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Astrotech Corporation (NASDAQ: ASTC, “애스트로테크”) is a science and technology development and commercialization company headquartered in Austin, Texas. Founded in 1984 as SPACEHAB Inc., the firm focuses on advanced mass spectrometry solutions and related instrumentation. On October 3, 2025, shares of ASTC closed at $6.94, reflecting a 44.28% increase in value with a trading volume of 16,165,946 shares on the NASDAQ exchange.
Corporate Structure
Astrotech employs between 51 and 200 staff members across its Austin headquarters and subsidiary sites. The company’s executive leadership and corporate governance include:
| Attribute | Detail |
|---|---|
| Headquarters | Austin, Texas |
| Founded | 1984 (as SPACEHAB Inc.) |
| Employees | 51–200 |
| Ticker | ASTC (NASDAQ) |
| Chief Executive Officer | Thomas B. Pickens III (since January 2007) |
| Chief Financial Officer | Jennifer Cañas (since June 2022) |
| Key Subsidiaries | Astrotech Technologies Inc., 1st Detect, AgLAB Inc., BreathTech Corp. |
The board of directors includes industry professionals such as Tom Wilkinson, Bob McFarland, John Halinski, Eric Stober, and Charles Winn, providing expertise in aerospace, defense, finance, and technology commercialization.
Mass spectrometry by National Cancer Institute
Recent Developments and News
On September 26, 2025, Astrotech filed its annual report on Form 10-K, detailing year-end financial results and outlining strategic priorities. A day earlier, on September 25, 2025, the company submitted a Form 8-K disclosing its latest results of operations and financial condition. In late September, Astrotech participated in the H.C. Wainwright 27th Annual Global Investment Conference in New York, where management discussed product roadmaps and market opportunities. The announcement coincided with a notable increase in ASTC shares on October 3, 2025.
Financial and Strategic Analysis
Astrotech’s revenue is derived primarily from sales of its TRACER™ 1000 mass-spec Explosives Trace Detector (ETD), associated consumables, and maintenance services, in addition to process control solutions and breath-analysis tools. The TRACER 1000 has obtained European ECAC certification for airport security, and 1st Detect unit shipments generated approximately $750,000 in fiscal 2023 revenue. AgLAB’s 1000-D2 process-control mass spectrometer achieved an average yield improvement of 24% for hemp and cannabis distillers during field trials. BreathTech is developing volatile organic compound (VOC) screening tools for medical diagnostics.
In its Form 10-K, management noted ongoing investments in research and development, with 18 patents granted to date, and potential collaborations with academic and industry partners. The company’s balance sheet indicates moderate cash reserves, supported by recurring service contracts and purchase orders, including multi-unit TRACER orders from European customers in May and November 2023. Key risks include competition from established mass-spectrometry manufacturers, regulatory compliance costs, and rapid technological advancements.
Market Position and Industry Context
The global mass spectrometry market was valued at $6.37 billion in 2023 and is projected to reach $8.63 billion by 2028, achieving a compound annual growth rate (CAGR) of 6.25%. Astrotech operates within a niche focused on portable mass-spectrometry devices for security, industrial process control, and health screening applications. Its high-vacuum architecture reduces false alarms and enhances resolution compared to traditional trace detectors. Growth factors include increasing security demands at airports and cargo facilities, evolving regulatory frameworks for hemp and cannabis, and the need for non-invasive medical diagnostics. The company divested its satellite processing segment to Lockheed Martin in 2014 to reallocate resources towards its core instrumentation businesses.
tl;dr
On September 25–26, 2025, Astrotech filed Form 8-K and its annual Form 10-K, and presented at the H.C. Wainwright conference. The announcements were followed by a 44.28% share price increase to $6.94 on October 3, 2025. Management is focusing on growth through new mass-spectrometry product launches, continued investments in R&D, and targeted European ETD orders while positioning the company within expanding security, industrial, and medical markets.
