870 1,371 1,095 $ 5,239 2,112 Adjusted EBITDA Margin 1 10.7 % 8.8 % 6.0 % 4.8 % 6.3 % 6.4 % 7.2 % 3.5 % 5.1 % 4.2 % 5.0 % 8.1 % Corporate Expense $ 4,768 1,211 2,120 1,416 1,120 $ 5,867 1,668 2,181 2,187 2,049 $ 8,086 2,882 Consolidated Consolidated Operating Income 8,796 1,346 1,061 1,264 (12,311 ) (8,640 ) 571 (708 ) 1,288 55 1,207 1,562 Consolidated Operating Margin 5.9 % 4.1 % 2.6 % 3.1 % -33.0 % -5.7 % 1.5 % -2.0 % 3.3 % 0.1 % 0.8 % 4.0 % Non-GAAP Adjusted EBITDA 1 $ 17,601 2,463 3,849 3,230 2,793 $ 12,336 3,148 2,056 4,173 3,306 $ 12,681 4,122 Adjusted EBITDA Margin 1 11.9 % 7.5 % 9.5 % 8.0 % 7.5 % 8.2 % 8.3 % 5.7 % 10.7 % 8.8 % 8.4 % 10.5 % 1 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP metrics. Please refer to the reconciliation of GAAP to non-GAAP metrics in the tables that accompany this news release. ASTRONOVA, INC. Reconciliation of GAAP to Non-GAAP Items (Unaudited, $ in thousands) Three Months Ended April 30, 2026 April 30, 2025 Revenue $ 39,364 $ 37,708 Gross Profit $ 14,425 $ 11,951 Inventory Step-Up - 61 Inventory Provision (263 ) - Restructuring Charges 360 340 Non-Recurring Legal, Professional & Other Expenses 29 - Non-GAAP Gross Profit $ 14,552 $ 12,352 Gross Profit Margin 36.6 % 31.7 % Non-GAAP Gross Profit Margin 36.9 % 32.8 % Operating Expenses $ 12,863 $ 11,382 MTEX-related Acquisition Expenses - (337 ) Bonus (165 ) - Restructuring Charges (2 ) (219 ) Non-Recurring Legal, Professional & Other Expenses (734 ) - Non-GAAP Operating Expenses $ 11,962 $ 10,826 Operating Income $ 1,562 $ 571 MTEX-related Acquisition Expenses - 337 Inventory Step-Up - 61 Inventory Provision (263 ) - Bonus 165 - Restructuring Charges 362 558 Non-Recurring Legal, Professional & Other Expenses 763 - Non-GAAP Operating Income $ 2,589 $ 1,527 Operating Income Margin 4.0 % 1.5 % Non-GAAP Operating Income Margin 6.6 % 4.0 % Net Income (Loss) $ 653 $ (376 ) MTEX-related Acquisition Expenses (1) - 257 Inventory Step-Up (1) - 49 Inventory Provision (1) (192 ) - Bonus (1) 125 - Restructuring Charges (1) 276 424 Non-Recurring Legal, Professional, and Other Expenses (1) 581 - Non-GAAP Net Income $ 1,443 $ 354 Diluted Earnings (Loss) Per Share $ 0.08 $ (0.05 ) MTEX-related Acquisition Expenses (1) - 0.03 Inventory Step-Up (1) - 0.01 Inventory Provision (1) (0.02 ) - Bonus (1) 0.02 - Restructuring Charges (1) 0.04 0.06 Non-Recurring Legal, Professional and Other Expenses (1) 0.07 - Non-GAAP Diluted Earnings Per Share $ 0.19 $ 0.05 (1) Net of taxes ASTRONOVA INC. Reconciliation of Net Income and Margin to Adjusted EBITDA and Margin (Unaudited, $ in thousands) Three Months Ended April 30, 2026 April 30, 2025 Net Income (Loss) $ 653 $ (376 ) Interest Expense 675 897 Income Tax Expense 196 75 Depreciation & Amortization 1,182 1,290 EBITDA $ 2,706 $ 1,886 Share-Based Compensation 389 306 Bonus 165 - MTEX-related Acquisition Expenses - 337 Inventory Step-Up - 61 Inventory Provision (263 ) - Restructuring Charges 362 558 Non-Recurring Legal Expenses 763 - Adjusted EBITDA $ 4,122 $ 3,148 Revenue $ 39,364 $ 37,708 Net Income (Loss) Margin 1.7 % (1.0 )% Adjusted EBITDA Margin 10.5 % 8.3 % ASTRONOVA INC. Reconciliation of Segment Gross Profit and Margin to Non-GAAP Gross Profit and Margin (Unaudited, $ in thousands) Three Months Ended April 30, 2026 April 30, 2025 Product ID Aerospace Total Product ID Aerospace Total Segment Gross Profit $ 8,403 $ 6,022 $ 14,425 $ 8,233 $ 3,718 $ 11,951 Inventory Step-Up - - - 61 - 61 Inventory Provision 232 (495 ) (263 ) - - - Restructuring Charges 360 - 360 171 169 340 Non-Recurring Legal, Professional & Other Expenses 29 - 29 - - - Non-GAAP - Segment Gross Profit $ 9,023 $ 5,527 $ 14,551 $ 8,465 $ 3,887 $ 12,352 Revenue $ 26,089 $ 13,275 $ 39,364 $ 26,289 $ 11,419 $ 37,708 Gross Profit Margin 32.2 % 45.4 % 36.6 % 31.3 % 32.6 % 31.7 % Non-GAAP Segment Gross Profit Margin 34.6 % 41.6 % 36.9 % 32.2 % 34.0 % 32.8 % ASTRONOVA INC. Reconciliation of Segment Operating Profit and Margin to Non-GAAP Operating Profit and Margin (Unaudited, $ in thousands) Three Months Ended April 30, 2026 April 30, 2025 Product ID Aerospace Total Product ID Aerospace Total Segment Operating Income $ 566 $ 3,878 $ 4,444 $ 260 $ 1,979 $ 2,239 Inventory Step-Up - - - 61 - 61 Inventory Provision 232 (495 ) (263 ) - - - Bonus 60 10 70 - - - Restructuring Charges 362 - 362 339 171 510 MTEX-related Acquisition Expenses - - - 336 - 336 Non-Recurring Legal, Professional & Other Expenses 43 - 43 - - - Non-GAAP - Segment Operating Income $ 1,263 $ 3,393 $ 4,656 $ 995 $ 2,150 $ 3,145 Revenue $ 26,089 $ 13,275 $ 39,364 $ 26,289 $ 11,419 $ 37,708 Operating Margin 2.2 % 29.2 % 11.3 % 1.0 % 17.3 % 5.9 % Non-GAAP Operating Margin 4.8 % 25.6 % 11.8 % 3.8 % 18.8 % 8.3 % ASTRONOVA INC. Reconciliation of Segment and Consolidated Net Income to Adjusted EBITDA (Past Quarters and Years) (Unaudited, $ in thousands) 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY25 Q1 26 Q2 26 Q3 26 Q4 26 FY26 Q1 27 Aerospace Operating Income $ 8,240 $ 1,108 $ 3,302 $ 2,792 $ 1,886 $ 9,088 $ 1,980 $ 1,666 $ 3,780 $ 2,338 $ 9,763 $ 3,878 Other - - - - - - - - - - - - Interest expense - - - - - - - - - - - 15 Profit Before Tax $ 8,240 1,108 3,302 2,792 1,886 $ 9,088 1,980 1,666 3,780 2,338 $ 9,763 $ 3,863 Tax - - - - - - - - - - - - Net Income $ 8,240 1,108 3,302 2,792 1,886 $ 9,088 1,980 1,666 3,780 2,338 $ 9,763 $ 3,863 Interest expense - - - - - - - - - - - 15 Tax - - - - - - - - - - - - Depreciation & Amortization 1,873 374 378 365 365 1,482 373 368 363 360 1,464 332 Share-Based Compensation 126 37 39 36 29 140 43 46 80 94 263 44 Bonus - - - - - - - - - 10 Inventory Provision - - - - - - - - (311 ) 311 - (495 ) Restructuring Charges - - - - - - 170 1 - - 171 - Adjusted EBITDA $ 10,239 $ 1,519 $ 3,719 $ 3,193 $ 2,279 $ 10,710 $ 2,566 $ 2,081 $ 3,911 $ 3,104 $ 11,662 $ 3,769 Revenue $ 44,045 $ 9,776 $ 13,374 $ 14,105 $ 11,683 $ 48,938 $ 11,419 $ 11,348 $ 12,320 $ 11,206 $ 46,294 $ 13,275 Adjusted EBITDA Margin 23.2 % 15.5 % 27.8 % 22.6 % 19.5 % 21.9 % 22.5 % 18.3 % 31.7 % 27.7 % 25.2 % 28.4 % 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY25 Q1 26 Q2 26 Q3 26 Q4 26 FY26 Q1 27 Product ID Operating Income $ 5,325 $ 1,449 $ (121 ) $ (113 ) $ (13,075 ) $ (11,860 ) $ 260 $ (192 ) $ (304 ) $ (234 ) $ (470 ) $ 566 Other - - - - - - - - - - - 20 Interest expense - - - - - - - - - - - 24 Profit Before Tax $ 5,325 1,449 (121 ) (113 ) (13,075 ) $ (11,860 ) 260 (192 ) (304 ) (234 ) $ (470 ) $ 522 Tax - - - - - - - - - - - 364 Net Income $ 5,325 1,449 (121 ) (113 ) (13,075 ) $ (11,860 ) 260 (192 ) (304 ) (234 ) $ (470 ) $ 158 Interest expense - - - - - - - - - - - 24 Tax - - - - - - - - - - - 364 Depreciation & Amortization 2,378 532 921 929 896 3,279 913 909 489 1,013 3,322 844 Share-Based Compensation 317 64 74 94 75 308 (7 ) 86 88 207 373 26 Bonus - - - - - - - - - - - 60 MTEX-related Acquisition Expenses - - 625 325 254 1,204 337 (26 ) - - 311 - Inventory Step-Up - - 120 34 62 216 61 - - - 61 - Inventory Provision - - - - - - - - 670 54 724 232 Restructuring Charges 2,494 - - - - - 339 94 (2 ) 52 483 362 Product Retrofit Costs 642 - - - - - - - - 185 185 - Non-Recurring Legal Expenses - - - - - - - - 134 (182 ) (48 ) 43 Goodwill Impairment - - - - 13,403 13,403 - - 297 - 297 - Adjusted EBITDA $ 11,156 $ 2,046 $ 1,619 $ 1,269 $ 1,615 $ 6,550 $ 1,903 $ 870 $ 1,371 $ 1,095 $ 5,239 $ 2,112 Revenue $ 104,041 $ 23,185 $ 27,165 $ 26,317 $ 25,679 $ 102,345 $ 26,289 $ 24,754 $ 26,849 $ 26,330 $ 104,221 $ 26,089 Adjusted EBITDA Margin 10.7 % 8.8 % 6.0 % 4.8 % 6.3 % 6.4 % 7.2 % 3.5 % 5.1 % 4.2 % 5.0 % 8.1 % 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY25 Q1 26 Q2 26 Q3 26 Q4 26 FY26 Q1 27 Corporate Operating Income $ (4,768 ) $ (1,211 ) $ (2,120 ) $ (1,416 ) $ (1,122 ) $ (5,869 ) $ (1,668 ) $ (2,181 ) $ (2,187 ) $ (2,050 ) $ (8,087 ) $ (2,882 ) Other 26 118 173 46 100 437 (24 ) 104 210 (51 ) 239 18 Interest expense 2,697 482 938 944 847 3,210 897 885 827 894 3,503 635 Profit Before Tax $ (7,491 ) (1,811 ) (3,231 ) (2,406 ) (2,069 ) $ (9,516 ) (2,541 ) (3,170 ) (3,224 ) (2,893 ) $ (11,829 ) $ (3,536 ) Tax 1,379 (434 ) 261 34 2,342 2,203 75 (454 ) (128 ) 346 (161 ) (168 ) Net Income $ (8,870 ) (1,377 ) (3,492 ) (2,440 ) (4,411 ) $ (11,719 ) (2,616 ) (2,716 ) (3,096 ) (3,239 ) $ (11,668 ) $ (3,368 ) Interest expense 2,697 482 938 944 847 3,210 897 885 827 894 3,503 635 Tax 1,379 (434 ) 261 36 2,342 2,205 75 (454 ) (128 ) 346 (161 ) (168 ) Depreciation & Amortization 15 4 4 6 4 19 4 4 5 5 18 6 EBITDA $ (4,779 ) (1,324 ) (2,289 ) (1,454 ) (1,218 ) $ (6,285 ) (1,640 ) (2,282 ) (2,392 ) (1,994 ) $ (8,308 ) $ (2,894 ) Share-Based Compensation 903 223 368 222 116 929 270 367 586 449 1,673 318 Bonus - - - - - - - - - - - 95 CFO Transition Costs - - 432 - - 432 - - - - - - Restructuring Charges 82 - - - - - 49 595 60 - 703 0 Non-Recurring Legal Expenses - - - - - - - 69 254 440 763 720 Non-Recurring Proxy Costs - - - - - - - 355 172 210 738 - Realized Fx - - - - - - - - 100 - 100 - Other (Income) and Expense - - - - - - - - 112 - 112 - Adjusted EBITDA $ (3,794 ) $ (1,101 ) $ (1,489 ) $ (1,232 ) $ (1,102 ) $ (4,924 ) $ (1,321 ) $ (896 ) $ (1,108 ) $ (895 ) $ (4,220 ) $ (1,760 ) 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY25 Q1 26 Q2 26 Q3 26 Q4 26 FY26 Q1 27 AstroNova Consolidated Operating Income $ 8,796 $ 1,346 $ 1,061 $ 1,263 $ (12,311 ) $ (8,641 ) $ 572 $ (708 ) $ 1,288 $ 55 $ 1,208 $ 1,562 Other 26 118 173 46 100 437 (24 ) 104 210 (51 ) 239 38 Interest expense 2,697 482 938 944 847 3,210 897 885 827 894 3,503 675 Profit Before Tax $ 6,073 746 (50 ) 273 (13,258 ) $ (12,288 ) (301 ) (1,697 ) 251 (789 ) $ (2,535 ) $ 849 Tax 1,379 (434 ) 261 34 2,342 2,202 75 (454 ) (128 ) 346 (161 ) 196 Net Income $ 4,694 1,180 (311 ) 239 (15,600 ) $ (14,490 ) (376 ) (1,243 ) 379 (1,134 ) $ (2,373 ) $ 653 Interest expense 2,697 482 938 944 847 3,210 897 885 827 894 3,503 675 Tax 1,379 (434 ) 261 36 2,342 2,202 75 (454 ) (128 ) 346 (161 ) 196 Depreciation & Amortization 4,266 911 1,304 1,300 1,266 4,780 1,290 1,280 856 1,379 4,805 1,182 EBITDA $ 13,036 2,139 2,191 2,519 (11,146 ) $ (4,297 ) 1,886 469 1,934 1,485 $ 5,774 $ 2,706 Share-Based Compensation 1,347 325 481 352 219 1,378 306 499 754 751 2,310 389 Bonus - - - - - - - - - - - 165 MTEX-related Acquisition Expenses - - 625 325 254 1,204 337 (26 ) - - 311 - CFO Transition Costs - - 432 - - 432 - - - - - - Inventory Step-Up - - 120 34 62 216 61 - - - 61 - Inventory Provision - - - - - - - - 359 365 724 (264 ) Restructuring Charges 2,576 - - - - - 558 689 59 52 1,357 362 Product Retrofit Costs 642 - - - - - - - - 185 185 - Non-Recurring Legal Expenses - - - - - - - 69 387 258 715 763 Non-Recurring Proxy Costs - - - - - - - 355 172 210 738 - Realized Fx - - - - - - - - 100 - 100 - Other (Income) and Expense - - - - - - - - 112 - 112 - Goodwill Impairment - - - - 13,403 13,403 - - 297 - 297 - Adjusted EBITDA $ 17,601 $ 2,463 $ 3,849 $ 3,230 $ 2,793 $ 12,336 $ 3,149 $ 2,056 $ 4,175 $ 3,306 $ 12,682 $ 4,121 Revenue $ 148,086 $ 32,961 $ 40,539 $ 40,422 $ 37,361 $ 151,283 $ 37,708 $ 36,102 $ 39,169 $ 37,536 $ 150,515 $ 39,364 Adjusted EBITDA Margin 11.9 % 7.5 % 9.5 % 8.0 % 7.5 % 8.2 % 8.4 % 5.7 % 10.7 % 8.8 % 8.4 % 10.5 % View source version on businesswire.com: https://www.businesswire.com/news/home/20260608234583/en/