AstroNova Reports 8.5% Sequential Growth in Revenue for Third Quarter Fiscal 2026

Dec 10 2025 12:00 GMT

Achieved revenue of $39.2 million in the quarter driven by sequential quarter growth in both Aerospace and Product Identification (“Product ID”)
Net income was $0.4 million, or $0.05 per diluted share; Non-GAAP net income was $1.5 million, or $0.20 per diluted share
Adjusted EBITDA was $4.2 million, or 10.7% of sales
Generated $3.4 million of operating cash in the quarter and $8.1 million year to date
Strengthened balance sheet with debt reduced by $3.2 million in the quarter and $6.4 million year to date
Refinanced lending agreement on favorable terms

WEST WARWICK, R.I.--(BUSINESS WIRE)--Dec. 10, 2025-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in specialized print technology solutions, today announced financial results for its fiscal 2026 third quarter ended October 31, 2025.

Jorik Ittmann, President and Chief Executive Officer of AstroNova, noted, “Our third quarter results indicate our efforts to stabilize the business, reignite sales in our Product ID segment and develop a greater sense of urgency in the business to deliver for our customers and shareholders are having a positive impact. We drove improvements in our mail & sheet/flatpack operations to provide more timely lead times for our customers and to reduce dated backlog. Importantly, the strong margins of our Aerospace segment confirm the value of the leading market position of our ToughWriter brand flight deck printers which are displacing legacy products for our highest volume major aircraft partners. This action combined with encouraging aircraft build rate forecasts bode well for this segment.”

Mr. Ittmann added, “While we have improved our financial results sequentially, including growing Product ID’s valuable and profitable recurring supplies, parts and service revenue, work remains to deliver consistent growth while we capture the benefits of our Aerospace segment.”

Third Quarter Fiscal 2026 Overview¹ (comparisons are to the prior-year period unless noted otherwise)


	Three Months Ended
	October 31, 2025			November 2, 2024			$ Variance			% Variance		July 31, 2025			$ Variance		% Variance
Revenue	$	39,169		$	40,422		$	(1,253	)	(3.1	)%	$	36,102		$	3,067	8.5	%
Gross Profit	$	14,197		$	13,714		$	483		3.5	%	$	11,633		$	2,564	22.0	%
Gross Profit Margin		36.2	%		33.9	%							32.2	%
Non-GAAP Gross Profit	$	14,557		$	13,748		$	809		5.9	%	$	11,631		$	2,926	25.2	%
Non-GAAP Adjusted Gross Profit Margin		37.2	%		34.0	%							32.2	%
Operating Income (Loss)	$	1,287		$	1,264		$	23		1.8	%	$	(708	)	$	1,995	(281.7	)%
Operating Margin		3.3	%		3.1	%							(2.0	)%
Non-GAAP Operating Income	$	2,561		$	1,623		$	938		57.8	%	$	380		$	2,181	574.0	%
Non-GAAP Operating Income Margin		6.5	%		4.0	%							1.1	%
Net Income (Loss)	$	378		$	240		$	138		57.3	%	$	(1,243	)	$	1,621	(130.4	)%
Non-GAAP Net Income (Loss)	$	1,532		$	513		$	1,019		198.6	%	$	(412	)	$	1,944	(471.8	)%
Adjusted EBITDA	$	4,172		$	3,228		$	944		29.3	%	$	2,055		$	2,117	103.0	%
Adjusted EBITDA Margin		10.7	%		8.0	%							5.7	%

______________________________

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 trailing second quarter of fiscal 2026, revenue increased 8.5% reflecting growth in both Aerospace and Product ID segments. Gross profit improved sequentially by 400 basis points as a result of productivity improvements and improved product mix. Operating income increased over the trailing quarter representing operating leverage on higher volume and improved product mix.

Compared with the prior-year period, revenue declined $1.3 million as the combined growth in Product ID and the Aerospace segment’s Commercial Aircraft, Defense and Other markets sales did not fully offset lower Aerospace Aftermarket revenue, which had a tough comparison against an unusually strong third quarter in FY 2025. Tariff mitigation contributed $0.4 million in revenue and foreign currency translation was a $0.3 million benefit in the quarter.

As a result of improved productivity and a more profitable mix, gross profit was up $0.5 million, or 3.5%, and gross margin expanded 230 basis points compared with the prior-year period despite lower revenue and a provision for inventory of $0.4 million related to the closure of a warehouse. On an adjusted basis, gross margin expanded 320 basis points from the prior-year period to 37.2%.

Operating expenses in the quarter were $12.9 million up from $12.5 million in the prior-year period. Savings from cost reduction actions were offset by $0.4 million in legal expenses related to ongoing litigation, $0.1 million of costs related to the contested proxy solicitation and a $0.3 million goodwill impairment charge associated with the May 2024 MTEX acquisition. Operating income for the quarter was $1.3 million similar to the prior-year period, while non-GAAP operating income was $2.6 million, up $0.9 million, or 57.8% compared with the prior-year period.

Interest expense of $0.8 million was down 12.4% as debt balance decreased from $46.7 million in the prior-year end to $40.3 million as of the end of the quarter fiscal. Improved financial performance resulted in net income of $0.4 million, or $0.05 per share, compared with $0.2 million in the prior-year period. Non-GAAP net income was $1.5 million, or $0.20 per share. Adjusted EBITDA was $4.2 million and Adjusted EBITDA margin was 10.7%.

Product Identification (Product ID) Segment Review

Product ID revenue was $26.8 million for the third quarter of fiscal 2026, up 2.0%, or $0.5 million, compared with the prior year and was up $2.1 million, or 8.5%, sequentially. Sequential growth was across all product categories with Mail & Sheet/Flat Pack Printers increasing $0.5 million, or 14.4%, as productivity improvements enabled higher shipment levels.

Operating income for Product ID of $1.9 million was similar with the prior-year period, as improved volume and mix helped to offset an inventory provision of $0.7 million related to a warehouse closure and true-up between segments and a $0.3 million goodwill impairment charge. Operating margin was 7.0% compared with 7.1% in the prior-year period. Non-GAAP segment operating income grew $1.0 million, or 50%, to $2.9 million. Non-GAAP operating income margin for the third quarter of fiscal 2026 was 10.6%.

Aerospace Segment Review

Aerospace segment revenue was $12.3 million in the fiscal 2026 third quarter, a decrease of 12.7%, or $1.8 million. The decline reflects the benefit of $2.3 million in revenue in the prior-year period from atypical orders related to replacement printheads that had built up in backlog pending certification.

Despite lower sales, Aerospace segment operating profit was $4.5 million, up $1.3 million, or 39.4%, over the prior-year period from a $0.3 million benefit from an inventory provision true-up between segments as well as improved product mix.

Balance Sheet and Cash Flow

Cash provided by operations in the third quarter of fiscal 2026 was $3.4 million and was $8.1 million year to date. The improvement in cash generation in the quarter was a combination of stronger cash earnings and reduced working capital requirements, primarily due to lower inventory.

Capital expenditures in the quarter were $86 thousand and $0.2 million year to date compared with $0.3 million and $1.1 million, respectively, in the prior year periods.

Cash at the end of the third quarter of fiscal 2026 was $3.6 million, down $1.4 million from the end of fiscal 2025. The Company strengthened its balance sheet and reduced debt by $3.2 million in the quarter and by $6.4 million year to date. Debt as of October 31, 2025 was $40.3 million compared with $46.7 million as of January 31, 2025.

On October 31, 2025, the Company executed an amended credit agreement which extended the maturity of its revolving credit facility, temporarily increased the facility to $27.5 million, and refinanced previous term loans resulting in a new $10 million term loan and a new $9.7 million term A-2 loan. The new credit structure reduces principal payments and eliminates the foreign currency exchange rate volatility of the Euro payments. It also provides greater flexibility in its EBITDA covenant.

Bookings and Backlog by Segment

Orders in the quarter for the Product ID segment were $22.5 million, down $4.3 million compared with the prior-year period due to delays in renewing blanket orders with certain customers. The Company expects those orders to be renewed in the fourth quarter of fiscal 2026. As a result, the book to bill ratio for the segment was 84% and backlog decreased by $4.4 million from second quarter of fiscal 2026.

Orders in the quarter for the Aerospace segment increased $2.6 million, or 23.7%, over the prior-year period to $13.4 million primarily related to major OEM orders improving as inventory better aligns with build rates. The book to bill ratio for the segment was 109%. Backlog at the end of the third quarter of fiscal 2026 increased by $1.1 million compared with second quarter of fiscal 2026.

Fiscal 2026 Outlook

“Our solid performance in the third quarter and the progress we are making in the business provide us further confidence in our expectations for the full year," concluded Mr. Ittmann.

AstroNova has maintained its revenue expectations for fiscal 2026 within a range of $149 million to $154 million implying fourth quarter revenue in a range of $36 million to $41 million. Adjusted EBITDA margin expectations are in a range of 7.5% to 8.5% for the year.

Earnings Conference Call Information

AstroNova will host a conference call and webcast today at 8:30 a.m. ET to review financial and operating results for the third quarter of 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 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 Wednesday, December 24, 2025. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13756179. 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 leading innovator in specialized print technology solutions. The Company designs, manufactures, distributes and services a broad range of products that acquire, store, analyze, and present data in multiple formats on a variety of media. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its aftermarket 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 for printing on paper, labels, paperboard packaging, corrugated boxes, and paper bags. 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. More information about the Company can be found at 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 nine months ended October 31, 2025 and November 2, 2024 and the year ending January 31, 2025.

AstroNova has not reconciled the forward-looking Adjusted EBITDA margin 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.

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, 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 Statements of Income (Loss)
(In thousands, except per share data)
(Unaudited)

	Three Months Ended
	October 31, 2025			November 2, 2024			$ Variance			% Variance
Revenue	$	39,169		$	40,422		$	(1,253	)	(3.1	)%
Cost of Revenue		24,972			26,708			(1,736	)	(6.5	)%
Gross Profit		14,197			13,714			483		3.5	%
Total Gross Profit Margin		36.2	%		33.9	%
Operating Expenses:
Selling & Marketing		5,593			6,752			(1,159	)	(17.2	)%
Research & Development		1,898			1,843			55		3.0	%
General & Administrative		5,122			3,855			1,267		32.9	%
Goodwill Impairment		297			—			297		100.0	%
Total Operating Expenses		12,910			12,450			460		3.7	%
Operating Income		1,287			1,264			23		1.8	%
Total Operating Margin		3.3	%		3.1	%
Interest Expense		827			944			(117	)	(12.4	)%
Other (Income)/Expense, net		210			46			164		356.5	%
Income Before Taxes		250			274			(24	)	(8.9	)%
Income Tax Provision (Benefit)		(128	)		34			(162	)	(476.5	)%
Net Income	$	378		$	240		$	138		57.3	%
Net Income per Common Share - Basic	$	0.05		$	0.03
Net Income per Common Share - Diluted	$	0.05		$	0.03

Weighted Average Number of Common Shares - Basic		7,633			7,524
Weighted Average Number of Common Shares - Diluted		7,698			7,580


	Nine Months Ended
	October 31, 2025			November 2, 2024			$ Variance			% Variance
Revenue	$	112,979		$	113,922		$	(943	)	(0.8	)%
Cost of Revenue		74,496			73,909			587		0.8	%
Gross Profit		38,483			40,013			(1,530	)	(3.8	)%
Total Gross Profit Margin		34.1	%		35.1	%
Operating Expenses:
Selling & Marketing		16,877			19,140			(2,263	)	(11.8	)%
Research & Development		5,017			4,859			158		3.3	%
General & Administrative		15,140			12,343			2,797		22.7	%
Goodwill Impairment		297			—			297		100.0	%
Total Operating Expenses		37,331			36,342			989		2.7	%
Operating Income		1,152			3,671			(2,519	)	(68.6	)%
Total Operating Margin		1.0	%		3.2	%
Interest Expense		2,609			2,363			246		10.4	%
Other (Income)/Expense, net		291			337			(46	)	(13.6	)%
Income (Loss) Before Taxes		(1,748	)		971			(2,719	)	(280.1	)%
Income Tax Provision (Benefit)		(506	)		(139	)		(367	)	264.0	%
Net Income (Loss)	$	(1,242	)	$	1,110		$	(2,352	)	(211.9	)%
Net Income (Loss) per Common Share - Basic	$	(0.16	)	$	0.15
Net Income (Loss) per Common Share - Diluted	$	(0.16	)	$	0.15

Weighted Average Number of Common Shares - Basic		7,601			7,501
Weighted Average Number of Common Shares - Diluted		7,601			7,605

ASTRONOVA, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)

	October 31, 2025			January 31, 2025
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	3,606		$	5,050
Accounts Receivable, net		20,396			21,218
Inventories, net		45,124			47,894
Prepaid Expenses and Other Current Assets		5,022			3,855
Total Current Assets		74,148			78,017
PROPERTY, PLANT AND EQUIPMENT		61,183			58,613
Less Accumulated Depreciation		(46,474	)		(42,820	)
Property, Plant and Equipment, net		14,709			15,793
OTHER ASSETS
Identifiable Intangibles, net		22,070			23,519
Goodwill		17,121			16,361
Deferred Tax Assets, net		8,565			8,431
Right of Use Asset		2,573			1,781
Other Assets		1,647			1,693
TOTAL ASSETS	$	140,833		$	145,595
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable	$	7,402		$	7,928
Accrued Compensation		4,036			3,745
Other Accrued Expenses		4,857			4,461
Revolving Line of Credit		18,146			20,929
Current Portion of Long-Term Debt		3,152			6,110
Short-Term Debt		-			581
Current Liability – Royalty Obligation		1,600			1,358
Current Liability – Excess Royalty Payment Due		592			691
Deferred Revenue		846			543
Total Current Liabilities		40,631			46,346
NON-CURRENT LIABILITIES
Long-Term Debt, net of current portion		18,978			19,044
Lease Liabilities, net of current portion		2,107			1,535
Grant Deferred Revenue		1,061			1,090
Royalty Obligation, net of current portion		354			1,106
Income Tax Payables		684			684
Deferred Tax Liabilities		-			40
Other Long-Term Liability		138			-
TOTAL LIABILITIES		63,953			69,845
SHAREHOLDERS’ EQUITY
Common Stock		553			547
Additional Paid-in Capital		65,681			64,215
Retained Earnings		48,139			49,380
Treasury Stock		(35,226	)		(35,043	)
Accumulated Other Comprehensive Loss, net of tax		(2,267	)		(3,349	)
TOTAL SHAREHOLDERS’ EQUITY		76,880			75,750
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	140,833		$	145,595

ASTRONOVA, INC.
Condensed Consolidated Statements of Cash Flow
(In thousands)
(Unaudited)

		Nine Months Ended
		October 31, 2025			November 2, 2024
Cash Flows from Operating Activities:
	Net Income (Loss)	$	(1,242	)	$	1,110
	Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
	Depreciation and Amortization		3,425			3,514
	Grant Income Included in Depreciation		175			108
	Goodwill Impairment		289			—
	Amortization of Debt Issuance Costs		33			22
	Share-Based Compensation		1,559			1,159
	Deferred Income Tax Provision (Benefit)		(74	)		—
	Loss on Disposal of Fixed Assets		112			—
	Changes in Assets and Liabilities:
	Accounts Receivable		1,220			1,619
	Inventories		3,780			1,380
	Income Taxes		(1,101	)		(1,534	)
	Accounts Payable and Accrued Expenses		(367	)		(2,371	)
	Deferred Revenue		99			(1,080	)
	Other		149			(1,603	)
	Net Cash Provided by Operating Activities		8,057			2,324

Cash Flows from Investing Activities:
	Proceeds from Sale of Equipment		100			—
	Purchases of Property, Plant and Equipment		(193	)		(1,086	)
	Cash Paid for MTEX Acquisition, net of cash acquired		-			(19,109	)
	Net Cash Used for Investing Activities		(93	)		(20,195	)

Cash Flows from Financing Activities:
	Net Cash Proceeds from Employee Stock Option Plans		-			13
	Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan		50			98
	Net Cash Used for Payment of Taxes Related to Vested Restricted Stock		(183	)		(432	)
	Revolving Credit Facility, net		(3,177	)		10,774
	Proceeds from Long Term Debt Borrowings		19,720			15,078
	Payment of Minimum Guarantee Royalty Obligation		(959	)		(1,247	)
	Principal Payments of Long-Term Debt		(25,117	)		(6,706	)
	Payments of Debt Issuance Costs		(66	)		(37	)
	Net Cash Provided by (Used for) Financing Activities		(9,731	)		17,541

Effect of Exchange Rate Changes on Cash and Cash Equivalents			324			235
Net Decrease Cash and Cash Equivalents			(1,443	)		(95	)
Cash and Cash Equivalents, Beginning of Period		$	5,050			4,527
Cash and Cash Equivalents, End of Period			3,606		$	4,432

Supplemental Information:
	Cash Paid (Received) During the Period for:
	Interest	$	2,292		$	1,891
	Income Taxes, net of refunds		621		$	1,503
	Non-Cash Transactions:
	Operating Lease Obtained in Exchange for Operating Lease Liabilities	$	986		$	1,581

ASTRONOVA, INC.
Segment Sales and Profit
(Unaudited, $ in thousands)

	Three Months Ended						Nine Months Ended
($ in thousands)	October 31, 2025			November 2, 2024			October 31, 2025			November 2, 2024
Revenue:
Product ID	$	26,849		$	26,317		$	77,891		$	76,667
Aerospace		12,320			14,105			35,088			37,255
Total Revenue	$	39,169		$	40,422		$	112,979		$	113,922

Gross Profit:
Product ID	$	7,806		$	8,407		$	24,211		$	25,354
Aerospace		6,391			5,307			14,272			14,659
Gross Profit	$	14,197		$	13,714		$	38,483		$	40,013

Gross Profit Margin:
Product ID		29.1	%		31.9	%		31.1	%		33.1	%
Aerospace		51.9	%		37.6	%		40.7	%		39.3	%
Gross Profit Margin		36.2	%		33.9	%		34.1	%		35.1	%

Segment Operating Income:
Product ID	$	1,878		$	1,868		$	6,585		$	7,208
Aerospace		4,531			3,251			9,707			8,806
Total Segment Operating Income	$	6,409		$	5,119		$	16,292		$	16,014

Segment Operating Margin:
Product ID		7.0	%		7.1	%		8.5	%		9.4	%
Aerospace		36.8	%		23.0	%		27.7	%		23.6	%
Total Segment Operating Margin		16.4	%		12.7	%		14.4	%		14.1	%

Corporate Expense		(5,122	)		(3,855	)		(15,140	)		(12,343	)
Operating Income	$	1,287		$	1,264		$	1,152		$	3,671
Interest Expense	$	827		$	944		$	2,609		$	2,363
Other (Income)/Expense, net		210			46			291			337
Income Before Income Taxes	$	250		$	274		$	(1,748	)	$	971
Income Tax Provision (Benefit)		(128	)		34			(506	)		(139	)
Net Income	$	378		$	240		$	(1,242	)	$	1,110

ASTRONOVA, INC.
Segment Sales and Non-GAAP Profit
(Unaudited, $ in thousands)

	Three Months Ended						Nine Months Ended
($ in thousands)	October 31, 2025			November 2, 2024			October 31, 2025			November 2, 2024
Revenue:
Product ID	$	26,849		$	26,317		$	77,891		$	76,667
Aerospace		12,320			14,105			35,088			37,255
Total Revenue	$	39,169		$	40,422		$	112,979		$	113,922

Gross Profit:
Product ID	$	8,476		$	8,441		$	25,115		$	25,508
Aerospace		6,080			5,307			14,126			14,659
Non-GAAP Gross Profit	$	14,556		$	13,748		$	39,241		$	40,167

Gross Profit Margin:
Product ID		31.6	%		32.1	%		32.2	%		33.3	%
Aerospace		49.4	%		37.6	%		40.3	%		39.3	%
Non-GAAP Gross Profit Margin		37.2	%		34.0	%		34.7	%		35.3	%

Segment Operating Income:
Product ID	$	2,852		$	1,902		$	7,994		$	7,362
Aerospace		4,220			3,251			9,567			8,806
Total Non-GAAP Segment Operating Income	$	7,072		$	5,153		$	17,561		$	16,168

Segment Operating Margin:
Product ID		10.6	%		7.2	%		10.3	%		9.6	%
Aerospace		34.3	%		23.0	%		27.3	%		23.6	%
Total Non-GAAP Segment Operating Margin		18.1	%		12.7	%		15.5	%		14.2	%

Corporate Expense		(4,511	)		(3,530	)		(13,092	)		(10,961	)
Non-GAAP Operating Income	$	2,561		$	1,623		$	4,469		$	5,207
Interest Expense	$	827		$	944		$	2,609		$	2,363
Other (Income)/Expense, net		(1	)		46			78			337
Income Before Income Taxes	$	1,735		$	633		$	1,782		$	2,507
Adjusted Income Tax Provision (Benefit)		204			120			309			242
Non-GAAP Net Income	$	1,531		$	513		$	1,473		$	2,265

ASTRONOVA, INC.
Revenue by Market
(unaudited, $ in thousands)

Product ID:		Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY2025		Q1 FY26		Q2 FY26		Q3 FY26
	Desktop Label Printers	$	14,220	$	16,349	$	15,408	$	14,019	$	59,996	$	15,478	$	15,190	$	16,115
	Mail & Sheet/Flat Pack Printers		3,930		3,471		3,679		4,494		15,574		4,050		3,740		4,280
	Professional Label Printers		3,245		4,231		3,423		2,972		13,871		3,247		3,506		3,636
	Direct to Package/Overprint Printers		1,787		2,925		3,627		2,718		11,057		3,396		2,230		2,371
	Flexible Packaging Printers		-		-		15		1,289		1,304		30		69		79
	Other		3		189		165		186		541		88		19		368
	TOTAL	$	23,185	$	27,165	$	26,317	$	25,678	$	102,345	$	26,289	$	24,754	$	26,849

Aerospace:		Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY2025		Q1 FY26*		Q2 FY26		Q3 FY26
	Aftermarket	$	4,694	$	5,326	$	7,058	$	5,481	$	22,560	$	4,911	$	4,953	$	4,955
	Commercial Aircraft		3,813		6,299		5,221		4,363		19,696		4,953		4,714		5,764
	Defense		329		608		734		781		2,452		811		1,047		766
	Regional and Biz Jet Aircraft		697		604		993		802		3,096		396		431		634
	Other		243		537		98		256		1,134		348		203		201
	TOTAL	$	9,776	$	13,374	$	14,105	$	11,683	$	48,938	$	11,419	$	11,348	$	12,320

	Consolidated Total	$	32,961	$	40,539	$	40,422	$	37,361	$	151,283	$	37,708	$	36,102	$	39,169

*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 fiscal sales were unaffected.

ASTRONOVA, INC.
Revenue by Type
(unaudited, $ in thousands)

Product ID		Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY 2025		Q1 FY26		Q2 FY26		Q3 FY26
	Product ID HW	$	3,802	$	4,311	$	4,590	$	5,591	$	18,294	$	4,776	$	4,511	$	5,357
	Product ID Recurring Supplies, Parts & Service		19,383		22,854		21,727		20,087		84,051		21,513		20,243		21,492
	Total Product ID	$	23,185	$	27,165	$	26,317	$	25,678	$	102,345	$	26,289	$	24,754	$	26,849
Aerospace
	Aerospace HW	$	5,073	$	8,048	$	7,032	$	6,185	$	26,338	$	6,519	$	6,425	$	7,360
	Aerospace Recurring Supplies, Parts & Service		4,703		5,326		7,073		5,498		22,600		4,900		4,923		4,960
	Total Aerospace	$	9,776	$	13,374	$	14,105	$	11,683	$	48,938	$	11,419	$	11,348	$	12,320
Consolidated
	AstroNova HW	$	8,875	$	12,359	$	11,622	$	11,776	$	44,632	$	11,295	$	10,936	$	12,717
	AstroNova Recurring Supplies, Parts & Service		24,086		28,180		28,800		25,585		106,651		26,413		25,166		26,452
	TOTAL	$	32,961	$	40,539	$	40,422	$	37,361	$	151,283	$	37,708	$	36,102	$	39,169

ASTRONOVA, INC.
Bookings and Backlog
(unaudited, $ in thousands)

AstroNova
	Q1 FY25			Q2 FY25			Q3 FY25			Q4 FY25			FY 2025			Q1 FY26			Q2 FY26			Q3 FY26
Beginning backlog (Non-MTEX)	$	31,394		$	31,556		$	29,900		$	27,093		$	31,394		$	28,307		$	25,491		$	25,291
MTEX*	$	-		$	3,084		$	-		$	-		$	3,084		$	-		$	-		$	-
Backlog Beginning of Period (incl. MTEX)	$	31,394		$	34,640		$	29,900		$	27,093		$	34,478		$	28,307		$	25,491		$	25,291
Revenue Recognized (Billings)	$	32,961		$	40,539		$	40,422		$	37,361		$	151,283		$	37,708		$	36,102		$	39,169
New Bookings During Period	$	33,122		$	35,799		$	37,615		$	38,576		$	145,112		$	34,893		$	35,901		$	35,867
Backlog End of Period	$	31,556		$	29,900		$	27,093		$	28,307		$	28,307		$	25,491		$	25,291		$	21,989
Book/Bill %		100	%		88	%		93	%		103	%		96	%		93	%		99	%		92	%
*MTEX Backlog was acquired during 2nd quarter fiscal 2025

Product Identification
	Q1 FY25			Q2 FY25			Q3 FY25			Q4 FY25			FY 2025			Q1 FY26			Q2 FY26			Q3 FY26
Beginning backlog (Non-MTEX)	$	19,725		$	19,467		$	18,786		$	19,254		$	19,725		$	18,091		$	18,044		$	16,727
MTEX*	$	-		$	3,084		$	-		$	-		$	3,084		$	-		$	-		$	-
Backlog Beginning of Period (incl. MTEX)	$	19,725		$	22,551		$	18,786		$	19,254		$	22,809		$	18,091		$	18,044		$	16,727
Revenue Recognized (Billings)	$	23,185		$	27,165		$	26,317		$	25,678		$	102,345		$	26,289		$	24,754		$	26,849
New Bookings During Period	$	22,926		$	23,400		$	26,785		$	24,516		$	97,627		$	26,242		$	23,437		$	22,473
Backlog End of Period	$	19,467		$	18,786		$	19,254		$	18,091		$	18,091		$	18,044		$	16,727		$	12,351
Book/Bill %		99	%		86	%		102	%		95	%		95	%		100	%		95	%		84	%
*MTEX Backlog was acquired during 2nd quarter fiscal 2025

Aerospace
	Q1 FY25			Q2 FY25			Q3 FY25			Q4 FY25			FY 2025			Q1 FY26			Q2 FY26			Q3 FY26
Backlog Beginning of Period	$	11,669		$	12,089		$	11,114		$	7,839		$	11,669		$	10,216		$	7,447		$	8,563
Revenue Recognized (Billings)	$	9,776		$	13,374		$	14,105		$	11,683		$	48,938		$	11,419		$	11,348		$	12,320
New Bookings During Period	$	10,196		$	12,399		$	10,830		$	14,060		$	47,485		$	8,651		$	12,464		$	13,394
Backlog End of Period	$	12,089		$	11,114		$	7,839		$	10,216		$	10,216		$	7,447		$	8,563		$	9,638
Book/Bill %		104	%		93	%		77	%		120	%		97	%		76	%		110	%		109	%

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Items
(Unaudited, $ in thousands)

	Three Months Ended
	October 31, 2025			November 2, 2024

Revenue	$	39,169		$	40,422

Gross Profit	$	14,197		$	13,714
Inventory Step-Up		-			34
Inventory Provision		360			-
Non-GAAP Gross Profit	$	14,557		$	13,748
Gross Profit Margin		36.2	%		33.9	%
Non-GAAP Gross Profit Margin		37.2	%		34.0	%

Operating Expenses	$	12,910		$	12,450
MTEX-related Acquisition Expenses		-			(325	)
Restructuring Charges		(58	)		-
Non-Recurring Legal Expenses		(387	)		-
Non-Recurring Proxy Costs		(172	)		-
Goodwill Impairment		(297	)		-
Non-GAAP Operating Expenses	$	11,996		$	12,125

Operating Income	$	1,287		$	1,264
MTEX-related Acquisition Expenses		-			325
Inventory Step-Up		-			34
Inventory Provision		360			-
Restructuring Charges		58			-
Non-Recurring Legal Expenses		387			-
Non-Recurring Proxy Costs		172			-
Goodwill Impairment		297			-
Non-GAAP Operating Income	$	2,561		$	1,623
Operating Income Margin		3.3	%		3.1	%
Non-GAAP Operating Income Margin		6.5	%		4.0	%

Net Income	$	378		$	240
MTEX-related Acquisition Expenses⁽¹⁾		-			247
Inventory Step-Up⁽¹⁾		-			26
Inventory Provision⁽¹⁾		275			-
Restructuring Charges⁽¹⁾		43			-
Non-Recurring Legal Expenses⁽¹⁾		301			-
Non-Recurring Proxy Costs⁽¹⁾		131			-
Realized Fx⁽¹⁾		80			-
Other (Income) and Expense⁽¹⁾		85			-
Goodwill Impairment⁽¹⁾		238			-
Non-GAAP Net Income	$	1,532		$	513

Diluted Earnings Per Share	$	0.05		$	0.03
MTEX-related Acquisition Expenses⁽¹⁾		-			0.03
Inventory Provision⁽¹⁾		0.04			-
Restructuring Charges⁽¹⁾		-			-
Non-Recurring Legal Expenses⁽¹⁾		0.04			-
Non-Recurring Proxy Costs⁽¹⁾		0.02			-
Realized Fx⁽¹⁾		0.01			-
Other (Income) and Expense⁽¹⁾		0.01			-
Goodwill Impairment⁽¹⁾		0.03			-
Non-GAAP Diluted Earnings Per Share	$	0.20		$	0.06

⁽¹⁾ Net of taxes

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Items
(Unaudited, $ in thousands)

	Nine Months Ended
	October 31, 2025			November 2, 2024

Revenue	$	112,979		$	113,922

Gross Profit	$	38,483		$	40,013
Inventory Step-Up		61			154
Inventory Provision		360			-
Restructuring Charges		337			-
Non-GAAP Gross Profit	$	39,241		$	40,167
Gross Profit Margin		34.1	%		35.1	%
Non-GAAP Gross Profit Margin		34.7	%		35.3	%

Operating Expenses	$	37,331		$	36,342
MTEX-related Acquisition Expenses		(311	)		(1,382	)
Restructuring Charges		(968	)		-
Non-Recurring Legal Expenses		(457	)		-
Non-Recurring Proxy Costs		(527	)		-
Realized Fx		(100	)		-
Other (Income) and Expense		(112	)		-
Goodwill Impairment		(297	)		-
Non-GAAP Operating Expenses	$	34,559		$	34,960

Operating Income	$	1,152		$	3,671
MTEX-related Acquisition Expenses		311			1,382
Inventory Step-Up		61			154
Inventory Provision		360			-
Restructuring Charges		1,305			-
Non-Recurring Legal Expenses		457			-
Non-Recurring Proxy Costs		527			-
Realized Fx		100			-
Other (Income) and Expense		112			-
Goodwill Impairment		297			-
Non-GAAP Operating Income	$	4,682		$	5,207
Operating Income Margin		1.0	%		3.2	%
Non-GAAP Operating Income Margin		4.1	%		4.6	%

Net Income (Loss)	$	(1,242	)	$	1,110
MTEX-related Acquisition Expenses⁽¹⁾		238			1,044
Inventory Step-Up⁽¹⁾		49			111
Inventory Provision⁽¹⁾		275			-
Restructuring Charges⁽¹⁾		1,001			-
Non-Recurring Legal Expenses⁽¹⁾		354			-
Non-Recurring Proxy Costs⁽¹⁾		403			-
Realized Fx⁽¹⁾		80			-
Other (Income) and Expense⁽¹⁾		86			-
Goodwill Impairment		238			-
Non-GAAP Net Income (Loss)	$	1,480		$	2,265

Diluted Earnings (Loss) Per Share	$	(0.16	)	$	0.15
MTEX-related Acquisition Expenses⁽¹⁾		0.03			0.14
Inventory Step-Up⁽¹⁾		0.01			0.01
Inventory Provision⁽¹⁾		0.04			-
Restructuring Charges⁽¹⁾		0.13			-
Non-Recurring Legal Expenses⁽¹⁾		0.05			-
Non-Recurring Proxy Costs⁽¹⁾		0.05			-
Realized Fx⁽¹⁾		0.01			-
Other (Income) and Expense⁽¹⁾		0.01			-
Goodwill Impairment		0.03			-
Non-GAAP Diluted Earnings Per Share	$	0.20		$	0.30

⁽¹⁾ Net of taxes

ASTRONOVA, INC.
Reconciliation of Net Income and Margin to Adjusted EBITDA and Margin
(Unaudited, $ in thousands)

	Three Months Ended
	October 31, 2025			November 2, 2024

Net Income	$	378		$	240
Interest Expense		827			944
Income Tax Expense (Benefit)		(128	)		34
Depreciation & Amortization		855			1,298
EBITDA	$	1,932		$	2,516
Share-Based Compensation		754			353
MTEX-related Acquisition Expenses		-			325
Inventory Step-Up		-			34
Inventory Provision		360			-
Restructuring Charges		58			-
Non-Recurring Legal Expenses		387			-
Non-Recurring Proxy Costs		172			-
Realized Fx		100			-
Other (Income) and Expense		112			-
Goodwill Impairment		297			-
Adjusted EBITDA	$	4,172		$	3,228
Revenue	$	39,169		$	40,422
Net Income Margin		1.0	%		0.6	%
Adjusted EBITDA Margin		10.7	%		8.0	%

	Nine Months Ended
	October 31, 2025			November 2, 2024

Net Income (Loss)	$	(1,242	)	$	1,110
Interest Expense		2,609			2,363
Income Tax Expense (Benefit)		(506	)		(139	)
Depreciation & Amortization		3,425			3,514
EBITDA	$	4,286		$	6,848
Share-Based Compensation		1,559			1,159
MTEX-related Acquisition Expenses		311			1,382
Inventory Step-Up		61			154
Inventory Provision		360			-
Restructuring Charges		1,305			-
Non-Recurring Legal Expenses		457			-
Non-Recurring Proxy Costs		527			-
Realized Fx		100			-
Other (Income) and Expense		112			-
Goodwill Impairment		297			-
Adjusted EBITDA	$	9,375		$	9,543
Revenue	$	112,979		$	113,922
Net Income (Loss) Margin		(1.1	)%		1.0	%
Adjusted EBITDA Margin		8.3	%		8.4	%


ASTRONOVA, INC.
Reconciliation of Segment Gross Profit and Margin to Non-GAAP Gross Profit and Margin
(Unaudited, $ in thousands)


	Three Months Ended
	October 31, 2025									November 2, 2024
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Gross Profit	$	7,806		$	6,391		$	14,197		$	8,407		$	5,307		$	13,714
Inventory Step-Up		-			-			-			34			-			34
Inventory Provision		671			(311	)		360			-			-			-
Non-GAAP - Segment Gross Profit	$	8,477		$	6,080		$	14,557		$	8,441		$	5,307		$	13,748

Revenue	$	26,849		$	12,320		$	39,169		$	26,317		$	14,105		$	40,422
Gross Profit Margin		29.1	%		51.9	%		36.2	%		31.9	%		37.6	%		33.9	%
Non-GAAP Segment Gross Profit Margin		31.6	%		49.4	%		37.2	%		32.1	%		37.6	%		34.0	%


	Nine Months Ended
	October 31, 2025									November 2, 2024
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Gross Profit	$	24,211		$	14,272		$	38,483		$	25,354		$	14,659		$	40,013
Inventory Step-Up		61			-			61			154			-			154
Inventory Provision		671			(311	)		360			-			-			-
Restructuring Charges		173			165			338			-			-			-
Non-GAAP - Segment Gross Profit	$	25,116		$	14,126		$	39,242		$	25,508		$	14,659		$	40,167

Revenue	$	77,890		$	35,089		$	112,979		$	76,667		$	37,255		$	113,922
Gross Profit Margin		31.1	%		40.7	%		34.1	%		33.1	%		39.3	%		35.1	%
Non-GAAP Segment Gross Profit Margin		32.2	%		40.3	%		34.7	%		33.3	%		39.3	%		35.3	%

Note: Segment Operating Income excludes General & Administrative Expenses

ASTRONOVA, INC.
Reconciliation of Segment Operating Profit and Margin to Non-GAAP Operating Profit and Margin
(Unaudited, $ in thousands)

	Three Months Ended
	October 31, 2025									November 2, 2024
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Operating Income	$	1,878		$	4,531		$	6,409		$	1,868		$	3,251		$	5,119
Inventory Step-Up		-			-			-			34			-			34
Inventory Provision		671			(311	)		360			-			-			-
Goodwill Impairment		297			-			297			-			-			-
Restructuring Charges		7			-			7			-			-			-
Non-GAAP - Segment Operating Income	$	2,853		$	4,220		$	7,073		$	1,902		$	3,251		$	5,153

Revenue	$	26,849		$	12,320		$	39,169		$	26,317		$	14,105		$	40,422
Operating Margin		7.0	%		36.8	%		16.4	%		7.1	%		23.0	%		12.7	%
Non-GAAP Operating Margin		10.6	%		34.3	%		18.1	%		7.2	%		23.0	%		12.7	%


	Nine Months Ended
	October 31, 2025									November 2, 2024
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Operating Income	$	6,585		$	9,707		$	16,292		$	7,208		$	8,806		$	16,014
Inventory Step-Up		61			-			61			154			-			154
Inventory Provision		671			(311	)		360			-			-			-
Goodwill Impairment		297			-			297			-			-			-
Restructuring Charges		381			171			552			-			-			-

Non-GAAP - Segment Operating Income	$	7,995		$	9,567		$	17,562		$	7,362		$	8,806		$	16,168

Revenue	$	77,890		$	35,089		$	112,979		$	76,667		$	37,255		$	113,922
Operating Margin		8.5	%		27.7	%		14.4	%		9.4	%		23.6	%		14.1	%
Non-GAAP Operating Margin		10.3	%		27.3	%		15.5	%		9.6	%		23.6	%		14.2	%

Note: Segment Operating Income excludes General & Administrative Expenses

View source version on businesswire.com: https://www.businesswire.com/news/home/20251210678311/en/

Deborah Pawlowski, IRC, Alliance Advisors
Email: dpawlowski@allianceadvisors.com
Phone: 716.843.3908

Source: AstroNova, Inc.

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