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ASTROTECH Corp [ASTC], a leading provider of space technology solutions, has reported its financial results for the fiscal year ended June 30, 2023. The company recorded a net loss of $9.6 million for the year, reflecting several challenges faced in the industry. Despite the difficult market conditions, Astrotech generated annual revenue of $0.75 million, demonstrating its resilience and ability to navigate through a competitive environment.
In terms of financial performance, Astrotech's gross profit for the year amounted to $0.31 million, representing an increase of $0.12 million compared to the previous year. The company's operating expenses, however, increased to $11.4 million, mainly driven by higher selling, general, and administrative expenses, as well as increased investment in research and development. As a result, the company incurred a loss from operations of $11.1 million, an increase of $2.5 million from the previous year.
Despite the challenging operating environment, Astrotech managed to maintain its revenue stability, reporting a slight decrease of $0.12 million compared to the previous year. This performance can be attributed to the company's focus on diversifying its product offerings and expanding its customer base. With a strong pipeline of contracts and new business opportunities, Astrotech remains confident about its future revenue growth prospects.
Astrotech maintained a stable financial position during the fiscal year. The company's current assets, including cash and cash equivalents, short-term investments, and accounts receivable, amounted to $44.7 million. The company also had $2.7 million in property and equipment and $0.3 million in operating lease assets. However, the company's liabilities stood at $2.96 million, consisting primarily of current liabilities such as accounts payable and payroll-related accruals.
Astrotech reported a basic and diluted loss per common share of $5.95 for the fiscal year 2023, compared to a loss per share of $5.24 in the previous year. The increase in the loss per share can be attributed to the higher net loss incurred during the year. The weighted average common shares outstanding for the year increased to 1,620, reflecting the issuance of additional common shares.
Looking ahead, Astrotech remains focused on executing its growth strategy and expanding its presence in the space technology market. The company aims to leverage its expertise and technology to capitalize on emerging opportunities in the industry. With a strong balance sheet and a solid pipeline of projects, Astrotech is well-positioned to drive future growth and deliver value to its shareholders.
Despite the challenges faced in the space technology industry, Astrotech Corp has demonstrated resilience and maintained a stable financial position. The company's focus on diversification and innovation has enabled it to navigate through a competitive environment and position itself for future growth. With a strong balance sheet and a commitment to delivering value to its shareholders, Astrotech remains optimistic about its prospects in the industry.