Astrotech spent $879,000 on capital equipment during the twelve months ended June 30, nearly as much as the $913,000 it brought in. The company ended the year with $8.4 million of cash, but operating cash flow was negative $13.5 million.
That is the filing's central tension: the cash balance grew 170.5% even as the business shrank. Revenue fell 13.0% from the comparable year, and gross profit dropped 54.3% to $217,000. The extra cash did not arrive through operations.
Astrotech points to an increase of about $8 million in additional paid-in capital tied to share issuances under its ATM agreement, equity compensation, and unrealized gains on securities. Stockholders' equity still fell by roughly $5.9 million because the annual net loss reached $14.4 million.
"Stockholders ’ equity – The stockholders equity decreased by approximately $5.9 million as of June 30, 2026, primarily due to our net loss of approximately $14.4 million, partially offset by an increase in additional paid in capital of approximately $8 million related to share issuances in connection with the ATM Agreement, equity compensation, and increase of $548 thousand in unrealized gain on available for sale securities."
Astrotech, 2026 10-K, filed September 25, 2026
The balance sheet therefore has two moving parts: more cash today, alongside equity financing and a loss that continues to consume capital. The company also says investor demand could limit how much new capital it raises, even if it succeeds in raising more.
The operating squeeze showed up above the loss line. Cost of revenue rose $122,000, or 21.3%, as labor tied to grant-related activity and warranty expenses increased. Astrotech also said the year-ago period included $195,000 of Department of Homeland Security grant-related revenue that did not recur.
"Cost of revenue increased by $122 thousand, or 21.3%, for the fiscal year ended June 30, 2026, compared to the year ended June 30, 2025, primarily due to higher labor associated with grant related activities and increased warranty expenses."
Astrotech, 2026 10-K, filed September 25, 2026
The result was a smaller revenue base carrying nearly the same operating burden. Research and development spending fell 20.4% to $6.5 million, but the annual operating loss was still $14.1 million. Capital spending also rose slightly despite the lower sales base, while stock compensation increased to $921,000.
This is not a one-year revenue wobble in the company's own history. Revenue reached $1.7 million in fiscal 2024, fell to $1.0 million in fiscal 2025, and declined again in the latest year. A prior filing described the R&D reduction as part of a shift toward sales initiatives, with lower consulting, compensation, recruiting, and equipment costs.
Astrotech's next filing can add one important piece to the picture: operating cash flow alongside any further ATM proceeds or share issuances. For now, the unresolved tension is plain: Astrotech has more cash, but a smaller business still consuming it.
Source: Astrotech's 2026 10-K and comparable fiscal-year figures.