Think of AstroNova as a company that combines the specialized industrial printing capabilities of Zebra Technologies with the data acquisition and analysis systems expertise of National Instruments.

• QuickLabel Printers: Digital color label printers and OEM printing systems for on-demand label production.
• TrojanLabel Systems: Digital color label mini-presses and inline printing systems for high-volume label production.
• GetLabels Supplies: Consumables including label materials, tags, inks, toners, and thermal transfer ribbons.
• Label Software & Support: Specialized software for label design and management, along with training and support services.
• ToughWriter Airborne Printers: Rugged printers designed for aerospace applications to print navigation maps and flight data.
• ToughSwitch Ethernet Switches: Ethernet switches used in aerospace for connecting multiple computers and devices.
• TMX/Daxus Data Acquisition Systems: Systems and platforms for acquiring and analyzing data in various industrial environments.
• SmartCorder Portable Data Acquisition: Portable systems for facility maintenance and field testing applications.
• Everest Recording Systems: Digital strip chart recording systems primarily used in telemetry applications.

AstroNova (ALOT) primarily sells its products and services to other businesses and organizations, rather than to individuals.

The provided company description does not list specific major customer company names with their symbols. However, based on the industries and types of businesses it serves across its two segments, its major customers can be categorized as:

• Manufacturing and Industrial Companies: This broad category includes companies operating in sectors such as chemicals, cosmetics, food and beverage, medical products, pharmaceuticals, automotive, energy, and general manufacturing. These customers utilize AstroNova's digital color label printers, OEM printing systems, and specialized data acquisition and analysis systems for various operational needs.
• Aerospace, Defense, and Transportation Companies: This segment encompasses commercial airlines, aerospace and defense contractors, and other entities within the transportation industry. They are key customers for AstroNova's airborne printing solutions, rugged ethernet switches, and advanced data acquisition systems for critical applications.
• Labeling, Printing, and Packaging Businesses: This category includes brand owners, label converters, commercial printers, and packaging manufacturers. These customers rely on AstroNova's QuickLabel and TrojanLabel digital printing systems, along with GetLabels brand materials and supplies, for their in-house or client-facing labeling and packaging production requirements.

Jorik Ittmann, President and Chief Executive Officer

Jorik Ittmann was appointed President and CEO of AstroNova in August 2025. He joined AstroNova in September 2024 as Vice President of Commercial Operations for the Product Identification segment and was promoted to Senior Vice President of Product Identification in June 2025. Mr. Ittmann brings over 20 years of global sales and business development experience across the healthcare and printing technology industries. Prior to AstroNova, he held senior roles at Zebra Technologies and Health Link Solutions. He was instrumental in building LaserBand, LLC over eight years until its sale to Zebra Technologies in July 2012.

Thomas DeByle, Vice President, Treasurer and Chief Financial Officer

Thomas DeByle was appointed AstroNova's Vice President, Treasurer, and CFO in June 2024. He is a seasoned business executive with over 25 years of experience. Mr. DeByle previously served as CFO for Plastic Industries, Senior Vice President and CFO of NN, Inc., and CFO, VP and Treasurer of Standex International Corporation. He was elected to the board of the Chase Corporation, where he served as Chair of the Audit Committee and a member of the Compensation Committee, and currently serves as the Audit Chair and on the board of the Good Foods Group LLC.

Darius G. Nevin, Executive Chairman

Darius G. Nevin was appointed Executive Chairman in August 2025, following his appointment to the Board of Directors in March 2025. He previously served for nine years as Chief Financial Officer at the then publicly traded Protection One, Inc., where he was instrumental in orchestrating a financial turnaround that culminated in the successful sale of the company. Since 2016, he has served on the board of Alarm.com and joined the board of Psychemedics Corporation in 2022, where he serves as Chairman. He also served on the board of WCI Communities, Inc. from its initial public offering in 2013 until its sale in 2017.

Tom Carll, Senior Vice President, AstroNova Aerospace

Tom Carll has been Senior Vice President of AstroNova Aerospace since March 2025. He joined AstroNova in 1989 as an engineering trainee and has held a variety of roles of increasing responsibility. Previously, as Vice President & General Manager of Aerospace, he helped grow the aerospace business and has led global and national Aerospace product sales since the group was established in 2004.

Padraig Finn, Senior Vice President, AstroNova Product Identification

Padraig Finn joined AstroNova in September 2024 as Product ID EMEA Commercial Director and was promoted to Senior Vice President of AstroNova Product Identification in August 2025. He brings significant experience in printing technologies, with expertise in both direct and channel sales across international markets. Prior to AstroNova, Mr. Finn served as UK & Europe Sales Director at AutoCoding Systems, now a part of JBT Marel Corporation, and held progressively senior roles at Linx Printing Technologies.

The key risks to AstroNova's business include:

1. Challenges in Product Identification (PI) Segment and Integration of Acquisitions: AstroNova's Product Identification segment has experienced delays in rolling out new technology, longer sales cycles for higher-value printers, and weaker sales of legacy QuickLabel and TrojanLabel products. A significant part of this risk stems from the acquisition of MTEX New Solution, which has imposed financial strain, contributed to a breach of a debt covenant, and negatively impacted profitability across both legacy and acquired segments.
2. Intense Competition and Market Pressures: AstroNova operates in highly competitive markets across both its Product Identification and Test & Measurement segments. The company faces competition from established players with broader product portfolios, greater financial resources, and extensive global distribution networks. The competitive landscape is dynamic, influenced by continuous technological advancements, market consolidation, and the emergence of new entrants, which can erode market share and profitability.
3. Dependence on Aerospace and Defense Sector & Order Volatility: AstroNova's Test & Measurement segment, which includes airborne printing solutions, serves the aerospace and defense industries. While this segment is considered a stable part of the business, it is subject to inherent volatility due to long procurement cycles and large, infrequent orders from major customers like Boeing, Airbus, or NASA. The company has experienced delays linked to events such as a Boeing strike and fluctuations in defense industry orders, leading to revenue declines in this segment.

AstroNova's Addressable Markets

Product Identification (PI) Segment

• Digital Color Label Printers: The global digital label printing market, which includes tabletop and production-ready digital color label printers and inline printing systems, was valued at over USD 12.12 billion in 2025 and is projected to reach USD 20.7 billion by 2035. In 2026, the global market size is assessed at USD 12.72 billion. The broader digital labeling machines market was valued at USD 12.17 billion in 2025 and is forecast to reach USD 19.34 billion by 2030.
• Label Materials, Tags, Inks, Toners, and Thermal Transfer Ribbons: The global labels market was valued at USD 52.3 billion in 2025 and is anticipated to surpass USD 55.2 billion in 2026. More specifically, the global packaging labels market size was estimated at approximately USD 53.9 billion in 2024 and is projected to reach approximately USD 70.0 billion by 2030. The industrial labels market, particularly relevant to AstroNova's clientele, was valued at USD 67.8 billion globally in 2025 and is expected to grow to USD 72.6 billion in 2026, reaching USD 139.1 billion by 2035. The U.S. industrial labels market alone was valued at USD 18.8 billion in 2025.

Test & Measurement (T&M) Segment

• Airborne Printing Solutions (e.g., ToughWriter): A specific, directly addressable market size for "airborne printing solutions" or "aircraft cockpit printers" was not readily available in the search results. While the aerospace 3D printing market is significant (e.g., global aerospace 3D printing market size was valued at USD 4.04 billion in 2025 and is projected to grow to USD 20.41 billion by 2034), AstroNova's ToughWriter is for traditional hard-copy printing, not 3D printing.
• Ethernet Switches (e.g., ToughSwitch): The global Ethernet switch market size was valued at USD 43.84 billion in 2025 and is projected to grow to USD 46.22 billion in 2026, reaching USD 76.4 billion by 2034. The industrial networking segment within the Ethernet switch market is anticipated to exhibit significant growth.
• Data Acquisition Systems: The global data acquisition system market is expected to grow from USD 2.80 billion in 2025 to USD 3.73 billion by 2030. North America held the largest share of this market in 2024. The aerospace & defense segment accounted for the largest revenue share in 2023 within the data acquisition system market.

AstroNova, Inc. (ALOT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its segments.

One significant driver is the continued **recovery of the commercial aviation market and the transition to the ToughWriter family of printers within the Test & Measurement (T&M) segment**. The T&M segment saw an 11.1% increase in revenue in fiscal 2025, primarily due to higher sales in supplies and services. The gradual recovery of the commercial aviation market has positioned the T&M segment for a growth trajectory, with a positive outlook as the company continues to migrate its Aerospace product lineup to the more efficient ToughWriter family of printers. Orders in the aerospace sector increased by 24% year-over-year in the third quarter of fiscal 2026, with ToughWriter products accounting for over 80% of total flight deck printer shipments. This transition replaces legacy printers with more profitable, next-generation printers and reduces royalty obligations. The Aerospace segment's revenue grew 16.8% year-over-year in Q1 FY2026, fueled by increased ToughWriter shipments to major commercial and defense customers.

Secondly, **new product launches and the successful integration of new print engine and ink technology in the Product Identification (PI) segment** are anticipated to fuel growth. AstroNova plans to leverage the technologies and manufacturing capabilities acquired through MTEX. The company's product roadmap for fiscal 2026 includes five next-generation products based on MTEX's print engine technology and four from its legacy offerings, aiming for market share gains through these new product introductions and sales synergies. The successful integration of this new print engine and ink technology in the PI segment is projected to begin contributing to results in the latter part of fiscal year 2026. In Q3 fiscal 2026, the PI segment experienced year-over-year revenue growth, with Astra machine sales increasing by 14% and legacy desktop label printer sales growing by nearly 5%.

Thirdly, the **expansion of AstroNova's recurring revenue base through increased supplies, parts, and service sales** is a core strategy. The company's overall strategy is to drive profitable growth by building its installed base, which in turn expands recurring revenue. In fiscal 2025, recurring revenue constituted 71% of consolidated sales, and this remained strong at 83% of total revenue in Q1 FY2026. The company is focused on improving customer retention within its existing customer base in the Product Identification segment to drive these recurring sales.

Finally, a **strategic focus on restructuring and product simplification** is expected to enhance profitability and operational efficiency. AstroNova's strategic emphasis on restructuring and simplifying its product offerings is anticipated to improve profitability and operational efficiency. The company is re-evaluating its operating structure, product portfolio, and go-to-market strategies to drive operational excellence. This includes cost reduction efforts, projected to save $3 million annually, and a significant royalty roll-off in fiscal 2027 that is expected to provide a $2.2 million annualized margin tailwind. These efficiency improvements can indirectly support revenue growth by optimizing resource allocation and enhancing competitiveness.

AstroNova (ALOT) has made the following significant capital allocation decisions over the last 3-5 years:

Outbound Investments

• In May 2024, AstroNova acquired MTEX New Solutions, S.A., a Portugal-based manufacturer of digital printing equipment for $26.2 million. This acquisition was aimed at enhancing its Product Identification (PI) segment by expanding product lines into large-format printing and utilizing MTEX's printhead technology.
• The company acquired Astro Machine LLC, an Illinois-based manufacturer of printing equipment, in August 2022. The financial terms of this acquisition were not disclosed.

Capital Expenditures

• Capital expenditures for the last 12 months were reported at approximately -$272,000.
• In fiscal year 2024, cash used by investing activities for capital expenditures was $0.9 million.
• AstroNova invested approximately $86,000 in capital expenditures in Q3 2026, primarily focused on funding long-term assets and infrastructure.