AstroNova Reports Fourth-Quarter and Full-Year Fiscal 2026 Financial Results

Apr 13 2026 21:30 BST

Fourth quarter revenue of $37.5 million and fiscal 2026 revenue of $150.5 million, in line with guidance
Fourth quarter net loss was $1.1 million, or $0.15 per diluted share; adjusted EBITDA¹ was $3.3 million, or 8.8% of sales
Product Identification turnaround gaining momentum with well-defined go-to-market and operations strategies
Total orders in the quarter were up 6.5% to $41.1 million
Generated $3.7 million of operating cash in the quarter and $11.7 million for the full year, compared with $2.5 million and $4.8 million in the prior periods, respectively
Strengthened balance sheet with debt reduced by $2.7 million in the quarter and $9.1 million in fiscal 2026
Previously announced evaluation of strategic alternatives

WEST WARWICK, R.I.--(BUSINESS WIRE)--Apr. 13, 2026-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in specialized print technology solutions, today announced financial results for its fiscal 2026 fourth quarter and full-year ended January 31, 2026.

Jorik Ittmann, President and Chief Executive Officer of AstroNova, stated, "The second half of fiscal 2026 was a reset period for AstroNova. As we began the year, we recognized that the changes we were making in the business would begin to be realized with a stronger second half. Our focus was on stabilizing the business and ending the year having generated more cash, reduced debt, and raised accountability across both segments. Our Aerospace business delivered a strong performance, with ToughWriter now representing more than 80% of total flight deck printer shipments, positioning us well as aircraft build rates increase.

“In Product ID, we provide label printing solutions that address the needs of three key verticals: healthcare/life sciences, industrial and chemical industries. In these markets our labels are a component of customers’ products and are critical to their success. Our restructuring efforts are being realized through improving commercial momentum in these verticals. We have employed more robust analytics to understand our customers and markets and are better directing our resources to drive growth. This includes continuing to evolve the team, putting the right talent in the correct roles, and recognizing where and why we can win. We expect this focus of our resources where we have competitive advantages will lead to stronger, more profitable growth."

Mr. Ittmann added, "Looking ahead to fiscal 2027, we expect Aerospace to deliver measured growth, supported by rising aircraft production, a favorable product mix, and the expiration of a major royalty obligation during the third quarter of the year that negatively impacts gross margin on an annualized basis by approximately $2 million. In Product ID, we are focused on converting our commercial pipeline into consistent revenue growth while strengthening operational performance. We believe we can create greater value for our shareholders with our enhanced product offerings, go-to-market strategy and operational restructuring. Importantly, we will evaluate all strategic alternatives to achieve this goal."

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

	Three Months Ended							2H Fiscal 2026 compared with 1H Fiscal 2026
	January 31, 2026		January 31, 2025		$ Variance		% Variance	2H FY26		1H FY26		$ Variance		% Variance
Revenue	$	37,536	$	37,361	$	175	0.5%	$	76,705	$	73,810	$	2,895	3.9%
Gross Profit	$	11,325	$	12,226	$	(901)	(7.4)%	$	24,769	$	22,865	$	1,902	8.3%
Gross Profit Margin		30.2%		32.7%					32.3%		31.0%
Non-GAAP Gross Profit	$	11,903	$	12,289	$	(386)	(3.1)%	$	25,707	$	23,264	$	2,444	10.5%
Non-GAAP Gross Profit Margin		31.7%		32.9%					33.5%		31.5%
Operating Income (Loss)	$	56	$	(12,311)	$	12,367	(100.5)%	$	1,342	$	(137)	$	1,479	N/A
Operating Margin		0.1%		(33.0)%					1.7%		(0.2)%
Non-GAAP Operating Income	$	1,124	$	1,408	$	(284)	(20.2)%	$	3,688	$	1,906	$	1,781	93.4%
Non-GAAP Operating Income Margin		3.0%		3.8%					4.8%		2.6%
Net Income (Loss)	$	(1,134)	$	(15,600)	$	14,466	(92.7)%	$	(756)	$	(1,620)	$	864	53.3%
Non-GAAP Net Income (Loss)	$	(305)	$	419	$	(724)	(172.7)%	$	1,277	$	(59)	$	1,336	N/A
Adjusted EBITDA	$	3,306	$	2,794	$	512	18.3%	$	7,478	$	5,202	$	2,276	43.7%
Adjusted EBITDA Margin		8.8%		7.5%					9.7%		7.0%

______________________________

¹Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin are Non-GAAP financial measures. Refer to the reconciliation of GAAP to non-GAAP measures in the tables that accompany this news release.

Compared with the prior-year period, revenue increased $0.2 million as growth in Product ID slightly exceeded lower Aerospace revenue. Tariff mitigation contributed $0.6 million in revenue and foreign currency translation was a $0.8 million benefit in the quarter.

As a result of lower volume and mix, gross profit decreased $0.9 million, or 7.4%, and gross margin contracted 250 basis points compared with the prior-year period. On an adjusted basis, gross margin contracted 120 basis points from the prior-year period to 32.9%.

Operating expenses in the quarter were $11.3 million down from $25.0 million in the prior-year period. The prior year period included a goodwill impairment charge of $13.4 million. Operating income for the quarter was $56 thousand compared with operating loss of $12.3 million in the prior-year period, while non-GAAP operating income was $1.1 million, down $0.3 million compared with the prior-year period.

Interest expense of $0.9 million was nominally unchanged from the prior-year period. Net loss of $1.1 million, or $0.15 per share, compared with net loss of $15.6 million in the prior-year period, which included a goodwill impairment charge of $13.4 million. Non-GAAP net loss was $0.3 million, or $0.04 per share. Adjusted EBITDA was $3.3 million and Adjusted EBITDA margin was 8.8%.

Beginning in the fourth quarter of fiscal 2026, the Company revised its segment reporting methodology to allocate related general and administrative expenses directly to the reportable segments, Product Identification and Aerospace. Management believes this change better reflects the true operating performance of each segment. Prior period segment results have been recast to reflect this change. The impact of this reallocation on segment operating income is presented in the segment tables that follow.

Product Identification (Product ID) Segment Review

Product ID revenue was $26.3 million for the fourth quarter of fiscal 2026, up 2.5%, or $0.7 million, compared with the prior year. Aftermarket revenue remained strong, representing approximately 80% of total segment sales.

Product ID segment operating loss was $0.2 million, an improvement from the segment operating loss of $13.1 million in the prior-year period which included the previously mentioned goodwill impairment charge. Non-GAAP segment operating loss was $0.1 million, or -0.5% of revenue.

Aerospace Segment Review

Aerospace segment revenue was $11.2 million in the fiscal 2026 fourth quarter, a decrease of 4.1%, or $0.5 million from the prior-year, primarily as a result of the timing of projects.

Despite lower sales, Aerospace segment operating profit was $2.3 million, up $0.5 million, or 24.0%, over the prior-year period as a result of improved mix.

Balance Sheet and Cash Flow

Cash from operations in the fourth quarter of fiscal 2026 was $3.7 million and was $11.7 million year to date. The improvement in cash generation in the quarter was primarily the result of reduced working capital requirements, primarily due to lower inventory.

Capital expenditures in the quarter were $139 thousand and $332 thousand for fiscal 2026 compared with $79 thousand and $1.2 million, respectively, in the prior year.

Cash at the end of the fourth quarter of fiscal 2026 was $4.1 million, down $0.9 million from the end of fiscal 2025. Debt as of January 31, 2026 was $37.6 million compared with $46.7 million as of January 31, 2025.

Bookings and Backlog by Segment

Orders in the quarter for the Product ID segment were $27.5 million, up $2.9 million compared with the prior-year period as the Company’s new go-to-market strategy gained traction. The book-to-bill ratio for the segment was 104% and backlog at the end of fiscal 2026 was $13.5 million.

Orders in the quarter for the Aerospace segment were $13.6 million for a book-to-bill ratio of 122% reflecting demand from OEMs for new-build aircraft. Backlog at the end of fiscal 2026 was $12.0 million.

Fiscal 2027 Outlook

“We are making solid progress with the improvement in our Product ID segment and are delivering on the potential of the Aerospace segment. As noted previously, a major royalty obligation for Aerospace will expire in the third quarter this year that will provide an annualized contribution to gross profit of approximately $2 million beginning in the fourth quarter. We are encouraged with our progress and believe we are creating greater opportunity for the business,” concluded Mr. Ittmann.

For fiscal 2027, AstroNova expects mid-single digit revenue growth and expanded adjusted EBITDA margin.

Earnings Conference Call Information

AstroNova will host a conference call and webcast at 8:30 a.m. ET on Tuesday, April 14, 2026, to review financial and operating results for the fourth quarter and full year 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 Tuesday, April 28, 2026. To listen to the archived call, dial (412) 317-6671 and enter a replay PIN 13759000. The webcast replay will be available on the Investor Relations section of the Company’s website where a transcript will be posted once available.

About AstroNova, Inc.

AstroNova (Nasdaq: ALOT) is a global provider of printing technologies serving regulated and industrial markets. The Company designs, manufactures, distributes, and services solutions that enable customers to identify, track, and communicate essential product and safety information across a wide range of applications and media. AstroNova supports customers by enabling safety, accuracy and durability for flight deck communications, medical device and healthcare products, essential chemical products, and mission-critical industrial components, while ensuring compliance with local and regional regulatory requirements.

The Product Identification segment delivers end-to-end marking and identification solutions, including hardware, software, and consumables for OEMs, commercial printers, and brand owners. These solutions are used across labels, flexible packaging, corrugated, and industrial substrates, where durability, traceability, and compliance are essential. The Aerospace segment is a global leader in providing products designed for airborne printing solutions, avionics, and data acquisition, including flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. For more information please visit: www.astronovainc.com.

Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the Non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating expenses, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income (loss), Non-GAAP net income per Common Share - diluted, Non-GAAP segment gross profit, Non-GAAP segment gross profit margin, Non-GAAP segment operating income, Non-GAAP segment operating margin, Adjusted EBITDA and Adjusted EBITDA Margin. AstroNova believes that the inclusion of these Non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a Non-GAAP basis. AstroNova’s management uses these Non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision-making. Please refer to the financial reconciliation table included in this news release for a reconciliation of the Non-GAAP measures to the most directly comparable GAAP measures for the three months ended January 31, 2026 and 2025 as well as the years ended January 31, 2026 and 2025.

Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that our efforts to improve sales in our Product Identification segment may not result in the benefits we expect, (ii) the risk that our Aerospace customers may not continue to convert to our ToughWriter® printer in the volumes or on the schedule that we expect; (iii) the risk that we may not realize the anticipated benefits of our next-generation print engine technology; and (iv) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 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
	January 31, 2026			January 31, 2025			$ Variance			% Variance
Revenue	$	37,536		$	37,361		$	175		0.5	%
Cost of Revenue		26,211			25,135			1,076		4.3	%
Gross Profit		11,325			12,226			(901	)	(7.4	)%
Total Gross Profit Margin		30.2	%		32.7	%
Operating Expenses:
Selling & Marketing		5,642			6,097			(455	)	(7.5	)%
Research & Development		1,797			1,617			180		11.1	%
General & Administrative		3,830			3,420			410		12.0	%
Goodwill Impairment		—			13,403			(13,403	)	(100.0	)%
Total Operating Expenses		11,269			24,537			(13,268	)	(54.1	)%
Operating Income (Loss)		56			(12,311	)		12,367		(100.5	)%
Total Operating Margin		0.1	%		(33.0	)%
Interest Expense		894			847			47		5.5	%
Other (Income)/Expense, net		(51	)		100			(151	)	(151.0	)%
Income (Loss) Before Taxes		(788	)		(13,258	)		12,470		(94.1	)%
Income Tax Provision (Benefit)		346			2,342			(1,996	)	(85.2	)%
Net Income (Loss)	$	(1,134	)	$	(15,600	)	$	14,466		(92.7	)%
Net Income (Loss) per Common Share - Basic	$	(0.15	)	$	(2.07	)
Net Income (Loss) per Common Share - Diluted	$	(0.15	)	$	(2.07	)

Weighted Average Number of Common Shares - Basic		7,653			7,534
Weighted Average Number of Common Shares - Diluted		7,653			7,534

	Twelve Months Ended
	January 31, 2026			January 31, 2025			$ Variance			% Variance
Revenue	$	150,515		$	151,283		$	(768	)	(0.5	)%
Cost of Revenue		102,881			100,625			2,256		2.2	%
Gross Profit		47,634			50,658			(3,024	)	(6.0	)%
Total Gross Profit Margin		31.6	%		33.5	%
Operating Expenses:
Selling & Marketing		22,963			24,252			(1,289	)	(5.3	)%
Research & Development		6,788			6,047			741		12.3	%
General & Administrative		16,380			15,596			784		5.0	%
Goodwill Impairment		297			13,403			(13,106	)	(97.8	)%
Total Operating Expenses		46,428			59,298			(12,870	)	(21.7	)%
Operating Income (Loss)		1,206			(8,640	)		9,846		(114.0	)%
Total Operating Margin		0.8	%		(5.7	)%
Interest Expense		3,503			3,210			293		9.1	%
Other (Income)/Expense, net		239			437			(198	)	(45.3	)%
Income (Loss) Before Taxes		(2,536	)		(12,287	)		9,751		(79.4	)%
Income Tax Provision (Benefit)		(160	)		2,202			(2,362	)	(107.3	)%
Net Income (Loss)	$	(2,376	)	$	(14,489	)	$	12,113		(83.6	)%
Net Income (Loss) per Common Share - Basic	$	(0.31	)	$	(1.93	)
Net Income (Loss) per Common Share - Diluted	$	(0.31	)	$	(1.93	)

Weighted Average Number of Common Shares - Basic		7,614			7,509
Weighted Average Number of Common Shares - Diluted		7,614			7,509

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

	January 31, 2026			January 31, 2025
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	4,072		$	5,050
Accounts Receivable, net		18,985			21,218
Inventories, net		43,252			47,894
Prepaid Expenses and Other Current Assets		4,395			3,855
Total Current Assets		70,704			78,017
PROPERTY, PLANT AND EQUIPMENT		40,400			58,613
Less Accumulated Depreciation		(26,272	)		(42,820	)
Property, Plant and Equipment, net		14,128			15,793
OTHER ASSETS
Identifiable Intangibles, net		21,496			23,519
Goodwill		17,376			16,361
Deferred Tax Assets, net		9,831			8,431
Right of Use Asset		2,466			1,781
Other Assets		1,565			1,693
TOTAL ASSETS	$	137,566		$	145,595
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable	$	6,806		$	7,928
Accrued Compensation		4,390			3,745
Other Accrued Expenses		4,702			4,461
Revolving Line of Credit		16,273			20,929
Current Portion of Long-Term Debt		3,033			6,110
Short-Term Debt		-			581
Current Liability – Royalty Obligation		1,656			1,358
Current Liability – Excess Royalty Payment Due		331			691
Income Taxes Payable		691			-
Deferred Revenue		489			543
Total Current Liabilities		38,371			46,346
NON-CURRENT LIABILITIES
Long-Term Debt, net of current portion		18,295			19,044
Lease Liabilities, net of current portion		1,953			1,535
Grant Deferred Revenue		899			1,090
Royalty Obligation, net of current portion		145			1,106
Income Tax Payables		800			684
Deferred Tax Liabilities		-			40
Other Long-Term Liability		241			-
TOTAL LIABILITIES		60,704			69,845
SHAREHOLDERS’ EQUITY
Common Stock		554			547
Additional Paid-in Capital		66,329			64,215
Retained Earnings		47,004			49,380
Treasury Stock		(35,227	)		(35,043	)
Accumulated Other Comprehensive Loss, net of tax		(1,798	)		(3,349	)
TOTAL SHAREHOLDERS’ EQUITY		76,862			75,750
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	137,566		$	145,595

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

	Three Months Ended
	January 31, 2026			January 31, 2025
Cash Flows from Operating Activities:
Net Income (Loss)	$	(1,134	)	$	(15,599	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization		1,379			1,266
Grant Income Included in Depreciation		155			51
Goodwill Impairment		-			13,403
Amortization of Debt Issuance Costs		10			8
Share-Based Compensation		751			219
Deferred Income Tax Provision (Benefit)		(1,238	)		874
Loss on Disposal of Fixed Assets		3			-
Changes in Assets and Liabilities:
Accounts Receivable		1,566			1,240
Inventories		2,129			236
Income Taxes		1,764			630
Accounts Payable and Accrued Expenses		(758	)		(8	)
Deferred Revenue		(519	)		(440	)
Other		(434	)		645
Net Cash Provided by Operating Activities	$	3,673		$	2,525

Cash Flows from Investing Activities:
Proceeds from Sale of Equipment		13			-
Purchases of Property, Plant and Equipment		(139	)		(79	)
Cash Paid for MTEX Acquisition, net of cash acquired		-			-
Net Cash Used for Investing Activities	$	(126	)	$	(79	)

Cash Flows from Financing Activities:
Net Cash Proceeds from Employee Stock Option Plans		-			-
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan		-			48
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock		(1	)		(18	)
Revolving Credit Facility, net		(1,981	)		734
Proceeds from Long Term Debt Borrowings		-			-
Payment of Minimum Guarantee Royalty Obligation		(279	)		(655	)
Principal Payments of Long-Term Debt		(864	)		(2,274	)
Payments of Debt Issuance Costs		-			3
Net Cash Provided by (Used for) Financing Activities	$	(3,125	)	$	(2,163	)

Effect of Exchange Rate Changes on Cash and Cash Equivalents		44			336
Net Increase in Cash and Cash Equivalents	$	466		$	618
Cash and Cash Equivalents, Beginning of Period		3,606			4,432
Cash and Cash Equivalents, End of Period	$	4,072		$	5,050

Supplemental Information:
Cash Paid During the Period for:
Interest	$	751		$	810
Income Taxes, net of refunds		13			707
Non-Cash Transactions:
Operating Lease Obtained in Exchange for Operating Lease Liabilities	$	89		$	-

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

	Twelve Months Ended
	January 31, 2026			January 31, 2025
Cash Flows from Operating Activities:
Net Income (Loss)	$	(2,376	)	$	(14,489	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization		4,804			4,780
Grant Income Included in Depreciation		330			159
Goodwill Impairment		297			13,403
Amortization of Debt Issuance Costs		43			30
Share-Based Compensation		2,310			1,378
Deferred Income Tax Provision (Benefit)		(1,312	)		874
Loss on Disposal of Fixed Assets		115			-
Changes in Assets and Liabilities:
Accounts Receivable		2,786			2,859
Inventories		5,909			1,616
Income Taxes		663			(904	)
Accounts Payable and Accrued Expenses		(1,125	)		(2,379	)
Deferred Revenue		(420	)		(1,520	)
Other		(286	)		(959	)
Net Cash Provided by Operating Activities	$	11,738		$	4,848

Cash Flows from Investing Activities:
Proceeds from Sale of Equipment		113			-
Purchases of Property, Plant and Equipment		(332	)		(1,165	)
Cash Paid for MTEX Acquisition, net of cash acquired		-			(19,109	)
Net Cash Used for Investing Activities	$	(219	)	$	(20,274	)

Cash Flows from Financing Activities:
Net Cash Proceeds from Employee Stock Option Plans		-			12
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan		51			146
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock		(184	)		(450	)
Revolving Credit Facility, net		(5,158	)		11,508
Proceeds from Long Term Debt Borrowings		19,720			15,078
Payment of Minimum Guarantee Royalty Obligation		(1,238	)		(1,902	)
Principal Payments of Long-Term Debt		(25,982	)		(8,980	)
Payments of Debt Issuance Costs		(66	)		(34	)
Net Cash Provided by (Used for) Financing Activities	$	(12,857	)	$	15,378

Effect of Exchange Rate Changes on Cash and Cash Equivalents		360			571
Net (Decrease) Increase in Cash and Cash Equivalents	$	(978	)	$	523
Cash and Cash Equivalents, Beginning of Period		5,050			4,527
Cash and Cash Equivalents, End of Period	$	4,072		$	5,050

Supplemental Information:
Cash Paid During the Period for:
Interest	$	3,043		$	2,701
Income Taxes, net of refunds		634			2,210
Non-Cash Transactions:
Operating Lease Obtained in Exchange for Operating Lease Liabilities	$	1,075		$	1,581

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

	Three Months Ended						Twelve Months Ended
($ in thousands)	January 31, 2026			January 31, 2025			January 31, 2026			January 31, 2025
Revenue:
Product ID	$	26,330		$	25,678		$	104,221		$	102,345
Aerospace		11,206			11,683			46,294			48,938
Total Revenue	$	37,536		$	37,361		$	150,515		$	151,283

Gross Profit:
Product ID	$	7,088		$	8,237		$	29,837		$	32,571
Aerospace		4,237			3,989			17,797			18,087
Gross Profit	$	11,325		$	12,226		$	47,634		$	50,658

Gross Profit Margin:
Product ID		26.9	%		32.1	%		28.6	%		31.8	%
Aerospace		37.8	%		34.1	%		38.4	%		37.0	%
Gross Profit Margin		30.2	%		32.7	%		31.6	%		33.5	%

Segment Operating Income:
Product ID	$	(234	)	$	(13,076	)	$	(472	)	$	(11,860	)
Aerospace		2,337			1,885			9,763			9,087
Total Segment Operating Income	$	2,103		$	(11,191	)	$	9,291		$	(2,773	)

Segment Operating Margin:
Product ID		-0.9	%		-50.9	%		-0.5	%		-11.6	%
Aerospace		20.9	%		16.1	%		21.1	%		18.6	%
Total Segment Operating Margin		5.6	%		-30.0	%		6.2	%		-1.8	%

Corporate Expense		(2,049	)		(1,120	)		(8,085	)		(5,867	)
Operating Income (Loss)	$	54		$	(12,311	)	$	1,206		$	(8,640	)
Interest Expense	$	894		$	847		$	3,503		$	3,210
Other (Income)/Expense, net		(51	)		100			239			437
Income (Loss) Before Income Taxes	$	(788	)	$	(13,259	)	$	(2,536	)	$	(12,287	)
Income Tax Provision (Benefit)		346			2,342			(160	)		2,202
Net Income (Loss)	$	(1,134	)	$	(15,600	)	$	(2,376	)	$	(14,489	)

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

	Three Months Ended						Twelve Months Ended
($ in thousands)	January 31, 2026			January 31, 2025			January 31, 2026			January 31, 2025
Revenue:
Product ID	$	26,330		$	25,678		$	104,221		$	102,345
Aerospace		11,206			11,683			46,294			48,938
Total Revenue	$	37,536		$	37,361		$	150,515		$	151,283

Non-GAAP Gross Profit:
Product ID	$	7,356		$	8,296		$	31,010		$	32,770
Aerospace		4,547			3,989			17,961			18,087
Non-GAAP Gross Profit	$	11,903		$	12,285		$	48,971		$	50,857

Non-GAAP Gross Profit Margin:
Product ID		27.9	%		32.3	%		29.8	%		32.0	%
Aerospace		40.6	%		34.1	%		38.8	%		37.0	%
Non-GAAP Gross Profit Margin		31.7	%		32.9	%		32.5	%		33.6	%

Non-GAAP Segment Operating Income:
Product ID	$	(124	)	$	647		$	1,542		$	2,966
Aerospace		2,648			1,886			9,934			9,088
Total Non-GAAP Segment Operating Income	$	2,524		$	2,533		$	11,476		$	12,054

Non-GAAP Segment Operating Margin:
Product ID		-0.5	%		2.5	%		1.5	%		2.9	%
Aerospace		23.6	%		16.1	%		21.5	%		18.6	%
Total Non-GAAP Segment Operating Margin		6.7	%		6.8	%		7.6	%		8.0	%

Corporate Expense		(1,400	)		(1,123	)		(5,882	)		(5,437	)
Non-GAAP Operating Income	$	1,124		$	1,409		$	5,594		$	6,617
Interest Expense	$	894		$	847		$	3,503		$	3,210
Other (Income)/Expense, net		(51	)		100			28			437
Income Before Income Taxes	$	281		$	462		$	2,063		$	2,970
Adjusted Income Tax Provision (Benefit)		586			43			845			284
Non-GAAP Net Income	$	(305	)	$	419		$	1,218		$	2,686

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		Q4 FY26		FY2026
	Desktop Label Printers	$	14,220	$	16,349	$	15,408	$	14,019	$	59,996	$	15,478	$	15,190	$	16,115		15,041		61,824
	Mail & Sheet/Flat Pack Printers		3,930		3,471		3,679		4,494		15,574		4,050		3,740		4,280		4,138		16,208
	Professional Label Printers		3,245		4,231		3,423		2,972		13,871		3,247		3,506		3,636		3,863		14,252
	Direct to Package/Overprint Printers		1,787		2,925		3,627		2,718		11,057		3,396		2,230		2,371		2,579		10,576
	Flexible Packaging Printers		-		-		15		1,289		1,304		30		69		79		38		216
	Other		3		189		165		186		543		88		19		368		670		1,145
	TOTAL	$	23,185	$	27,165	$	26,317	$	25,678	$	102,345	$	26,289	$	24,754	$	26,849		26,330		104,221

Aerospace:		Q1 FY25		Q2 FY25		Q3 FY25		Q4 FY25		FY2025		Q1 FY26*		Q2 FY26		Q3 FY26		Q4 FY26		FY2026
	Commercial Aircraft		3,813		6,299		5,221		4,363		19,696		4,953		4,714		5,764		5,030		20,461
	Aftermarket	$	4,694	$	5,326	$	7,058	$	5,481	$	22,559	$	4,911	$	4,953	$	4,955	$	4,831	$	19,650
	Defense		329		608		734		781		2,452		811		1,047		766		885		3,509
	Regional and Biz Jet Aircraft		697		604		993		802		3,096		396		431		634		195		1,656
	Other		243		537		99		256		1,135		348		203		201		266		1,018
	TOTAL	$	9,776	$	13,374	$	14,105	$	11,683	$	48,938	$	11,419	$	11,348	$	12,320	$	11,206	$	46,294

	Consolidated Total	$	32,961	$	40,539	$	40,422	$	37,361	$	151,283	$	37,708	$	36,102	$	39,169		37,536		150,515

*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		Q4 FY26		FY 2026
	Product ID HW	$	3,802	$	4,311	$	4,590	$	5,591	$	18,294	$	4,776	$	4,511	$	5,357	$	5,332	$	19,976
	Product ID Recurring Supplies, Parts & Service		19,383		22,854		21,727		20,087		84,051		21,513		20,243		21,492		20,997		84,245
	Total Product ID	$	23,185	$	27,165	$	26,317	$	25,678	$	102,345	$	26,289	$	24,754	$	26,849	$	26,330	$	104,221
Aerospace
	Aerospace HW	$	5,073	$	8,048	$	7,032	$	6,185	$	26,338	$	6,519	$	6,425	$	7,360	$	6,369	$	26,673
	Aerospace Recurring Supplies, Parts & Service		4,703		5,326		7,073		5,498		22,600		4,900		4,923		4,960		4,838		19,621
	Total Aerospace	$	9,776	$	13,374	$	14,105	$	11,683	$	48,938	$	11,419	$	11,348	$	12,320	$	11,206	$	46,294
Consolidated
	AstroNova HW	$	8,875	$	12,359	$	11,622	$	11,776	$	44,632	$	11,295	$	10,936	$	12,717	$	11,701	$	46,649
	AstroNova Recurring Supplies, Parts & Service		24,086		28,180		28,800		25,585		106,651		26,413		25,166		26,452		25,835		103,866
	TOTAL	$	32,961	$	40,539	$	40,422	$	37,361	$	151,283	$	37,708	$	36,102	$	39,169	$	37,536	$	150,515

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			Q4 FY26			FY 2026
Beginning backlog (Non-MTEX)	$	31,394		$	31,556		$	29,900		$	27,093		$	31,394		$	28,307		$	25,491		$	25,291		$	21,989		$	28,307
MTEX*	$	-		$	3,084		$	-		$	-		$	3,084		$	-		$	-		$	-		$	-		$	-
Backlog Beg. of Period (incl. MTEX)	$	31,394		$	34,640		$	29,900		$	27,093		$	34,478		$	28,307		$	25,491		$	25,291		$	21,989		$	28,307
Revenue Recognized (Billings)	$	32,961		$	40,539		$	40,422		$	37,361		$	151,283		$	37,708		$	36,102		$	39,169		$	37,536		$	150,515
New Bookings During Period	$	33,122		$	35,799		$	37,615		$	38,576		$	145,112		$	34,893		$	35,901		$	35,867		$	41,077		$	147,738
Backlog End of Period	$	31,556		$	29,900		$	27,093		$	28,307		$	28,307		$	25,491		$	25,291		$	21,989		$	25,530		$	25,530
Book/Bill %		100	%		88	%		93	%		103	%		96	%		93	%		99	%		92	%		109	%		96	%
*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			Q4 FY26			FY 2026
Beginning backlog (Non-MTEX)	$	19,725		$	19,467		$	18,786		$	19,254		$	19,725		$	18,091		$	18,044		$	16,727		$	12,351		$	18,091
MTEX*	$	-		$	3,084		$	-		$	-		$	3,084		$	-		$	-		$	-		$	-		$	-
Backlog Beg. of Period (incl. MTEX)	$	19,725		$	22,551		$	18,786		$	19,254		$	22,809		$	18,091		$	18,044		$	16,727		$	12,351		$	18,091
Revenue Recognized (Billings)	$	23,185		$	27,165		$	26,317		$	25,678		$	102,345		$	26,289		$	24,754		$	26,849		$	26,330		$	104,221
New Bookings During Period	$	22,926		$	23,400		$	26,785		$	24,516		$	97,627		$	26,242		$	23,437		$	22,473		$	27,460		$	99,612
Backlog End of Period	$	19,467		$	18,786		$	19,254		$	18,091		$	18,091		$	18,044		$	16,727		$	12,351		$	13,484		$	13,482
Book/Bill %		99	%		86	%		102	%		95	%		95	%		100	%		95	%		84	%		104	%		95	%
*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			Q4 FY26			FY 2025
Backlog Beginning of Period	$	11,669		$	12,089		$	11,114		$	7,839		$	11,669		$	10,216		$	7,447		$	8,563		$	9,638		$	10,216
Revenue Recognized (Billings)	$	9,776		$	13,374		$	14,105		$	11,683		$	48,938		$	11,419		$	11,348		$	12,320		$	11,206		$	46,294
New Bookings During Period	$	10,196		$	12,399		$	10,830		$	14,060		$	47,485		$	8,651		$	12,464		$	13,394		$	13,617		$	48,126
Backlog End of Period	$	12,089		$	11,114		$	7,839		$	10,216		$	10,216		$	7,447		$	8,563		$	9,638		$	12,047		$	12,048
Book/Bill %		104	%		93	%		77	%		120	%		97	%		76	%		110	%		109	%		122	%		97	%

ASTRONOVA, INC.
Segment Sales and Profit – Historical Quarterly Summary (Recast)
(unaudited, $ in thousands)


		FY24			Q1		Q2		Q3		Q4		FY25			Q1		Q2		Q3		Q4		FY26
Aerospace	Revenue	$	44,045		9,776		13,374		14,105		11,683		$	48,938		11,419		11,348		12,320		11,206		$	46,294
	Gross profit	$	15,900		3,456		5,548		5,093		3,989		$	18,087		3,719		3,721		6,121		4,236		$	17,797
	Gross Profit Margin		36.1	%	35.4	%	41.5	%	36.1	%	34.1	%		37.0	%	32.6	%	32.8	%	49.7	%	37.8	%		38.4	%
	Operating Expenses:
	Selling & Marketing	$	3,433		904		899		913		822		$	3,537		481		911		1,095		772		$	3,260
	Research & Development	$	2,347		801		781		877		785		$	3,243		652		603		710		656		$	2,621
	General & Administrative	$	1,881		644		567		512		497		$	2,220		606		540		536		471		$	2,154
	Total Operating Expenses	$	7,661		2,348		2,246		2,301		2,104		$	9,000		1,739		2,055		2,341		1,899		$	8,034

	Aerospace Operating Income	$	8,240		1,108		3,302		2,792		1,885		$	9,087		1,980		1,666		3,780		2,338		$	9,763
	Aerospace Operating Margin		18.7	%	11.3	%	24.7	%	19.8	%	16.1	%		18.6	%	17.3	%	14.7	%	30.7	%	20.9	%		21.1	%
	Non-GAAP
	Aerospace Adjusted EBITDA ¹	$	10,239		1,519		3,719		3,193		2,279		$	10,710		2,566		2,081		3,911		3,104		$	11,662
	Adjusted EBITDA Margin¹		23.2	%	15.5	%	27.8	%	22.6	%	19.5	%		21.9	%	22.5	%	18.3	%	31.7	%	27.7	%		25.2	%

		FY24			Q1		Q2		Q3		Q4		FY25			Q1		Q2		Q3		Q4		FY26
Product ID	Revenue	$	104,041		23,185		27,165		26,317		25,679		$	102,345		26,289		24,754		26,849		26,330		$	104,221
	Gross profit	$	33,604		8,002		8,315		8,015		8,236		$	32,570		8,232		7,194		7,323		7,088		$	29,838
	Gross Profit Margin		32.3	%	34.5	%	30.6	%	30.5	%	32.1	%		31.8	%	31.3	%	29.1	%	27.3	%	26.9	%		28.6	%
	Operating Expenses:
	Selling & Marketing	$	19,971		4,436		5,567		5,438		5,274		$	20,715		5,124		4,935		4,773		4,870		$	19,703
	Research & Development	$	3,994		670		507		795		832		$	2,804		877		961		1,188		1,141		$	4,167
	General & Administrative	$	4,314		1,447		2,363		1,896		15,206		$	20,911		1,971		1,490		1,667		1,310		$	6,439
	Total Operating Expenses	$	28,280		6,553		8,437		8,128		21,312		$	44,430		7,973		7,387		7,628		7,323		$	30,310

	Product ID Operating Income	$	5,325		1,449		(121	)	(112	)	(13,076	)	$	(11,860	)	259		(192	)	(304	)	(234	)	$	(472	)
	Product ID Operating Margin		5.1	%	6.2	%	-0.4	%	-0.4	%	-50.9	%		-11.6	%	1.0	%	-0.8	%	-1.1	%	-0.9	%		-0.5	%
	Non-GAAP
	Product ID Adjusted EBITDA¹	$	11,156		2,046		1,619		1,269		1,615		$	6,550		1,902		870		1,371		1,095		$	5,238
	Adjusted EBITDA Margin¹		10.7	%	8.8	%	6.0	%	4.8	%	6.3	%		6.4	%	7.2	%	3.5	%	5.1	%	4.2	%		5.0	%

	Corporate Expense	$	4,768		1,211		2,120		1,416		1,120		$	5,867		1,668		2,181		2,187		2,049		$	8,086

Consolidated	Consolidated Operating Income		8,796		1,346		1,061		1,264		(12,311	)		(8,640	)	571		(708	)	1,288		55			1,206
	Consolidated Operating Margin		5.9	%	4.1	%	2.6	%	3.1	%	-33.0	%		-5.7	%	1.5	%	-2.0	%	3.3	%	0.1	%		0.8	%
	Non-GAAP
	Adjusted EBITDA ¹	$	17,601		2,463		3,849		3,230		2,793		$	12,336		3,146		2,056		4,173		3,306		$	12,681
	Adjusted EBITDA Margin¹		11.9	%	7.5	%	9.5	%	8.0	%	7.5	%		8.2	%	8.3	%	5.7	%	10.7	%	8.8	%		8.4	%


¹Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP metrics. Please refer to the reconciliation of GAAP to non-GAAP metrics in the tables that accompany this news release.

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

	Three Months Ended						Twelve Months Ended						2H Fiscal 2026 and 1H Fiscal 2026
	January 31, 2026			January 31, 2025			January 31, 2026			January 31, 2025			2H FY26			1H FY26

Revenue	$	37,536		$	37,361		$	150,515		$	151,283		$	76,705		$	73,810

Gross Profit	$	11,324		$	12,227		$	47,634		$	50,658		$	24,769		$	22,866
Inventory Step-Up		-			62			61			216			-			61
Inventory Provision		365			-			724			-			724
Restructuring Charges		29			-			367			-			30			337
Product Retrofit Costs		185			-			185			-			185
Non-GAAP Gross Profit	$	11,903		$	12,289		$	48,971		$	50,874		$	25,708		$	23,264
Gross Profit Margin		30.2	%		32.7	%		31.6	%		33.5	%		32.3	%		31.0	%
Non-GAAP Gross Profit Margin		31.7	%		32.9	%		32.5	%		33.6	%		33.5	%		31.5	%

Operating Expenses	$	11,270		$	24,538		$	46,428		$	59,298		$	23,426		$	23,003
MTEX-related Acquisition Expenses		-			(254	)		(311	)		(1,204	)		-			(311	)
CFO Transition Costs		-			-			-			(432	)		-			-
Restructuring Charges		(23	)		-			(990	)		-			(81	)		(910	)
Non-Recurring Legal Expenses		(258	)		-			(715	)		-			(646	)		(69	)
Non-Recurring Proxy Costs		(210	)		-			(738	)		-			(383	)		(355	)
Goodwill Impairment		-			(13,403	)		(297	)		(13,403	)		(297	)
Non-GAAP Operating Expenses	$	10,779		$	10,881		$	43,377		$	44,259		$	22,019		$	21,358

Operating Income (Loss)	$	54		$	(12,311	)	$	1,206		$	(8,640	)	$	1,342		$	(137	)
MTEX-related Acquisition Expenses		-			254			311			1,204			-			311
CFO Transition Costs		-			-			-			432			-			-
Inventory Step-Up		-			62			61			216			-			61
Inventory Provision		365			-			724			-			724
Restructuring Charges		52			-			1,357			-			110			1,247
Product Retrofit Costs		185			-			185			-			186
Non-Recurring Legal Expenses		258			-			715			-			646			69
Non-Recurring Proxy Costs		210			-			738			-			383			355
Goodwill Impairment		-			13,403			297			13,403			297
Non-GAAP Operating Income	$	1,124		$	1,408		$	5,594		$	6,615		$	3,688		$	1,906
Operating Income Margin		0.1	%		-33.0	%		0.8	%		-5.7	%		1.7	%		-0.2	%
Non-GAAP Operating Income Margin		3.0	%		3.8	%		3.7	%		4.4	%		4.8	%		2.6	%

Net Income (Loss)	$	(1,134	)	$	(15,600	)	$	(2,376	)	$	(14,489	)	$	(756	)	$	(1,620	)
MTEX-related Acquisition Expenses⁽¹⁾		-			197			237			910			-			237
CFO Transition Costs, net⁽¹⁾		-			(4	)		-			328			-			-
Inventory Step-Up⁽¹⁾		-			50			49			161			-			49
Inventory Provision⁽¹⁾		292			-			565			-			565			-
Restructuring Charges⁽¹⁾		41			-			1,030			-			80			950
Product Retrofit Costs⁽¹⁾		148			-			148			-			148			-
Non-Recurring Legal Expenses⁽¹⁾		189			-			542			-			489			53
Non-Recurring Proxy Costs⁽¹⁾		160			-			561			-			289			272
Realized Fx⁽¹⁾		-			-			80			-			80			-
Other (Income) and Expense⁽¹⁾		-			-			85			-			85			-
Goodwill Impairment		-			13,403			297			13,403			297			-
Tax Provision Valuation Allowance		-			2,373			-			2,373			-			-
Non-GAAP Net Income (Loss)	$	(305	)	$	419		$	1,218		$	2,686		$	1,277		$	(59	)

Diluted Earnings (Loss) Per Share	$	(0.15	)	$	(2.07	)	$	(0.31	)	$	(1.93	)	$	(0.10	)	$	(0.21	)
MTEX-related Acquisition Expenses⁽¹⁾		-			0.03			0.03			0.12			-			0.03
CFO Transition Costs, net⁽¹⁾		-			(0.00	)		-			0.04			-			-
Inventory Step-Up⁽¹⁾		-			0.01			0.01			0.02			-			0.01
Inventory Provision⁽¹⁾		0.04			-			0.07			-			0.07			-
Restructuring Charges⁽¹⁾		0.01			-			0.14			-			0.01			0.13
Product Retrofit Costs⁽¹⁾		0.02			-			0.02			-			0.02			-
Non-Recurring Legal Expenses⁽¹⁾		0.02			-			0.07			-			0.06			0.01
Non-Recurring Proxy Costs⁽¹⁾		0.02			-			0.07			-			0.04			0.04
Realized Fx⁽¹⁾		-			-			0.01			-			0.01			-
Other (Income) and Expense⁽¹⁾		-			-			0.01			-			0.01			-
Goodwill Impairment⁽¹⁾		-			1.78			0.04			1.76			0.04			-
Tax Provision Valuation Allowance		-			0.31			-			0.31			-			-
Non-GAAP Diluted Earnings (Loss) Per Share	$	(0.04	)	$	0.06		$	0.16		$	0.32		$	0.16		$	(0.01	)

⁽¹⁾ Net of taxes

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

	Three Months Ended
	January 31, 2026			January 31, 2025

Net Income (Loss)	$	(1,134	)	$	(15,600	)
Interest Expense		894			847
Income Tax Expense (Benefit)		346			2,342
Depreciation & Amortization		1,379			1,266
EBITDA	$	1,485		$	(11,145	)
Share-Based Compensation		752			219
MTEX-related Acquisition Expenses		-			259
CFO Transition Costs		-			(5	)
Inventory Step-Up		-			62
Inventory Provision		365			-
Restructuring Charges		52			-
Product Retrofit Costs		185			-
Non-Recurring Legal Expenses		258			-
Non-Recurring Proxy Costs		210			-
Goodwill Impairment		-			13,403
Adjusted EBITDA	$	3,306		$	2,794
Revenue	$	37,536		$	37,361
Net Income (Loss) Margin		(3.0	)%		(41.8	)%
Adjusted EBITDA Margin		8.8	%		7.5	%

	Twelve Months Ended						2H Fiscal 2026 and 1H 2026
	January 31, 2026			January 31, 2025			2H FY26			1H FY26

Net Income (Loss)	$	(2,376	)	$	(14,489	)	$	(757	)	$	(1,619	)
Interest Expense		3,503			3,210			1,721			1,782
Income Tax Expense (Benefit)		(160	)		2,202			218			(378	)
Depreciation & Amortization		4,804			4,780			2,234			2,570
EBITDA	$	5,771		$	(4,297	)	$	3,418		$	2,355
Share-Based Compensation		2,310			1,378			1,505			805
MTEX-related Acquisition Expenses		311			1,204			-			311
CFO Transition Costs		-			432			-			-
Inventory Step-Up		61			216			-			61
Inventory Provision		724			-			724			-
Restructuring Charges		1,357			-			110			1,247
Product Retrofit Costs		185			-			185			-
Non-Recurring Legal Expenses		715			-			646			69
Non-Recurring Proxy Costs		738			-			383			355
Realized Fx		100			-			100			-
Other (Income) and Expense		112			-			112			-
Goodwill Impairment		297			13,403			297			-
Adjusted EBITDA	$	12,681		$	12,336		$	7,478		$	5,203
Revenue	$	150,515		$	151,283		$	76,705		$	73,810
Net Income (Loss) Margin		(1.6	)%		(9.6	)%		(1.0	)%		(2.2	)%
Adjusted EBITDA Margin		8.4	%		8.2	%		9.7	%		7.0	%

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

	Three Months Ended
	January 31, 2026									January 31, 2025
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Gross Profit	$	7,088		$	4,237		$	11,325		$	8,237		$	3,989		$	12,226

Inventory Step-Up		-			-			-			62			-			62

Inventory Provision		54			311			365			-			-			-

Product Retrofit Costs		185			-			185			-			-			-

Restructuring Charges		29			-			29			-			-			-

Non-GAAP - Segment Gross Profit	$	7,356		$	4,548		$	11,904		$	8,299		$	3,989		$	12,288

Revenue	$	26,330		$	11,206		$	37,536		$	25,678		$	11,683		$	37,361
Gross Profit Margin		26.9	%		37.8	%		30.2	%		32.1	%		34.1	%		32.7	%
Non-GAAP Segment Gross Profit Margin		27.9	%		40.6	%		31.7	%		32.3	%		34.1	%		32.9	%


	Twelve Months Ended
	January 31, 2026									January 31, 2025
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Gross Profit	$	29,837		$	17,797		$	47,634		$	32,571		$	18,087		$	50,658

Inventory Step-Up		61			-			61			216			-			216

Inventory Provision		724			-			724			-			-			-

Product Retrofit Costs		185			-			185			-			-			-

Restructuring Charges		202			165			367			-			-			-

Non-GAAP - Segment Gross Profit	$	31,009		$	17,962		$	48,971		$	32,787		$	18,087		$	50,874

Revenue	$	104,221		$	46,294		$	150,515		$	102,345		$	48,938		$	151,283
Gross Profit Margin		28.6	%		38.4	%		31.6	%		31.8	%		37.0	%		33.5	%
Non-GAAP Segment Gross Profit Margin		29.8	%		38.8	%		32.5	%		32.0	%		37.0	%		33.6	%

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

	Three Months Ended
	January 31, 2026									January 31, 2025
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Operating Income (Loss)	$	(234	)	$	2,337		$	2,103		$	(13,075	)	$	1,886		$	(11,189	)

MTEX-related Acquisition Expenses		-			-			-			259			-			259

Inventory Step-Up		-			-			-			62			-			62

Inventory Provision		54			311			365			-			-			-

Product Retrofit Costs		185			-			185			-			-			-

Restructuring Charges		52			-			52			-			-			-

Non-Recurring Legal Expenses		(181	)		-			(181	)		-			-			-

Goodwill Impairment		-			-			-			13,403			-			13,403
Non-GAAP - Segment Operating Income (Loss)	$	(124	)	$	2,648		$	2,524		$	649		$	1,886		$	2,535

Revenue	$	26,330		$	11,206		$	37,536		$	25,678		$	11,683		$	37,361
Operating Margin		-0.9	%		20.9	%		5.6	%		-50.9	%		16.1	%		-29.9	%
Non-GAAP Operating Margin		-0.5	%		23.6	%		6.7	%		2.5	%		16.1	%		6.8	%


	Twelve Months Ended
	January 31, 2026									January 31, 2025
	Product ID			Aerospace			Total			Product ID			Aerospace			Total

Segment Operating Income (Loss)	$	(471	)	$	9,763		$	9,292		$	(11,860	)	$	9,088		$	(2,772	)

MTEX-related Acquisition Expenses		311			-			311			1,204			-			1,204

Inventory Step-Up		61			-			61			216			-			216

Inventory Provision		724			-			724			-			-			-

Product Retrofit Costs		185			-			185			-			-			-

Restructuring Charges		483			171			654			-			-			-
																	-
Non-Recurring Legal Expenses		(48	)		-			(48	)		-			-

Goodwill Impairment		297			-			297			13,403			-			13,403
Non-GAAP - Segment Operating Income	$	1,542		$	9,934		$	11,476		$	2,963		$	9,088		$	12,051

Revenue	$	104,221		$	46,294		$	150,515		$	102,345		$	48,938		$	151,283
Operating Margin		-0.5	%		21.1	%		6.2	%		-11.6	%		18.6	%		-1.8	%
Non-GAAP Operating Margin		1.5	%		21.5	%		7.6	%		2.9	%		18.6	%		8.0	%

ASTRONOVA INC.
Reconciliation of Segment and Consolidated Net Income to Adjusted EBITDA (Past Quarters and Years)
(Unaudited, $ in thousands)

			2024		Q1 25			Q2 25			Q3 25			Q4 25			FY25			Q1 26			Q2 26			Q3 26			Q4 26			FY26
Aerospace	Operating Income	$	8,240		$	1,108		$	3,302		$	2,792		$	1,886		$	9,088		$	1,980		$	1,666		$	3,780		$	2,338		$	9,763
	Other		-			-			-			-			-			-			-			-			-			-			-
	Interest expense		-			-			-			-			-			-			-			-			-			-			-
	Profit Before Tax	$	8,240			1,108			3,302			2,792			1,886		$	9,088			1,980			1,666			3,780			2,338		$	9,763
	Tax		-			-			-			-			-			-			-			-			-			-			-
	Net Income	$	8,240			1,108			3,302			2,792			1,886		$	9,088			1,980			1,666			3,780			2,338		$	9,763
	Depreciation & Amortization		1,873			374			378			365			365			1,482			373			368			363			360			1,464
	Share-Based Compensation		126			37			39			36			29			140			43			46			80			94			263
	Inventory Provision		-			-			-			-			-			-			-			-			(311	)		311			-
	Restructuring Charges		-			-			-			-			-			-			170			1			-			-			171
	Adjusted EBITDA	$	10,239		$	1,519		$	3,719		$	3,193		$	2,279		$	10,710		$	2,566		$	2,081		$	3,911		$	3,104		$	11,662
	Revenue	$	44,045		$	9,776		$	13,374		$	14,105		$	11,683		$	48,938		$	11,419		$	11,348		$	12,320		$	11,206		$	46,294
	Adjusted EBITDA Margin		23.2	%		15.5	%		27.8	%		22.6	%		19.5	%		21.9	%		22.5	%		18.3	%		31.7	%		27.7	%		25.2	%

			2024		Q1 25			Q2 25			Q3 25			Q4 25			FY25			Q1 26			Q2 26			Q3 26			Q4 26			FY26

Product ID	Operating Income	$	5,325		$	1,449		$	(121	)	$	(113	)	$	(13,075	)	$	(11,860	)	$	259		$	(192	)	$	(304	)	$	(234	)	$	(471	)
	Other		-			-			-			-			-			-			-			-			-			-			-
	Interest expense		-			-			-			-			-			-			-			-			-			-			-
	Profit Before Tax	$	5,325			1,449			(121	)		(113	)		(13,075	)	$	(11,860	)		259			(192	)		(304	)		(234	)	$	(471	)
	Tax		-			-			-			-			-			-			-			-			-			-			-
	Net Income	$	5,325			1,449			(121	)		(113	)		(13,075	)	$	(11,860	)		259			(192	)		(304	)		(234	)	$	(471	)
	Interest expense		-			-			-			-			-			-			-			-			-			-			-
	Tax		-			-			-			-			-			-			-			-			-			-			-
	Depreciation & Amortization		2,378			532			921			929			896			3,279			913			909			489			1,013			3,322
	Share-Based Compensation		317			64			74			94			75			308			(7	)		86			88			207			373
	MTEX-related Acquisition Expenses		-			-			625			325			254			1,204			337			(26	)		-			-			311
	Inventory Step-Up		-			-			120			34			62			216			61			-			-			-			61
	Inventory Provision		-			-			-			-			-			-			-			-			670			54			724
	Restructuring Charges		2,494			-			-			-			-			-			339			94			(2	)		52			483
	Product Retrofit Costs		642			-			-			-			-			-			-			-			-			185			185
	Non-Recurring Legal Expenses		-			-			-			-			-			-			-			-			134			(182	)		(48	)
	Goodwill Impairment		-			-			-			-			13,403			13,403			-			-			297			-			297
	Adjusted EBITDA	$	11,156		$	2,046		$	1,619		$	1,269		$	1,615		$	6,550		$	1,902		$	870		$	1,371		$	1,095		$	5,238
	Revenue	$	104,041		$	23,185		$	27,165		$	26,317		$	25,679		$	102,345		$	26,289		$	24,754		$	26,849		$	26,330		$	104,221
	Adjusted EBITDA Margin		10.7	%		8.8	%		6.0	%		4.8	%		6.3	%		6.4	%		7.2	%		3.5	%		5.1	%		4.2	%		5.0	%

			2024		Q1 25			Q2 25			Q3 25			Q4 25			FY25			Q1 26			Q2 26			Q3 26			Q4 26			FY26

Corporate	Operating Income	$	(4,768	)	$	(1,211	)	$	(2,120	)	$	(1,416	)	$	(1,122	)	$	(5,869	)	$	(1,668	)	$	(2,181	)	$	(2,187	)	$	(2,050	)	$	(8,087	)
	Other		26			118			173			46			100			437			(24	)		104			210			(51	)		239
	Interest expense		2,697			482			938			944			847			3,210			897			885			827			894			3,503
	Profit Before Tax	$	(7,491	)		(1,811	)		(3,231	)		(2,406	)		(2,069	)	$	(9,516	)		(2,541	)		(3,170	)		(3,224	)		(2,893	)	$	(11,829	)
	Tax		1,379			(434	)		261			34			2,342			2,203			75			(454	)		(128	)		346			(161	)
	Net Income	$	(8,870	)		(1,377	)		(3,492	)		(2,440	)		(4,411	)	$	(11,719	)		(2,616	)		(2,716	)		(3,096	)		(3,239	)	$	(11,668	)
	Interest expense		2,697			482			938			944			847			3,210			897			885			827			894			3,503
	Tax		1,379			(434	)		261			36			2,342			2,205			75			(454	)		(128	)		346			(161	)
	Depreciation & Amortization		15			4			4			6			4			19			4			4			5			5			18
	EBITDA	$	(4,779	)		(1,324	)		(2,289	)		(1,454	)		(1,218	)	$	(6,285	)		(1,640	)		(2,282	)		(2,392	)		(1,994	)	$	(8,308	)

	Share-Based Compensation		903			223			368			222			116			929			270			367			586			449			1,673
	CFO Transition Costs		-			-			432			-			-			432			-			-			-			-			-
	Restructuring Charges		82			-			-			-			-			-			49			595			60			-			703
	Non-Recurring Legal Expenses		-			-			-			-			-			-			-			69			254			440			763
	Non-Recurring Proxy Costs		-			-			-			-			-			-			-			355			172			210			738
	Realized Fx		-			-			-			-			-			-			-			-			100			-			100
	Other (Income) and Expense		-			-			-			-			-			-			-			-			112			-			112
	Adjusted EBITDA	$	(3,794	)	$	(1,101	)	$	(1,489	)	$	(1,232	)	$	(1,102	)	$	(4,924	)	$	(1,321	)	$	(896	)	$	(1,108	)	$	(895	)	$	(4,220	)

			2024		Q1 25			Q2 25			Q3 25			Q4 25			FY25			Q1 26			Q2 26			Q3 26			Q4 26			FY26

AstroNova Consolidated	Operating Income	$	8,796		$	1,346		$	1,061		$	1,263		$	(12,311	)	$	(8,641	)	$	571		$	(708	)	$	1,288		$	55		$	1,207
	Other		26			118			173			46			100			437			(24	)		104			210			(51	)		239
	Interest expense		2,697			482			938			944			847			3,210			897			885			827			894			3,503
	Profit Before Tax	$	6,073			746			(50	)		273			(13,258	)	$	(12,288	)		(302	)		(1,697	)		251			(789	)	$	(2,536	)
	Tax		1,379			(434	)		261			34			2,342			2,202			75			(454	)		(128	)		346			(161	)
	Net Income	$	4,694			1,180			(311	)		239			(15,600	)	$	(14,490	)		(377	)		(1,243	)		379			(1,134	)	$	(2,374	)
	Interest expense		2,697			482			938			944			847			3,210			897			885			827			894			3,503
	Tax		1,379			(434	)		261			36			2,342			2,202			75			(454	)		(128	)		346			(161	)
	Depreciation & Amortization		4,266			911			1,304			1,300			1,266			4,780			1,290			1,280			856			1,379			4,805
	EBITDA	$	13,036			2,139			2,191			2,519			(11,146	)	$	(4,297	)		1,885			469			1,934			1,485		$	5,773

	Share-Based Compensation		1,347			325			481			352			219			1,378			306			499			754			751			2,310
	MTEX-related Acquisition Expenses		-			-			625			325			254			1,204			337			(26	)		-			-			311
	CFO Transition Costs		-			-			432			-			-			432			-			-			-			-			-
	Inventory Step-Up		-			-			120			34			62			216			61			-			-			-			61
	Inventory Provision		-			-			-			-			-			-			-			-			359			365			724
	Restructuring Charges		2,576			-			-			-			-			-			558			689			59			52			1,357
	Product Retrofit Costs		642			-			-			-			-			-			-			-			-			185			185
	Non-Recurring Legal Expenses		-			-			-			-			-			-			-			69			387			258			715
	Non-Recurring Proxy Costs		-			-			-			-			-			-			-			355			172			210			738
	Realized Fx		-			-			-			-			-			-			-			-			100			-			100
	Other (Income) and Expense		-			-			-			-			-			-			-			-			112			-			112
	Goodwill Impairment		-			-			-			-			13,403			13,403			-			-			297			-			297
	Adjusted EBITDA	$	17,601		$	2,463		$	3,849		$	3,230		$	2,793		$	12,336		$	3,146		$	2,056		$	4,175		$	3,306		$	12,681
	Revenue	$	148,086		$	32,961		$	40,539		$	40,422		$	37,361		$	151,283		$	37,708		$	36,102		$	39,169		$	37,536		$	150,515
	Adjusted EBITDA Margin		11.9	%		7.5	%		9.5	%		8.0	%		7.5	%		8.2	%		8.3	%		5.7	%		10.7	%		8.8	%		8.4	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413909181/en/

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

Source: AstroNova, Inc.

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