AstroNova’s Q4 FY2025 results reflect a challenging year tied to MTEX integration hurdles, delayed defense orders, and softer demand for hardware and supplies. Revenue declined 5.6% year-over-year to $37.4 million, with gross margin at 34.1% and an overall GAAP net loss of $15.6 million, driven in part by a substantial $13.4 million non-cash goodwill impairment related to the PI segment’s MTEX exposure. Management underscored a clear strategic pivot: accelerate MTEX integration to unlock a new print engine technology, rightsize the product portfolio toward higher-margin offerings, and transition the Aerospace segment toward ToughWriter printers to improve margins and recurring revenue capture. Despite the near-term profitability headwinds, AstroNova reiterated a path toward revenue growth and margin expansion in FY2026, anchored by five MTEX-based next-generation products and the roll-off of legacy royalty obligations that will bolster margins over time. The Aerospace segment posted a record revenue run-rate and remains a key growth engine, while PI continues to monetize a large installed base through recurring consumables and services. The company also provided 2026 guidance for mid-teens revenue growth potential and step-change EBITDA, contingent on MTEX integration milestones and the successful migration to ToughWriter platforms.