Astrotech (NASDAQ: ASTC), a science and technology company focused on commercializing its innovative platform mass spectrometry technology through its wholly owned subsidiaries, recently released financial results for Q2 2024. “The company recorded a 512% jump in its year-to-date (‘YTD’) revenue to $1,540,000 from $301,000 in the comparative period a year before. Astrotech attributed this growth primarily to two significant purchase orders for the TRACER 1000(TM) explosive trace detectors (‘ETDs’) to customers in Romania, which the company, through 1st Detect Corp., successfully delivered on. The subsidiary 1st Detect develops, manufactures and sells mass-spectrometer-based trace detectors – including the TRACER 1000(TM), the world’s first mass spectrometer-based ETD – for use in the security and detection markets,” a recent article reads. “A recent SNS Insider article confirms that ‘the Explosive Trace Detection Market is witnessing significant growth driven by increasing security concerns, particularly in transportation, critical infrastructure and public spaces.’ Specifically, it indicates: ‘The Explosive Trace Detection Market, valued at USD 1137.50 million in 2022, is projected to achieve a significant milestone, reaching USD 2250.60 million by 2030.’ This market is yet another fast-growing and important opportunity for 1st Detect and the superior mass spectrometry technology it offers.”
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About Astrotech Corporation
Astrotech is an innovative science and technology company that invents, acquires and commercializes technological innovations while building scalable companies to maximize shareholder value. For more information, please visit www.AstrotechCorp.com.
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