AstroNova Reports Third Quarter Fiscal Year 2025 Financial Results

About this update from Astronova, Inc.

Company to host earnings conference call at 9:00 a.m. ET today WEST WARWICK, R.I. --(BUSINESS WIRE)-- AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2025 third quarter ended November 2, 2024 . Third Quarter FY 2025 Summary Net revenue of $40.4 million GAAP gross margin of 33.9%; non-GAAP gross margin of 34.0% GAAP operating margin of 3.1%; non-GAAP operating margin of 4.0% GAAP net income of $0.03 per diluted share; non-GAAP net income of $0.06 per diluted share GAAP net income of $0.2 million ; Adjusted EBITDA of $3.2 million CEO Commentary “Overall, our third-quarter performance was disappointing, reflecting a significant decrease in consolidated margins and increased operating expenses year-over-year,” said Greg Woods , AstroNova’s President and Chief Executive Officer. “Our results were primarily impacted by the ongoing integration of MTEX NS (MTEX) in our Product Identification segment, as well as a key customer’s delayed launch from the third quarter to the fourth quarter of a large order we received for hundreds of inkjet printers that just began shipping this month. The MTEX integration is proving far more time-consuming and resource-intensive than we anticipated when we completed the acquisition in May. MTEX had an operating loss of $1.1 million in the third quarter with revenue of $1.7 million . While its revenue is substantially higher on a sequential basis, MTEX’s initial sales volume, revenue and margin contributions are well short of our targets, and we are working diligently to get the acquisition on track to deliver improved results as rapidly as possible. “As part of this process, we recently completed a total realignment of MTEX’s organizational reporting structure. All of MTEX’s key functions, including Sales and Marketing, Manufacturing, Technology, Finance, and Human Resources, now report directly to the AstroNova leadership team,” Woods said. “Among its goals, this effort aims to accelerate the implementation of consistent best practices within the MTEX sales process, ensuring alignment with the established standards and practices of our Product Identification segment and our organization as a whole. In conjunction with the integration, we have also launched an AstroNova -wide cost reduction and product line rationalization initiative. These measures have already delivered initial successes, including the closure of some large new orders. However, the full integration process is anticipated to continue through mid-calendar year 2025, with additional work required to complete the transition. “While the integration has been challenging, we remain confident in MTEX’s game-changing inkjet printing technology, as well as their manufacturing capabilities and unique, real-time, printer monitoring and management software,” Woods said. “In the quarters ahead, in conjunction with our product rationalization program, we plan to incorporate the MTEX technology and software into most of our products and even retrofit it into several models of our large global installed base, which we expect will provide our customers with improved performance and lower total cost of ownership. “Despite the challenges in the PI segment in the third quarter, our consolidated net revenue increased nearly 8% year-over-year, driven by the continued momentum of the Aerospace product line within our Test & Measurement (T&M) segment,” Woods said. “The performance of the T&M segment would have been even stronger had it not been for the nearly two-month Boeing strike, which delayed shipments. With the strike now resolved, shipments to Boeing are ramping back up, and we expect sales volume in that product line to improve as we close out fiscal 2025. In our PI segment, revenue from the previously delayed inkjet printer order is expected to contribute several million dollars to the top line over the next several quarters.” Business Outlook Given the extended integration timeline for MTEX, AstroNova is no longer providing financial guidance for fiscal 2025 and 2026. As part of the integration process, the Company is conducting a comprehensive cost-reduction and product-line rationalization initiative. This effort is aimed at reducing expenses and further enhancing AstroNova’s product portfolio. AstroNova plans to discuss the results of this initiative, and provide long-term financial targets, on its full-year fiscal 2025 earnings call in March. “Although it will take time to realize the full benefits of the MTEX acquisition, we are encouraged about the strategic opportunities created by the acquisition, which we expect to improve our competitiveness and expand our offerings to meet a broader range of customer needs,” Woods said. “We are confident that the steps we are taking now will yield meaningful competitive advantages, ultimately driving shareholder value.” Q3 FY 2025 Financial Summary GAAP Non-GAAP ($ in thousands, except per share data) Q3 FY25 Q3 FY24 YoY Q3 FY25 Q3 FY24 YoY Net Revenue $40,422 $37,549 7.7% -- -- -- Gross Profit $13,714 $14,779 (7.2%) $13,748 $14,779 (7.0%) Gross Margin 33.9% 39.4% (550 bps) 34.0% 39.4% (540 bps) Operating Margin 3.1% 12.3% (920 bps) 4.0% 12.3% (830 bps) Net Income $240 $2,752 (91.3%) $513 $2,752 (81.4%) Net Income per Common Share – Diluted $0.03 $0.37 (91.9%) $0.06 $0.37 (83.8%) See reconciliation tables for GAAP to non-GAAP reconciliations Adjusted EBITDA was $3.2 million for the third quarter of fiscal 2025, compared with $5.7 million in the comparable period of fiscal 2024. Adjusted EBITDA for the fiscal 2025 period excludes the impact of $0.4 million in MTEX-related acquisition expenses and inventory-step-up costs. Bookings for the third quarter of fiscal 2025 were $37.6 million , compared with $35.5 million in the third quarter of fiscal 2024. Backlog as of November 2, 2024 , was $27.1 million , compared with $31.2 million at the end of the third quarter of fiscal 2024. Q3 FY 2025 Operating Segment Results Product Identification Product Identification (PI) segment revenue was $26.3 million in the third quarter of fiscal 2025, compared with $26.5 million in the third quarter of fiscal 2024. The decrease was primarily related to the delayed release of a new inkjet printer, to accommodate a key customer’s request to add additional functionality, as well as lower PI sales volume in Europe , partly offset by revenue from the acquisition of MTEX NS. PI segment operating income was $1.9 million , or 7.1% of revenue, in the third quarter of fiscal 2025, compared with segment operating income of $4.8 million , or 18.1% of revenue, in the third quarter of fiscal 2024. The decrease was driven by higher costs during the 2025 period, partially linked to the MTEX NS acquisition, an unfavorable product mix, reduced sales volume in Europe , and the delayed launch of a new product originally scheduled for the third quarter of fiscal 2025 but deferred to the fourth quarter of fiscal 2025 and early fiscal 2026. Test & Measurement Test & Measurement (T&M) segment revenue was $14.1 million in the third quarter of fiscal 2025, compared with $11.0 million in the third quarter of fiscal 2024. The increase was driven by higher sales volume in the Company’s Aerospace product line, partly offset by lower sales volume in the Test & Measurement product line. T&M segment operating income was $3.3 million , or 23.0% of revenue, in the third quarter of fiscal 2025, compared with segment operating income of $2.6 million , or 23.2% of revenue, in the same period of fiscal 2024. Earnings Conference Call Information AstroNova will discuss its third quarter fiscal 2025 financial results in an investor conference call at 9:00 a.m. ET today. To access the conference call, please dial (833) 470-1428 ( U.S. and Canada ) or (404) 975-4839 (International) approximately 10 minutes prior to the start time and enter access code 891769. A real-time and archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.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 margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, non-GAAP segment operating profit, and Adjusted EBITDA. 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 and nine months ended November 2, 2024 , and October 28, 2023 . About AstroNova AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes, and services a broad range of products that acquire, store, analyze, and present data in multiple formats. 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. The Test and Measurement segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile and rocket telemetry production monitoring, power, and maintenance applications. AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting https://astronovainc.com/ . 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 we may not be able to realize the expected benefits from our acquisition of MTEX; (ii) the risk that our cost-reduction and product line rationalization initiative may not provide the expected benefits; (iii) that the volume of orders in our Aerospace product line may not improve on the schedule we anticipate or at all; (iv) the risk that we may be unable to recognize revenue from previously delayed orders in future periods in the amounts or the timeline that we expect; and (v) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 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 In Thousands Except for Per Share Data (Unaudited) Three Months Ended November 2 , 2024 October 28 , 2023 Net Revenue $ 40,422 $ 37,549 Cost of Revenue 26,708 22,770 Gross Profit 13,714 14,779 Total Gross Profit Margin 33.9 % 39.4 % Operating Expenses: Selling & Marketing 6,752 5,744 Research & Development 1,843 1,683 General & Administrative 3,855 2,734 Total Operating Expenses 12,450 10,161 Operating Income 1,264 4,618 Total Operating Margin 3.1 % 12.3 % Interest Expense 944 630 Other (Income)/Expense, net 46 287 Income Before Taxes 274 3,701 Income Tax Provision 34 949 Net Income $ 240 $ 2,752 Net Income per Common Share - Basic $ 0.03 $ 0.37 Net Income per Common Share - Diluted $ 0.03 $ 0.37 Weighted Average Number of Common Shares - Basic 7,524 7,428 Weighted Average Number of Common Shares - Diluted 7,580 7,485 Nine Months Ended November 2 , 2024 October 28 , 2023 Net Revenue $ 113,922 $ 108,493 Cost of Revenue 73,909 71,618 Gross Profit 40,013 36,875 Total Gross Profit Margin 35.1 % 34.0 % Operating Expenses: Selling & Marketing 19,140 18,451 Research & Development 4,859 5,028 General & Administrative 12,343 8,514 Total Operating Expenses 36,342 31,993 Operating Income 3,671 4,882 Total Operating Margin 3.2 % 4.5 % Interest Expense 2,363 1,919 Other (Income)/Expense, net 337 242 Income Before Taxes 971 2,721 Income Tax Provision (Benefit) (139 ) 738 Net Income $ 1,110 $ 1,983 Net Income per Common Share - Basic $ 0.15 $ 0.27 Net Income per Common Share - Diluted $ 0.15 $ 0.27 Weighted Average Number of Common Shares - Basic 7,501 7,407 Weighted Average Number of Common Shares - Diluted 7,605 7,477 ASTRONOVA, INC. Consolidated Balance Sheets In Thousands (Unaudited) November 2 , 2024 January 31 , 2024 ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 4,432 $ 4,527 Accounts Receivable, net 25,156 23,056 Inventories, net 48,560 46,371 Prepaid Expenses and Other Current Assets 5,239 2,720 Total Current Assets 83,387 76,674 PROPERTY, PLANT AND EQUIPMENT 69,300 57,046 Less Accumulated Depreciation (50,934 ) (42,861 ) Property, Plant and Equipment, net 18,366 14,185 OTHER ASSETS Intangible Assets, net 24,514 18,836 Goodwill 25,337 14,633 Deferred Tax Assets 11,187 6,882 Right of Use Asset 1,946 603 Other Assets 1,725 1,438 TOTAL ASSETS $ 166,462 $ 133,251 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts Payable $ 7,933 $ 8,068 Accrued Compensation 3,304 2,923 Other Liabilities and Accrued Expenses 3,676 2,706 Revolving Line of Credit 20,215 8,900 Current Portion of Long-Term Debt 6,328 2,842 Short-Term Debt 1,334 - Current Portion of Royalty Obligation 1,450 1,700 Current Liability – Excess Royalty Payment Due 864 935 Income Taxes Payable - 349 Deferred Revenue 378 1,338 Total Current Liabilities 45,482 29,761 NON-CURRENT LIABILITIES Long-Term Debt, net of current portion 21,072 10,050 Royalty Obligation, net of current portion 1,511 2,093 Lease Liability, net of current portion 1,681 415 Grant Deferred Revenue 1,412 - Income Tax Payables 551 551 Deferred Tax Liabilities 2,580 99 TOTAL LIABILITIES 74,289 42,969 SHAREHOLDERS’ EQUITY Common Stock 546 541 Additional Paid-in Capital 63,949 62,684 Retained Earnings 64,979 63,869 Treasury Stock (35,025 ) (34,593 ) Accumulated Other Comprehensive Loss, net of tax (2,276 ) (2,219 ) TOTAL SHAREHOLDERS’ EQUITY 92,173 90,282 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 166,462 $ 133,251 ASTRONOVA, INC. Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited) Nine Months Ended November 2, 2024 October 28, 2023 Cash Flows from Operating Activities: Net Income 1,110 1,983 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation and Amortization 3,514 3,158 Amortization of Debt Issuance Costs 22 17 Share-Based Compensation 1,159 1,065 Restructuring - non-cash - 2,040 Changes in Assets and Liabilities, net of impact of acquisition: Accounts Receivable 1,619 (563 ) Inventories 1,380 2,111 Income Taxes (1,534 ) (531 ) Accounts Payable and Accrued Expenses (2,371 ) (2,036 ) Deferred Revenue (1,080 ) (1,121 ) Other (1,495 ) (221 ) Net Cash Provided by Operating Activities 2,324 5,902 Cash Flows from Investing Activities: Purchases of Property, Plant and Equipment (1,086 ) (1,279 ) Cash Paid for MTEX Acquisition, net of cash acquired (19,109 ) - Net Cash Provided (Used) for Investing Activities (20,195 ) (1,279 ) Cash Flows from Financing Activities: Net Cash Proceeds from Employee Stock Option Plans 13 71 Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 98 79 Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (432 ) (353 ) Borrowings under Revolving Credit Facility, net 10,774 - Repayment under Revolving Credit Facility - (1,000 ) Proceeds from Long-Term Debt Borrowings 15,078 - Payment of Minimum Guarantee Royalty Obligation (1,247 ) (1,350 ) Principal Payments of Long-Term Debt (6,706 ) (1,425 ) Payments of Debt Issuance Costs (37 ) - Net Cash Provided (Used) for Financing Activities 17,541 (3,978 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents 235 236 Net Increase in Cash and Cash Equivalents (95 ) 881 Cash and Cash Equivalents, Beginning of Period 4,527 3,946 Cash and Cash Equivalents, End of Period 4,432 4,827 Supplemental Disclosures of Cash Flow Information: Cash Paid During the Period for: Cash Paid During the Period for Interest 1,891 1,695 Cash Paid During the Period for Income Taxes, net of refunds 1,503 1,285 Non-Cash Transactions: Capital Lease Obtained in Exchange for Capital Lease Liabilities 1,581 — ASTRONOVA, INC. Revenue and Segment Operating Profit In Thousands (Unaudited) Revenue Segment Operating Profit Three Months Ended Three Months Ended November 2 , 2024 October 28 , 2023 November 2 , 2024 October 28 , 2023 Product Identification $ 26,317 $ 26,543 $ 1,868 $ 4,794 Test & Measurement 14,105 11,006 3,251 2,558 Total $ 40,422 $ 37,549 5,119 7,352 General & Administrative Expenses 3,855 2,734 Operating Income 1,264 4,618 Interest Expense 944 630 Other (Income)/Expense, net 46 287 Income Before Income Taxes 274 3,701 Income Tax Provision 34 949 Net Income $ 240 $ 2,752 Revenue Segment Operating Profit Nine Months Ended Nine Months Ended November 2 , 2024 October 28 , 2023 November 2 , 2024 October 28 , 2023 Product Identification $ 76,667 $ 77,416 $ 7,208 $ 6,848 Test & Measurement 37,255 31,077 8,806 6,548 Total $ 113,922 $ 108,493 16,014 13,396 General & Administrative Expenses 12,343 8,514 Operating Income 3,671 4,882 Interest Expense 2,363 1,919 Other (Income)/Expense, net 337 242 Income Before Income Taxes 971 2,721 Income Tax Provision (Benefit) (139 ) 738 Net Income $ 1,110 $ 1,983 Note: Segment Operating Profit excludes General & Administrative Expenses ASTRONOVA, INC. Reconciliation of GAAP to Non-GAAP Items In Thousands Except for Per Share Data (Unaudited) Three Months Ended November 2 , 2024 October 28 , 2023 Gross Profit $ 13,714 $ 14,779 Inventory Step-Up 34 - Non-GAAP Gross Profit $ 13,748 $ 14,779 Operating Expenses $ 12,450 $ 10,161 MTEX-related Acquisition Expenses (325 ) - Non-GAAP Operating Expenses $ 12,125 $ 10,161 Operating Income $ 1,264 $ 4,618 MTEX-related Acquisition Expenses 325 - Inventory Step-Up 34 - Non-GAAP Operating Income $ 1,623 $ 4,618 Net Income $ 240 $ 2,752 MTEX-related Acquisition Expenses, net 247 - Inventory Step-Up, net 26 - Non-GAAP Net Income $ 513 $ 2,752 Diluted Earnings Per Share $ 0.03 $ 0.37 MTEX-related Acquisition Expenses 0.03 - Inventory Step-Up - - Non-GAAP Diluted Earnings Per Share $ 0.06 $ 0.37 Nine Months Ended November 2 , 2024 October 28 , 2023 Gross Profit $ 40,013 $ 36,875 Inventory Step-Up 154 - Restructuring Charges - 2,096 Product Retrofit Costs - 852 Non-GAAP Gross Profit $ 40,167 $ 39,823 Operating Expense $ 36,342 $ 31,993 MTEX-related Acquisition Expenses (950 ) - CFO Transition Costs (432 ) - Restructuring Charges - (555 ) Non-GAAP Operating Expense $ 34,960 $ 31,438 Operating Income $ 3,671 $ 4,882 MTEX-related Acquisition Expenses 950 - CFO Transition Costs 432 - Inventory Step-Up 154 - Restructuring Charges - 2,651 Product Retrofit Costs - 852 Non-GAAP Operating Income $ 5,207 $ 8,385 Net Income $ 1,110 $ 1,983 MTEX-related Acquisition Expenses, net 716 - CFO Transition Costs, net 328 - Inventory Step-Up, net 111 - Restructuring Charges, net - 2,048 Product Retrofit Costs, net - 658 Non-GAAP Net Income $ 2,265 $ 4,689 Diluted Earnings Per Share $ 0.15 $ 0.27 MTEX-related Acquisition Expenses 0.09 - CFO Transition Costs 0.05 - Inventory Step-Up 0.01 - Restructuring Charges - 0.28 Product Retrofit Costs - 0.09 Non-GAAP Diluted Earnings Per Share $ 0.30 $ 0.63 ASTRONOVA, INC. Reconciliation of Net Income to Adjusted EBITDA Amounts In Thousands (Unaudited) Three Months Ended November 2, 2024 October 28, 2023 Net Income $ 240 $ 2,752 Interest Expense 944 630 Income Tax Expense 34 949 Depreciation & Amortization 1,298 1,014 EBITDA $ 2,516 $ 5,345 Share-Based Compensation 353 311 MTEX-related Acquisition Expenses 325 - Inventory Step-Up 34 - Adjusted EBITDA $ 3,228 $ 5,656 Nine Months Ended November 2, 2024 October 28, 2023 Net Income $ 1,110 $ 1,983 Interest Expense 2,363 1,919 Income Tax Expense (Benefit) (139 ) 738 Depreciation & Amortization 3,514 3,158 EBITDA $ 6,848 $ 7,798 Share-Based Compensation 1,159 1,065 MTEX-related Acquisition Expenses 950 - CFO Transition Costs 432 - Inventory Step-Up 154 - Restructuring Charges - 2,651 Product Retrofit Costs - 852 Adjusted EBITDA $ 9,543 $ 12,366 ASTRONOVA, INC. Reconciliation of Segment Operating Income to Non-GAAP Operating Income Amounts In Thousands (Unaudited) Three Months Ended November 2, 2024 October 28, 2023 Product Identification Test & Measurement Total Product Identification Test & Measurement Total Segment Operating Profit $ 1,868 $ 3,251 $ 5,119 $ 4,794 $ 2,558 $ 7,352 Inventory Step-Up 34 - 34 - - - Non-GAAP - Segment Operating Profit $ 1,902 $ 3,251 $ 5,153 $ 4,794 $ 2,558 $ 7,352 Nine Months Ended November 2, 2024 October 28, 2023 Product Identification Test & Measurement Total Product Identification Test & Measurement Total Segment Operating Profit $ 7,208 $ 8,806 $ 16,014 $ 6,848 $ 6,548 $ 13,396 Inventory Step-Up 154 - 154 - - - Restructuring Charges - - - 2,568 - 2,568 Product Retrofit Costs - - - 852 - 852 Non-GAAP - Segment Operating Profit $ 7,362 $ 8,806 $ 16,168 $ 10,268 $ 6,548 $ 16,816 Note: Segment Operating Profit excludes General & Administrative Expenses ASTRONOVA, INC. Reconciliation of GAAP to Non-GAAP Items for PI Segment Amounts In Thousands (Unaudited) Three Months Ended November 2, 2024 Three Months Ended October 28, 2023 Total PI Segment as Reported MTEX as Reported Inventory Step-Up Adj MTEX (Non- GAAP) PI Excluding MTEX (Non-GAAP) Total PI Segment as Reported Restructuring Charges Product Retrofit Costs PI (Non- GAAP) Net Revenue $ 26,317 $ 1,738 $ 1,738 $ 24,579 $ 26,543 $ 26,543 Cost of Revenue 17,910 1,504 (34 ) 1,470 16,440 16,024 16,024 Gross Profit 8,407 234 34 268 8,139 10,519 - - 10,519 Selling & Marketing 5,644 839 839 4,805 4,711 4,711 Research & Development 895 209 209 686 1,014 1,014 Operating Expenses 6,539 1,048 - 1,048 5,491 5,725 - - 5,725 Segment Operating Profit (Loss) $ 1,868 $ (814 ) $ 34 $ (780 ) $ 2,648 $ 4,794 $ - $ - $ 4,794 Nine Months Ended November 2, 2024 Nine Months Ended October 28, 2023 Total PI Segment as Reported MTEX as Reported Inventory Step-Up Adj MTEX (Non- GAAP) PI Excluding MTEX (Non-GAAP) Total PI Segment as Reported Restructuring Charges Product Retrofit Costs PI (Non- GAAP) Net Revenue $ 76,667 $ 2,506 $ 2,506 $ 74,161 $ 77,416 $ 77,416 Cost of Revenue 51,313 2,340 (154 ) 2,186 49,127 51,851 (2,096 ) (852 ) 48,903 Gross Profit 25,354 166 154 320 25,034 25,565 2,096 852 28,513 Selling & Marketing 15,946 1,755 1,755 14,191 15,480 (443 ) 15,037 Research & Development 2,200 111 111 2,089 3,237 (29 ) 3,208 Operating Expenses 18,146 1,866 - 1,866 16,280 18,717 (472 ) - 18,245 Segment Operating Profit (Loss) $ 7,208 $ (1,700 ) $ 154 $ (1,546 ) $ 8,754 $ 6,848 $ 2,568 $ 852 $ 10,268 Note: Segment Operating Profit excludes General & Administrative Expenses. MTEX General & Administrative Expenses of $273,000 for the three months ended November 2, 2024 and $783,000 for the nine months ended November 2, 2024 results in an MTEX Operating Loss of $(1,087,000) for the three months ended November 2, 2024 and $(2,483,000) for the nine months ended November 2, 2024 . View source version on businesswire.com : https://www.businesswire.com/news/home/20241211854230/en/ Scott Solomon Senior Vice President Sharon Merrill Advisors (857) 383-2409 [email protected] Source: AstroNova

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