Latest news with #GregWoods
Business Wire
5 days ago
- Business
- Business Wire
AstroNova Reports First-Quarter Fiscal 2026 Revenue Grew 14% Driven by Double Digit Growth in Both Aerospace and Product Identification Segments
WEST WARWICK, R.I.--(BUSINESS WIRE)--AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2026 first quarter ended April 30, 2025. Results include the May 6, 2024, acquisition of MTEX ('MTEX' or 'the acquisition') which has been fully integrated into the Product Identification ('Product ID') segment. Greg Woods, President and Chief Executive Officer of AstroNova, stated, 'We are executing on our plan to drive growth and improve profitability. Early results were demonstrated in the first quarter as we delivered double-digit growth in the quarter from both segments, driven in part by the contribution of the acquisition, increasing commercial aircraft build rates, demand for digital color label and package printers, as well as shipments related to the recently announced defense contract renewal. We implemented approximately $1.9 million of our previously announced $3 million annualized cost reduction plan. In the second quarter, we expect to realize those reductions and to substantially complete the full cost reduction plan.' Mr. Woods added, 'Importantly, we have made significant progress advancing the new foundational technology gained with the MTEX acquisition. We have re-engineered the acquired technology to incorporate a wide range of improvements that provide a more robust, next-generation print engine solution designed to enhance our customer's experience while reducing their total cost of ownership. In Product Identification, we expect the combination of our restructured sales organization under new leadership, combined with these highly innovative technological advancements, to gain traction in the market and drive hardware, supplies, and service revenue growth as we increase our installed base.' First Quarter Fiscal 2026 Overview 2 Three Months Ended April 30, 2025 April 27, 2024 $ Variance % Variance January 31, 2025 $ Variance % Variance Gross Profit $ 12,652 $ 11,972 $ 680 5.7 % $ 12,737 $ (85 ) -0.7 % Gross Profit Margin 33.6 % 36.3 % 34.1 % Non-GAAP Gross Profit $ 13,053 $ 11,972 $ 1,081 9.0 % $ 12,799 $ 254 2.0 % Non-GAAP Gross Profit Margin 34.6 % 36.3 % 34.3 % Operating Income (Loss) $ 571 $ 1,346 $ (775 ) -57.6 % $ (12,311 ) $ 12,882 -104.6 % Operating Margin 1.5 % 4.1 % (33.0 )% Non-GAAP Operating Income $ 1,527 $ 1,346 $ 181 13.4 % $ 1,408 $ 119 8.4 % Non-GAAP Operating Income Margin 4.0 % 4.1 % 3.8 % Net Income (Loss) $ (376 ) $ 1,181 $ (1,557 ) -131.8 % $ (15,600 ) $ 15,224 -97.6 % Non-GAAP Net Income $ 354 $ 1,181 $ (827 ) -70.0 % $ 419 $ (65 ) -15.5 % Adjusted EBITDA $ 3,148 $ 2,465 $ 683 27.7 % $ 2,793 $ 355 12.7 % Adjusted EBITDA Margin 8.3 % 7.5 % 7.5 % Expand Net revenue growth of $4.7 million reflected strength in both the Aerospace and Product Identification segments, which benefitted from a combination of drivers that delivered double digit growth in both segments. Foreign currency translation was a $0.6 million benefit in the quarter. Gross profit was $12.7 million, or 33.6% of sales. Lower gross margin year-over-year reflects the margin dilution related to the acquisition and product mix. Operating income was $0.6 million and operating margin for the quarter was 1.5%. On a non-GAAP basis, operating income 2 increased 13.4% or $0.2 million compared with the first quarter of the prior year. The improvement, which excludes inventory step-up, acquisition and restructuring expenses, was the result of improved operating performance by the Aerospace segment offset by a $1.6 million increase in corporate expenses. The increase in corporate expenses was primarily the result of increased healthcare costs and higher professional fees. Sequentially, adjusted operating income improved 8.4% on relatively similar revenue, reflecting cost containment efforts and early impacts of the restructuring. Interest expense increased $0.4 million to $0.9 million on higher balances and higher rates related to the financing for the acquisition. Net loss was $0.4 million, or a loss of $0.05 per diluted share, compared with net income of $1.2 million, or $0.15 per diluted share. Non-GAAP net income was $0.4 million, or $0.05 per diluted share. There were no adjustments in the prior-year period. Net profit margin for the fiscal 2026 first quarter was (1.0)% compared with 3.6% and (41.8)% for the first and fourth quarters of fiscal 2025, respectively. Adjusted EBITDA of $3.1 million increased 27.6% compared with the prior-year period and grew 28% compared with the trailing fourth quarter of fiscal 2025. Adjusted EBITDA margin for the fiscal 2026 first quarter expanded 80 basis points both year-over-year and sequentially. Product Identification Segment Review Product ID revenue was $26.3 million for the first quarter of fiscal 2026 compared with $23.2 million for the first quarter of fiscal 2025, an increase of 13.4% or $3.1 million. The contribution of $1.4 million from the acquisition, increased demand for legacy desktop label printers of $1.3 million and shipments of $0.4 million of mail & sheet printers out of backlog drove the increase. Operating income for Product ID was $2.8 million compared with $3.0 million in the prior-year period. Operating margin was 10.6% compared with 12.9% in the prior year period. Non-GAAP segment operating income increased $0.1 million, or 4.4% to $3.1 million after adjusting for $0.3 million of restructuring charges and $0. 1 million related inventory step-up expenses. Non-GAAP operating margin for the first quarter of fiscal 2026 was 11.9%. Aerospace Segment Review Aerospace segment revenue was $11.4 million for the first quarter of fiscal 2026 compared with $9.8 million for the first quarter of fiscal 2025, an increase of 16.8%, or $1.6 million. Growth was driven by increased shipments of ToughWriter ® products for both the commercial and defense markets. Aerospace segment operating profit was $2.8 million, up $1.0 million or 60.5% from the prior year first quarter, based on higher volume. Balance Sheet and Liquidity Cash at the end of the first quarter of fiscal 2026 was $5.4 million, up $0.3 million from the end of fiscal 2025. The Company paid down $3.7 million in debt, comprised of principal on the term loan and borrowings under its revolving credit facility in the first quarter of fiscal 2026. The Company was in compliance with the covenants of its lending agreement at the end of the quarter. Cash provided by operations in the fiscal 2026 first quarter was $4.4 million, down from $6.9 million in the prior year period. The decline was driven primarily by the timing associated with bulk replenishment of legacy ink, printheads, and media supplies, amounting to $3.0 million. The Company is executing on a plan to improve inventory turns to 3x from current levels of approximately 2x. Capital expenditures required $60 thousand in the quarter and are expected to be less than $2 million for fiscal 2026. Orders, Backlog and Fiscal 2026 Outlook Orders in the first quarter of fiscal 2026 were $34.9 million, up from $33.1 million in the first quarter of fiscal 2025. The Company's order backlog was $25.5 million as of April 30, 2025, compared with $28.3 million at the end of fiscal 2025. Mr. Woods noted, 'We expect to benefit from a number of factors as we advance through fiscal 2026 and beyond. These tailwinds include the following: The multi-year backlogs at commercial aircraft OEMs whose build rates are expected to grow over the next few years The Aerospace transition from legacy equipment to our ToughWriter ® models which will support proprietary aftermarket revenue growth The measurable expansion of the total addressable market for our Product Identification segment driven by the new next-generation wider format, higher volume printer solutions we now offer as a result of the MTEX acquisition The seven significant new product launches planned for fiscal 2026, of which three have been completed In addition, we expect margin improvement given our restructuring efforts and the streamlining of the organization. And, looking further ahead, we will benefit significantly from the approximately $4 million reduction in royalty payments in fiscal 2028.' For fiscal 2026, AstroNova continues to expect net revenue in the range of $160 million to $165 million, which is a 7% increase over fiscal 2025 at the mid-point of the range. Adjusted EBITDA margin is expected to be in the range of 8.5% to 9.5%, an 80-basis point expansion over the prior year at the mid-point. The Company's expected effective tax rate for fiscal 2026 is approximately 25% and depreciation and amortization are expected to be approximately $5 million. Earnings Conference Call Information AstroNova will host a conference call and webcast today at 9:00 a.m. ET to review financial and operating results for the first quarter 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 A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Thursday, June 19, 2025. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13753559. The webcast replay will be available on the Investor Relations section of the Company's website where a transcript will be posted once available. 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, 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 income 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, 2025, January 31, 2025 and April 27, 2024. AstroNova has not reconciled the forward-looking Adjusted EBITDA growth percentage 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. 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 Aerospace 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, high precision production and power monitoring, 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 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 organizational improvements at MTEX may not result in the benefits that we expect; (ii) the risk that our cost-reduction and product line rationalization initiative may not provide the expected benefits; (iii) the risk that our Aerospace customers may not increase their build rates as much as we expect or convert to our ToughWriter ® line in the volumes or on the schedule that we expect; (iv) the risk that the addressable market for our Product Identification products may not expand as much as we expect, (v) the risk that we may not realize the anticipated benefits of our next-generation print engine technology; and (vi) 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 Balance Sheets (In thousands) (Unaudited) April 30, 2025 January 31, 2025 ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 5,353 $ 5,050 Accounts Receivable, net 21,365 21,218 Inventories, net 51,457 47,894 Prepaid Expenses and Other Current Assets 3,006 3,855 Total Current Assets 81,181 78,017 PROPERTY, PLANT AND EQUIPMENT 63,050 62,361 Less Accumulated Depreciation (45,530 ) (44,722 ) Property, Plant and Equipment, net 17,520 17,639 OTHER ASSETS Identifiable Intangibles, net 23,414 23,519 Goodwill 15,232 14,515 Deferred Tax Assets, net 8,527 8,431 Right of Use Asset 2,763 1,781 Other Assets 1,687 1,693 TOTAL ASSETS $ 150,324 $ 145,595 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable $ 11,383 $ 7,928 Accrued Compensation 4,878 3,745 Other Accrued Expenses 4,165 4,461 Revolving Line of Credit 18,370 20,929 Current Portion of Long-Term Debt 6,041 6,110 Short-Term Debt 327 581 Current Liability – Royalty Obligation 1,233 1,358 Current Liability – Excess Royalty Payment Due 580 691 Deferred Revenue 1,666 543 Total Current Liabilities 48,643 46,346 NON-CURRENT LIABILITIES Long-Term Debt, net of current portion 20,002 19,044 Lease Liabilities, net of current portion 2,318 1,535 Grant Deferred Revenue 1,144 1,090 Royalty Obligation, net of current portion 982 1,106 Income Tax Payables 684 684 Deferred Tax Liabilities - 40 TOTAL LIABILITIES 73,773 69,845 SHAREHOLDERS' EQUITY Common Stock 550 547 Additional Paid-in Capital 64,569 64,215 Retained Earnings 49,004 49,380 Treasury Stock (35,198 ) (35,043 ) Accumulated Other Comprehensive Loss, net of tax (2,374 ) (3,349 ) TOTAL SHAREHOLDERS' EQUITY 76,551 75,750 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 150,324 $ 145,595 Expand ASTRONOVA, INC. Condensed Consolidated Statements of Cash Flow (In Thousands) (Unaudited) Three Months Ended April 30, 2025 April 27, 2024 Cash Flows from Operating Activities: Net Income (Loss) $ (376 ) $ 1,181 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and Amortization 1,290 911 Grant Income charged to Depreciation 56 — Amortization of Debt Issuance Costs 8 6 Share-Based Compensation 306 325 Deferred Income Tax provision (Benefit) (52 ) — Changes in Assets and Liabilities: Accounts Receivable 210 5,130 Inventories (2,704 ) 1,117 Income Taxes 172 (532 ) Accounts Payable and Accrued Expenses 3,622 (1,213 ) Deferred Revenue 1,041 (183 ) Other 822 162 Net Cash Provided by Operating Activities 4,395 6,904 Cash Flows from Investing Activities: Purchases of Property, Plant and Equipment (60 ) (492 ) Net Cash Used by Investing Activities (60 ) (492 ) Cash Flows from Financing Activities: Net Cash Proceeds from Employee Stock Option Plans - 18 Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan 51 30 Net Cash Used for Payment of Taxes Related to Vested Restricted Stock (155 ) (432 ) Repayments under Revolving Credit Facility (2,872 ) (5,500 ) Payment of Minimum Guarantee Royalty Obligation (428 ) (375 ) Principal Payments of Long-Term Debt (826 ) (710 ) Net Cash Used for Financing Activities (4,230 ) (6,969 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents 198 20 Net (Decrease) Increase in Cash and Cash Equivalents 303 (537 ) Cash and Cash Equivalents, Beginning of Period 5,050 4,527 Cash and Cash Equivalents, End of Period $ 5,353 $ 3,990 Supplemental Information: Cash Paid (Received) During the Period for: Interest $ 770 $ 409 Income Taxes, net of refunds $ (100 ) $ 93 Non-Cash Transactions: Operating Lease Obtained in Exchange for Operating Lease Liabilities $ 936 $ 358 Expand ASTRONOVA, INC. Segment Sales and Profit (Unaudited, $ in thousands) Three Months Ended ($ in thousands) April 30, 2025 April 27, 2024 Revenue: Product Identification $ 26,289 $ 23,185 Aerospace 11,419 9,776 Total Revenue $ 37,708 $ 32,961 Gross Profit: Product Identification $ 8,727 $ 8,326 Aerospace 3,925 3,646 Gross Profit $ 12,652 $ 11,972 Gross Profit Margin: Product Identification 33.2 % 35.9 % Aerospace 34.4 % 37.3 % Gross Profit Margin 33.6 % 36.3 % Segment Operating Income: Product Identification $ 2,791 $ 2,991 Aerospace 2,764 1,722 Total Segment Operating Income $ 5,555 $ 4,713 Segment Operating Margin: Product Identification 10.6 % 12.9 % Aerospace 24.2 % 17.6 % Total Segment Operating Margin 14.7 % 14.3 % Corporate Expense (4,984 ) (3,367 ) Operating Income $ 571 $ 1,346 Interest Expense $ 897 $ 482 Other (Income)/Expense, net (25 ) 117 Income (Loss) Before Income Taxes $ (301 ) $ 747 Income Tax Provision (Benefit) 75 (434 ) Net Income (Loss) $ (376 ) $ 1,181 Expand ASTRONOVA, INC. Segment Sales and Non-GAAP Profit (Unaudited, $ in thousands) Three Months Ended ($ in thousands) April 30, 2025 April 27, 2024 Revenue: Product Identification $ 26,289 $ 23,185 Aerospace 11,419 9,776 Total Revenue $ 37,708 $ 32,961 Non-GAAP Gross Profit: Product Identification $ 8,961 $ 8,326 Aerospace 4,092 3,646 Non-GAAP Gross Profit $ 13,053 $ 11,972 Non-GAAP Gross Profit Margin: Product Identification 34.1 % 35.9 % Aerospace 35.8 % 37.3 % Non-GAAP Gross Profit Margin 34.6 % 36.3 % Non-GAAP Segment Operating Income: Product Identification $ 3,120 $ 2,991 Aerospace 2,932 1,722 Total Non-GAAP Segment Operating Income $ 6,052 $ 4,713 Non-GAAP Segment Operating Margin: Product Identification 11.9 % 12.9 % Aerospace 25.7 % 17.6 % Total Non-GAAP Segment Operating Margin 16.0 % 14.3 % Expand ASTRONOVA, INC. Revenue by Market (unaudited, $ in thousands) Product Identification: Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY2025 Q1 FY26 Desktop Label Printers $ 14,220 $ 16,349 $ 15,408 $ 14,019 $ 59,996 $ 15,478 Professional Label Printers 3,245 4,231 3,423 2,972 13,872 3,247 Direct to Package/Overprint Printers 1,787 2,925 3,627 2,718 11,057 3,396 Mail & Sheet/Flat Pack Printers 3,930 3,471 3,679 4,494 15,574 4,050 Flexible Packaging Printers 0 0 15 1,289 1,304 30 Other 3 188 165 187 542 88 TOTAL $ 23,185 $ 27,165 $ 26,317 $ 25,679 $ 102,345 26,289 Aerospace: Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY2025 Q1 FY26 Defense $ 329 $ 608 $ 734 $ 781 $ 2,452 $ 2,502 Commercial Aircraft 3,813 6,299 5,221 4,363 19,696 3,444 Regional and Biz Jet Aircraft 697 604 993 802 3,096 251 Aftermarket 4,694 5,326 7,059 5,481 22,559 4,869 Other 243 537 99 255 1,134 352 TOTAL $ 9,776 $ 13,374 $ 14,105 $ 11,683 $ 48,938 $ 11,419 Consolidated Total $ 32,961 $ 40,539 $ 40,422 $ 37,361 $ 151,283 $ 37,708 Expand ASTRONOVA, INC. Revenue by Type (Unaudited, $ in thousands) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY 2025 Q1 FY26 Product ID Hardware $ 3,802 $ 4,311 $ 4,590 $ 5,591 $ 18,294 $ 4,776 Product ID Recurring Supplies, Parts & Service 19,383 22,854 21,727 20,087 84,051 21,513 Total Product ID $ 23,185 $ 27,165 $ 26,317 $ 25,678 $ 102,345 $ 26,289 Aerospace Hardware $ 5,073 $ 8,048 $ 7,032 $ 6,185 $ 26,338 $ 6,519 Aerospace Recurring Supplies, Parts & Service 4,703 5,326 7,073 5,498 22,600 4,900 Total Aerospace $ 9,776 $ 13,374 $ 14,105 $ 11,683 $ 48,938 $ 11,419 AstroNova Hardware $ 8,875 $ 12,359 $ 11,622 $ 11,776 $ 44,632 $ 11,295 AstroNova Recurring Supplies, Parts & Service 24,086 28,180 28,800 25,585 106,651 26,413 TOTAL $ 32,961 $ 40,539 $ 40,422 $ 37,361 $ 151,283 $ 37,708 Expand ASTRONOVA, INC. Reconciliation of GAAP to Non-GAAP Items (Unaudited, $ in thousands) Three Months Ended April 30, 2025 April 27, 2024 Revenue $ 37,708 $ 32,961 Gross Profit $ 12,652 $ 11,972 Inventory Step-Up 61 - Restructuring Charges 340 - Non-GAAP Gross Profit $ 13,053 $ 11,972 Gross Profit Margin 33.6 % 36.3 % Non-GAAP Gross Profit Margin 34.6 % 36.3 % Operating Expenses $ 12,081 $ 10,626 MTEX-related Acquisition Expenses (337 ) - Restructuring Charges (218 ) - Non-GAAP Operating Expenses $ 11,526 $ 10,626 Operating Income $ 571 $ 1,346 MTEX-related Acquisition Expenses 337 - Inventory Step-Up 61 - Restructuring Charges 558 - Non-GAAP Operating Income $ 1,527 $ 1,346 Operating Income Margin 1.5 % 4.1 % Non-GAAP Operating Income Margin 4.0 % 4.1 % Net Income (Loss) $ (376 ) $ 1,181 MTEX-related Acquisition Expenses (1) 257 - Inventory Step-Up (1) 49 - Restructuring Charges (1) 424 - Non-GAAP Net Income $ 354 $ 1,181 Net Income (Loss) per Common Share - Diluted $ (0.05 ) $ 0.15 MTEX-related Acquisition Expenses (1) 0.03 - Inventory Step-Up (1) 0.01 - Restructuring Charges (1) 0.06 - Non-GAAP Net Income per Common Share - Diluted $ 0.05 $ 0.15 (1) Net of taxes Expand ASTRONOVA, INC. Reconciliation of Net Income and Margin to Adjusted EBITDA and Margin (Unaudited, $ in thousands) Three Months Ended April 30, 2025 April 27, 2024 Net Income (Loss) $ (376 ) $ 1,181 Interest Expense 897 482 Income Tax Expense (Benefit) 75 (434 ) Depreciation & Amortization 1,290 911 EBITDA $ 1,886 $ 2,141 Share-Based Compensation 306 325 MTEX-related Acquisition Expenses 337 - Inventory Step-Up 61 - Restructuring Charges 558 - Adjusted EBITDA $ 3,148 $ 2,465 Revenue 37,708 32,961 Net Income (Loss) Margin -1.0 % 3.6 % Adjusted EBITDA Margin 8.3 % 7.5 % Expand ASTRONOVA, INC. Reconciliation of Segment Operating Profit and Margin to Non-GAAP Operating Profit and Margin (Unaudited, $ in thousands) Three Months Ended April 30, 2025 April 27, 2024 Product Identification Aerospace Total Product Identification Aerospace Total Segment Operating Income $ 2,791 $ 2,764 $ 5,555 $ 2,991 $ 1,722 $ 4,713 Inventory Step-Up 61 - 61 - - - Restructuring Charges 268 168 436 - - - Non-GAAP - Segment Operating Income $ 3,120 $ 2,932 $ 6,052 $ 2,991 $ 1,722 $ 4,713 Operating Margin 10.6 % 24.2 % 14.7 % 12.9 % 17.6 % 14.3 % Non-GAAP Operating Margin 11.9 % 25.7 % 16.0 % 12.9 % 17.6 % 14.3 % Note: Segment Operating Income excludes General & Administrative Expenses Expand
Yahoo
7 days ago
- Business
- Yahoo
Askeladden Capital announces AstroNova ‘Town Hall' forum
Askeladden Capital founder Samir Patel said, in part, 'I write to you as the founder and portfolio manager of Askeladden Capital which is AstroNova's (ALOT) largest shareholder, owning approximately 9.2% of the company on behalf of our clients. In an effort to improve AstroNova's performance for the benefit of shareholders, employees, and all other stakeholders, we have nominated five highly qualified individuals for election to AstroNova's Board of Directors at the company's Annual Meeting, scheduled for July 9, 2025. We invite you to join an Investor Forum where shareholders, employees, and all other interested parties can interact directly with our nominees. After a brief introduction and panel discussion of approximately 20 minutes, we will open up the call for Q&A. We will conduct this 'town hall' style meeting virtually via Zoom at 11:00 AM Eastern Time on Thursday, June 12, 2025…Askeladden has researched AstroNova since 2016 and been a 5% shareholder since 2020. Since March, we have spoken to over 15 individuals, ranging from former employees to suppliers and other industry veterans, to deepen our understanding of the company. In the near future, we will share selected research findings with AstroNova shareholders. We believe AstroNova has many strengths, such as a large installed base and many talented employees. Unfortunately, we believe that these attractive qualities have been overwhelmed by poor governance and management by the incumbent Board, and CEO Greg Woods, which has harmed shareholders and employees alike. In FY2025, the company reported Adjusted EBITDA of $12.3 million, substantially below FY2024's $17.6 million and FY2025 original guidance of ~$21 million at the midpoint. The company's May 2024 acquisition of MTEX should have further enhanced profitability – instead, the CEO and Board's decision to spend $18.7 million in cash and assume additional debt to fund this acquisition harmed both shareholders and employees. The share price fell almost 50% over the ensuing year, while employees have faced layoffs. In FY2025, MTEX generated an operating loss of $16.9 million, including a goodwill impairment of $13.4 million, and the company subsequently discontinued 70% of MTEX's product portfolio. As a result of the lower earnings and increased debt due to the MTEX acquisition, the company breached its debt covenants and suffered an event of default under its credit facility during the quarter ended January 31, 2025. While CEO Greg Woods retains his job despite this self-inflicted debacle, many AstroNova employees were not so lucky: on March 20, 2025, the company announced 'the reduction of approximately 10% of the Company's global workforce, primarily in the PI segment.' Through no fault of their own, rather than enjoying the profit-sharing and career growth opportunities that a well-managed company should provide, 10% of AstroNova employees lost their jobs. Despite these missteps, incumbents appear to be doubling down on this failed strategy, and have refused to engage with Askeladden's efforts to improve the company's performance. We recently published a 20-page document including our specific, research-based plan for improving AstroNova's performance, as well as relevant background information on the company's performance and governance. We believe that our nominees have specific and relevant qualifications to address the current challenges faced by AstroNova.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on ALOT: Disclaimer & DisclosureReport an Issue AstroNova Files Proxy Materials Amid Activist Campaign AstroNova Announces Director Nominees for Shareholder Meeting AstroNova awarded $10M multi-year defense industry contract AstroNova Secures $10M Defense Contract Renewal AstroNova Terminates Employee Stock Purchase Plan Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
02-06-2025
- Business
- Miami Herald
Askeladden Capital Announces AstroNova 'Town Hall' Forum
All AstroNova Stakeholders Invited to Meet and Interact with Askeladden's Board Candidates Askeladden Nominees Have Specific and Relevant Expertise to Execute Askeladden's Plan to Maximize Value Transdigm's Recently Raised Bid for Aerospace Components Company Servotronics Highlights Potential to Unlock Value at AstroNova with Better Governance FORT WORTH, TX / ACCESS Newswire / June 2, 2025 / Dear AstroNova stakeholders: I write to you as the founder and portfolio manager of Askeladden Capital (collectively, "we,") which is AstroNova's largest shareholder, owning approximately 9.2% of the company on behalf of our clients. In an effort to improve AstroNova's performance for the benefit of shareholders, employees, and all other stakeholders, we have nominated five highly qualified individuals for election to AstroNova's Board of Directors at the company's Annual Meeting, scheduled for July 9, 2025. We invite you to join an Investor Forum where shareholders, employees, and all other interested parties can interact directly with our nominees. After a brief introduction and panel discussion of approximately 20 minutes, we will open up the call for Q&A. We will conduct this "town hall" style meeting virtually via Zoom at 11:00 AM Eastern Time (10:00 AM Central Time) on Thursday, June 12, 2025. You can register here : Please contact Samir Patel via samir@ if you have any trouble registering. Attendees will have the option to remain anonymous to all parties other than the host. Those who cannot attend live are also invited to email us with written questions that we will read and answer during the town hall as time permits. A recording of the call will subsequently be made available. We encourage candid and detailed questions - the more challenging the better - about our research, our plan, our nominees' backgrounds, and how we will work as a team to maximize the value of AstroNova for all. Please ask similar questions of the incumbents, then vote based on whose answers you find more compelling. Askeladden has researched AstroNova since 2016 and been a 5% shareholder since 2020. Since March, we have spoken to over 15 individuals, ranging from former employees to suppliers and other industry veterans, to deepen our understanding of the company. In the near future, we will share selected research findings with AstroNova shareholders. We believe AstroNova has many strengths, such as a large installed base and many talented employees. Unfortunately, we believe that these attractive qualities have been overwhelmed by poor governance and management by the incumbent Board, and CEO Greg Woods, which has harmed shareholders and employees alike. In FY2025, the company reported Adjusted EBITDA of $12.3 million, substantially below FY2024's $17.6 million and FY2025 original guidance of ~$21 million at the midpoint. [1] The company's May 2024 acquisition of MTEX should have further enhanced profitability - instead, the CEO and Board's decision to spend $18.7 million in cash and assume additional debt [2] to fund this acquisition harmed both shareholders and employees. The share price fell almost 50% over the ensuing year, [3] while employees have faced layoffs. [4] In FY2025, MTEX generated an operating loss of $16.9 million, including a goodwill impairment of $13.4 million, and the company subsequently discontinued 70% of MTEX's product portfolio. [5] [6] As a result of the lower earnings and increased debt due to the MTEX acquisition, the company breached its debt covenants and suffered an event of default under its credit facility during the quarter ended January 31, 2025 (thus forcing AstroNova to seek a waiver from its lender, which was subsequently granted). [7] While CEO Greg Woods retains his job despite this self-inflicted debacle, many AstroNova employees were not so lucky: on March 20, 2025, the company announced "the reduction of approximately 10% of the Company's global workforce, primarily in the PI [Product Identification] segment." [8] Through no fault of their own, rather than enjoying the profit-sharing and career growth opportunities that a well-managed company should provide, 10% of AstroNova employees lost their jobs. Despite these missteps, incumbents appear to be doubling down on this failed strategy, and have refused to engage with Askeladden's efforts to improve the company's performance. We recently published a 20-page document including our specific, research-based plan for improving AstroNova's performance, as well as relevant background information on the company's performance and governance. We believe that our nominees have specific and relevant qualifications to address the current challenges faced by AstroNova. Below is their biographical information. Shawn Kravetz. Mr. Kravetz has relevant experience as a change agent under similar circumstances. He joined the Board of Nevada Gold & Casinos, Inc. as a large shareholder frustrated by performance, including a recent acquisition. He served from 2016 until Nevada Gold was sold in 2019, including Chairman of the Corporate Governance and Nominating Committee. Mr. Kravetz was recently nominated for election to the Board of publicly traded Spruce Power Holding Corporation by the company's Nominating and Governance Committee. [9] Jeff Sands. As Mr. Sands discusses in his book, "Corporate Turnaround Artistry: Fix Any Business in 100 Days," he has successfully used techniques included in our plan to restore profitability at numerous businesses, including some merely weeks away from lender-forced liquidation. He has won the Turnaround Management Association "Turnaround of the Year" award three times. Mr. Sands has successfully worked with businesses such as a $100M supplier of aerospace components to Boeing (~2x the size of AstroNova's Aerospace segment), as well as complex and capital-intensive businesses such as steel and pharmaceuticals. Given AstroNova's significant recent decline in profitability and elevated inventory balances, Mr. Sands' experience in driving rapid cash flow improvement is extremely relevant. Mr. Sands has been involved in the sale of numerous private companies. Ryan Oviatt. Mr. Oviatt has extensive experience - as CFO, CEO, and Board Member of Profire - of managing an industrial products business for margin and cash flow in the highly cyclical energy market. Mr. Oviatt managed a team that used techniques such as automation of manual processes and key administrative functions, customer outreach, and performance-based incentive compensation programs designed to instill a sense of ownership throughout the company. Mr. Oviatt helped lead the successful sale of Profire to a strategic public-company buyer, CECO Environmental. After multiple rounds of negotiation, Profire successfully achieved a final offer price 27.5% higher than CECO's original offer, and an all-cash deal rather than the original offer of 75% cash and 25% stock. This final offer represented a 60.3% premium to Profire's volume-weighted average share price over the 30 days prior to the Board approving the merger. [10] Boyd Roberts. Mr. Roberts was the youngest member of the executive team at Franklin Covey (FC) and has integrated and substantially grown an acquired division, with ownership of full P&Ls and high employee net promoter scores. Mr. Roberts has extensive experience with Franklin Covey's customer-focused recurring-revenue business model. Mr. Roberts is fluent in Portuguese. His linguistic and cultural strengths uniquely qualify him to address the challenging MTEX acquisition, which we believe has suffered due to a cultural mismatch between the labor force at its facility in Porto in northern Portugal, and AstroNova's American business culture. [11] Samir Patel. As AstroNova's largest shareholder, who has researched the business since 2016, I am deeply familiar with the company's ongoing (flawed) strategy, contrary to the company's misleading assertion that the company will be damaged by a new Board "unacquainted with recent decision-making ." [12] I will ensure that AstroNova's operational and capital allocation decisions consistently maximize shareholder value. As a point of comparison on what AstroNova could potentially be worth with better governance, we note that Servotronics (SVT), a global designer and manufacturer of servo controls and other components for aerospace and defense applications, announced a merger with large aerospace manufacturer Transdigm (TDG) for $110 million in cash on May 19, 2025, and subsequently raised the offer price by ~22% from $38.50 to $47.00 after Servotronics received another offer from a competing bidder, suggesting significant interest in the business at that valuation. [13] Even the original offer price - let alone the subsequent increase - is almost identical to AstroNova's entire enterprise value as of May 20, 2025. [14] [15]At the original offer price, the all-cash transaction represented a 274% premium to Servotronics' share price at the prior close. For the fiscal year 2024, Servotronics generated $44.9 million in revenue with only $8.2 million in gross profit and less than $1 million in Adjusted EBITDA. [16] Meanwhile, for its FY2025 which ended a month later, AstroNova's Test and Measurement segment (subsequently renamed Aerospace) generated a slightly higher $48.9 million in revenues with a much higher $11.1 million in segment operating profit. It seems reasonable to assume that a buyer evaluating these two businesses side by side would assign a higher valuation to AstroNova Aerospace given its modestly higher revenues and substantially higher profits. In other words (and apart from any tax considerations), that would imply that if AstroNova Aerospace was sold at a similar value to Servotronics' original agreement - let alone the higher subsequent agreement raising the offer amount by over 20% - AstroNova could pay off all its debt and return cash to shareholders equivalent to roughly the current share price. Shareholders would then still own the entire Product Identification segment, with slightly over $100 million in annual revenues generated each of the past three fiscal years, which is clearly worth substantially more than the zero or even negative value implied if Servotronics' valuation is applied to AstroNova Aerospace. [17] While the Servotronics transaction is merely one data point, it demonstrates the potential value if AstroNova implements the strategy we have developed - which we recently presented in our public plan - rather than doubling down on a strategy promoted by the value-destroying incumbent CEO and Board. In the more than eleven years from February 1, 2014 (when Mr. Woods became CEO) through May 15, 2025 (the record date of this year's Annual Meeting), AstroNova shares have experienced a total return of negative 28%. [18] You can find further information about the upcoming board election, scheduled for July 9, 2025, at the AstroNova page on the Askeladden Capital website : These documents will also be available at no cost at . As stated previously, the "town hall" will occur virtually via Zoom at 11:00 AM Eastern Time (10:00 AM Central Time) on Thursday, June 12, 2025. You can register here : Please feel free to reach out to me with any questions or comments, at samir@ or (682) 553-8302. We look forward to earning your vote. Cordially, Samir Patel Founder and Portfolio Manager, Askeladden Capital Samir Patel, Askeladden Capital Management LLC, Jeff Sands, Shawn Kravetz, Ryan Oviatt and Boyd Roberts (collectively the "Participants") filed a definitive proxy statement and accompanying proxy card with the SEC on May 20, 2025, as amended on May 21, 2025, to be used in soliciting proxies in connection with the 2025 annual meeting of shareholders (the "Annual Meeting") of AstroNova, Inc. (the "Company"). All shareholders of the Company are advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection with the Annual Meeting, by the Participants, as they contain important information, including additional information related to the Participants, including a description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and an accompanying GOLD proxy card will be furnished to some or all of the Company's stockholders and is, along with other relevant documents, available at no charge on the SEC website at or by contacting Samir Patel at 1452 Hughes Road, Suite 200 #582, Grapevine, TX, 76051. [1] Q4 FY2024 and Q4 FY2025 Earnings Release. [2] FY2025 Form 10-K filed April 15, 2025. [3] Stock price data from YCharts. [4] FY2025 Form 10-K, page 24. [5] AstroNova Form 10-K for FY2025. Impairment discussed on page 11; purchase price discussed on page 15. [6] MTEX Acquisition Announcement and Conference Call Transcript (May 9, 2024) and FY2025 Form 10-K filed April 15, 2025. [7] Form 8-K Earnings filed March 21, 2025. [8] FY2025 Form 10-K, page 24. [9] Spruce Power Holding Corp Definitive Proxy, page 10. [10] Profire Energy (PFIE) SC14D9 dated December 3, 2024. Section "Background of the Offer and the Merger" on pages 9 - 16. [11] "The American work culture focuses on ambition… in Portugal, there is a more collective approach to work and less pressure… [people] tend to place greater importance on personal well-being, family time, and life outside of work." LXUS (Corporate Relocation service provider.) [12] Letter accompanying AstroNova's definitive proxy statement, filed May 19, 2025. [13] "TransDigm raises offer price for Servotronics to $47/share." Seeking Alpha. May 29, 2025. [14] "Transdigm to Acquire Servotronics For About $110 million." Nasdaq. May 19, 2025. [15] Per data sources such as Seeking Alpha, ALOT shares closed at $9.12 on May 20, 2025. The company's recent definitive proxy statement, filed May 19, 2025, discloses a recent sharecount of approximately 7.6 million shares, for a market cap of approximately $69 million as of that date. AstroNova's Form 10-K filed April 15, 2025 discloses $20.9 million outstanding on the revolving credit facility, $6.1 million in current long-term debt, $0.6 million in short-term debt, and $19 million in long-term debt, for a total of $46.6 million in gross debt. The same Form 10-K disclosed $5 million of cash and equivalents, making net debt $41.6 million. The sum of $41 million and $69 million is approximately $110 million. [16] Form 10-K for Servotronics SVT filed March 17, 2025. [17] AstroNova Form 10-K for FY2025, filed April 15, 2025. Page 24. [18] Data from YChart Samir Patelsamir@ 553-8302 SOURCE: Askeladden Capital Management LLC
Yahoo
22-04-2025
- Business
- Yahoo
AstroNova launches new printing solutions at FESPA 2025 in Germany
Data visualisation technology provider AstroNova has launched a direct-to-package printer and digital label presses at the FESPA Global Print Expo 2025 in Berlin, Germany. The company's new VP-800 direct-to-package printer has been designed for eco-friendly packaging materials. It can print on a variety of substrates, including corrugated cardboard, die-cut boxes, plain or padded envelopes, paper bags, and even wood. AstroNova also introduced two models in its QuickLabel range: the QL-425 and QL-435. The QL-425 supports A4-width media while the QL-435 is compatible with A3-width materials. Both are intended for professional label printing in light production environments, offering flexibility for a wide range of users. These digital presses are tailored for label converters, brand owners, and print service providers managing medium-volume print runs. With advanced automation and integrated support tools, these systems aim to streamline operations and support growth for users. AstroNova CEO Greg Woods said: 'This lineup isn't just a refresh - it's a complete rethink of what medium-volume production can look like. We've designed these machines to give converters and PSPs [print service providers] the edge they need: more control, more uptime, and significantly lower operating costs. 'Because of the flexibility of our new print engine system, there is greater commonality of components across our products, enabling further flexibility for support and future upgrades that address inventory requirements for the users and ourselves. 'We have been rapidly making changes at AstroNova to improve our financial performance. Simplifying the executive team enables improved communication, clearer lines of accountability and faster decision making. We expect this will continue to be demonstrated as we move through fiscal 2026.' "AstroNova launches new printing solutions at FESPA 2025 in Germany" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
22-04-2025
- Business
- Business Wire
AstroNova Launches High Performance Digital Label Presses and Direct-to-Package Printer Under AstroNova Brand; Validates Further Advancements in Product Identification Segment
WEST WARWICK, R.I.--(BUSINESS WIRE)-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in digital print technology, today announced the launch of two new high-performance digital label presses and a direct-to-package printer at FESPA Global Print Expo 2025 in Berlin, Germany, delivering a new standard of speed, flexibility, and cost-efficiency to the light to medium production segment. AstroNova's flagship QuickLabel® line extends its light production segment of digital label printing, with the introduction of QL-425 (A4 wide) and QL-435 (A3 wide) professional label presses. The Company will also introduce the VP-800, its latest solution to print on sustainable packaging materials, including corrugated cardboard, die-cut boxes, padded or plain envelopes, paper bags, and wood. Designed specifically for label converters and higher volume brand-owners and print service providers (PSPs) focused on medium-volume runs, these new systems combine advanced hardware, intelligent automation, and an ecosystem of support tools that help customers scale their output while keeping operating costs at a minimum. 'This lineup isn't just a refresh -- it's a complete rethink of what medium-volume production can look like,' noted Greg Woods, CEO of AstroNova. 'We've designed these machines to give converters and PSPs the edge they need: more control, more uptime, and significantly lower operating costs. Because of the flexibility of our new print engine system there is greater commonality of components across our products enabling further flexibility for support and future upgrades that addresses inventory requirements for the users and ourselves.' Mr. Woods added, 'We have made excellent progress with the turnaround and integration of MTEX which provided the technology that enabled these product launches. We have expanded the sales team representing this disruptive technology from just the few that MTEX had to 40 sales personnel through our cross-training program. We have also expanded the distributor network employing the AstroNova go-to-market strategy. The expansion of our market reach has measurably improved the Product Identification ('PI') segment's order rates, quickly getting the MTEX acquisition's orders up near the run rate that was expected when it was acquired.' AstroNova also announced personnel changes that eliminated a number of former MTEX positions while also streamlining its own executive leadership team. The streamlining was a part of the previously announced restructuring that is expected to result in $3 million in annualized costs savings which will begin to be realized later in the third quarter of fiscal 2026, excluding restructuring costs. Direct reports to the CEO are now down from ten to a more manageable span of seven. The restructuring of the leadership team has also enabled greater accountability through a more simplified organization. MTEX management is now fully integrated into the PI leadership team. Mr. Woods concluded, 'We have been rapidly making change at AstroNova to improve our financial performance. Simplifying the executive team enables improved communication, clearer lines of accountability and faster decision making. We expect this will continue to be demonstrated as we move through fiscal 2026.' 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. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement 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. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry production monitoring, power, and maintenance applications. For more information please visit: 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 AstroNova's 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 AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's 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) customers may not adopt AstroNova's newly announced QL-425 and QL-435 professional label printers or VP-800 direct-to-package printer at the pace or price points that AstroNova expects, or at all; (ii) AstroNova's newly announced print engine technology may not provide the benefits AstroNova expects for its customers or itself; (iii) AstroNova's management streamlining initiative in its PI segment may not provide the expected benefits; (iv) AstroNova may be unable to sustain improved order volume on products from its MTEX acquisition; and (v) those factors set forth in AstroNova'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. AstroNova 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. Additional Information and Where to Find it AstroNova intends to file with the SEC a proxy statement on Schedule 14A with respect to its solicitation of proxies for AstroNova's 2025 Annual Meeting of Stockholders. This press release is not a substitute for any proxy statement or other document that AstroNova may file with the SEC in connection with any solicitation of proxies by AstroNova. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY ASTRONOVA AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION OF PROXIES. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by AstroNova free of charge through the website maintained by the SEC at Copies of the documents filed by AstroNova are also available free of charge by accessing AstroNova's website at Participants This press release is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, AstroNova, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by AstroNova. Information about AstroNova's executive officers and directors is available in AstroNova's Annual Report on Form 10-K for the year ended January 31, 2025, which was filed with the SEC on April 15, 2025, and in its proxy statement for the 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 2, 2024 and the Current Report on Form 8-K filed on Marcy 28, 2025. To the extent holdings of AstroNova securities reported in the proxy statement for the 2024 Annual Meeting of Stockholders or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC's website at
