Here are 1-3 brief analogies to describe AstroNova (ALOT):

• Like Zebra Technologies for high-quality, on-demand color product labels.
• Like a specialized Lexmark for secure document printing solutions.

• QuickLabel Systems: Provides on-demand color label printers and related supplies for in-house product labeling.
• TrojanLabel Systems: Offers high-volume digital label presses and finishing solutions for professional label production.
• Test & Measurement Systems: Manufactures data acquisition systems and portable data recorders used in aerospace, automotive, and industrial testing.

AstroNova (ALOT) primarily sells its products and services to other companies (business-to-business or B2B) rather than directly to individuals. The company operates through two main segments: Product Identification and Test & Measurement.

Based on their SEC filings, AstroNova serves a diverse customer base across various industries. The company does not publicly disclose specific major customer names, as no single customer or small group of customers accounts for a significant portion of its revenue that would necessitate individual disclosure under SEC regulations. Therefore, specific customer company names and their symbols cannot be provided.

Instead, AstroNova's major customer categories can be broadly described by the industries they serve:

• For its Product Identification segment (digital label printers, specialty printers, and consumables):
  • Manufacturers across various sectors (e.g., general manufacturing)
  • Food and Beverage companies
  • Chemical companies
  • Medical and Pharmaceutical companies
  • Packaging industry companies
  • Logistics companies
• For its Test & Measurement segment (data acquisition systems and aerospace products):
  • Aerospace and Defense companies
  • Automotive manufacturers
  • Energy sector companies
  • General Industrial companies

Jorik Ittmann, President and Chief Executive Officer

Jorik Ittmann was appointed President and CEO of AstroNova in August 2025. He joined the company 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. With over 20 years of global sales and business development experience in the healthcare and printing technology industries, Mr. Ittmann previously held senior roles at Zebra Technologies and Health Link Solutions, where he was responsible for revenue growth, international market expansion, and strengthening sales teams. He majored in Economics and International Business at Interven College in the Netherlands.

Tom DeByle, Vice President, Treasurer and Chief Financial Officer

Tom 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 in senior financial leadership roles in both the United States and Europe. Mr. DeByle previously served as CFO for Plastic Industries, Inc. (a privately held company), Senior Vice President and CFO of NN, Inc., and CFO, Vice President and Treasurer of Standex International Corporation, all publicly held companies. He was also elected to the board of the Chase Corporation, a publicly held company that was acquired, where he served as Chair of the Audit Committee. Mr. DeByle is currently the Audit Chair and serves on the board of the privately held Good Foods Group LLC. He is a licensed Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA).

Darius G. Nevin, Executive Chairman

Darius G. Nevin was appointed Executive Chairman in August 2025, following his appointment to AstroNova's Board of Directors in March 2025. Prior to this, he served as Interim President and Chief Executive Officer of AstroNova, effective June 29, 2025. Mr. Nevin previously served for nine years as Chief Financial Officer at the then publicly traded Protection One, Inc., one of the largest security monitoring companies in the United States. In this role, he was instrumental in orchestrating a comprehensive financial turnaround that enhanced operational efficiency, culminating in the successful sale of the company. He holds a bachelor's degree from Harvard University and an M.B.A. from the University of Chicago Booth School of Business.

Thomas Carll, Senior Vice President, AstroNova Aerospace

Thomas Carll has been Senior Vice President of AstroNova Aerospace since March 2025. He joined AstroNova in 1989 as an engineering trainee and has held various roles of increasing responsibility within the company. Previously, as Vice President & General Manager of Aerospace, he contributed to the growth of the Aerospace business and has led global and national Aerospace product sales since the group's establishment in 2004. Mr. Carll holds a BSEE from the University of Rhode Island and an MBA from Bryant University.

Michael J. Natalizia, Chief Technology Officer & Vice President of Technology Partner Alliances

Michael J. Natalizia is responsible for overseeing all technology initiatives for AstroNova. As an Executive Corporate Officer, he manages the research and development groups for all AstroNova business segments and leads their technological development. Mr. Natalizia has been with AstroNova since 1986 and has previously served as R&D Manager of AstroNova Aerospace products, R&D Manager of AstroNova Product Identification brands, and as an engineer in the Test & Measurement products. He earned Bachelor of Science degrees in electrical engineering and computer science from Tufts University.

AstroNova (ALOT) faces several key risks to its business operations and financial performance:

1. Challenges with MTEX Acquisition Integration and Product Execution: AstroNova has encountered difficulties achieving profitability with its MTEX acquisition, leading to product line rationalization, workforce reductions, and a goodwill impairment charge. The company is actively restructuring and pruning the MTEX product portfolio to address these issues. Furthermore, delays in new product rollouts and weaker demand in key segments have negatively impacted revenue and profitability.
2. Declining Financial Performance and Liquidity Concerns: The company has reported revenue declines, gross margin contraction, and a significant drop in adjusted EBITDA. Management has subsequently lowered its financial forecasts for fiscal year 2026. AstroNova also faces tight liquidity, an ongoing reliance on its credit facility, and the critical need to comply with credit agreement covenants to avoid accelerated repayment or loss of credit access.
3. Exposure to Market Volatility and Specific Sector Dependence: AstroNova's performance is susceptible to market fluctuations and its dependence on specific sectors. For instance, the Aerospace segment has been affected by the timing of large defense orders and the Boeing strike. There is also a risk that improvements in the Aerospace and Defense sectors may not be sustained. Additionally, the company is exposed to risks from tariffs, global supply chain disruptions, and the volatility of international trade and currency markets.

Emerging Threat 1: The accelerating development and adoption of direct-to-product or direct-to-container digital printing technologies. This technology allows manufacturers to print variable data, high-resolution graphics, and product information directly onto packaging, bottles, or other product surfaces, potentially eliminating the need for traditional adhesive labels. As these solutions become more cost-effective, versatile, and suitable for shorter production runs, they could diminish the demand for AstroNova's QuickLabel Systems, which specialize in printing labels for later application. This parallels how streaming services disrupted physical media rentals by offering a direct content delivery model, bypassing the need for physical copies.

Emerging Threat 2: The increasing prevalence and sophistication of software-defined instrumentation and cloud-based data acquisition platforms in the Test & Measurement sector. This trend enables industries, including aerospace and automotive, to utilize more flexible, scalable, and potentially lower-cost commercial off-the-shelf (COTS) hardware platforms, coupled with advanced software for data capture, analysis, and remote monitoring. As these solutions mature, they could reduce the demand for AstroNova's highly specialized and proprietary hardware-centric Test & Measurement systems, making them less competitive or potentially obsolete for certain applications. This is akin to how app-driven platforms like Uber disrupted traditional service models by leveraging more generalized hardware (smartphones) with specialized software.

AstroNova (ALOT) operates in two primary business segments: Product Identification and Test & Measurement.

Product Identification Segment

AstroNova's Product Identification segment offers digital label printers, over-printers, labeling software, and associated supplies such as labels, inks, toners, and thermal transfer ribbons.

• The global print label market size was valued at approximately USD 55.24 billion in 2025 and is projected to reach USD 65.37 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.42%.
• Another estimate values the global print label market at USD 51.17 billion in 2024, with a projection to reach USD 74.75 billion by 2033, exhibiting a CAGR of 4.3% during the forecast period (2025-2033).
• More specifically, the North America industrial label printer market size exceeded USD 3.69 billion in 2023.

Test & Measurement Segment

This segment provides data acquisition and analysis systems, including aerospace printers (e.g., ToughWriter series), networking hardware, and data acquisition systems (e.g., TMX, Daxus, SmartCorder, Everest) primarily for the aerospace, defense, automotive, and general industrial markets.

• The global test and measurement equipment market was valued at USD 35.96 billion in 2024 and is predicted to grow to approximately USD 56.30 billion by 2034, expanding at a CAGR of 4.58% from 2025 to 2034.
• Specifically for the aerospace and defense sector, the global aerospace and defense test and measurement equipment market size was valued at USD 5,684.0 million in 2024 and is estimated to grow at a CAGR of 4.1% from 2024 to 2030, reaching USD 7,155.7 million by 2030.
• The global aviation test equipment market size was valued at USD 7.8 billion in 2024 and is estimated to reach USD 10.6 billion by 2033, exhibiting a CAGR of 3.4% during 2025-2033. North America accounted for over 33.0% of this market in 2024.

1. Growth in the Aerospace Segment: The Test & Measurement segment, particularly its commercial aerospace business, is expected to be a significant contributor to revenue growth. The demand for aerospace printers, supplies, and services remains strong, supported by global air travel forecasts and new aircraft deliveries. AstroNova's Aerospace Products group anticipates long-term growth due to sustained demand and high barriers to entry in the market. This segment achieved a record $48.9 million in revenue in fiscal 2025, accounting for approximately one-third of the company's consolidated sales, and saw a 16.8% year-over-year revenue increase in Q1 FY2026, driven by increased ToughWriter shipments to a major OEM and defense contract execution.
2. New Product Innovation and Launches in Product Identification: AstroNova is focusing on innovation within its Product Identification (PI) segment, with several new products slated for launch. The company's strategy involves successfully introducing these new solutions and enhancing customer retention within its existing customer base to expand this segment. This focus on new products, including advanced digital printers and MTEX-based presses, is a key component of their growth strategy. For example, Q1 FY2026 saw a 13.8% year-over-year revenue growth in Product Identification, partly due to incremental MTEX sales and increased demand for tabletop direct-to-package printers and supplies.
3. Strategic Acquisitions and Market Expansion: The integration of acquisitions, such as MTEX, is expected to contribute to revenue growth by providing complementary market adjacencies and expanding AstroNova’s global footprint. The MTEX acquisition was projected to generate $8 million to $10 million in revenue in fiscal year 2025. While there have been initial challenges associated with MTEX, it is viewed as having significant strategic value and has already contributed to the PI segment's growth.
4. Expansion of Recurring Revenue Streams: A core part of AstroNova's strategy is to drive profitable growth by increasing its installed base, which in turn expands recurring revenue from supplies, parts, and services. In fiscal 2025, recurring revenue constituted 71% of the company's consolidated sales. The company aims to improve customer retention rates and adapt its sales strategy for new, higher-value printers, which is expected to bolster recurring sales over the coming quarters.

Outbound Investments

• AstroNova acquired Astro Machine in 2022 for approximately $17 million.
• The company acquired Portugal-based MTEX for $19 million, with an additional $4.4 million in contingent consideration based on post-acquisition performance.

Share Issuance

• AstroNova's additional paid-in capital increased by approximately $7 million, from $58 million in January 2021 to $65 million in July 2025.

Capital Expenditures

• For the last 12 months, capital expenditures were $442,000.
• AstroNova's capital is primarily allocated to capital expenditures and debt repayments.
• Projected capital expenditures for fiscal year 2027 are $1.8 million, representing 1% of anticipated sales.