On this page of StockholderLetter.com we present the latest annual shareholder letter from AstroNova, Inc. — ticker symbol ALOT. Reading current and past ALOT letters to shareholders can bring important insights into the investment thesis.

 •  10/22/2025 Letter Continued (Full PDF)
 •  4/27/2023 ALOT Stockholder Letter
 •  4/29/2024 ALOT Stockholder Letter
 •  5/19/2025 ALOT Stockholder Letter
 •  More "Computers" Category Stockholder Letters
 •  ALOT Benford's Law Stock Score = 96

ALOT Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT 2025
Y E A R E N D I N G J ANUARY 3 1

CORPORATE PROFILE
Who We Are
AstroNova (Nasdaq: ALOT) is a global provider of printing technologies that enable data visualization.
The Company designs, manufactures, distributes and services a broad range of products that acquire,
store, analyze, and present data in multiple formats on a variety of mediums. Our strategy is to drive
profitable growth through innovative new technologies, building our installed base to expand recurring
revenue while strategically sourcing our aftermarket products.
Our Product Identification segment provides a wide array of digital, end-to-end product marking and
identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and
brand owners for printing on paper, labels, paperboard packaging, corrugated boxes, and paper bags.
Our Aerospace segment is a global leader in providing products designed for airborne printing
solutions, avionics, and data acquisition including flight deck printers, networking hardware, and
specialized aerospace-grade supplies.
More information about the Company can be found at www.astronovainc.com.
A passionate commitment to quality, innovation, and sustainability is fundamental to AstroNova   s values. AstroNova is certified to
ISO 9001:2015 and AS9100D Quality Management System Standards. To support our global aerospace and defense customers,
AstroNova holds FAA and EASA Part 145 Repair Station approvals, along with certifications from the Civil Aviation Administration of
China (CAAC) and the UK Civil Aviation Authority. We are proud to be recognized by EcoVadis for our responsible and sustainable
business practices and honored to have received the Intertek Achievement Award for Workplace Conditions Assessment.

LETTER TO SHAREHOLDERS
Dear Fellow Shareholders,
It is an honor to write to you in my first year as President and Chief Executive Officer
of AstroNova, having been appointed on August 15, 2025. I am excited to lead the
Company and confident in the strength of our products and team.
AstroNova has a leading position in Aerospace, with a loyal customer base and long-term
contracts as a first-tier supplier to major aircraft manufacturers. In our Product Identification
(   Product ID   ) segment, we have important work ahead to return AstroNova to consistent growth and profitability.
Beginning in fiscal 2026, we began restructuring our Product ID sales organization to become far more customer
centric. Over the last several years, we had been losing market share. We have now realigned our teams around
two clear priorities - customer retention and customer acquisition - to focus on both regaining lost relationships
and cultivating new ones.
At the same time, we are training our sales organization to match our evolving product portfolio. Our new print
solutions are larger, higher-value systems that represent capital investments for our customers. These opportunities
require a more consultative, relentless and longer sales process compared with our legacy tabletop printers. We
are in early stages with this new go-to-market model.
We are also addressing several operational challenges within Product ID. First, we are validating customer
feedback on the MTEX product line enhancements   specifically improvements in print quality, speed, reliability,
durability, and cost efficiency. As you may recall, we acquired the MTEX product line in May 2024, the second
quarter of fiscal 2025. If performance meets expectations, we will work to capture orders on the pipeline we have
been developing.

Second, we are working to resolve production challenges in our mail and sheet printer product line, where
customer demand has exceeded production capability. Our products have been well received by our channel
partners and their customers, and we are now focused on improving throughput to capture this opportunity.
On Aerospace, the business continues to perform well and the long-term tailwinds from rising commercial aircraft
build rates remain strong. This year, we began shipping our ToughWriter   640 to a major aircraft OEM and
remain on track for ToughWriters to dominate our flight deck printer sales by fiscal year-end. We are confident in
the stability and growth prospects of this business.
Beyond operations, we are evolving the culture of AstroNova. We are empowering the quality talent in the
organization to act with greater accountability, collaboration, and customer focus. I believe the team has
embraced this shift that can serve as the foundation for future performance.
Our path forward is clear. We must rebuild trust with all our stakeholders - customers, employees, and investors
- by delivering consistent results and being transparent on our progress and capabilities. If we execute our plans
and demonstrate measurable progress in reducing costs, strengthening customer engagement and improving
margins, I believe we can create credibility and unlock AstroNova   s potential.
We are building a Company that can execute with discipline, innovate with purpose, and create value for
our shareholders.
Thank you for your continued confidence and support.
Sincerely,
Jorik Ittmann
President & Chief Executive Officer
October 21, 2025

FINANCIAL HIGHLIGHTS
Years Ended January 31,
($ in millions, except per share amounts)
2025
2024
2023
BOOKINGS
$145.1
$143.7
$138.6
REVENUE
$151.3
$148.1
$142.5
GROSS PROFIT
$52.7
$51.6
$48.2
GROSS PROFIT MARGIN
34.9%
34.9%
33.8%
OPERATING INCOME (LOSS)
$(8.6)
$8.8
$5.4
OPERATING MARGIN
(5.7)%
5.9%
3.8%
NET INCOME (LOSS)
$(14.5)
$4.7
$2.7
NET INCOME (LOSS) PER SHARE - DILUTED
$(1.93)
$0.63
$0.36
7,509,000
7,496,000
7,374,000
ADJUSTED EBITDA(2)
$12.3
$17.6
$11.0
ADJUSTED EBITDA MARGIN
8.1%
11.9%
7.7%
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED (1)
For the year ended January 31, 2025, we had weighted average common stock equivalent shares outstanding of 45,908 that could
potentially dilute earnings per share in future periods. These shares were excluded from the computation of diluted earnings per
share because their effect would have been anti-dilutive given the net loss during the period.
(1)
See reconciliation of Net Income (Loss) to Adjusted EBITDA below.
(2)

Years Ended January 31,
2025
2024
2023
$ (14.5)
$4.7
$2.7
Interest Expense
3.2
2.7
1.7
Income Tax Expense
2.2
1.4
0.7
Depreciation/Amortization
4.8
4.3
3.9
Share-Based Compensation
1.4
1.3
1.3
Acquisition Transaction Costs
1.2

0.7
CFO Transition Costs
0.4


Inventory Step-Up
0.2


13.4


Restructuring Charges, net

2.6

Product Retrofit Costs, net

0.6

$12.3
$17.6
$11.0
Net Income (Loss)
Goodwill Impairment
Adjusted EBITDA
Use of Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP measure and is defined as earnings before interest, taxes, depreciation, amortization, share-based compensation, acquisition costs, CFO transition costs,
inventory step-up, goodwill impairment, restructuring charges, and product retrofit costs. Adjusted EBITDA margin is also a non-GAAP measure and represents Adjusted EBITDA as a
percentage of revenue. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company   s core
operating results and also can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova   s management
uses Adjusted EBITDA, in addition to other GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods
and to the performance of its competitors. Adjusted EBITDA also is used by the Company   s management to assist with their financial and operating decision-making.



 10/22/2025 Letter Continued (Full PDF)