Executive Summary: AstroNova delivered solid top-line growth in Q2 FY2025, underpinned by a 37% YoY surge in the Test & Measurement (T&M) segment and ongoing strength in Aerospace and Product Identification (PI). Reported revenue for the quarter was $40.5 million, up 14.1% YoY, with PI contributing meaningfully via MTEX’s May acquisition. However, MTEX’s early integration, onboarding and capacity realignment produced an operating loss of $1.4 million on less than $0.8 million of MTEX revenue in the quarter, leading management to forecast a multi-quarter ramp and revisited margins. Management reaffirmed mid-single-digit organic revenue growth for FY2025, but also lowered full-year adjusted EBITDA margin guidance to 9–10% as MTEX integration progresses, with a target of 13–14% in FY2026 once integration is complete. Bookings of $35.8 million and a backlog of $29.9 million reflect healthy demand in T&M and PI, but shipments were delayed from Q1 into Q2, impacting near-term profitability. On the balance sheet, AstroNova maintains liquidity above $20 million and a net debt position of roughly $42.4 million, alongside a cash balance of about $4.82 million at August 3, 2024. The company signals ongoing margin expansion and free cash flow generation as MTEX integrations stabilize, with synergistic potential from MTEX’s ink and printhead technologies. Investors should monitor MTEX integration milestones, the trajectory of the legacy business margin ramp, and working capital management as key drivers of the investment thesis going forward.