ALOT AstroNova Inc

Exhibit 99.1

				News Release

AstroNova Reports Fiscal 2025 Second Quarter Financial Results

Company to host conference call at 9:30 a.m. ET today

West Warwick, R.I., September 16, 2024 – AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2025 second quarter ended August 3, 2024.

CEO Commentary

“We demonstrated the resilience of our Product Identification (PI) and Test & Measurement (T&M) segments during a second quarter in which we began shipping a previously delayed order and benefited from the resolution of supply chain shortages,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “In PI, total revenue increased more than 5% year-over-year and more than 17% sequentially, driven primarily by organic growth. T&M revenue grew 37% sequentially and year-over-year, reflecting continued momentum from our Aerospace product line.

“During the quarter we began the process of integrating our May acquisition of MTEX NS. Because MTEX was an entrepreneurial, private company, the integration got off to a slow start in the quarter, generating revenue of only $0.8 million and an operating loss of $1.4 million. We expect it to take through the remainder of fiscal 2025 to transition MTEX’s systems, processes and business tools to those of the AstroNova Operating System,” Woods said. “We remain excited about MTEX’s core strengths, including its engineering and manufacturing capabilities and especially its game-changing ink and printhead technologies. In the coming months we will be devoting additional resources to integrating that technology into more of our Product Identification products. Buoyed by several large tradeshows since the acquisition, MTEX has built a strong product backlog that we expect to begin shipping in the third and fourth quarters, which will enable the business to meet our target revenue contribution of $8 million to $10 million for full-year fiscal 2025.”

Business Outlook

“Looking ahead, we are optimistic about our growth prospects,” Woods continued. “We are well-positioned to continue driving organic growth, supported by our commitment to delivering innovative, high-margin products while maintaining strong cost controls. We anticipate achieving our fiscal year targets for revenue growth. As a result of the MTEX integration, we have reduced our consolidated FY 2025 Adjusted EBITDA margin estimate to a range of 9% to 10% and expect to be within the range of 13% to 14% in fiscal 2026.”

Q2 FY 2025 Financial Results

See reconciliation tables GAAP to Non-GAAP reconciliations.

Adjusted EBITDA was $3.9 million for the second quarter of fiscal 2025, compared with $3.7 million in the comparable period of fiscal 2024. Adjusted EBITDA for the fiscal 2025 period excludes the impact of $1.7 million in costs related to stock-based compensation, CFO transition and MTEX acquisition-related expenses. Adjusted EBITDA for the fiscal 2024 period excludes the impact of stock-based compensation, retrofit and restructuring costs of $3.9 million.

Bookings for the second quarter of fiscal 2025 were $35.8 million compared with $30.1 million in the second quarter of fiscal 2024. Bookings were primarily higher in the Test and Measurement segment.

Backlog as of August 3, 2024, was $29.9 million, compared with $31.6 million at the end of the first quarter of fiscal 2025, as some shipments delayed in the first quarter were shipped in the second quarter.

Q2 FY 2025 Operating Segment Results

Product Identification

PI segment revenue was $27.2 million in the second quarter of fiscal 2025, compared with $25.8 million in the second quarter of 2024, reflecting organic growth and the addition of MTEX NS. Segment operating profit was $2.3 million, or 8.6% of revenue, compared with a segment operating loss of $461,000, or (1.8%) of revenue, in the same period last year. Excluding the results of MTEX in fiscal 2025 and certain expenses in both periods (see reconciliation tables below for GAAP reconciliation), non-GAAP operating profit was $3.6 million, or 13.7% of revenue in the fiscal 2025 period, compared with non-GAAP operating profit of $3.0 million, or 11.5% of revenue, in the same period of fiscal 2024.

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Test & Measurement

Test & Measurement (T&M) segment revenue was $13.4 million in the second quarter of fiscal 2025, compared with $9.7 million in the same period of fiscal 2024, representing a 37.2% increase. Segment operating profit was $3.8 million, or 28.7% of revenue, in the second quarter of fiscal 2025 compared with $1.9 million, or 19.7% of revenue, in the second quarter of fiscal 2024. This improvement reflected higher revenue and $1.3 million in revenue and $1.0 million in operating profit related to non-recurring items.

Earnings Conference Call Information

AstroNova will discuss its fiscal 2025 second quarter financial results in an investor conference call at 9:30 a.m. ET today. To access the conference call, please dial (833) 470-1428 (U.S. and Canada) or (404) 975-4839 (International) approximately 10 minutes prior to the start time and enter access code 381674. A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income (loss) per common share and Adjusted EBITDA. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision-making. Please refer to the financial reconciliation table included in this news release for a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures for the three months ended August 3, 2024, and July 29, 2023.

AstroNova has not reconciled the forward-looking Adjusted EBITDA growth percentage included in its 2025 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.

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About AstroNova

AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes, and services a broad range of products that acquire, store, analyze, and present data in multiple formats.

The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Test and Measurement segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile and rocket telemetry production monitoring, power, and maintenance applications.

AstroNova is a member of the Russell Microcap^® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting https://astronovainc.com/.

Forward-Looking Statements

Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that we may not be able to realize the expected synergies from our acquisition of MTEX NS, (ii) the risk that apparent improvements in the Aerospace sector may not continue, (iii) the risk that supply chain issues may persist longer than we expect, (iv) the risk that we may not be able to incorporate customer-requested design enhancements into our products on the timeframe that we expect or at all, (v) the risk that we may not be able to ship delayed hardware items on the timeline we expect or at all ,and (vi) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.

Contact:

Scott Solomon

Senior Vice President

Sharon Merrill Advisors

(857) 383-2409

ALOT@investorrelations.com

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ASTRONOVA, INC.

Condensed Consolidated Statements of Income

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Consolidated Balance Sheets

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Reconciliation of GAAP to Non-GAAP Items

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Reconciliation of GAAP to Non-GAAP Items for PI Segment

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Reconciliation of Net Income (Loss) to Adjusted EBITDA

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Reconciliation of Segment Operating Income (Loss) to Non-GAAP Operating Income

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