Astrotech's subsidiary 1st Detect secures $429K order for TRACER 1000 explosive detectors from Intuitive Research and Technology.
Quiver AI Summary
Astrotech Corporation's subsidiary, 1st Detect, has secured a $429,000 purchase order for its TRACER 1000 explosive trace detectors from Intuitive Research and Technology Corporation, a contractor for the Transportation Security Administration (TSA). This marks a significant milestone as the first TSA-approved sale of the TRACER 1000 ETD, which utilizes mass spectrometry technology, known for its accuracy and low false alarm rate. The order is expected to be recognized in fiscal year 2025. 1st Detect's Chairman and CEO, Thomas B. Pickens III, highlighted the potential of their advanced detection technology in the U.S. cargo market. Astrotech also operates subsidiaries in various sectors, including agriculture and chemical manufacturing, aiming to leverage its innovative mass spectrometry technology.
Potential Positives
- 1st Detect has secured a significant purchase order valued at $429K for its TRACER 1000 explosive trace detectors, indicating strong demand for its technology.
- This order marks a major milestone as the first TSA Approved Tracer 1000 ETD sale, enhancing the company's credibility and market position in the security and detection sector.
- The TRACER 1000 uses advanced mass spectrometry technology, recognized as the gold standard in chemical detection, which may lead to a competitive advantage in the market.
- The contract with Intuitive Research and Technology Corporation establishes a partnership with a firm closely working with federal agencies, potentially opening up further business opportunities in government sectors.
Potential Negatives
- The press release highlights significant risks and uncertainties related to inflationary pressures, global economic conditions, and ongoing geopolitical conflicts, which could adversely impact the company's financial performance.
- The mention of potential difficulties in obtaining necessary regulatory approvals for future products raises concerns about the company's ability to bring new offerings to market.
- The inclusion of disclaimers regarding the reliance on forward-looking statements suggests a lack of certainty about the company's future performance, which may affect investor confidence.
FAQ
What is the value of the purchase order for TRACER 1000 ETDs?
The purchase order is valued at $429,000 and will be recognized in FY2025.
Who is the client for the TRACER 1000 explosive trace detectors?
The client is Intuitive Research and Technology Corporation, a TSA contractor.
What technology does the TRACER 1000 use for detection?
The TRACER 1000 employs mass spectrometry technology for near-zero false alarms.
What is the significance of this purchase for Astrotech Corporation?
This purchase represents the first TSA-approved sale of the TRACER 1000 ETD for Astrotech Corporation.
Where is Astrotech Corporation headquartered?
Astrotech Corporation is headquartered in Austin, Texas.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ASTC Hedge Fund Activity
We have seen 8 institutional investors add shares of $ASTC stock to their portfolio, and 4 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 18,404 shares (+inf%) to their portfolio in Q3 2024, for an estimated $147,047
- CITADEL ADVISORS LLC added 14,758 shares (+inf%) to their portfolio in Q3 2024, for an estimated $117,916
- MARQUETTE ASSET MANAGEMENT, LLC removed 8,891 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $59,747
- UBS GROUP AG added 7,871 shares (+inf%) to their portfolio in Q3 2024, for an estimated $62,889
- GEODE CAPITAL MANAGEMENT, LLC removed 4,100 shares (-20.0%) from their portfolio in Q3 2024, for an estimated $32,759
- DIMENSIONAL FUND ADVISORS LP removed 931 shares (-8.3%) from their portfolio in Q3 2024, for an estimated $7,438
- EDGE CAPITAL GROUP, LLC added 761 shares (+6.9%) to their portfolio in Q3 2024, for an estimated $6,080
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
AUSTIN, Texas, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Astrotech Corporation (NASDAQ: ASTC) announced today that its 1 st Detect subsidiary has received a purchase order for its TRACER 1000™ explosive trace detectors (ETDs) from Intuitive Research and Technology Corporation ( INTUITIVE ® ) a TSA contractor. The purchase order is valued at $429K and should be recognized in FY2025.
INTUITIVE is an aerospace engineering and analysis firm who works closely with the TSA, the Department of Defense, and other State and Federal Government agencies to deliver solutions to various customers in the defense, commercial and governmental sectors. INTUITIVE ’s Valparaiso Integration Facility allows engineers and experts to collaborate, design and evaluate innovative solutions.
“This is a major milestone for the Company as our first TSA Approved Tracer 1000 ETD sale. We look forward to introducing our near zero false alarm mass spectrometry-based trace detection to the U.S. cargo market,” said Thomas B. Pickens III, Chairman and Chief Executive Officer of 1 st Detect.
The Astrotech Mass Spectrometer Technology™ (AMS Technology) drives the breakthrough TRACER 1000, the first TSA approved ETD to employ mass spectrometry. Recognized as the gold standard in chemical detection, mass spectrometry has historically been too costly, bulky, and cumbersome to be used outside of the laboratory. AMS Technology allows for lab level analysis resulting in near-zero false alarms and an unlimited library.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB develops and sells chemical analyzers for use in the agriculture market. Pro-Control is developing the mass spectrometry technology for use in chemical manufacturing processes. BreathTech is developing a breath analysis tool to screen for volatile organic compounds that could indicate infections or critical conditions. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the adverse impact of inflationary pressures, including significant increases in fuel costs, global economic conditions and events related to these conditions, including the ongoing wars in Ukraine and the middle east and the COVID-19 pandemic, the Company ’ s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Company ’ s Securities and Exchange Commission filings including the Company ’ s most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. While we do not intend to directly harvest, manufacture, distribute or sell cannabis or cannabis products, we may be detrimentally affected by a change in enforcement by federal or state governments and we may be subject to additional risks in connection with the evolving regulatory area and associated uncertainties. Any such effects may give rise to risks and uncertainties that are currently unknown or amplify others mentioned herein. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward- looking statements included in this press release represent the Company ’ s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Company Contact : Jaime Hinojosa, Chief Financial Officer, Astrotech Corporation, (512) 485-9530