What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2026-09-25 compared with 2025-09-26 · 105 added, 63 removed, 160 unchanged (51% of the section changed)

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Market Information, Holders, and Dividends

Our common stock is principally traded on The Nasdaq Capital Market under the symbol ASTC.

Our common stock is principally traded on Nasdaq under the symbol ASTC.

We have never paid cash dividends and have no intention of paying dividends in the future.

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This number does not include beneficial or other owners for whom common stock may be held in “street” name.

The last reported sale price of our common stock as reported by The Nasdaq Capital Market on September 24, 2025, was $5.14 per share.

The last reported sale price of our common stock as reported by Nasdaq on September 2 3, 2026 , was $7.42 per share.

Sales of Unregistered Securities

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Our actual results may differ materially from those anticipated in these forward-looking statements.

The terms “Astrotech”, “the Company”, “we”, “us”, or “our” refer to Astrotech Corporation (Nasdaq:

ASTC), a Delaware corporation organized in 1984.

Our use of “products” and “devices” refer to the TRACER 1000™, BreathTest-1000™, AGLAB 1000™, and Pro-Control 1000™ along with related accessories and consumables.

Our mission encompasses the advancement of both mass spectrometry and gas chromatography, two powerful analytical techniques that together enable precise detection and identification of chemical compounds across a wide range of high-demand environments.

We aim to expand access to mass spectrometry by simplifying the complexity of operating these devices within real-time testing environments such as airports, border checkpoints, cargo hubs, infrastructure security, correctional facilities, military bases, law enforcement centers, and industrial locations.

We are introducing our new line of products that are ultra-portable, on-site, rugged environmental testing instruments, featuring our proprietary ATi Mass Spectrometer Technology ("MS") and ATi Gas Chromatography Column ("GC") to achieve our mission through simplifying the user interface, ruggedizing the critical components to endure MS/GC field work, and enabling multiple configurations for sample intake options.

The Astrotech Mass Spectrometer Technology™ and ATi Gas Chromatograph Column (GC) platforms achieve our mission through simplifying the user interface, automating the complicated calibration process, ruggedizing the critical components to endure MS/GC field work, and enabling multiple configurations for sample intake options.

We are introducing our new line of products that are ultra-portable, on-site, rugged environmental testing instruments, featuring our proprietary ATi Mass Spectrometer Technology (“MS”) and ATi Gas Chromatography Column (“GC”) to achieve our mission through simplifying the user interface, automating the complicated calibration process, ruggedizing the critical components to endure MS/GC field work, and enabling multiple configurations for sample intake options.

Our Board of Directors (the “Board”) recently approved strategic initiatives focused on future lunar resource development, autonomous lunar industrial infrastructure, Moon-based advanced computing, semiconductor manufacturing, lunar power generation and power infrastructure, mining, chemical manufacturing, product transportation and equipment leasing opportunities on the Moon (our “Lunar Initiatives”).

As part of the Lunar Initiatives, Astrotech intends to evaluate and potentially develop infrastructure technologies that could support future semiconductor processing, advanced computing systems, and quantum computing manufacturing operations on the lunar surface.

Astrotech believes the convergence of abundant solar energy, extreme lunar thermal conditions, reduced gravity, autonomous robotics, and access to strategic lunar materials such as Si-28 and 3 He may ultimately make the Moon an attractive long-term platform for advanced computational infrastructure and next-generation quantum manufacturing systems.

Additional details about our business are provided in Part I, Item 1.

“Business” of this Form 10-K.

Fiscal Year 2025 Business Highlights

Recent Developments

On August 15, 2025, we introduced our new EN-SCAN product line of ultra-portable rugged environmental testing instruments, featuring its proprietary ATi Gas Chromatograph Column (“GC”) and ATi Mass Spectrometer Technology (“MS”).

Customers can now gain access to real-time results and on-demand reporting, enabling continuous monitoring and immediate response in critical applications

In November 2025, we initiated a review of strategic alternatives in order to explore ways to maximize shareholder value, including raising equity capital, reverse mergers, combination transactions, and the sale of all or part of our business, and other possible strategic or financial transactions.

The review of such alternatives is ongoing and we have not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or specific outcome.

On May 26, 2026, EN-SCAN, a subsidiary of Astrotech, announced the commercial launch of the Labrador HH-GC, a rugged, field-portable gas chromatograph engineered to bring laboratory-grade volatile organic compound analysis directly to the point of investigation.

The Labrador HH-GC delivers rapid on-site detection reducing the delay, uncertainty, and cost associated with traditional off-site laboratory workflows.

On May 27, 2026, we announced that our Board has approved a strategic initiative focused on lunar resource development, autonomous lunar industrial infrastructure and future Moon-based advanced computing and semiconductor manufacturing opportunities.

As part of the initiative, we intend to evaluate and potentially develop infrastructure technologies that could support future semiconductor processing, advanced computing systems, and quantum computing manufacturing operations on the lunar surface.

In June 2026, our Board authorized our management to pursue a potential sale process of 1 st Detect, developer of the TRACER 1000 mass spectrometry-based explosives and narcotics trace detection platform.

We are evaluating a potential sale of 1 st Detect to provide additional capital for the announced strategic initiatives we are committed to building.

On June 2, 2026, we entered into an at-the-market offering agreement (the “ATM Agreement”) with H.C.

Wainwright & Co., LLC (“Wainwright”) relating to an at-the-market offering program (the “ATM Program”), pursuant to which we have the ability to offer and sell, from time to time at our sole discretion, shares of our common stock through Wainwright as sales agent subject to applicable limitations.

On June 3, 2026, we filed a prospectus supplement (the “Prior Prospectus Supplement”) to the prospectus dated January 30, 2026, relating to the offer and sale of our common stock under the ATM Program, whereby we initially registered shares having an aggregate offering price of approximately $24.4 million.

On August 19, 2026, the Company filed a prospectus supplement to a shelf registration statement on Form S-3 (File No.

333-297144) and the related base prospectus with the SEC, which was declared effective on July 7, 2026, to increase the remaining shares of our common stock available for issuance under the ATM Agreement to $50 million, which replaced and superseded in its entirety, the Prior Prospectus Supplement.

As of September 23, 2026, we have sold 258,856 shares of our common stock under the ATM Program for gross proceeds of approximately $7.9 million.

As of June 30, 2026, we have deployed the TRACER 1000 in approximately 37 locations in 16 countries across the United States, Europe and Asia.

On January 8, 2025, we announced that 1st Detect Corporation had been awarded a research and development contract with the U.S.

Department of Homeland Security ("DHS") to research the TRACER 1000 for DHS next generation explosives trace detection.

On January 14, 2025, our wholly owned subsidiary, 1st Detect Corporation, announced that it has been awarded research and development contract 70RSAT24CB0000015 with the U.S.

Department of Homeland Security (“DHS”) to research, develop and mature the TRACER 1000 for DHS next generation explosives trace detection.

Astrotech received a $429,000 purchase order for TRACER 1000™ explosive trace detectors ("ETDs") from Intuitive Research and Technology, a TSA approved contractor.

On January 24, 2025, we fulfilled the purchase order and sold six TRACER 1000 explosive trace detectors to Intuitive Research and Technology Corporation.

This is the first TSA-approved sale of our TRACER 1000 ETD, which utilizes mass spectrometry technology, known for its accuracy and low false alarm rate.

On February 28, 2025, Astrotech Corporation (the “Company”) issued a press release announcing that it has created a new wholly owned subsidiary, EN-SCAN, Inc., to manufacture and sell a new line of instruments built for environmental testing applications using its proprietary ATi Gas Chromatograph and Astrotech Mass Spectrometer Technology™.

On March 10, 2025, Astrotech Corporation announced the launch of its enhanced TRACER 1000 Narcotic Trace Detector from its 1st Detect subsidiary.

This innovative mobilized mass spectrometer is specifically configured to screen for the full range of synthetic opiates and novel psychoactive substances, delivering accuracy and speed to counter the global drug crisis.

On June 12, 2025, our wholly owned subsidiary, 1st Detect Corporation sold the first sale and deployment of its TRACER 1000 Narcotic Trace Detector in Vietnam, by way of its subsidiary 1st Detect.

This milestone marks a significant step in expanding the 1st Detect footprint across Southeast Asia and reinforces its commitment to enhancing narcotics trace detection inspection capabilities.

We have also started the process to pass TSA checkpoint testing.

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The certification test is then completed by the Independent Test & Evaluation department of TSL.

As of the fiscal year 2023 budget the government had over 6,000 ETD units at checkpoint and baggage screening points for which we believe that the TSA would benefit from utilizing our AMS Technology.

Each of these fiscal year 2026 announcements reflect the progress made by our business units in developing and demonstrating relevant solutions to problems faced by companies and agencies operating in our target markets.

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This necessitates deferral of all or a portion of revenue recognition until collection.

For the year ended June 30, 2025, we generated approximately $1.0 million in revenue from nine customers that represented a significant portion of total revenue for fiscal year end 2025.

For the year ended June 30, 2026, we generated approximately $913 thousand in revenue from three customers that represented a significant portion of total revenue for fiscal year end 2026.

Contract Assets and Liabilities.

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The timing of revenue recognition for each performance obligation may be dependent upon several milestones, including physical delivery of equipment, completion of site acceptance test, and in the case of after-market consumables and service deliverables, the passage of time.

The total revenue was approximately $920 thousand in point in time and $130 thousand over time for 2025 and $1.56 million at point in time and $88 thousand over time for 2024.

All revenue was substantially related to one product category for both 2025 and 2024.

The total revenue was approximately $638 thousand in point in time and $275 thousand over time for 2026 and $920 thousand in point in time and $130 thousand over time for 2025.

Product and consumables revenue represented the majority of revenue recognized at a point in time during fiscal year 2026.

Valuation of Inventory

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Loss from operations

Interest and dividend income

Realized loss

Other income and expense, net

Income tax expense

Total other income (expense)

Income tax benefit/ (expense)

Net unrealized gain

Total comprehensive loss

Revenue – Total revenue decreased by $615 thousand, or 37.0%, to $1.0 million for the fiscal year ended June 30, 2025, compared to $1.7 million for the fiscal year ended June 30, 2024.

In both fiscal years 2025 and 2024, revenue was primarily derived from sales of TRACER 1000 units, a government grant, as well as ongoing sales of consumables and recurring maintenance services for the TRACER 1000.

The decrease was due to TRACER 1000 units sold compared to the prior year.

Revenue – Total revenue decreased by $136 thousand, or 13.0% in fiscal year ended June 30, 2026, compared to the prior year.

The decrease was primarily attributable to lower product sales volume.

Product revenue decreased by $458 thousand as the Company sold three TRACER 1000 units and one Labrador Handheld Gas Chromatograph unit during fiscal year ended June 30, 2026, compared to eight TRACER 1000 units during fiscal year ended June 30, 2025.

The decrease was also attributable to the absence of approximately $195 thousand of DHS grant-related revenue that was recorded within product revenue during fiscal year ended June 30, 2025.

These decreases were partially offset by increases in consumables, grant and training revenue of approximately $264 thousand, $90 thousand and $28 thousand, respectively.

Cost of Revenue and Gross Profit – Gross profit is comprised of revenue less cost of revenue.

Our cost of revenue include materials, overhead, warranty expenses, shipping, and labor.

Cost of revenue decreased $339 thousand, or 37.1%, for the fiscal year ended June 30, 2025, compared to the year ended June 30, 2024, primarily due to the decrease in TRACER 1000 units sold.

Gross profit decreased $276 thousand, and gross margin increased slightly by 0.2% to 45.3% during the fiscal year ended June 30, 2025, compared to 45.1% for the fiscal year ended June 30, 2024.

The device sales in fiscal year 2025 had a higher margin compared to the device sales in fiscal year 2024 which resulted in an increase in gross margin.

Operating Expenses – Our operating expenses increased $1.2 million, or 8.4%, during the fiscal year ended June 30, 2025, compared to the fiscal year ended June 30, 2024.

Our cost of revenue includes materials, overhead, warranty expenses, shipping, and labor.

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.

Gross profit decreased by $258 thousand, and gross margin decreased to 23.8% from 45.3% in the prior year.

Operating Expenses – Our operating expenses decreased by $854 thousand, or 5.6%, during the fiscal year ended June 30, 2026, compared to the fiscal year ended June 30, 2025.

Significant changes to operating expenses include the following:

Selling, General and Administrative Expenses – Our selling, general and administrative expenses decreased by $174 thousand, or 2.4%, for the year ended June 30, 2025, compared to the year ended June 30, 2024, primarily due to a decrease in personnel cost and consulting fees.

Research and Development Expenses – Research and development expenses increased $1.4 million, or 19.9%.

This increase was largely driven by increased spending on contractors and employees to support the development of our mass spectrometry and gas chromatography offerings and expenses related to cross-platform improvements to our technology.

Other income and expense, net – Other income and expense decreased by approximately decreased by approximately $730 thousand, or 45.2%, compared to the prior period, due to less investments earning interest income.

Income Taxes – For the fiscal year ended June 30, 2025, income taxes were consistent with prior year.

Selling, General and Administrative Expenses – Our selling, general and administrative expenses increased by approximately $804 thousand, or 11.4% in fiscal year ended June 30, 2026, compared to the prior year.

The increase was primarily attributable to higher legal expense of approximately $392 thousand related to the Company's 2026 offering activities, increased labor and fringe expense of approximately $230 thousand primarily due to higher salary expense and severance costs, including a severance accrual related to the former Chief Financial Officer, and increased facilities expense of approximately $181 thousand.

The increase in facilities expense was primarily due to higher property tax expense, as fiscal year ended June 30, 2025 included a favorable property tax true-up and refund resulting in a net property tax credit, whereas fiscal year ended June 30, 2026 incurred property tax expense, as fiscal year ended June 30, 2025.

The increase was also attributable to higher accounting, compliance and investor relations costs of approximately $78 thousand.

These increases were partially offset by a decrease in sales and marketing expense of approximately $320 thousand, primarily due to lower marketing and business development consulting costs.

Research and Development Expenses – Research and development expenses decreased by $1.7 million, or 20.4%.

This decrease was primarily due to lower consulting expenses of $1.4 million, as well as lower material and equipment costs of $436 thousand, depreciation expense of $200 thousand, and recruiting costs.

These decreases were partially offset by higher facility-related costs associated with the Company's Braker facility.

Total Other Income (expense), net – Other income and expense, net decreased by $1.2 million, from income of $886 thousand in 2025 to a loss of $285 thousand in 2026.

The decline was primarily attributable to a $623 thousand reduction in interest and dividend income, driven by a lower investment balance and a $538 thousand increase in realized losses on securities.

These decreases were partially offset by a $10 thousand increase in other expense, net.

• Income Taxes – Income tax expense was immaterial.

LIQUIDITY AND CAPITAL RESOURCES

Sources of Liquidity

Cash and cash equivalents at June 30, 2025 were $3.1 million as compared to cash and cash equivalents of $10.4 million at June 30, 2024.

Historically, the Company has financed its operations through the successful completions of several public offerings of our common stock, raising net proceeds of approximately $67.6 million.

As of June 30, 2026, we had cash and cash equivalents of $8.4 million as compared to cash and cash equivalents of $3.1 million at June 30, 2025.

We have incurred recurring losses and negative cash flows from operations since inception and had an accumulated deficit of approximately $265 million at June 30, 2026, and reported a net loss of $14.4 million.

We regularly monitor potential financing and capital sources, including equity and debt markets, in an effort to meet our planned capital expenditures and liquidity requirements.

Our future success may depend on our ability to access outside sources of capital including through public or private equity offerings, additional debt financing, or via strategic collaborations, partnerships, or other arrangements with third parties.

The availability and terms of future financing will depend on a variety of factors, including general economic and market conditions, our operating performance, and investor interest.

Additional funding may not be available on acceptable terms, if at all.

If we are unable to obtain adequate financing when needed, we may be forced to delay, reduce the scope of, or eliminate certain operations, commercialization efforts, or other aspects of our business.

In addition, raising additional funds through equity offerings may result in dilution to our stockholders, while debt or other financing could involve covenants or obligations that restrict our business operations.

Until we can generate sufficient revenue from product sales, if at all, we expect to finance our operations primarily through existing cash reserves and additional capital-raising activities.

On June 2, 2026, we entered into the ATM Agreement with Wainwright relating to an at-the-market offering program, pursuant to which we have the ability to offer and sell, from time to time at our sole discretion, shares of our common stock, having aggregate gross proceeds of up to $50.0 million through Wainwright as sales agent subject to applicable limitations.

During the fiscal year ended June 30, 2026, the Company sold 168,980 shares under the ATM Program and received net proceeds of approximately $6.7 million, which it used to support working capital and general corporate purposes.

As of June 30, 2026, $43.4 million remained available for issuance under the ATM Program, subject to market conditions and the terms of the applicable sales agreement.

Management believes the ATM Program provides a flexible source of capital that may be used opportunistically to strengthen liquidity and fund future growth.

On January 28, 2026, we filed a shelf registration statement on Form S-3 (File No.

333-293023), declared effective on January 30, 2026 by the SEC, which included a base prospectus that allows the Company to offer and sell, from time to time, in one or more offerings, common stock, preferred stock, debt securities, warrants, rights or units up to an aggregate public offering price of $30 million.

On June 30, 2026, we filed a shelf registration statement on Form S-3 (File No.

333-297144), declared effective on July 7, 2026 (the “Registration Statement”) by the SEC, which included a base prospectus that allows the Company to offer and sell, from time to time, in one or more offerings, common stock, preferred stock, debt securities, warrants, rights or units up to an aggregate public offering price of $200 million.

On August 19, 2026, the Company filed a prospectus supplement to the Registration Statement to increase the remaining shares of our common stock available for issuance under the ATM Agreement to $50 million, which replaced and superseded in its entirety, the Prior Prospectus Supplement.

We expect that our short-term and long-term liquidity requirements will consist of working capital and general corporate expenses associated with the growth of our business, including, without limitation, expenses associated with scaling up our operations and continuing to increase our manufacturing capacity, sales and marketing expense associated with rollout of our products to commercial customers, additional research and development expenses associated with expanding our product offerings, and expenses associated with being a public company.

Our short-term capital expenditure needs relate primarily to the expansion of our research and development capabilities and optimization of existing business processes.

We believe that our cash and cash equivalents and investments will enable us to fund our operating expenses and capital expenditure requirements for at least twelve months following the date these consolidated financial statements are issued.

In addition, as further described below, we expect that our Lunar Initiatives will require substantial capital expenditures to design, develop, expand, and maintain our technologies and infrastructure to support development of such initiatives, including costs associated with research and development, construction and expansion of production capabilities, acquisition of property and equipment, and ongoing maintenance and upgrades to ensure reliability and competitiveness.

While management believes that our cash and cash equivalents at June 30, 2026, together with operational cash flows will fund our current operating plans and meet our anticipated obligations for at least the next 12 months, substantial additional capital may be required to support longer-term growth and operational objectives.

Our short-term investments have been utilized as a source of liquidity to fund our operating expenses.

Management continues to monitor liquidity needs closely and will adapt strategy as appropriate to align with both near- and long-term business objectives.

Management anticipates that significant additional expenditures will be necessary to develop and expand our business, before significant positive operating cash flows can be achieved, as current available funds are insufficient to complete our business plan and strategic objectives.

Until we can generate sufficient revenue from sales, if at all, we expect to finance our operations primarily through existing cash reserves and additional capital-raising activities.

Funding Requirements

We expect our expenses to increase in connection with our ongoing activities, particularly as we continue our research and development efforts and expand our business efforts.

Furthermore, we have incurred and will continue to incur additional costs as a result of being a public company.

Accordingly, we will need to obtain additional funding in connection with our continuing operations.

We expect our expenses to increase in connection with our ongoing operations, public company obligations, efforts to expand our business and develop our Lunar Initiatives.

Accordingly, we expect to require additional funding to support our continuing operations and working capital needs.

If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research and development programs or future commercialization efforts.

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Until such time, if ever, as we can generate positive cash flows from operations, we expect to finance our additional cash needs through a combination of equity offerings, debt financing, equity financing, merging, or engaging in a strategic partnership.

Such funding may not be available to us on acceptable terms, or at all, and such funding may become even more difficult to obtain due to macroeconomic conditions, including rising interest rates, tariffs and trade restrictions, global conflicts and other conditions that could result in volatility in the U.S.

capital markets.

To the extent that we raise additional capital through the sale of equity, our existing stockholders will be diluted, and the terms of those securities may include liquidation or other preferences that adversely affect the rights of holders of common stock.

Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends.

Even if successful in raising new capital, we could be limited in the amount of capital we raise due to investor demand.

Debt financing, if available, may involve agreements that include restrictive covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends.

If we raise funds through additional strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or future revenue streams or to grant licenses on terms that may not be favorable to us.

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Current liabilities

Lease liabilities, net

Lease liabilities, net of current portion

Other liabilities, net

Stockholders’ equity

Current assets – Current assets decreased $12.8 million as of June 30, 2025, compared to June 30, 2024, as a result of cash used for continuing operating expenses and personnel costs.

Property and equipment, net – Property and equipment, net of depreciation, decreased $320 thousand as of June 30, 2025, compared to June 30, 2024, primarily due to depreciation and an asset impairment.

Operating lease right-of-use assets, net – Operating lease right-of-use assets increased $2.1 million as of June 30, 2025, compared to June 30, 2024, due to entering into the Metric facility lease.

Other assets, net – Other assets increased by $316 thousand during the fiscal year due to the lease deposit paid for the Metric facility.

Current liabilities – Current liabilities were consistent with the prior year.

Lease liabilities, net – Lease liabilities increased $2.2 million as of June 30, 2025, compared to June 30, 2024, due to entering into the Metric facility lease.

Other liabilities, net – Other liabilities were consistent with the prior year.

Current assets – Current assets decreased by $6.0 million as of June 30, 2026, compared to June 30, 2025, primarily due to a reduction in short-term investments following the sale of investments, partially offset by an increase in cash and cash equivalents.

Property and equipment, net – Property and equipment, net of depreciation, remained relatively consistent as of June 30, 2026 compared to June 30, 2025.

Capital additions during the year, primarily related to leasehold improvements for the Braker facility and the capitalization of demo units, were substantially offset by depreciation expense and the disposal of certain obsolete assets.

Operating lease right-of-use assets, net – Operating lease right-of-use assets, net decreased by approximately $391 thousand as of June 30, 2026, compared to June 30, 2025, primarily due to the amortization of the Braker lease right of use asset.

Other assets, net – Other assets, net decreased by approximately $32 thousand as of June 30, 2026, compared to June 30, 2025, primarily due to the receipt of a lease deposit refund from the Donley Facilities landlord.

Current liabilities – Current liabilities decreased by approximately $194 thousand as of June 30, 2026, compared to June 30, 2025, primarily due to decreases in accrued expenses and payroll-related liabilities, partially offset by an increase in goods received not invoiced liabilities.

Lease liabilities, net – Lease liabilities decreased by $250 thousand as of June 30, 2026, compared to June 30, 2025, primarily due to Braker lease payments.

Other liabilities, net – Other liabilities, net decreased by $110 thousand primarily due to $83 thousand Netsuite financing payments and a decrease in non-current sales warranty reserve.

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.

The following is a summary of the change in our cash and cash equivalents:

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Net cash provided by (used in) investing activities

Net cash used in financing activities

Net cash provided by (used in) financing activities

Net change in cash and cash equivalents

Cash and Cash Equivalents

At June 30, 2025, we held cash and cash equivalents of $3.1 million, and our net working capital was approximately $19.5 million.

At June 30, 2024, we held cash and cash equivalents of $10.4 million, and our net working capital was approximately $32.2 million.

Cash and cash equivalents decreased by approximately $13.7 million during the year ended June 30, 2025, due to funding our continuing operating expenses.

The Company has $15.1 million in short term investments to fund operations.

As of June 30, 2026, we held cash and cash equivalents of $8.4 million, and our net working capital was approximately $13.7 million.

As of June 30, 2025, we held cash and cash equivalents of $3.1 million, and our net working capital was approximately $19.5 million.

Cash and cash equivalents increased by approximately $5.3 million during fiscal year ended June 30, 2026.

The Company held approximately $2.9 million in short term investments as of June 30, 2026.

Operating Activities

Net cash used in operating activities was $13.5 million for the year ended June 30, 2026, compared to cash used in operating activities of $13.0 million for the year ended June 30, 2025.

The increase in cash was due by increases in recurring operating expenses and accounts payable.

Investing Activities

Net cash used in investing activities for the year ended June 30, 2025 was $5.8 million, compared to $6.1 million in the year ended June 30, 2024.

The decrease in cash provided by investing activities due to purchasing of property, plant, and equipment, offset by the proceeds of short-term investments.

Net cash provided by investing activities was $11.8 million for the year ended June 30, 2026, compared to $5.8 million for the year ended June 30, 2025.

The increase was primarily due to higher proceeds from short-term investments.

Financing Activities

Cash used in financing activities was $185 thousand for the year ended June 30, 2025, and $181 thousand for the year ended June 30, 2024.

The decrease was due to repayment of finance leases.

Net cash provided by financing activities was $6.9 million for the year ended June 30, 2026, compared to net cash used in financing activities of $0.2 thousand for the year ended June 30, 2025.

The increase was primarily due to proceeds from the Company’s ATM offering and employee stock option exercises.

We did not have any material off-balance sheet arrangements as of June 30, 2026.

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Finance lease commitments (2)

(1) Consists of payments due for our lease of the manufacturing property in Austin, Texas that expire November 2032.

(2) Consists of payments due for an equipment lease that expire May 2028.

(1) Consists of payments due for our lease of the manufacturing property in Austin, Texas that expires in November 2032.

(2) Consists of payments due for an equipment lease that expires in May 2028.

Off-Balance Sheet Arrangements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity