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SEC filing of the week: AstroNova reports $376K loss in Q1; faces proxy fight

By

PBN Staff

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06/06/2025

ASTRONOVA INC. reported a loss of $376,000 after reporting a $1.2 million profit a year prior.

PROVIDENCE – AstroNova Inc. reported a loss of $376,000 in the first quarter of fiscal 2026, after posting a $1.2 million profit a year earlier. In its filing with the U.S. Securities and Exchange Commission on June 5, the printer and electronic instrument maker reported a loss of 5 cents per diluted share, down from

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PROVIDENCE – AstroNova Inc. reported a loss of $376,000 in the first quarter of fiscal 2026, after posting a $1.2 million profit a year earlier. In its filing with the U.S. Securities and Exchange Commission on June 5, the printer and electronic instrument maker reported a loss of 5 cents per diluted share, down from the 16 cents per diluted share profit in the first quarter of 2025. Revenue for the first quarter, which ended April 30, was $37.7 million, a 14.4% increase from $32.9 million a year ago, driven by a 16.8% growth in Aerospace and 13.4% growth in Product Identification. Aerospace segment revenue was $11.4 million for the first quarter compared with $9.8 million a year ago. Growth was driven by increased shipments of ToughWriter products for both the commercial and defense markets. The company’s Product Identification segment posted revenue of $26.3 million, a decrease from $23.2 million one year prior. The contribution of $1.4 million from the acquisition of Portugal-based printing firm MTEX in May 2024, increased demand for legacy desktop label printers and shipments of mail and sheet printers. “We are executing on our plan to drive growth and improve profitability,” said Greg Woods, CEO and president of AstroNova. “Early results were demonstrated in the first quarter as we delivered double-digit growth in the quarter from both segments, driven in part by the contribution of the acquisition, increasing commercial aircraft build rates, demand for digital color label and package printers.” The results come as AstroNova Inc. is facing a proxy war from a Texas-based activist investor that is seeking to replace its interdependent board members at the company’s annual meeting in Boston on July 9. Askeladden Capital Management LLC – owned by Samir Patel, who has a 9.1% stake in AstroNova – has nominated Jeff Sands, Shawn Kravetz, Ryan Oviatt, Boyd Roberts and Patel to take over the board of the electronics manufacturer based in Rhode Island. In a proxy statement on April 29, Patel claims AstroNova has suffered several strategic and operational missteps since fiscal 2022, which include an ink-quality issue that persisted for four years and the company spending $18.76 million in cash and assuming $3.4 million in debt to acquire MTEX. In a proxy statement on May 19, AstroNova urged its shareholders to vote for the incumbent board members – Alexis Michas, Darius Nevin, Mitchell Quian, Yvonne E. Schlaeppi, Richard Warzala and Woods. The company said the current leadership has transformed AstroNova’s capabilities, product mix and scale, delivering 7.5% compound annual revenue growth since Woods’ appointment as CEO.