Company Overview
Astrotech Corporation (NASDAQ: ASTC), a Delaware corporation organized in 1984, is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology.
Astrotech’s efforts are focused on commercializing its platform mass spectrometry technology through its wholly-owned subsidiaries:
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Astrotech Technologies, Inc. (“ATI”) owns and licenses intellectual property related to the Astrotech Mass Spectrometer Technology™ (the “AMS Technology”).
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1st Detect Corporation (“1st Detect”) is a manufacturer of explosives and narcotics trace detectors developed for use at airports, cargo and other secured facilities, and borders worldwide. 1st Detect holds an exclusive AMS Technology license from ATI for air passenger and cargo security applications.
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AgLAB, Inc. (“AgLAB”) is developing a series of mass spectrometers for use in the hemp and cannabis market with an initial focus on optimizing yields in the extraction and distillation process. AgLAB holds an exclusive AMS Technology license from ATI for agriculture applications.
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BreathTech Corporation (“BreathTech”) is developing a breath analysis tool to screen for volatile organic compound metabolites found in a person’s breath that could indicate they may have an infection, including COVID-19 or pneumonia. BreathTech holds an exclusive AMS Technology license from ATI for breath analysis applications.
Our History
Astrotech was established in 1984. Prior to 2009, it was known as SPACEHAB, Inc., a company that provided space habitat microgravity experimentation equipment and services to NASA during the Space Shuttle era. As the Shuttle program ended, the company focused more on its satellite processing business, Astrotech Space Operations (ASO), and its mass spectrometer instrumentation business, 1st Detect.
In August 2014, the company executed the successful sale of its ASO subsidiary. Proceeds of the sale were used to further the development of its mass spectrometer instrumentation. In 2019, the company adapted its mass spectrometry technology to aid in optimizing yields in the extraction and distillation process in the hemp and cannabis market and launched AgLAB. In 2020, in response to the COVID-19 pandemic, the company launched BreathTech to analyze volatile organic compound metabolites in the breath that could indicate that they may have an infection, including COVID-19 or pneumonia. In 2020 and 2021, the company raised a significant amount of capital to support further development of its platform technology at AgLAB and BreathTech and to continue commercialization of the TRACER 1000 and provide working capital.
Company Timeline
2021: 1st Detect sold its first TRACER 1000 units to a customer for use at an international airport security checkpoint
2021: Completed three capital raises with the gross proceeds of $50.2 million
2020: Completed several capital raises with total gross proceeds of $29.2 million
2020: Launched BreathTech Corporation
2019: Launched AgLAB, Inc.
2019: 1st Detect sells Tracer 1000 Explosives Trace Detectors to Global Shipping and Logistics Company
2019: 1st Detect received European Civil Aviation Conference (ECAC) certification for the TRACER 1000
2018: Astrotech Announced 1st Detect's TRACER 1000 Passed Europe's ECAC Test
2017: Astrotech Completed Successful TRACER 1000 Explosives Trace Detector Demo with DHS and TSA Personnel
2016: 1st Detect, an Astrotech Subsidiary Received Three U.S. Patents for Chemical Analyzers
2014: Astrotech Space Operations sold to Lockheed Martin
2014: 1st Detect awarded NGCD contract with Battelle
2009: SPACEHAB renamed Astrotech Corporation (ASTC)
2008: 1st Detect incorporated
2007: SPACEHAB notified of Shuttle retirement
2007: Bankruptcy averted with liabilities/equity exchange offer
1997: Acquired Astrotech Space Operations (ASO)
1995: SPACEHAB (SPAB) IPO on the NASDAQ stock exchange
1984: SPACEHAB incorporated