Cover Page - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Apr. 09, 2025 |
Aug. 03, 2024 |
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| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Jan. 31, 2025 | ||
| Document Fiscal Year Focus | 2025 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Registrant Name | AstroNova, Inc. | ||
| Entity Central Index Key | 0000008146 | ||
| Current Fiscal Year End Date | --01-31 | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Filer Category | Accelerated Filer | ||
| Trading Symbol | ALOT | ||
| Document Financial Statement Error Correction Flag | false | ||
| Entity Shell Company | false | ||
| Entity Small Business | true | ||
| Entity Emerging Growth Company | false | ||
| Title of 12(b) Security | Common Stock | ||
| Security Exchange Name | NASDAQ | ||
| Entity Incorporation, State or Country Code | RI | ||
| Entity File Number | 0-13200 | ||
| Document Annual Report | true | ||
| Document Transition Report | false | ||
| Entity Tax Identification Number | 05-0318215 | ||
| Entity Address, Address Line One | 600 East Greenwich Avenue | ||
| Entity Address, City or Town | West Warwick | ||
| Entity Address, Postal Zip Code | 02893 | ||
| Entity Address, State or Province | RI | ||
| City Area Code | 401 | ||
| Local Phone Number | 828-4000 | ||
| Entity Common Stock, Shares Outstanding | 7,574,834 | ||
| Entity Public Float | $ 105,528,000 | ||
| ICFR Auditor Attestation Flag | true | ||
| Auditor Name | Wolf & Company, P.C. | ||
| Auditor Firm ID | 392 | ||
| Auditor Location | Boston, MA | ||
| Auditor Opinion | Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of AstroNova, Inc. (the “Company”) as of January 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity and cash flows for each of the three years in the period ended January 31, 2025, and the related notes to the consolidated financial statements and the financial statement schedule listed in Item 15(a)(2) (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Our report dated April 15, 2025 expressed an opinion that the Company maintained effective internal control over financial reporting as of January 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. |
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| Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts Receivable, Reserves | $ 3,104 | $ 618 |
| Preferred Stock, Par Value | $ 10 | $ 10 |
| Preferred Stock, Shares Authorized | 100,000 | 100,000 |
| Preferred Stock, Shares Issued | 0 | 0 |
| Common Stock, Par Value | $ 0.05 | $ 0.05 |
| Common Stock, Shares Authorized | 13,000,000 | 13,000,000 |
| Common Stock, Shares Issued | 10,936,220 | 10,812,137 |
| Treasury Stock, Shares | 3,394,942 | 3,368,763 |
Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
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| Income Statement [Abstract] | |||||||||
| Revenue | $ 151,283 | $ 148,086 | $ 142,527 | [1] | |||||
| Cost of Revenue | 98,534 | 96,465 | 94,371 | ||||||
| Gross Profit | 52,749 | 51,621 | 48,156 | ||||||
| Costs and Expenses: | |||||||||
| Selling and Marketing | 25,560 | 24,428 | 24,456 | ||||||
| Research and Development | 6,610 | 6,906 | 6,822 | ||||||
| General and Administrative | 15,816 | 11,491 | 11,435 | ||||||
| Goodwill Impairment | 13,403 | 0 | 0 | ||||||
| Operating Expenses | 61,389 | 42,825 | 42,713 | ||||||
| Operating Income (Loss) | (8,640) | 8,796 | 5,443 | ||||||
| Other Income (Expense): | |||||||||
| Interest Expense | (3,210) | (2,697) | (1,678) | ||||||
| Gain (Loss) on Foreign Currency Transactions | 335 | (83) | (474) | ||||||
| Other, net | (772) | 57 | 119 | ||||||
| Total Other Income (Expense) | (3,647) | (2,723) | (2,033) | ||||||
| Income (Loss) before Income Taxes | (12,287) | 6,073 | 3,410 | ||||||
| Income Tax Provision | 2,202 | 1,379 | 749 | ||||||
| Net Income (Loss) | $ (14,489) | $ 4,694 | $ 2,661 | ||||||
| Net Income (Loss) Per Common Share-Basic | $ (1.93) | $ 0.63 | $ 0.36 | ||||||
| Net Income (Loss) Per Common Share-Diluted | $ (1.93) | $ 0.63 | $ 0.36 | ||||||
| Weighted Average Number of Common Shares Outstanding—Basic | 7,509 | 7,415 | 7,307 | ||||||
| Dilutive Effect of Common Stock Equivalents | 0 | [2] | 81 | 67 | |||||
| Weighted Average Number of Common Shares Outstanding—Diluted | 7,509 | 7,496 | 7,374 | ||||||
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Consolidated Statements of Income (Loss) (Parenthetical) |
12 Months Ended |
|---|---|
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Jan. 31, 2025
shares
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| Income Statement [Abstract] | |
| Weighted average common stock equivalent shares outstanding | 45,908 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net Income (Loss) | $ (14,489) | $ 4,694 | $ 2,661 |
| Other Comprehensive Income (Loss), net of taxes and reclassification adjustments: | |||
| Foreign Currency Translation Adjustments | (1,130) | 19 | (537) |
| Loss from Cash Flow Hedges Reclassified to Income Statement | 0 | 0 | 47 |
| Other Comprehensive Income (Loss) | (1,130) | 19 | (490) |
| Comprehensive Income (Loss) | $ (15,619) | $ 4,713 | $ 2,171 |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Jan. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Abstract] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Cybersecurity Risk Management and Strategy We continue to invest substantially in cybersecurity risk management, which is a core part of our overall enterprise risk management program. Our security program is based on ISO27001, NIST 800-53, and GDPR frameworks to support our global business. We utilize various tools and processes to identify, monitor, evaluate, and address cybersecurity threats and incidents, including those involving third-party vendors and service providers. Our process includes identifying the source of a threat or incident, implementing countermeasures and mitigation strategies, and informing management and our board of directors about significant threats and changes in the cybersecurity landscape. We remain committed to investing in risk management tools and processes as cybersecurity threats evolve. Despite our efforts, we cannot guarantee that we can prevent, mitigate, or remediate risks in our own or third-party cybersecurity infrastructure. Our Information Technology team which reports to senior management, is responsible for maintaining our cybersecurity risk management program. They collaborate with third-party security specialists as they believe necessary to conduct thorough risk assessments and system improvements. Together with our third-party security service providers, the Information Technology team oversees cybersecurity incidents, prevention, detection, mitigation, and resolution. We regularly train our employees on cybersecurity awareness and confidential information protection and continuously review and update our policies to adapt to the evolving threat landscape and legal developments. Cybersecurity threats have the potential to materially affect our company, including our business strategy, results of operations, and financial condition. While we have not experienced material adverse effects from cybersecurity threats to date, we recognize the dynamic nature of these risks and remain vigilant in our efforts to mitigate potential impacts. Refer to “Item 1A. - Risk Factors” in this Annual Report on Form 10-K, including, “We could experience a significant disruption in or security breach of our information technology system which could harm our business and adversely affect our results of operations,” for additional discussion on our cybersecurity related risks. Cybersecurity Governance Our management, including our Chief Executive Officer, Chief Financial Officer , Chief Technology Officer (“CTO”), and Information Technology team, is responsible for identifying and assessing cybersecurity risks, establishing monitoring processes and implementing mitigation and remediation measures. In fiscal 2025, we hired a full-time Director of Information Technology, who is a Certified Information Security Professional. Our cybersecurity programs are managed under the direction of our CTO and the Director of Information Technology, with support from internal and external third-party resources. Our IT Steering Committee, which consists of our CEO. CFO, and other senior leadership employees, is responsible for coordinating our day-to-day management of cybersecurity risk. Each quarter, the IT Steering Committee receives reports from the CTO and Director of Information Technology on our cybersecurity program performance and emerging threats and incidents. The IT Steering Committee makes recommendations intended to ensure that hawse have adequate resources to address information technology risks. Our board of directors has ultimate oversight responsibility for our overall enterprise risk management and, with input from our senior management, oversees our cybersecurity risk management. As part of its enterprise risk management efforts, our board of directors regularly receives reports from management on our cybersecurity programs with regard to any risks that may arise from specific cybersecurity threats and incidents. The board of directors oversees management’s programs, policies and processes in place that identify, monitor, assess, and respond to cybersecurity, data privacy, and other information technology risks to which we are exposed. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We continue to invest substantially in cybersecurity risk management, which is a core part of our overall enterprise risk management program. Our security program is based on ISO27001, NIST 800-53, and GDPR frameworks to support our global business. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] | Cybersecurity threats have the potential to materially affect our company, including our business strategy, results of operations, and financial condition. |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our management, including our Chief Executive Officer, Chief Financial Officer , Chief Technology Officer (“CTO”), and Information Technology team, is responsible for identifying and assessing cybersecurity risks, establishing monitoring processes and implementing mitigation and remediation measures. In fiscal 2025, we hired a full-time Director of Information Technology, who is a Certified Information Security Professional. Our cybersecurity programs are managed under the direction of our CTO and the Director of Information Technology, with support from internal and external third-party resources. Our IT Steering Committee, which consists of our CEO. CFO, and other senior leadership employees, is responsible for coordinating our day-to-day management of cybersecurity risk. Each quarter, the IT Steering Committee receives reports from the CTO and Director of Information Technology on our cybersecurity program performance and emerging threats and incidents. The IT Steering Committee makes recommendations intended to ensure that hawse have adequate resources to address information technology risks. Our board of directors has ultimate oversight responsibility for our overall enterprise risk management and, with input from our senior management, oversees our cybersecurity risk management. As part of its enterprise risk management efforts, our board of directors regularly receives reports from management on our cybersecurity programs with regard to any risks that may arise from specific cybersecurity threats and incidents. The board of directors oversees management’s programs, policies and processes in place that identify, monitor, assess, and respond to cybersecurity, data privacy, and other information technology risks to which we are exposed. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our board of directors has ultimate oversight responsibility for our overall enterprise risk management and, with input from our senior management, oversees our cybersecurity risk management. As part of its enterprise risk management efforts, our board of directors regularly receives reports from management on our cybersecurity programs with regard to any risks that may arise from specific cybersecurity threats and incidents. The board of directors oversees management’s programs, policies and processes in place that identify, monitor, assess, and respond to cybersecurity, data privacy, and other information technology risks to which we are exposed. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Each quarter, the IT Steering Committee receives reports from the CTO and Director of Information Technology on our cybersecurity program performance and emerging threats and incidents. |
| Cybersecurity Risk Role of Management [Text Block] | Our Information Technology team which reports to senior management, is responsible for maintaining our cybersecurity risk management program. They collaborate with third-party security specialists as they believe necessary to conduct thorough risk assessments and system improvements. Together with our third-party security service providers, the Information Technology team oversees cybersecurity incidents, prevention, detection, mitigation, and resolution. We regularly train our employees on cybersecurity awareness and confidential information protection and continuously review and update our policies to adapt to the evolving threat landscape and legal developments. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our management, including our Chief Executive Officer, Chief Financial Officer , Chief Technology Officer (“CTO”), and Information Technology team, is responsible for identifying and assessing cybersecurity risks, establishing monitoring processes and implementing mitigation and remediation measures. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our process includes identifying the source of a threat or incident, implementing countermeasures and mitigation strategies, and informing management and our board of directors about significant threats and changes in the cybersecurity landscape. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (14,489) | $ 4,694 | $ 2,661 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jan. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Jan. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies Basis of Presentation: The accompanying financial statements and accompanying notes have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year. Principles of Consolidation: The consolidated financial statements include the accounts of AstroNova, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. Reclassification: Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition; allowances for doubtful accounts; inventory valuation; income taxes; valuation of long-lived assets, intangible assets and goodwill; share-based compensation; and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates. Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. At January 31, 2025 and 2024, $2.7 million and $2.3 million, respectively, was held in foreign bank accounts. Inventories: Inventories are stated at the lower of standard and average cost or net realizable value and include material, labor and manufacturing overhead. Cost is determined using an average cost method that approximates the first-in, first-out (FIFO) method. Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and leasehold improvements—10 to 45 years; machinery and equipment—3 to 10 years; and computer equipment and software—3 to 10 years). Revenue Recognition: We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers (“ASC 606”).” The core principle of ASC 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to recognize revenue and requires judgment and estimates within the revenue recognition process, including identifying contracts with customers, identifying performance obligations in the contract, determining and estimating the amount of any variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation and recognizing revenue when the entity satisfies each performance obligation. The vast majority of our revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration we expect to receive in exchange for such products, which is generally at the contractually stated prices, and is recognized when we satisfy a performance obligation by transferring control of a product to a customer. The transfer of control generally occurs at one point in time, upon shipment, when title and risk of loss pass to the customer. Returns and customer credits are infrequent and are recorded as a reduction to revenue. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Many of the contracts entered into with customers are commonly comprised of a combination of equipment, supplies, installation and/or training services. We determine performance obligations by assessing whether the products or services are distinct from other elements of the contract. In order to be distinct, the product must perform either on its own or with readily available resources and must be separate within the context of the contract. Most of our hardware products contain embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole, as it is not sold or marketed separately, and its production costs are minor compared to those of the hardware system. Hardware and software elements are typically delivered at the same time and are accounted for as a single performance obligation for which revenue is recognized at the point in time when ownership is transferred to the customer. Installation and training services vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. The delivery of installation and training services are not assessed to determine whether they are separate performance obligations, as the amounts are not material to the contract. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by ASC 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. We may perform services at the request of the customer, generally for the repair and maintenance of products previously sold. These services are short in duration and total approximately 5.0% of revenue for each of the years ended January 31, 2025 and 2024. Revenue is recognized as services are rendered and accepted by the customer. We also provide service agreements on certain of our Product Identification equipment. Service agreements are purchased separately from the equipment and provide for the right to obtain service and maintenance on the equipment for a period of typically one to two years. Accordingly, revenue on these agreements is recognized over the term of the agreements. The portion of service agreement contracts that are uncompleted at the end of any reporting period is included in deferred revenue. We generally provide warranties for our products. The standard warranty period is typically 12 months for most hardware products except for airborne printers, which typically have warranties that extend for 3-5 years, consistent with industry practice. Such assurance-type warranties are not deemed to be separate performance obligations from the hardware product and costs associated with providing the warranties are accrued in accordance with ASC 450, “Contingencies,” as we have the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. Our estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that our experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. On occasion, customers request a warranty period longer than our standard warranty. In those instances, in which extended warranty services are separately quoted to the customer, an additional performance obligation is created, and the associated revenue is deferred and recognized as service revenue ratably over the term of the extended warranty period. The portion of service contracts and extended warranty services agreements that are uncompleted at the end of any reporting period are included in deferred revenue.
We recognize and subsequently amortize an asset for the incremental direct costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year (refer to Note 3, “Revenue Recognition” for a discussion of Contract Costs). We apply the practical expedient to expense costs incurred for costs to obtain a contract when the amortization period would have been less than a year. These costs include sales commissions paid to the internal direct sales team as well as to third-party representatives and distributors. Contractual agreements with each of these parties outline commission structures and rates to be paid. In general, such contracts are all individual procurement decisions by the customers and do not include renewal provisions and, as such, the majority of the contracts have an economic life of significantly less than a year. Accounts Receivables and Allowance for Doubtful Accounts: Standard payment terms are typically 30 days after shipment but vary by type and geographic location of our customer. Credit is extended based upon an evaluation of the customer’s financial condition. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as the age of receivables. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. Accounts receivable are stated at their estimated net realizable value. Business Combinations: We account for business acquisitions under the acquisition method of accounting in accordance with ASC 805, ‘‘Business Combinations,’’ ASC 805 requires the purchase price of the acquisition to be allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair value as of the acquisition date as determined by widely accepted valuation techniques in accordance with ASC 820, “Fair Value Measurement.” Any excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed will be recorded as goodwill. ASC 805 establishes a measurement period to provide companies with a reasonable amount of time to obtain the information necessary to identify and measure various items in a business combination and cannot extend beyond one year from the acquisition date. Accounting for business combinations requires us to make significant estimates and assumptions at the acquisition date relevant to the determination of the fair value of the tangible and intangible assets acquired and liabilities assumed. These estimates include, but are not limited to, expected future cash flows, discount rates, royalty rates, and other assumptions. Such estimates are inherently uncertain and may be subject to refinement. If the initial accounting for the business combination has not been completed by the end of the reporting period in which the business combination occurs, provisional amounts are reported to present information about facts and circumstances that existed as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill, to the extent such information was not available to us at the acquisition date to determine such amounts. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. Acquisition-related costs not considered part of the considerations are expensed as incurred and recorded in acquisition costs within the consolidated statement of income (loss). Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings in the period of the change. The results of operations of the acquired entity, including revenues and earnings, are included in our financial statements from the closing date of the acquisition. Research and Development Costs: We charge costs to expense in the period incurred, and these expenses are presented in the consolidated statement of income (loss). The following costs are included in research and development expense: salaries and benefits, external engineering service costs, engineering related information costs and supplies. Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the average monthly exchange rates in effect during the related period. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our subsidiaries in Germany, Denmark and China since their undistributed earnings are considered to be permanently invested. Included in our consolidated statements of income (loss) was a net transaction foreign exchange losses of $0.5 million, $0.1 million, and $0.5 million in fiscal 2025, 2024, and 2023, respectively. Advertising: We expense advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to $2.0 million, $1.8 million, and $1.6 million, in fiscal years 2025, 2024, and 2023, respectively. Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. There were no impairment charges for our long-lived assets in fiscal years 2025, 2024, or 2023. Intangible Assets: Intangible assets include the value of customer and distributor relationships, trademarks and existing technology acquired in connection with business and asset acquisitions and are stated at cost (fair value at acquisition) less accumulated amortization. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets’ use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. If necessary, an impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges for our intangible assets in fiscal years 2025, 2024, or 2023. Goodwill: Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in revenue, earnings or cash flows, or material adverse changes in the business climate indicate that the carrying value of an asset might be impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our operating segments Product Identification (“PI”) and Test & Measurement (“T&M”) represents a reporting unit for purposes of goodwill impairment testing. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Factors that management considers in this qualitative assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is required for the reporting unit. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative assessment compares the fair value of the reporting unit with its carrying value. If the quantitative assessment is performed, we estimate the fair value of our reporting units using a combination of both the income approach and a market approach. The income approach is based on a discounted cash flow model and provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. The market approach compares the reporting unit to publicly traded companies and transactions involving similar business, and requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. For our fiscal 2025 analysis of goodwill we elected to forgo the qualitative assessment and perform a quantitative assessment. Based on the quantitative assessment performed, a goodwill impairment charge of $13.4 million was recognized related to our PI reporting unit (refer to Note 4, “Intangible Assets and Goodwill” for a further discussion of this impairment). There was no impairment to our T&M segment’s goodwill in fiscal year 2025, nor any impairment charges for goodwill in either of our T&M or PI segments for either fiscal year 2024 or 2023. Leases: We account for our leases in accordance with ASC 842, “Leases” (“ASC 842”). ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for all leases, with the result being the recognition of a right of use (“ROU”) asset and a lease liability. The lease liability is equal to the present value of the minimum lease payments for the term of the lease, including any optional renewal periods determined to be reasonably certain to be exercised, using a discount rate determined at lease commencement. This discount rate is the rate implicit in the lease, if known; otherwise, the incremental borrowing rate for the expected lease term is used. Our incremental borrowing rate approximates the rate we would have to pay to borrow on a collateralized basis over a similar term at lease inception. The value of the ROU asset is equal to the initial measurement of the lease liability plus any lease payments made to the lessor at or before the commencement date and any unamortized initial direct costs incurred by the lessee, less any unamortized lease incentives received. Several of our lease contracts include options to extend the lease term and we include the renewal options for these leases in the determination of the ROU asset and lease liability when the likelihood of renewal is determined to be reasonably certain. We enter into lease contracts for certain of our facilities at various locations worldwide. At inception of a contract, we determine whether the contract is or contains a lease. If we have a right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the asset, then the contract contains a lease. There are two types of leases, operating leases and finance leases. Lease classification is determined at lease commencement. We have made an accounting policy election to apply the short-term exception, which does not require the capitalization of leases with terms of 12 months or less. All of our leases are classified as operating leases. Operating lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on the consolidated statement of income. ROU assets are classified as such on the consolidated balance sheets, short-term lease liabilities are classified in accrued expenses, and long-term lease liabilities are classified as such in the consolidated balance sheets. In the statements of cash flow, payments for operating leases are included as operating activities. In addition, several of our facility lease agreements include non-lease components for items such as common area maintenance and utilities which are accounted for separately from the lease component. Income Taxes: We use the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using statutory tax rates that will be in effect when the differences are expected to reverse. Our deferred taxes are presented as non-current in the accompanying consolidated balance sheets. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At both January 31, 2025 and January 31, 2024, a valuation allowance was provided for deferred tax assets attributable to certain domestic R&D, foreign tax credit carryforwards and China net operating losses, all of which are expected to expire unused. We account for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2025, 2024, and 2023, there were 173,380; 295,370; and 685,667, respectively, of common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive. Fair Value Measurement: We measure our assets and liabilities at fair value on a recurring and non-recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures,” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents, accounts receivable, accounts payable, accrued compensation, other accrued expenses and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short-term nature of these instruments.
Self-Insurance: We are self-insured for U.S. medical and dental benefits for qualifying employees and maintain stop-loss coverage from a third party which limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. Assumptions are closely monitored and adjusted when warranted by changing circumstances. Our liability for self-insured claims is included within accrued compensation in our consolidated balance sheets and was $0.3 million at both January 31, 2025 and 2024. Share-Based Compensation: Compensation expense for time-based restricted stock units is measured at the grant date and recognized ratably over the vesting period. We determine the fair value of time-based and performance-based restricted stock units based on the closing market price of our common stock on the grant date. The recognition of compensation expense associated with performance-based restricted stock units requires judgment in assessing the probability of meeting the performance goals, as well as defined criteria for assessing achievement of the performance-related goals. For purposes of measuring compensation expense, the number of shares ultimately expected to vest is estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. The performance shares begin vesting only upon the achievement of the performance criteria. The achievement of the performance goals can impact the valuation and associated expense of the restricted stock units. The assumptions used in accounting for the share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if circumstances change and we use different assumptions, our stock-based compensation expense could be materially different in the future. Share-based compensation becomes deductible for determining income taxes when the related award vests, is exercised, or is forfeited depending on the type of share-based award and subject to relevant tax law. Derivative Financial Instruments: We occasionally use derivative instruments as part of our overall strategy to manage exposure to market risks primarily associated with fluctuations in foreign currency exchange rates and interest rates. Derivative instruments are recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statement of income during the current period. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation.
Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the hedged transaction affects earnings (e.g., in “Interest Expense” when the hedged transactions are interest cash flows associated with floating-rate debt, or “Other, Net” for portions reclassified relating to the remeasurement of the debt). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, are recognized in the statement of income during the current period. Net Investment Hedges We formally assess a net investment hedge, both at inception and on a quarterly basis thereafter, as to whether the designated derivative or nonderivative instrument is highly effective as an economic hedge of foreign exchange risk associated with the hedged net investment. The change in the fair value of a derivative instrument or the change in the carrying value of a nonderivative instrument that is designated and highly effective as a net investment hedge is recorded in the cumulative translation adjustment component of Accumulated Other Comprehensive Income (“AOCI”), offsetting the translation adjustment of the net investment being hedged. If a net investment hedging relationship ceases to be highly effective, we discontinue hedge accounting, and any future change in the fair value of the derivative hedging instrument or future change in the carrying value of the nonderivative hedging instrument is recorded in the “other expenses” in the consolidated statement of income (loss), which is where the gain or loss on the sale or substantial liquidation of the underlying net investment would be recorded. However, any deferred gains or losses previously recorded in the cumulative translation adjustment component of AOCI will remain in AOCI until the hedged net investment is sold or substantially liquidated, at which time the cumulative deferred gains or losses are recorded in the “other expenses” line in the consolidated statement of income (loss). Recent Accounting Pronouncements Financial Standards Adopted During Fiscal 2025 Effective January 31, 2025, we adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss to assess segment performance and make decisions about allocating resources. The amendments in this update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU 2023-07 was applied retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 has only impacted our segment disclosures with no impact to our consolidated financial statements. See Note 17 “Segment Reporting and Geographical Information,” for segment disclosures. Financial Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 enhances expense disclosures on both an annual and interim basis by requiring public entities to disclose additional information about specific expense categories in the notes to the consolidated financial statements. This ASU requires disclosure in tabular format of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion, as applicable, for each income statement line item that contains those expenses. Specific expenses, gains and losses that are already disclosed under existing US GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts will need to be described quantitatively. Additionally, ASU 2024-03 requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03 is effective for the first annual disclosure period beginning after December 15, 2026 and for the interim periods subsequent to that, with early adoption permitted. The amendment should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the new disclosure requirements of ASU 2024-04 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2026. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. There were no other new accounting pronouncements, issued or effective during fiscal 2025, that have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions |
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| Acquisitions | Note 2—Acquisitions Fiscal 2025 MTEX Background On May 4, 2024, AstroNova, along with its wholly-owned Portuguese subsidiary, AstroNova Portugal, Unipessoal, Lda (the “Purchaser”) entered into a Share Purchase Agreement (the “Purchase Agreement”) with Effort Premier Solutions Lda., a private limited company incorporated under the laws of Portugal (the “Seller”) and Elói Serafim Alves Ferreira, as a guarantor (the “Guarantor”). In accordance with the terms and subject to the conditions set forth in the Purchase Agreement, the Purchaser acquired from the Seller, 100% of the issued and outstanding share capital of MTEX New Solution, S.A., a joint stock company with limited liability incorporated under the laws of Portugal (“MTEX”). The closing date for the acquisition was May 6, 2024. This transaction is a business combination and accounted for using the acquisition method as prescribed by ASC 805. The purchase price for this acquisition consisted of EUR 17,268,345 (approximately $18.7 million) paid by the Purchaser to the Seller on the closing date, and up to an additional EUR 731,655 (approximately $0.8 million) retained by the Purchaser to secure certain indemnification obligations of the Seller to be released by the Purchaser subject to resolution of such obligations. The Seller may be entitled to additional contingent consideration if specified revenue targets are achieved by MTEX as set forth in the Purchase Agreement for the three calendar year periods ending after the closing date. The contingent consideration consists of potential earn-out payments to the seller of EUR 1.0 million (approximately $1.1 million) if the specified revenue target is achieved in the full fiscal year of 2025, an additional EUR 1.5 million (approximately $1.6 million) if the specified revenue target is achieved in full fiscal year 2026, and an additional EUR 1.5 million (approximately $1.6 million) if the specified earnings targets are achieved in full fiscal year 2027, with a maximum of EUR 4.0 million (approximately $4.4 million) if all of the specified earnings targets are achieved over the three-year period. Also on May 4, 2024, the Purchaser, the Seller, the Guarantor and MTEX entered into a Transitional Management Agreement (the “Transitional Management Agreement”) pursuant to which the Guarantor will serve as MTEX’s Chief Executive Officer for a term of three years following the closing date. Under the terms of the Transitional Management Agreement, the Guarantor will receive a salary and grant of restricted stock units and will be entitled to participate in our incentive compensation programs on the same terms as our executive officers. The Transitional Management Agreement includes customary non-competition and confidentiality provisions. Following fiscal 2025, the Guarantor ceased to be employed by MTEX. Upon the closing of the transaction, MTEX became a wholly owned indirect subsidiary of AstroNova, Inc. Purchase Price Allocation A summary of the estimate of the fair value of the consideration transferred as of the acquisition closing date is presented in the table below:
The approach to valuing the initial contingent consideration relating to the earn-out requires the use of unobservable factors such as projected revenues over the term of the earn-out periods, discounted for the period over which the initial contingent consideration is measured, and relevant volatility rates. Based upon these assumptions, the earn-out contingent consideration was valued using an option pricing model, which resulted in the estimated fair value being reduced to zero as of the acquisition closing date. The following table sets forth the preliminary purchase price allocation of the MTEX acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of May 6, 2024:
Although we have made a number of adjustments to the opening balance sheet through January 31, 2025, as we continue to finalize our due diligence and accounting for this acquisition, the amounts above remain provisional and are based on information that is currently available. Management believes the information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but is waiting to complete their financial due diligence necessary to finalize those fair values. Therefore, the provisional measurements of fair values reflected continue to be subject to changes that could be significant. Management anticipates there will be changes to the purchase price allocation as further information is collected and analyzed and pending the final completion of certain appraisals and valuation report. We expect to complete the final fair value determination of the assets acquired and liabilities assumed, resolutions of working capital, and any other purchase price adjustments identified as soon as practicable within the measurement period and, in any event, not later than one year from the acquisition closing date. The following table reflects the preliminary fair value of the acquired identifiable intangible assets and related estimated useful lives:
The customer relations intangible asset represents relationships that will be maintained with certain historical customers of MTEX. The trademark/tradename intangible assets reflect the industry reputation of the MTEX name, and the registered trademarks held by MTEX for the use of several marks and logos. The internally developed technology intangible asset represents software used to collect a wide range of data on each piece of equipment and the ability to monitor customer ink usage and troubleshoot issues with customers. The fair value of the customer relations intangible asset acquired was estimated by applying the income approach using the Multi-Period Excess Earning Method. This fair value measurement is based on significant inputs that are not observable in the market and therefore represents a Level 3 measurement as defined in ASC 820, “Fair Value Measurement”. The fair value determined under this approach is a function of (i) future revenues expected to be generated by these assets and the profitability of the assets, (ii) identification of the contribution of other tangible and intangible assets to the cash flows generated by these asset to apply an appropriate capital charge against the cash flow, and (iii) a discount rate of 15.5% used to calculate the present value of the stream of anticipated cash flows. The fair value of the trademark intangible asset acquired was estimated by applying the income approach using the “relief-from-royalty” method. The value under the relief-from-royalty method is a function of (i) the concluded royalty rate of 0.75%, (ii) projected revenues generated by product sales under the asset being valued, and (iii) a discount rate of 15.5%. The fair value of the internally developed technology intangible asset acquired was estimated by applying the cost approach, which takes into consideration the internal development costs of the technology and a hypothetical developer’s profit margin to build the software, the opportunity costs the buyer avoids by not having to reproduce this asset and any duplicative or unproductive efforts, as well as functional obsolescence of the technology. Purchased goodwill of $14.3 million, which is not deductible for tax purposes, represented the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from MTEX. The goodwill recognized under ASC 805 was attributable to the expected earnings potential of the business, synergies which are expected to enhance and expand our overall product portfolio, opportunities in new and existing markets, and MTEX's assembled workforce. The carrying amount of the goodwill was allocated to the PI segment. During the fourth quarter of the current year, based on the results our quantitative test of goodwill in the PI segment, a goodwill impairment of $13.4 million was recognized. Refer to Note 4, “Intangible Assets and Goodwill” for further details. We incurred $1.2 million of acquisition-related costs for this transaction which are included in general and administrative expenses in our consolidated statements of income (loss) for year ended January 31, 2025. The operating results and earnings before taxes attributable to MTEX included in our consolidated statements of income (loss) for the year ended January 31, 2025 were as follows:
MTEX results are reported as part of the PI segment. Pro forma results as if the acquisition was closed on February 1, 2024 are not provided, as such amounts were impractical to determine. Fiscal 2023 Astro Machine On August 4, 2022, we acquired Astro Machine LLC (“Astro Machine”), an Illinois-based manufacturer of printing equipment, including label printers, tabbers, conveyors, and envelope feeders, for aggregate consideration of $17.1 million. The purchase included 100% of the issued and outstanding equity interests of Astro Machine for a purchase price of $15.6 million and certain real estate assets comprised of a 34,460 square foot industrial manufacturing and office building on 1.26 acres of land, which is Astro Machine’s principal place of business for a purchase price of $1.5 million. Upon the closing of the transaction, Astro Machine became a wholly owned subsidiary of AstroNova, Inc. This transaction is a business combination and was accounted for using the acquisition method of accounting prescribed by ASC 805, “Business Combinations.” The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net asset acquired and liabilities assumed as of the date of acquisition:
The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore represent a Level 3 measurement as defined in ASC 820, “Fair Value Measurement.” Key assumptions in estimating the fair value of the intangibles include (1) remaining useful life of the tradename/trademarks and customer relations (2) the royalty rate of 0.75%, (3) customer attrition rate of 18.0%, (4) discount rate of 19.0% and (5) a range of revenue and net income projections for the fiscal years 2023 through 2026. The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives:
The Customer Relations intangible asset represents the relationships that will be maintained with certain historical customers of Astro Machine. The trademark/tradename intangible assets reflect the industry reputation of the Astro Machine name recognition and the registered trademarks for the use of several marks and logos held by Astro Machine. Goodwill of $2.7 million, which is not deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from Astro Machine and is attributable to synergies which are expected to enhance and expand our overall product portfolio, opportunities in new and existing markets, future technologies that have yet to be determined and Astro Machine’s assembled work force. The carrying amount of the goodwill was allocated to the PI segment. Total acquisition-related costs for Astro Machine of $0.7 million are included in general and administrative expenses in our consolidated statement of income for the year ended January 31, 2023. The amounts of revenue and earnings before taxes attributable to Astro Machine and included in our consolidated statement of income were as follows:
Astro Machine results are reported as part of the PI segment. Proforma results are not provided, as disclosure of such amounts was impractical to determine as the acquired business had insufficient financial records and no audit history prior to the transaction. |
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Revenue Recognition |
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| Revenue Recognition | Note 3—Revenue Recognition We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems and airborne printers used in the flight deck and interior of commercial, business and military aircraft, (ii) related consumable supplies including paper, labels, tags, inks, toners and ribbons, (iii) repairs and maintenance of equipment and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
*Certain amounts have been reclassified to conform to the current year's presentation. Major product types:
In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $3.25 million to be received as a result of our claims allowable under French law relating to additional component costs we have incurred, and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through 2025. We have recognized $0.8 million, $1.3 million, and $1.1 million in revenue for the years ended January 31, 2025, 2024 and 2023, respectively as a result of this arrangement. As we have received the total payment amount per the amended contract, there is no balance in deferred revenue at January 31, 2025. Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $543,000 and $530,000 at January 31, 2025 and January 31, 2024, respectively, and are recorded as current deferred revenue in the accompanying consolidated balance sheets The increase in the deferred revenue balance for the year ended January 31, 2025 is due to cash payments received in advance of satisfying performance obligations, offset by revenue recognized during the period, including $265,000 of revenue recognized that was included in the deferred revenue balance at January 31, 2024. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized over the remaining useful life of these contracts, which we currently estimate to be approximately 16 years as of January 31, 2025. Amortized contract costs for the year ended January 31, 2025 were $88,000 and $75,000 for each of the years ended January 31, 2024 and 2023. The balance of deferred incremental direct costs net of accumulated amortization at January 31, 2025, was $1.5 million, of which $0.1 million is reported in other current assets and $1.4 million is reported in other assets in the accompanying consolidated balance sheet. |
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Intangible Assets and Goodwill |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets and Goodwill | Note 4—Intangible Assets and Goodwill Intangible assets are as follows:
There were no impairments to intangible assets during the periods ended January 31, 2025 and 2024. Amortization expense of $2.6 million, $2.4 million, and $1.9 million, with regard to acquired intangibles has been included in the consolidated statements of income for the years ended January 31, 2025, 2024, and 2023, respectively. Estimated amortization expense for the next five fiscal years is as follows:
Goodwill is as follows:
We assess recoverability of goodwill on an annual basis or when events or changes in circumstances indicate that the carrying value may not be recoverable, such as a deterioration in macroeconomic conditions and a sustained decrease in stock price. Due to the actual and expected future underperformance of a unit within our Product Identification segment, MTEX, relative to management’s original expectations, we performed a strategic review of the MTEX operation which resulted in a restructuring plan including cutting approximately 70% of the MTEX product portfolio and integrating MTEX’s sales, marketing and customer support functions into our global teams. We then performed a quantitative test as of January 31, 2025 of the carrying value of the Product Identification segment which included $14.3 million of goodwill recognized as part of the May 2024 acquisition of MTEX by applying a combination of an income approach, which utilizes discounted cash flows for each reporting unit, and a market approach. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that are discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the reporting unit. The discounted cash flow model uses management’s best estimates of economic and market conditions over the projected period using the best information available, including growth rates in revenues, costs and estimates of future expected changes in operating margins and cash expenditures. The market approach considers a benchmark of our market multiples and comparable transactions occurring within the last two years. Other estimates and assumptions include terminal value growth rates, weighted average cost of capital and changes in future working capital requirements. Determining fair value requires the exercise of significant assumptions and judgments, which are considered Level 3 inputs under the fair value hierarchy, including the amount and timing of expected future cash flows, long term growth rates, and the discount rates. In connection with the valuation, we also performed a reconciliation of the aggregate fair value of the two reporting units to the Company’s market capitalization as of January 31, 2025. The reconciliation considered the Company’s publicly traded market capitalization, adjusted for a reasonable control premium, as well as other market-based factors such as observed premiums in comparable market transactions. Based on the results of the impairment test, we concluded that the carrying value of our PI reporting unit exceeded the fair value by $13.4 million and, accordingly, we recorded an impairment charge of that amount. The fair value of our T&M segment exceeded the carrying value therefore there was no goodwill impairment charge to this segment. |
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Note 5—Inventories The components of inventories are as follows:
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Property, Plant and Equipment |
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| Property, Plant and Equipment | Note 6—Property, Plant and Equipment Property, plant and equipment consist of the following:
Depreciation expense on property, plant and equipment was $2.1 million, $1.8 million, and $2.0 million for the years ended January 31, 2025, 2024, and 2023, respectively. |
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Accrued Expenses |
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| Accrued Expenses | Note 7—Accrued Expenses Accrued expenses consist of the following:
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Credit Agreement and Long-Term Debt |
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| Credit Agreement and Long-Term Debt | Note 8—Credit Agreement and Long-Term Debt Credit Agreement In connection with our purchase of MTEX, on May 6, 2024, we entered a Third Amendment to Amended and Restated Credit Agreement (the “Third Amendment”) with Bank of America, N.A., as lender (the “Lender”). The Third Amendment amended the Amended and Restated Credit Agreement dated as of July 30, 2020, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2021, the LIBOR Transition Amendment, dated as of December 14, 2021, the Second Amendment to Amended and Restated Credit Agreement dated as of August 4, 2022, and the Joinder Agreement relating to our subsidiary Astro Machine Corporation (“Astro Machine”) dated as of August 26, 2022 (as so amended, the “Existing Credit Agreement”; the Existing Credit Agreement as amended by the Third Amendment, (the “Amended Credit Agreement”), between AstroNova, Inc. as the borrower, Astro Machine as a guarantor, and the Lender. The Amended Credit Agreement provides for (i) a new term loan to AstroNova, Inc. in the principal amount of EUR 14.0 million (the “Term A-2 Loan”), which term loan is in addition to the existing term loan (the “Term Loan”) outstanding under the Existing Credit Agreement in the principal amount of approximately $12.3 million as of the effective date of the Third Amendment, and (ii) an increase in the aggregate principal amount of the revolving credit facility available to AstroNova, Inc. from $25.0 million to $30.0 million until January 31, 2025, upon and after which the aggregate principal amount of the revolving credit facility reduces to $25.0 million. At the closing of the Third Amendment, we borrowed the entire EUR 14.0 million Term A-2 Loan, EUR 3.0 million under the revolving credit facility and a US dollar amount under the revolving credit facility that was converted to Euros to satisfy the entire purchase price payable on the closing date pursuant to the purchase agreement for our purchase of MTEX. The revolving credit facility may otherwise be used for general corporate purposes. The Amended Credit Agreement requires that the Term A-2 Loan be paid in quarterly installments on the last day of each of our fiscal quarters through April 30, 2027 in the principal amount of EUR 583,333 each, and the entire then-remaining principal balance of the Term A-2 Loan is required to be paid on August 4, 2027. The Amended Credit Agreement requires that the remaining balance of the Term Loan be paid in quarterly installments on the last day of each of our fiscal quarters through April 30, 2027 in the principal amount of $675,000 each, and the entire then remaining principal balance of the Term Loan is required to be paid on August 4, 2027. We may voluntarily prepay the Term A-2 Term Loan or the Term Loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). We may repay borrowings under the revolving credit facility at any time without premium or penalty (other than customary breakage costs, if applicable), but in any event no later than August 4, 2027, and any outstanding revolving loans thereunder will be due and payable in full, and the revolving credit facility will terminate, on such date. We may reduce or terminate the revolving line of credit at any time, subject to certain thresholds and conditions, without premium or penalty. The Term A-2 Loan bears interest at a rate per annum equal to the EURIBOR rate as defined in the Amended Credit Agreement, plus a margin that varies within a range of 1.60% to 2.50% based on our consolidated leverage ratio. The Term Loan and revolving credit loans bear interest at a rate per annum equal to, at our option, either (a) the Term SOFR rate as defined in the Amended Credit Agreement (or, in the case of revolving credit loans denominated in Euros or another currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.50% based on our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate, (iii) the Term SOFR rate plus 1.00%, or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.50% based on our consolidated leverage ratio. In addition to certain other fees and expenses that we are required to pay to the Lender, we are required to pay a commitment fee on the undrawn portion of the revolving credit facility that varies within a range of 0.15% and 0.35% based on our consolidated leverage ratio. The loans under the Amended Credit Agreement are subject to certain mandatory prepayments, subject to various exceptions, from net cash proceeds from certain dispositions of property, certain issuances of equity, certain issuances of additional debt and certain extraordinary receipts. Amounts repaid under the revolving credit facility may be reborrowed, subject to our continued compliance with the Amended Credit Agreement. No amount of the Term A-2 Loan or the Term Loan that is repaid may be reborrowed. We must comply with various customary financial and non-financial covenants under the Amended Credit Agreement. The financial covenants under the Amended Credit Agreement consist of a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio, certain of the provisions of which were modified by the Third Amendment; the minimum consolidated asset coverage ratio under the Existing Credit Agreement was eliminated by the Third Amendment. The primary non-financial covenants limit our and our subsidiaries’ ability to incur future indebtedness, to place liens on assets, to pay dividends or distributions on our or our subsidiaries’ capital stock, to repurchase or acquire our or our subsidiaries’ capital stock, to conduct mergers or acquisitions, to sell assets, to alter our or our subsidiaries’ capital structure, to make investments and loans, to change the nature of our or our subsidiaries’ business, and to prepay subordinated indebtedness, in each case subject to certain exceptions and thresholds as set forth in the Amended Credit Agreement, certain of which provisions were modified by the Third Amendment. As of January 31, 2025, we were not in compliance with the Amended Credit Agreement, as a result of our failure to comply with the maximum consolidated leverage ratio and the minimum consolidated fixed charge coverage ratio in effect for our fiscal measurement period ended January 31, 2025. The Lender is entitled to accelerate repayment of the loans and to terminate its revolving credit commitment under the Amended Credit Agreement upon the occurrence of any of various customary events of default, which include, among other events, the following (which are subject, in some cases, to certain grace periods): failure to pay when due any principal, interest or other amounts in respect of the loans, breach of any of our covenants or representations under the loan documents, default under any other of our or our subsidiaries’ significant indebtedness agreements, a bankruptcy, insolvency or similar event with respect to us or any of our subsidiaries, a significant unsatisfied judgment against us or any of our subsidiaries, or a change of control. Our obligations under the Amended Credit Agreement continue to be secured by substantially all of our personal property assets (including a pledge of the equity interests we hold in ANI Scandinavia ApS, AstroNova GmbH, AstroNova SAS and the Purchaser), subject to certain exceptions, and by a mortgage on our owned real property in West Warwick, Rhode Island, and are guaranteed by, and secured by substantially all of the personal property assets of, Astro Machine. Subsequent to the end of fiscal 2025, on March 20, 2025, we entered into a Fourth Amendment to Amended and Restated Credit Agreement with Bank of America (the “Fourth Amendment”), which further amended the Amended Credit Agreement. The Fourth Amendment also provided a waiver of the events of default that had occurred under the Amended Credit Agreement as a result of our failure to comply with the maximum consolidated leverage ratio and the minimum consolidated fixed charge coverage ratio in effect thereunder for our fiscal measurement period ended January 31, 2025 as described above. See Note 24, “Subsequent Events” for further information regarding the Fourth Amendment. Equipment Financing In January 2024, we entered into a secured equipment loan facility agreement with Banc of America Leasing & Capital, LLC and borrowed a principal amount of $0.8 million thereunder for the purpose of financing our purchase of production equipment. This loan matures on January 23, 2029, and bears interest at a fixed rate of 7.06%. Under this loan agreement, equal monthly payments including principal and interest of $16,296 commenced on February 23, 2024 and will continue through the maturity of the equipment loan facility on January 23, 2029. Assumed Financing Obligations of MTEX In connection with our acquisition of MTEX, on the May 6, 2024 closing date of this acquisition we assumed certain existing financing obligations of MTEX that remain outstanding as of November 2, 2024. The long-term debt obligations of MTEX that remain outstanding include a term loan (the “MTEX Term Loan”) pursuant to an agreement dated December 22, 2023 (the “MTEX Term Loan Agreement”) between MTEX and Caixa Central de Crédito Agricola Mutuo. The MTEX Term Loan, which provides for a term loan in the principal amount of EUR 1.5 million ($1.6 million) and bears interest at a fixed rate of 6.022% per annum, requires monthly principal and interest payments totaling EUR 17,402 ($18,795) commencing in October 2024 and continuing through maturity on December 21, 2033. MTEX has also received government assistance in the form of interest-free loans from government agencies located in Portugal (the “MTEX Government Grant Term Loans”). The MTEX Government Grant Term Loans are to be repaid to the applicable government agencies and are classified as long-term debt. The current balance of the MTEX Government Grants Term Loans as of January 31, 2025 is $0.9 million. The MTEX Government Grant Term Loans provide interest-free financing so long as monthly principal payments are made. In the event that MTEX and the applicable government agency renegotiate the payment dates, interest will be calculated according to a rate determined by the government agency as of the date of renegotiation and added to the outstanding principal payments. The MTEX Government Grant Term Loans mature at different dates through January 2027. Additionally, we assumed short-term financing obligations of MTEX, including letters of credit, maturing term loans, and financing arrangements for working capital classified as debt. As of January 31, 2025, $0.6 million of the short-term debt obligation assumed in the purchase of MTEX remains outstanding. Revolving Credit Facilities At January 31, 2025, we had a principal balance of $20.5 million outstanding under our revolving credit facility under the Amended Credit Agreement. The balance outstanding under the revolving credit facility bore interest at a weighted average rate of 7.28% and 7.70% for the years ended January 31, 2025 and January 31, 2024, respectively, and we incurred $1.0 million and $1.2 million for interest on these obligations during the years ended January 31, 2025 and January 31, 2024, respectively. Commitment fees on the undrawn portion of our revolving credit facility of $42,000 and $30,000 were incurred for the years ended January 31, 2025 and 2024, respectively. Both the interest expense and commitment fees are included as interest expense in the accompanying consolidated statements of income (loss) for all periods presented. At January 31, 2025, $4.5 million remained available for borrowing under our revolving credit facility. Additionally, MTEX has a EUR 0.5 million ($0.5 million) available line of credit with Caixa Central de Crédito Agricola Mutuo. This credit line was established in December 2023 and is renewable every six months. There was EUR 0.4 million ($0.4 million) outstanding on this line of credit as of January 31, 2025. Long-Term Debt Long-term debt in the accompanying consolidated balance sheets is as follows:
During the years ended January 31, 2025, 2024 and 2023, we recognized $1.6 million, $1.0 million, and $0.6 million of interest expense on our long-term debt, respectively, which was included in interest expense in the accompanying consolidated statement of income (loss) for all periods presented. The schedule of required principal payments remaining on our long-term debt outstanding as of January 31, 2025 is as follows:
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Financial Instruments and Risk Management | Note 9 – Financial Instruments and Risk Management We use foreign currency-denominated debt to partially hedge our net investment in our operations in Portugal against adverse movements in exchange rates. On August 3, 2024, a portion of the Euro-denominated debt has been designated and was effective as an economic hedge of part of the net investment in our Portuguese operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the Euro-denominated debt are included in the in the condensed consolidated statement of comprehensive income for the year ended January 31, 2025, and within the accumulated other comprehensive items in the shareholder’s equity section of the consolidated balance sheet as of January 31, 2025 as follows:
On January 31, 2025 we assessed the effectiveness of the net investment hedge and determined that it was no longer highly effective, accordingly, future change in the carrying value of this nonderivative hedging instrument would have to be recorded in the “other expenses” in the consolidated statements of income (loss). To address this situation, the Euro-denominated debt has been designated as an economic hedge of part of our net investment in our German operation in place of part of our net investment in our Portugal operation effective January 31, 2025. |
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Royalty Obligations |
12 Months Ended |
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Jan. 31, 2025 | |
| Royalty Obligation Disclosure [Abstract] | |
| Royalty Obligations | Note 10—Royalty Obligations In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. ("Honeywell") to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid in quarterly installments over a ten-year period. This ten-year period ends on September 30, 2028. Royalty payments are based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned and product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue. The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments. As of January 31, 2025, we had paid an aggregate of $13.0 million of the guaranteed minimum royalty obligation. At January 31, 2025, the current portion of the outstanding guaranteed minimum royalty obligation of $1.1 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $0.8 million is reported as a long-term liability on our consolidated balance sheet. In addition to the guaranteed minimum royalty payments, for the periods ended January 31, 2025, 2024, and 2023, we also incurred excess royalty expense of $2.5 million, $2.3 million, and $1.3 million, respectively, which is included in cost of revenue in our consolidated statements of income for those periods. A total of $0.6 million of excess royalty is payable and reported as a current liability on our consolidated balance sheet at January 31, 2025. In fiscal 2023, we entered into an Asset Purchase and License Agreement with Honeywell (the “New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement includes a provision for guaranteed minimum royalty payments to be paid in the event that the royalties earned by Honeywell do not meet the minimum for the preceding calendar year as follows: $100,000 in 2024, $200,000 in 2025, $233,000 in each of 2026 and 2027, and $234,000 in 2028. As of January 31, 2024, the total outstanding royalty obligation under the New HW Agreement was $0.6 million, including $0.2 million recorded as a current liability in the accompanying consolidated balance sheet. During fiscal 2025, we incurred and paid $0.4 million in royalty expense. As of January 31, 2025, the total outstanding royalty obligation on the New HW Agreement is $0.5 million, including $0.3 million recorded as a current liability in the accompanying consolidated balance sheet. |
Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 11—Leases We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to ten years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options. Balance sheet and other information related to our leases is as follows:
Lease cost information is as follows:
At January 31, 2025, maturities of operating lease liabilities are as follows:
As of January 31, 2025, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 7.0 years and 5.96%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Supplemental cash flow information related to leases is as follows:
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Government Grants |
12 Months Ended |
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Jan. 31, 2025 | |
| Government Grants [Abstract] | |
| Government Grants | Note 12 – Government Grants Our recently acquired subsidiary, MTEX, receives grants from its local government in Portugal to support its operations and various capital projects. We account for these government grants by analogy to International Accounting Standards 20, “Accounting for Government Grants and Disclosure of Government Assistance,” which follows a grant accounting model. Under this accounting framework, government assistance is recognized when it is probable we will receive assistance and comply with the conditions attached to the assistance. Operational-related assistance is recorded on a systematic basis over the periods in which the related costs or expenditures have occurred and is presented as a reduction in the expense for which it is intended to defray. Capital-related assistance is recorded as long-term deferred revenue and is recognized in cost of revenue as an offset against depreciation expense over the applicable asset's useful life. The grant programs have execution periods ending on various dates beginning in May 2025 and continuing through November 2026. The government agencies may verify compliance with the conditions established in the contracts during the investment phase and upon completion and are entitled to propose adjustments and require reimbursement if the contracts do not meet the specifications. Historically, no significant corrections or returns have occurred. As of January 31, 2025, there are no contingencies associated with the government grants. The capital-related government contracts between the Portuguese government and MTEX are defined on a grant-by-grant basis, with partial reimbursement of the assets acquired in connection with these grants. We have $1.3 million of deferred revenue for capital related government grants which is included in the accompanying consolidated balance sheet as of January 31, 2025 of which $0.2 million is included in other accrued expenses, and we have recognized $0.2 million of grant revenue, included in cost of revenue as an offset to depreciation expense in the consolidated statement of income (loss) for the year ended January 31, 2025. Under the operational-related assistance grants, MTEX commits to research and development projects that the Portuguese government partially reimburses. We have recognized $0.5 million of grant revenue for our operational related assistance grants which is offset against the expenditures recognized for those grants and is included in selling and marketing expense in the accompanying condensed consolidated statement of income (loss) for the year ended January 31, 2025. |
Accumulated Other Comprehensive Loss |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | Note 13—Accumulated Other Comprehensive Loss The changes in the balance of accumulated other comprehensive loss by component are as follows:
The amounts presented above in other comprehensive income (loss) are net of taxes except for translation adjustments associated with our German, Danish and Shanghai subsidiaries. The foreign cumulative translation adjustment includes translation adjustments and net investment hedges. See Note 9, "Financial Instruments and Risk Management" for additional disclosures about the net investment hedge. |
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Shareholders' Equity |
12 Months Ended |
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Jan. 31, 2025 | |
| Equity [Abstract] | |
| Shareholders' Equity | Note 14—Shareholders’ Equity During fiscal years 2025 and 2024, certain of our employees delivered a total of 26,179 and 26,731 shares, respectively, of our common stock to satisfy the exercise price and related taxes for stock options exercised and restricted stock vesting. The shares delivered were valued at a total of $0.5 million and $0.4 million, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2025 and 2024. These transactions did not impact the number of shares authorized for repurchase under our current repurchase program. |
Share-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 15—Share-Based Compensation The Company maintains the following share-based compensation plans: Stock Plans: We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (“RSAs”). At the June 6, 2023 annual meeting of shareholders, the 2018 Plan was amended to increase the number of shares of our common stock available for issuance by 600,000, bringing the total number of shares available for issuance under the 2018 Plan from 950,000 to 1,550,000. Under the 2018 Plan, we may also issue an additional number of shares equal to the number of shares subject to outstanding awards under our prior 2015 Equity Incentive Plan that are forfeited, canceled, satisfied without the issuance of stock, otherwise terminated (other than by exercise),or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 132,196 unvested RSUs; 121,581 unvested PSUs; and options to purchase an aggregate of 130,500 shares outstanding as of January 31, 2025. In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 or 2015 Plans, but outstanding awards will continue to be governed by those plans. As of January 31, 2025, options to purchase an aggregate of 178,599 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 112,600 shares were outstanding under the 2015 Plan. We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of the Company’s stock on such day. On June 11, 2024, each director’s annual compensation amount was adjusted to be $72,800. All RSAs granted under this Program vest immediately.
Share-Based Compensation: Share-based compensation expense has been recognized as follows:
Stock Options: Aggregated information regarding stock options granted under the plans is summarized below:
Set forth below is a summary of options outstanding at January 31, 2025:
No options were granted during fiscal 2025 or fiscal 2024. As of January 31, 2025, there was no unrecognized compensation expense related to the unvested stock options granted under the plans. As of January 31, 2025, there was no aggregate intrinsic value (the aggregate difference between the closing stock price of our common stock on January 31, 2025, and the exercise price of the outstanding options) received by the option holders if all options had been exercised for all exercisable options and all options outstanding. The total aggregate intrinsic value of options exercised during fiscal 2025, 2024, and 2023 was $242,000, $32,000, and $200,000, respectively. Restricted Stock Units, Performance-Based Restricted Stock Units and Restricted Stock Awards: Aggregated information regarding RSUs, PSUs and RSAs granted under the Plan is summarized below:
As of January 31, 2025, there was $1.4 million of unrecognized compensation expense related to unvested RSUs, PSUs and RSAs. This expense is expected to be recognized over a weighted average period of 1.9 years. Employee Stock Purchase Plan (ESPP): On June 7, 2022, we adopted the AstroNova Inc. 2022 Employee Stock Purchase Plan (“2022 ESPP”) to replace our previous Employee Stock Purchase Plan. The 2022 ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 40,000 shares were reserved for issuance under this plan and 12,550 and 9,897 shares were purchased under the 2022 ESSP during the years ended January 31, 2025 and 2024, respectively. As of January 31, 2025, 12,508 shares remain available for purchase under the 2022 ESPP. |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 16—Income Taxes The components of income (loss) before income taxes are as follows:
The components of the provision for income taxes are as follows:
Total income tax provision differs from the expected tax provision as a result of the following:
Our effective tax rate for fiscal 2025 was (17.9)% compared to 22.7% in fiscal 2024 and 22.0% in fiscal 2023. The decrease in the effective tax rate in fiscal 2025 from fiscal 2024 is primarily related to the decrease in pre-tax book income and the federal income tax provision associated with the goodwill impairment and MTEX losses, the decrease in return to provision adjustments, and the decrease in the valuation allowance associated with China losses. This decrease was partially offset by other factors increasing the effective tax rate such as the valuation allowance recorded on Portuguese tax credits, goodwill impairment recorded on MTEX for the PI reporting segment, and transaction costs associated with the MTEX acquisition. The increase in the effective tax rate in fiscal 2024 from fiscal 2023 is primarily related to the impact of the valuation allowance recorded on China net operating losses, the increase in the current provision for state and local taxes, and the change in the foreign rate differential. This increase was partially offset by other factors decreasing the effective tax rate such as foreign derived intangible income (“FDII”) deduction, share based compensation, and the R&D tax credit.
The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:
Deferred taxes are reflected in the consolidated balance sheet as follows:
The valuation allowances of $4.4 million at January 31, 2025 and $2.5 million at January 31, 2024, relate to Rhode Island research and development tax credit carryforwards, foreign tax credit carryforwards, Portugal tax credits, and China’s net operating losses that are expected to expire unutilized.
At January 31, 2025, we had net operating loss carryforwards of $0.9 million, which expire in 2027 through 2045 and interest expense carryforwards of $11,700, which carry forward indefinitely. At January 31, 2025, we had state research credit carryforwards of approximately $1.7 (net of federal benefit) million which expire in 2026 through 2031. Additionally, we had $0.2 million of foreign tax credits. We maintain a full valuation allowance against these credits as we expect these credits to expire unused. Due to the acquisition of MTEX that occurred during 2024, we acquired tax attributes of $2.3 million related to tax incentives associated with the System of Tax Incentives in Business Research and Development ("SIFIDE") and Investment Support Tax Regime ("RFAI"). The SIFIDE incentive is a research and development credit for Portuguese tax resident companies carrying out commercial, industrial, or agricultural activities, and non-resident companies with a permanent establishment in the Portuguese territory. The RFAI is a tax regime for investment promotion, in which an incentive is given to companies that invest in certain regions (capped at 50% of the corporate income tax due) of 30% (for qualified investments lower than € 15 million) or 10% (for the part of qualified investments exceeding that limit) of the qualified investment. The credits have carryforward periods of 10 years and 12 years for SIFIDE and RFAI, respectively. We maintain a full valuation allowance against these credits as we expect these credits to expire unused. We believe that it is reasonably possible that some unrecognized tax benefits, accrued interest and penalties could decrease income tax expense in the next year due to either the review of previously filed tax returns or the expiration of certain statutes of limitation. The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows:
During fiscal 2025 and 2024, we released $19,000 and $71,000, respectively, of uncertain tax positions including accrued interest and penalties relating to a change in various unrecognized tax positions. We have accrued potential interest and penalties of $45,000 included in income taxes payable in the accompanying consolidated balance sheet at January 31, 2025. We and our subsidiaries file income tax returns in U.S. federal jurisdictions, various state jurisdictions, and various foreign jurisdictions. In fiscal 2024, we released $6,000 of state nexus positions as a result of the expiration of the statute of limitations. U.S. income taxes have not been provided on $8.2 million of undistributed earnings of our foreign subsidiaries since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, we would not be subject to U.S. tax as a result of the TCJA but, could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical. |
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Segment Reporting and Geographical Information |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting and Geographical Information | Note 17—Segment Reporting and Geographical Information Our operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware and software and related consumable supplies. We organize and manage our business as a portfolio of products and services designed around a common theme of data acquisition and information output. We have two reporting segments consistent with our revenue product groups: Product Identification (“PI”) and Test & Measurement (“T&M”). Our PI segment produces an array of high-technology digital color and monochrome label printers and mini presses, labeling software and supplies for a variety of commercial industries worldwide and includes our fiscal 2025 MTEX acquisition and our fiscal 2023 acquisition of Astro Machine. Our T&M segment produces data acquisition systems used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing. The T&M segment also includes our line of aerospace flight deck and cabin printers. Our chief operating decision maker (“CODM”) has been identified as the . The CODM regularly receives and uses discrete financial information about each reporting segment which is used for performance assessments and resource allocation decisions. The CODM evaluates the performance of and allocates resources to the reporting segments based on segment profit or loss, which represents the segments’ income (loss) before income taxes and excludes corporate expenses. The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. Business is conducted in the United States and through foreign branch offices and subsidiaries in Canada, Europe, China, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Revenue and service activities outside the United States are conducted through wholly owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction.
Summarized below are the revenue and segment operating profit for each reporting segment:
(1) PI and T&M segment operating expenses include Selling and Marketing, Research and Development, and Goodwill Impairment. (2) The amounts included in Corporate Expenses consist of executive and finance compensation, acquisition and integration costs, restructuring costs, professional fees as well as certain other non-recurring costs not allocated to the reporting segments. (3) Includes interest expense, gain/(loss) on foreign exchange and other miscellaneous income/(expense) not allocated to the reporting segments.
No customer accounted for greater than 10% of net revenue in fiscal 2025, 2024, or 2023. Revenue by product type for each reporting segment:
Other information by segment is presented below:
* Corporate assets consist principally of cash, cash equivalents, deferred tax assets and refunds, and certain prepaid corporate assets.
Geographical Data Presented below is selected financial information by geographic area:
(1) Certain amounts have been reclassified to conform to the current year's presentation. (2) Long-lived assets exclude goodwill assigned to the T&M segment of $4.5 million at both January 31, 2025 and 2024 and $10.0 and $10.1 million assigned to the PI segment at January 31, 2025 and 2024, respectively. |
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Employee Benefit Plans |
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Jan. 31, 2025 | |
| Postemployment Benefits [Abstract] | |
| Employee Benefit Plans | Note 18—Employee Benefit Plans We sponsor a Profit-Sharing Plan (the “Plan”) which provides retirement benefits to all eligible domestic employees. The Plan allows participants to defer a portion of their cash compensation and contribute such deferral to the Plan through payroll deductions. The Company makes matching contributions up to specified levels. The deferrals are made within the limits prescribed by Section 401(k) of the Internal Revenue Code. All contributions are deposited into trust funds. It is our policy to fund any contributions accrued. Our annual contribution amounts are determined by the Board of Directors. Contributions paid or accrued amounted to $0.6 million in fiscal 2025 and $0.5 million in each of fiscal 2024 and fiscal 2023. |
Product Warranty Liability |
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| Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranty Liability | Note 19—Product Warranty Liability We offer a manufacturer’s warranty for the majority of our hardware products. The specific terms and conditions of warranty vary depending upon the products sold and the country in which we do business. We estimate the warranty costs based on historical claims experience and record a liability in the amount of such estimates at the time product revenue is recognized. We regularly assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary. Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheets, is as follows:
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Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Note 20—Restructuring On July 26, 2023, we adopted a restructuring plan (the “2024 Restructuring Plan”) for our PI segment that transitioned a portion of the printer manufacturing within that segment from our facility in Rhode Island to our Astro Machine facility located in Illinois. Additionally, we ceased selling certain of our older, lower-margin or low-volume PI segment products and made targeted reductions to our workforce. As part of the 2024 Restructuring Plan, we also consolidated certain of our international PI sales and distribution facilities and streamlined our channel partner network. As of January 31, 2024, we have completed this plan. As a result of the adoption and implementation of our 2024 Restructuring Plan, in fiscal 2024 we recognized a pre-tax restructuring charge of $2.6 million, comprised primarily of non-cash charges related to inventory write-offs associated with product curtailment and discontinuation and facility exit related costs, and cash charges related to severance-related costs. The following table is a summary of the restructuring costs by type included in the accompanying consolidated statement of income (loss) for the year ended January 31, 2024:
Product Retrofit Program In connection with our 2024 Restructuring Plan, we identified the need to address quality and reliability issues in certain models of our PI printers as a result of faulty ink provided by one of our larger suppliers. We identified approximately 150 printers sold to our customers that were affected by the faulty ink. In order to remedy these issues and maintain solid customer relationships, during the second quarter of fiscal 2024, we initiated a program to retrofit all of the printers sold to our customers that were affected by the faulty ink. The initial estimated costs associated with this program were $0.8 million, which included the cost of parts, labor and travel. During fiscal 2024, we worked with our customers to either repair or replace the affected printers. At the end of fiscal 2024, we adjusted our estimate of costs for this program as we determined not all customers wanted to retrofit their printers and consequently the program was concluded. As a result, at the end of the fourth quarter of fiscal 2024, we reversed $0.2 million of charges for this program. Total costs of this program as of January 31, 2024, were $0.6 million and are included in in the accompanying consolidated statement of income (loss) for the year ended January 31, 2024. This program was concluded by the end of fiscal 2024 and there was no balance in the related liability for this program at January 31, 2025 and January 31, 2024. |
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Concentration of Risk |
12 Months Ended |
|---|---|
Jan. 31, 2025 | |
| Risks and Uncertainties [Abstract] | |
| Concentration of Risk | Note 21—Concentration of Risk Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts, which constitute our customer base. We periodically perform on-going credit evaluations of our customers. We have not historically experienced significant credit losses on collection of our accounts receivable. During the years ended January 31, 2025 and 2024, we had two vendors that accounted for 27.3% and 23.5% of purchases, respectively, and for the year ended January 31, 2023, we had one vendor that accounted for 18.7% of purchases. We had one vendor that accounted for 13.3%, 46.9%, and 16.2%, respectively, of accounts payable as of January 31, 2025, 2024, and 2023. |
Commitments and Contingencies |
12 Months Ended |
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Jan. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 22—Commitments and Contingencies In order to meet our manufacturing demands and, in some cases, lock in particular pricing structures for specific goods used in manufacturing, we enter into purchase commitments with our suppliers. At January 31, 2025, our purchase commitments totaled $29.0 million, with $27.4 million due within 12 months, some of which are non-cancelable. We are also subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims; workers compensation claims; product liability; warranty and modification; and adjustment or replacement of component parts of units sold. Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, we believe that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations. It is possible, however, that results of operations for any future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of our control. |
Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 23—Fair Value Measurements Assets and Liabilities Not Recorded at Fair Value on the Consolidated Balance Sheet Our long-term debt, including the current portion, not reflected in the financial statements at fair value, is reflected in the table below:
The fair value of our long-term debt, including the current portion, is estimated by discounting the future cash flows using current interest rates at which similar borrowings with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 3. |
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Subsequent Events |
12 Months Ended |
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Jan. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 24— Subsequent Events Credit Agreement Amendment and Waiver On March 20, 2025, we entered into a Fourth Amendment to Amended and Restated Credit Agreement (the “Fourth Amendment”) with Bank of America, which further amended the Amended Credit Agreement (as so amended, the “Further Amended Credit Agreement”). The Further Amended Credit Agreement modified the remaining quarterly installments in which the outstanding balance of the existing Term Loan must be paid; the outstanding principal balance of the Term Loan as of the effective date of the Amendment was $9.5 million. Under the Further Amended Credit Agreement, such remaining quarterly installments must be paid on the last day of each of our fiscal quarters through April 30, 2027 in the principal amount of (i) in the case of the installments for the fiscal quarters ending April 30, 2025 through January 31, 2026, $325,000 each, (ii) in the case of the installments for the fiscal quarters ending April 30, 2026 through January 31, 2027, $725,000 each, and (iii) in the case of the installment for the fiscal quarter ending April 30, 2027, $950,000; the entire then-outstanding principal balance of the Term Loan is required to be paid on August 4, 2027. We continue to have the right to voluntarily prepay the Term Loan, in whole or in part, from time to time without premium or penalty (other than customary breakage costs, if applicable). The remaining repayment installments of the existing Term A-2 Loan were not modified by the Fourth Amendment; the outstanding principal balance of the Term A-2 Loan as of the effective date of the Fourth Amendment was EUR 12,250,000 million. The amount and availability and repayment terms of the existing $25.0 million revolving credit facility available to the Company under the Further Amended Credit Agreement were not modified by the Fourth Amendment; the outstanding principal balance under the revolving credit facility as of the effective date of the Fourth Amendment was $21.7 million. The Further Amended Credit Agreement modified the applicable interest rate margins payable with respect to the Term Loan, the Term A-2 Loan and the revolving credit facility loans and modified the commitment fee payable with respect to the undrawn portion of the revolving credit facility. Under the Further Amended Credit Agreement, the Term Loan and revolving credit facility loans bear interest at a rate per annum equal to, at the Company’s option, either (a) the Term SOFR rate as defined in the Further Amended Credit Agreement (or, in the case of revolving credit loans denominated in Euros or another currency other than U.S. Dollars, the applicable quoted rate), plus a margin that varies within a range of 1.60% to 2.85% based our consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate (iii) the Term SOFR Rate plus 1.00%, or (iv) 0.50%, plus a margin that varies within a range of 0.60% to 1.85% based our consolidated leverage ratio. Under the Further Amended Credit Agreement, the Term A-2 Loan bears interest at a rate per annum equal to the EURIBOR rate as defined in the Further Amended Credit Agreement, plus a margin that varies within a range of 1.60% to 2.85% based on the Company’s consolidated leverage ratio. Under the Further Amended Credit Agreement, the commitment fee that we are is required to pay on the undrawn portion of the revolving credit facility under the Further Amended Credit Agreement varies within a range of 0.15% and 0.40% based on our consolidated leverage ratio. We must comply with various customary financial and non-financial covenants under the Further Amended Credit Agreement, certain provisions of which covenants were modified by the Fourth Amendment. The financial covenants under the Further Amended Credit Agreement consist of a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio that is tested commencing with the measurement period ending with the fiscal quarter ending January 31, 2026, and a minimum interim consolidated fixed charge coverage ratio that is tested for certain measurement periods ending April 30, 2025, July 31, 2025 and October 31, 2025; the interim minimum consolidated fixed charge coverage ratio was added by the Fourth Amendment, and certain provisions of the existing financial covenants were modified by the Fourth Amendment. Pursuant to the Further Amended Credit Agreement, the Lender waived the events of default that had occurred under the Amended Credit Agreement as a result of our failure to comply with the maximum consolidated leverage ratio and the minimum consolidated fixed charge coverage ratio in effect thereunder for our fiscal measurement period ended January 31, 2025. Restructuring - Fiscal 2026 Subsequent to year end, on March 20, 2025, we announced our restructuring actions for fiscal 2026 which include the reduction of approximately 10% of the Company’s global workforce, primarily in the PI segment, and the realignment of its underperforming MTEX operation in Portugal. As part of this initiative, AstroNova has cut approximately 70% of the MTEX product portfolio, phasing out low-volume, low-profit models and prioritizing higher-margin products that capitalize on the Company’s consumables business. In addition, all MTEX sales, marketing and customer support functions have been integrated into AstroNova’s global teams. The restructuring action is expected to achieve projected annualized cost savings of $3.0 million. |
Schedule II - Valuation and Qualifying Accounts and Reserves |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
(1) The allowance for doubtful accounts has been netted against accounts receivable in the balance sheets as of the respective balance sheet dates. (2)
Uncollectible accounts written off, net of recoveries. |
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Jan. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation: The accompanying financial statements and accompanying notes have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year. |
| Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of AstroNova, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation. |
| Reclassification | Reclassification: Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation. |
| Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes using information that is reasonably available to us at this time. Some of the more significant estimates relate to revenue recognition; allowances for doubtful accounts; inventory valuation; income taxes; valuation of long-lived assets, intangible assets and goodwill; share-based compensation; and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates. |
| Cash and Cash Equivalents | Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. At January 31, 2025 and 2024, $2.7 million and $2.3 million, respectively, was held in foreign bank accounts. |
| Inventories | Inventories: Inventories are stated at the lower of standard and average cost or net realizable value and include material, labor and manufacturing overhead. Cost is determined using an average cost method that approximates the first-in, first-out (FIFO) method. |
| Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and leasehold improvements—10 to 45 years; machinery and equipment—3 to 10 years; and computer equipment and software—3 to 10 years). |
| Revenue Recognition | Revenue Recognition: We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers (“ASC 606”).” The core principle of ASC 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to recognize revenue and requires judgment and estimates within the revenue recognition process, including identifying contracts with customers, identifying performance obligations in the contract, determining and estimating the amount of any variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation and recognizing revenue when the entity satisfies each performance obligation. The vast majority of our revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration we expect to receive in exchange for such products, which is generally at the contractually stated prices, and is recognized when we satisfy a performance obligation by transferring control of a product to a customer. The transfer of control generally occurs at one point in time, upon shipment, when title and risk of loss pass to the customer. Returns and customer credits are infrequent and are recorded as a reduction to revenue. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Many of the contracts entered into with customers are commonly comprised of a combination of equipment, supplies, installation and/or training services. We determine performance obligations by assessing whether the products or services are distinct from other elements of the contract. In order to be distinct, the product must perform either on its own or with readily available resources and must be separate within the context of the contract. Most of our hardware products contain embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole, as it is not sold or marketed separately, and its production costs are minor compared to those of the hardware system. Hardware and software elements are typically delivered at the same time and are accounted for as a single performance obligation for which revenue is recognized at the point in time when ownership is transferred to the customer. Installation and training services vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. The delivery of installation and training services are not assessed to determine whether they are separate performance obligations, as the amounts are not material to the contract. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by ASC 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. We may perform services at the request of the customer, generally for the repair and maintenance of products previously sold. These services are short in duration and total approximately 5.0% of revenue for each of the years ended January 31, 2025 and 2024. Revenue is recognized as services are rendered and accepted by the customer. We also provide service agreements on certain of our Product Identification equipment. Service agreements are purchased separately from the equipment and provide for the right to obtain service and maintenance on the equipment for a period of typically one to two years. Accordingly, revenue on these agreements is recognized over the term of the agreements. The portion of service agreement contracts that are uncompleted at the end of any reporting period is included in deferred revenue. We generally provide warranties for our products. The standard warranty period is typically 12 months for most hardware products except for airborne printers, which typically have warranties that extend for 3-5 years, consistent with industry practice. Such assurance-type warranties are not deemed to be separate performance obligations from the hardware product and costs associated with providing the warranties are accrued in accordance with ASC 450, “Contingencies,” as we have the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. Our estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that our experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. On occasion, customers request a warranty period longer than our standard warranty. In those instances, in which extended warranty services are separately quoted to the customer, an additional performance obligation is created, and the associated revenue is deferred and recognized as service revenue ratably over the term of the extended warranty period. The portion of service contracts and extended warranty services agreements that are uncompleted at the end of any reporting period are included in deferred revenue.
We recognize and subsequently amortize an asset for the incremental direct costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year (refer to Note 3, “Revenue Recognition” for a discussion of Contract Costs). We apply the practical expedient to expense costs incurred for costs to obtain a contract when the amortization period would have been less than a year. These costs include sales commissions paid to the internal direct sales team as well as to third-party representatives and distributors. Contractual agreements with each of these parties outline commission structures and rates to be paid. In general, such contracts are all individual procurement decisions by the customers and do not include renewal provisions and, as such, the majority of the contracts have an economic life of significantly less than a year. |
| Accounts Receivables and Allowance for Doubtful Accounts | Accounts Receivables and Allowance for Doubtful Accounts: Standard payment terms are typically 30 days after shipment but vary by type and geographic location of our customer. Credit is extended based upon an evaluation of the customer’s financial condition. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as the age of receivables. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. Accounts receivable are stated at their estimated net realizable value. |
| Business Combinations | Business Combinations: We account for business acquisitions under the acquisition method of accounting in accordance with ASC 805, ‘‘Business Combinations,’’ ASC 805 requires the purchase price of the acquisition to be allocated to the tangible and intangible assets acquired and liabilities assumed based on their fair value as of the acquisition date as determined by widely accepted valuation techniques in accordance with ASC 820, “Fair Value Measurement.” Any excess of the purchase price over the fair value of the net identified assets acquired and liabilities assumed will be recorded as goodwill. ASC 805 establishes a measurement period to provide companies with a reasonable amount of time to obtain the information necessary to identify and measure various items in a business combination and cannot extend beyond one year from the acquisition date. Accounting for business combinations requires us to make significant estimates and assumptions at the acquisition date relevant to the determination of the fair value of the tangible and intangible assets acquired and liabilities assumed. These estimates include, but are not limited to, expected future cash flows, discount rates, royalty rates, and other assumptions. Such estimates are inherently uncertain and may be subject to refinement. If the initial accounting for the business combination has not been completed by the end of the reporting period in which the business combination occurs, provisional amounts are reported to present information about facts and circumstances that existed as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the tangible and intangible assets acquired and liabilities assumed with the corresponding offset to goodwill, to the extent such information was not available to us at the acquisition date to determine such amounts. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. Acquisition-related costs not considered part of the considerations are expensed as incurred and recorded in acquisition costs within the consolidated statement of income (loss). Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings in the period of the change. The results of operations of the acquired entity, including revenues and earnings, are included in our financial statements from the closing date of the acquisition. |
| Research and Development Costs | Research and Development Costs: We charge costs to expense in the period incurred, and these expenses are presented in the consolidated statement of income (loss). The following costs are included in research and development expense: salaries and benefits, external engineering service costs, engineering related information costs and supplies. |
| Foreign Currency Translation | Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the average monthly exchange rates in effect during the related period. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our subsidiaries in Germany, Denmark and China since their undistributed earnings are considered to be permanently invested. Included in our consolidated statements of income (loss) was a net transaction foreign exchange losses of $0.5 million, $0.1 million, and $0.5 million in fiscal 2025, 2024, and 2023, respectively. |
| Advertising | Advertising: We expense advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to $2.0 million, $1.8 million, and $1.6 million, in fiscal years 2025, 2024, and 2023, respectively. |
| Long-Lived Assets | Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. There were no impairment charges for our long-lived assets in fiscal years 2025, 2024, or 2023. |
| Intangible Assets | Intangible Assets: Intangible assets include the value of customer and distributor relationships, trademarks and existing technology acquired in connection with business and asset acquisitions and are stated at cost (fair value at acquisition) less accumulated amortization. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets’ use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. If necessary, an impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. There were no impairment charges for our intangible assets in fiscal years 2025, 2024, or 2023. |
| Goodwill | Goodwill: Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in revenue, earnings or cash flows, or material adverse changes in the business climate indicate that the carrying value of an asset might be impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. However, components within an operating segment are aggregated as a single reporting unit if they have similar economic characteristics. We determined that each of our operating segments Product Identification (“PI”) and Test & Measurement (“T&M”) represents a reporting unit for purposes of goodwill impairment testing. The accounting guidance related to goodwill impairment testing allows for the performance of an optional qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Factors that management considers in this qualitative assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative assessment is required for the reporting unit. Additionally, we can elect to forgo the qualitative assessment and perform the quantitative test. The quantitative assessment compares the fair value of the reporting unit with its carrying value. If the quantitative assessment is performed, we estimate the fair value of our reporting units using a combination of both the income approach and a market approach. The income approach is based on a discounted cash flow model and provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. The market approach compares the reporting unit to publicly traded companies and transactions involving similar business, and requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates. If the fair value of the reporting unit exceeds the carrying value of the net assets including goodwill assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets including goodwill exceeds the fair value of the reporting unit, then we record an impairment charge based on that difference. For our fiscal 2025 analysis of goodwill we elected to forgo the qualitative assessment and perform a quantitative assessment. Based on the quantitative assessment performed, a goodwill impairment charge of $13.4 million was recognized related to our PI reporting unit (refer to Note 4, “Intangible Assets and Goodwill” for a further discussion of this impairment). There was no impairment to our T&M segment’s goodwill in fiscal year 2025, nor any impairment charges for goodwill in either of our T&M or PI segments for either fiscal year 2024 or 2023. |
| Leases | Leases: We account for our leases in accordance with ASC 842, “Leases” (“ASC 842”). ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for all leases, with the result being the recognition of a right of use (“ROU”) asset and a lease liability. The lease liability is equal to the present value of the minimum lease payments for the term of the lease, including any optional renewal periods determined to be reasonably certain to be exercised, using a discount rate determined at lease commencement. This discount rate is the rate implicit in the lease, if known; otherwise, the incremental borrowing rate for the expected lease term is used. Our incremental borrowing rate approximates the rate we would have to pay to borrow on a collateralized basis over a similar term at lease inception. The value of the ROU asset is equal to the initial measurement of the lease liability plus any lease payments made to the lessor at or before the commencement date and any unamortized initial direct costs incurred by the lessee, less any unamortized lease incentives received. Several of our lease contracts include options to extend the lease term and we include the renewal options for these leases in the determination of the ROU asset and lease liability when the likelihood of renewal is determined to be reasonably certain. We enter into lease contracts for certain of our facilities at various locations worldwide. At inception of a contract, we determine whether the contract is or contains a lease. If we have a right to obtain substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the asset, then the contract contains a lease. There are two types of leases, operating leases and finance leases. Lease classification is determined at lease commencement. We have made an accounting policy election to apply the short-term exception, which does not require the capitalization of leases with terms of 12 months or less. All of our leases are classified as operating leases. Operating lease expense is recognized on a straight-line basis over the lease term and included in general and administrative expense on the consolidated statement of income. ROU assets are classified as such on the consolidated balance sheets, short-term lease liabilities are classified in accrued expenses, and long-term lease liabilities are classified as such in the consolidated balance sheets. In the statements of cash flow, payments for operating leases are included as operating activities. In addition, several of our facility lease agreements include non-lease components for items such as common area maintenance and utilities which are accounted for separately from the lease component. |
| Income Taxes | Income Taxes: We use the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using statutory tax rates that will be in effect when the differences are expected to reverse. Our deferred taxes are presented as non-current in the accompanying consolidated balance sheets. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At both January 31, 2025 and January 31, 2024, a valuation allowance was provided for deferred tax assets attributable to certain domestic R&D, foreign tax credit carryforwards and China net operating losses, all of which are expected to expire unused. We account for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. |
| Net Income Per Common Share | Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2025, 2024, and 2023, there were 173,380; 295,370; and 685,667, respectively, of common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive. |
| Fair Value Measurement | Fair Value Measurement: We measure our assets and liabilities at fair value on a recurring and non-recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures,” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances. The fair value hierarchy is summarized as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents, accounts receivable, accounts payable, accrued compensation, other accrued expenses and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short-term nature of these instruments. |
| Self-Insurance | Self-Insurance: We are self-insured for U.S. medical and dental benefits for qualifying employees and maintain stop-loss coverage from a third party which limits our exposure to large claims. We record a liability associated with these benefits that includes an estimate of both claims filed and losses incurred but not yet reported based on historical claims experience. In estimating this accrual, we utilize an independent third-party broker to estimate a range of expected losses, which are based on analyses of historical data. Assumptions are closely monitored and adjusted when warranted by changing circumstances. Our liability for self-insured claims is included within accrued compensation in our consolidated balance sheets and was $0.3 million at both January 31, 2025 and 2024. |
| Share-Based Compensation | Share-Based Compensation: Compensation expense for time-based restricted stock units is measured at the grant date and recognized ratably over the vesting period. We determine the fair value of time-based and performance-based restricted stock units based on the closing market price of our common stock on the grant date. The recognition of compensation expense associated with performance-based restricted stock units requires judgment in assessing the probability of meeting the performance goals, as well as defined criteria for assessing achievement of the performance-related goals. For purposes of measuring compensation expense, the number of shares ultimately expected to vest is estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. The performance shares begin vesting only upon the achievement of the performance criteria. The achievement of the performance goals can impact the valuation and associated expense of the restricted stock units. The assumptions used in accounting for the share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if circumstances change and we use different assumptions, our stock-based compensation expense could be materially different in the future. Share-based compensation becomes deductible for determining income taxes when the related award vests, is exercised, or is forfeited depending on the type of share-based award and subject to relevant tax law. |
| Derivative Financial Instruments | Derivative Financial Instruments: We occasionally use derivative instruments as part of our overall strategy to manage exposure to market risks primarily associated with fluctuations in foreign currency exchange rates and interest rates. Derivative instruments are recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statement of income during the current period. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation.
Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the hedged transaction affects earnings (e.g., in “Interest Expense” when the hedged transactions are interest cash flows associated with floating-rate debt, or “Other, Net” for portions reclassified relating to the remeasurement of the debt). The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, are recognized in the statement of income during the current period. Net Investment Hedges We formally assess a net investment hedge, both at inception and on a quarterly basis thereafter, as to whether the designated derivative or nonderivative instrument is highly effective as an economic hedge of foreign exchange risk associated with the hedged net investment. The change in the fair value of a derivative instrument or the change in the carrying value of a nonderivative instrument that is designated and highly effective as a net investment hedge is recorded in the cumulative translation adjustment component of Accumulated Other Comprehensive Income (“AOCI”), offsetting the translation adjustment of the net investment being hedged. If a net investment hedging relationship ceases to be highly effective, we discontinue hedge accounting, and any future change in the fair value of the derivative hedging instrument or future change in the carrying value of the nonderivative hedging instrument is recorded in the “other expenses” in the consolidated statement of income (loss), which is where the gain or loss on the sale or substantial liquidation of the underlying net investment would be recorded. However, any deferred gains or losses previously recorded in the cumulative translation adjustment component of AOCI will remain in AOCI until the hedged net investment is sold or substantially liquidated, at which time the cumulative deferred gains or losses are recorded in the “other expenses” line in the consolidated statement of income (loss). |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements Financial Standards Adopted During Fiscal 2025 Effective January 31, 2025, we adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss to assess segment performance and make decisions about allocating resources. The amendments in this update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU 2023-07 was applied retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 has only impacted our segment disclosures with no impact to our consolidated financial statements. See Note 17 “Segment Reporting and Geographical Information,” for segment disclosures. Financial Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 enhances expense disclosures on both an annual and interim basis by requiring public entities to disclose additional information about specific expense categories in the notes to the consolidated financial statements. This ASU requires disclosure in tabular format of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion, as applicable, for each income statement line item that contains those expenses. Specific expenses, gains and losses that are already disclosed under existing US GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts will need to be described quantitatively. Additionally, ASU 2024-03 requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03 is effective for the first annual disclosure period beginning after December 15, 2026 and for the interim periods subsequent to that, with early adoption permitted. The amendment should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the new disclosure requirements of ASU 2024-04 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 modifies the requirement for income tax disclosures to include (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We will adopt this standard beginning with our fiscal year ending January 31, 2026. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. There were no other new accounting pronouncements, issued or effective during fiscal 2025, that have had or are expected to have a material impact on our consolidated financial statements. |
Acquisitions (Tables) |
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| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of the Consideration Transferred as of the Acquisition Closing Date | A summary of the estimate of the fair value of the consideration transferred as of the acquisition closing date is presented in the table below:
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| MTEX New Solutions, S.A. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value | The following table sets forth the preliminary purchase price allocation of the MTEX acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of May 6, 2024:
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| Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | The following table reflects the preliminary fair value of the acquired identifiable intangible assets and related estimated useful lives:
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| Summary of Revenue and Earnings Before Taxes | The operating results and earnings before taxes attributable to MTEX included in our consolidated statements of income (loss) for the year ended January 31, 2025 were as follows:
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| Agreement With Astro Machine For Asset Acquisitions [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value | The following table sets forth the final purchase price allocation of the Astro Machine acquisition for the estimated fair value of the net asset acquired and liabilities assumed as of the date of acquisition:
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| Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | The following table sets forth the fair value of the acquired identifiable intangible assets and related estimated useful lives:
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| Summary of Revenue and Earnings Before Taxes | The amounts of revenue and earnings before taxes attributable to Astro Machine and included in our consolidated statement of income were as follows:
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Revenue Recognition (Tables) |
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Revenues Disaggregated by Primary Geographic Markets and Major Product Type | Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
*Certain amounts have been reclassified to conform to the current year's presentation. Major product types:
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Intangible Assets and Goodwill (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | Intangible assets are as follows:
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| Summary of Estimated Amortization Expense | Estimated amortization expense for the next five fiscal years is as follows:
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| Schedule of Goodwill | Goodwill is as follows:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Inventories | The components of inventories are as follows:
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Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following:
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Accrued Expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Accrued Expenses | Accrued expenses consist of the following:
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Credit Agreement and Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long Term Debt in the Accompanying Consolidated Balance Sheets | Long-term debt in the accompanying consolidated balance sheets is as follows:
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| Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding | The schedule of required principal payments remaining on our long-term debt outstanding as of January 31, 2025 is as follows:
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Financial Instruments and Risk Management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule of Net Investment Hedges |
On January 31, 2025 we assessed the effectiveness of the net investment hedge and determined that it was no longer highly effective, accordingly, future change in the carrying value of this nonderivative hedging instrument would have to be recorded in the “other expenses” in the consolidated statements of income (loss). To address this situation, the Euro-denominated debt has been designated as an economic hedge of part of our net investment in our German operation in place of part of our net investment in our Portugal operation effective January 31, 2025. |
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Balance Sheet And Other Information Related To Operating Leases | Balance sheet and other information related to our leases is as follows:
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| Schedule Lease Cost Information | Lease cost information is as follows:
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| Schedule of Maturities Of Lease Liabilities | At January 31, 2025, maturities of operating lease liabilities are as follows:
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| Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases is as follows:
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Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Balance of Accumulated Other Comprehensive Loss | The changes in the balance of accumulated other comprehensive loss by component are as follows:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation Expense | Share-based compensation expense has been recognized as follows:
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| Aggregated Information Regarding Stock Options Granted | Aggregated information regarding stock options granted under the plans is summarized below:
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| Summary of Options Outstanding | Set forth below is a summary of options outstanding at January 31, 2025:
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| Aggregated Information Regarding RSUs and RSAs Granted | Aggregated information regarding RSUs, PSUs and RSAs granted under the Plan is summarized below:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income (Loss) before Income Taxes | The components of income (loss) before income taxes are as follows:
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| Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
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| Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit) | Total income tax provision differs from the expected tax provision as a result of the following:
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| Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities | The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:
Deferred taxes are reflected in the consolidated balance sheet as follows:
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| Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties | The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows:
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Segment Reporting and Geographical Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales and Segment Operating Profit for Each Reporting Segment | Summarized below are the revenue and segment operating profit for each reporting segment:
(1) PI and T&M segment operating expenses include Selling and Marketing, Research and Development, and Goodwill Impairment. (2) The amounts included in Corporate Expenses consist of executive and finance compensation, acquisition and integration costs, restructuring costs, professional fees as well as certain other non-recurring costs not allocated to the reporting segments. (3) Includes interest expense, gain/(loss) on foreign exchange and other miscellaneous income/(expense) not allocated to the reporting segments. |
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| Summary of Revenue by Product Type | Revenue by product type for each reporting segment:
|
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| Summary of Other Information by Segment | Other information by segment is presented below:
* Corporate assets consist principally of cash, cash equivalents, deferred tax assets and refunds, and certain prepaid corporate assets.
|
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| Summary of Selected Financial Information by Geographic Area | Presented below is selected financial information by geographic area:
(1) Certain amounts have been reclassified to conform to the current year's presentation. (2) Long-lived assets exclude goodwill assigned to the T&M segment of $4.5 million at both January 31, 2025 and 2024 and $10.0 and $10.1 million assigned to the PI segment at January 31, 2025 and 2024, respectively. |
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Product Warranty Liability (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity in Product Warranty Liability | Activity in the product warranty liability, which is included in other accrued expenses in the accompanying consolidated balance sheets, is as follows:
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restructuring Costs by Type | The following table is a summary of the restructuring costs by type included in the accompanying consolidated statement of income (loss) for the year ended January 31, 2024:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Fair value of Level 3 Financial Liability | Our long-term debt, including the current portion, not reflected in the financial statements at fair value, is reflected in the table below:
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Acquisitions - Schedule of Fair Value of the Consideration Transferred as of the Acquisition Closing Date (Details) - May 06, 2024 - MTEX New Solutions, S.A. [Member] $ in Thousands |
EUR (€) |
USD ($) |
|---|---|---|
| Business Acquisition [Line Items] | ||
| Cash Paid at Closing | € 17,268,345 | $ 18,700 |
| Preliminary Estimate [Member] | ||
| Business Acquisition [Line Items] | ||
| Cash Paid at Closing | 18,732 | |
| Holdback Amount | 742 | |
| Fair Value of the Earnout | 1,619 | |
| Total Purcahse Price | 21,093 | |
| Measurement Period Adjustment [Member[ | ||
| Business Acquisition [Line Items] | ||
| Cash Paid at Closing | (1) | |
| Fair Value of the Earnout | (1,619) | |
| Total Purcahse Price | (1,620) | |
| Revised Estimate [Member] | ||
| Business Acquisition [Line Items] | ||
| Cash Paid at Closing | 18,731 | |
| Holdback Amount | 742 | |
| Total Purcahse Price | $ 19,473 |
Acquisitions - Summary of Revenue and Earnings Before Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| MTEX New Solutions, S.A. [Member] | |||
| Business Acquisition Pro Forma Information [Line Items] | |||
| Revenue | $ 4,163 | ||
| Gross Profit | 511 | ||
| Operating Expenses: | |||
| Selling Expenses | 2,485 | ||
| Research and Development Expenses | 309 | ||
| General and Administrative Expenses | 1,194 | ||
| Goodwill Impairment | 13,403 | ||
| Total Operating Expenses | 17,391 | ||
| Operating Income (Loss) | (16,880) | ||
| Other Income (Expenses) | (862) | ||
| Earnings (Loss) before Taxes | (17,742) | ||
| Agreement With Astro Machine For Asset Acquisitions [Member] | |||
| Business Acquisition Pro Forma Information [Line Items] | |||
| Revenue | 18,497 | $ 18,147 | $ 12,515 |
| Operating Expenses: | |||
| Earnings (Loss) before Taxes | $ 1,476 | $ 2,616 | $ 1,571 |
Revenue Recognition - Summary of Revenues Disaggregated by Primary Geographic Markets (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
[1] | |||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 151,283 | $ 148,086 | $ 142,527 | |||
| United States [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 89,466 | 84,757 | 83,559 | |||
| Europe [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 39,121 | 41,761 | 38,859 | |||
| Canada [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 8,210 | 8,742 | 8,690 | |||
| Asia [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 8,018 | 7,216 | 5,547 | |||
| Central and South America [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 4,967 | 4,221 | 4,589 | |||
| Other [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 1,501 | $ 1,389 | $ 1,283 | |||
| ||||||
Revenue Recognition - Summary of Revenues Disaggregated by Primary Product Type (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 151,283 | $ 148,086 | $ 142,527 | [1] | ||
| Hardware [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 44,632 | 49,440 | 42,445 | |||
| Supplies [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | 81,423 | 79,252 | 82,072 | |||
| Service and Other [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total Revenue | $ 25,228 | $ 19,394 | $ 18,010 | |||
| ||||||
Revenue Recognition - Additional Information (Detail) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Dec. 31, 2022 |
|
| Contract liabilities and extended warranties | $ 543,000 | $ 530,000 | ||
| Revenue recognized | 265,000 | |||
| Deferred incremental direct costs net of accumulated amortization balance | 1,500,000 | |||
| Amortization of incremental direct costs | 88,000 | 75,000 | $ 75,000 | |
| Deferred incremental direct contract costs reported in other current assets | $ 100,000 | |||
| Capitalized contract costs amounts incurred amortization period | 16 years | |||
| Aerospace Customer [Member] | ||||
| Deferred Revenue | $ 0 | |||
| Contract with customer liability | $ 3,250,000 | |||
| Revenue recognized | 800,000 | $ 1,300,000 | $ 1,100,000 | |
| Deferred incremental direct contract costs reported in other assets | $ 1,400,000 | |||
Intangible Assets and Goodwill - Summary of Estimated Amortization Expense (Detail) $ in Thousands |
Jan. 31, 2025
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| 2026 | $ 2,832 |
| 2027 | 2,832 |
| 2028 | 2,338 |
| 2029 | 1,972 |
| 2030 | $ 1,972 |
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Goodwill [Line Items] | |||
| Balance | $ 14,633,000 | ||
| Acquisition | 14,250,000 | ||
| Impairment | (13,403,000) | $ 0 | $ 0 |
| Foreign Currency Translation | (965,000) | ||
| Balance | 14,515,000 | 14,633,000 | |
| PI [Member] | |||
| Goodwill [Line Items] | |||
| Balance | 10,111,000 | ||
| Acquisition | 14,250,000 | ||
| Impairment | (13,403,000) | 0 | 0 |
| Foreign Currency Translation | (965,000) | ||
| Balance | 9,993,000 | 10,111,000 | |
| T&M [Member] | |||
| Goodwill [Line Items] | |||
| Balance | 4,522,000 | ||
| Impairment | 0 | 0 | $ 0 |
| Balance | $ 4,522,000 | $ 4,522,000 | |
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Materials and Supplies | $ 35,181 | $ 39,078 |
| Work-in-Progress | 2,559 | 1,054 |
| Finished Goods | 19,879 | 15,645 |
| Inventory, Gross | 57,619 | 55,777 |
| Inventory Reserve | (9,725) | (9,406) |
| Inventories | $ 47,894 | $ 46,371 |
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
|---|---|---|
| Property, Plant and Equipment [Abstract] | ||
| Land and Land Improvements | $ 2,304 | $ 2,304 |
| Buildings and Leasehold Improvements | 15,116 | 14,381 |
| Machinery and Equipment | 30,403 | 26,123 |
| Computer Equipment and Software | 14,538 | 14,238 |
| Gross Property, Plant and Equipment | 62,361 | 57,046 |
| Accumulated Depreciation | (44,722) | (42,861) |
| Net Property Plant and Equipment | $ 17,639 | $ 14,185 |
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation expense on property, plant and equipment | $ 2.1 | $ 1.8 | $ 2.0 |
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
|---|---|---|---|---|
| Payables and Accruals [Abstract] | ||||
| Customer Deposits | $ 786 | $ 86 | ||
| Acquisition Escrow Holdback | 710 | |||
| Warranty | 548 | 711 | $ 1,072 | $ 834 |
| Professional Fees | 253 | 375 | ||
| Grant Performance Obligation - Short Term | 212 | |||
| Current Portion of Lease Liability | 320 | 233 | ||
| Accrued Property & Sales Tax | 538 | 209 | ||
| Stockholder Relation Fees | 63 | 94 | ||
| Other Accrued Expenses | 1,031 | 998 | ||
| Total | $ 4,461 | $ 2,706 | ||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Credit Agreement and Long- Term Debt - Schedule of Long Term Debt in the Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | $ 25,239 | $ 12,972 |
| Less: Debt Issuance Costs, net of accumulated amortization | 85 | 80 |
| Current Portion of Long-Term Debt | 6,110 | 2,842 |
| Long-Term Debt, net of current portion | 19,044 | 10,050 |
| Term Loan Due August 4, 2027 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | 9,450 | 12,150 |
| Term A-2 Loan Due August 4, 2027 [Member] | Euro [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | 12,719 | |
| Equipment Loan Due January 23, 2029 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | 680 | $ 822 |
| MTEX Euro Term Loan Due December 21, 2033 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | 1,514 | |
| MTEX Euro Government Grant Term Loan Due January 2027 [Member] | ||
| Debt Instrument [Line Items] | ||
| Total Long Term Debt | $ 876 |
Credit Agreement and Long- Term Debt- Schedule of Required Principal Payments Remaining on Long Term Debt Outstanding (Detail) - Term Loan [Member] $ in Thousands |
Jan. 31, 2025
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Fiscal 2026 | $ 6,110 |
| Fiscal 2027 | 5,595 |
| Fiscal 2028 | 12,258 |
| Fiscal 2029 | 348 |
| Fiscal 2030 | 928 |
| Long-term Debt | $ 25,239 |
Paycheck Protection Program Loan - Additional information (Detail) |
12 Months Ended | |
|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
|
| Loan, maturity date | Jan. 31, 2027 | Jan. 31, 2027 |
Financial Instruments and Risk Management - Schedule of Net Investment Hedges (Detail) - Euro Denominated Debt [Member] - Designated as Hedging Instrument [Member] - Net Investment Hedge [Member] $ in Thousands |
12 Months Ended |
|---|---|
|
Jan. 31, 2025
USD ($)
| |
| Derivative Instruments, Gain (Loss) [Line Items] | |
| Amount of Foreign Currency Translation Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative | $ (24) |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax |
Leases - Additional Information (Detail) |
Jan. 31, 2025 |
|---|---|
| Leases [Abstract] | |
| Operating Lease, Weighted Average Remaining Lease Term | 7 years |
| Operating Lease, Weighted Average Discount Rate, Percent | 5.96% |
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
|---|---|---|
| Operating Leases [Abstract] | ||
| Lease Assets | $ 1,781 | $ 603 |
| Lease Liabilities - Current | 320 | 233 |
| Lease Liabilities - Long Term | $ 1,535 | $ 415 |
Leases - Lease Cost Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
|
| General and Administrative Expense [Member] | ||
| Operating Lease Costs | $ 410 | $ 318 |
Leases - Maturities of lease liabilities (Detail) $ in Thousands |
Jan. 31, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2026 | $ 437 |
| 2027 | 393 |
| 2028 | 336 |
| 2029 | 244 |
| 2030 | 191 |
| Thereafter | 691 |
| Total Lease Payments | 2,292 |
| Less: Imputed Interest | (437) |
| Total Lease Liabilities | $ 1,855 |
Leases - Supplemental cash flow information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
|
| Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
| Cash paid for operating lease liabilities | $ 418 | $ 350 |
Government Grants - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Jan. 31, 2025
USD ($)
| |
| Government Grants [Abstract] | |
| Grant deferred revenue | $ 1,300,000 |
| Grant revenue recognized included in depreciation expense | 200,000 |
| Grant revenue recognized included in selling and marketing expense | 500,000 |
| Grant revenue recognized included in other accrued expenses | 200,000 |
| Contingencies associated with the government grants | $ 0 |
Shareholders' Equity - Additional information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
|
| Equity [Abstract] | ||
| Company shares given to employees, shares | 26,179 | 26,731 |
| Company shares given to employees, value | $ 0.5 | $ 0.4 |
Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Share-based Compensation [Abstract] | |||
| Stock Options | $ 0 | $ 0 | $ 7 |
| Restricted Stock Awards and Restricted Stock Units | 1,338 | 1,322 | 1,271 |
| Employee Stock Purchase Plan | 40 | 25 | 12 |
| Total | $ 1,378 | $ 1,347 | $ 1,290 |
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Share-based Compensation [Abstract] | |||
| Beginning balance, Number of Options | 523,349 | 547,199 | 598,043 |
| Granted, Number of Options | 0 | 0 | 0 |
| Exercised, Number of Options | (65,900) | (9,100) | (42,944) |
| Forfeited, Number of Options | 0 | (10,525) | (5,500) |
| Cancelled, Number of Options | (35,750) | (4,225) | (2,400) |
| Ending balance, Number of Options | 421,699 | 523,349 | 547,199 |
| Beginning balance, Weighted-Average Exercise Price Per Share | $ 15.26 | $ 15.16 | $ 14.67 |
| Granted, Weighted-Average Exercise Price Per Share | 0 | 0 | 0 |
| Exercised, Weighted-Average Exercise Price Per Share | 13.86 | 11.54 | 8.74 |
| Forfeited, Weighted-Average Exercise Price Per Share | 0 | 15.20 | 15.42 |
| Cancelled, Weighted-Average Exercise Price Per Share | 14.69 | 10.5 | 8.09 |
| Ending balance, Weighted-Average Exercise Price Per Share | $ 15.52 | $ 15.26 | $ 15.16 |
Income Taxes - Components of Income (Loss) before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic | $ 5,605 | $ 5,448 | $ 1,773 |
| Foreign | (17,892) | 625 | 1,637 |
| Income (Loss) before Income Taxes | $ (12,287) | $ 6,073 | $ 3,410 |
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Current: | |||
| Federal | $ 1,125 | $ 966 | $ 902 |
| State | 134 | 71 | 313 |
| Foreign | 153 | 420 | 870 |
| Current Income Tax Expense | 1,412 | 1,457 | 2,085 |
| Deferred: | |||
| Federal | (621) | (32) | (1,053) |
| State | (13) | 2 | (315) |
| Foreign | 1,424 | (48) | 32 |
| Deferred Income Tax Expense Total | 790 | (78) | (1,336) |
| Total | $ 2,202 | $ 1,379 | $ 749 |
Income Taxes - Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Income Tax Provision at Statutory Rate | $ (2,579) | $ 1,275 | $ 716 |
| Goodwill Impairment | 2,814 | ||
| Portugal Tax Incentives - Valuation Allowance | 2,373 | ||
| Foreign Rate Differential | 163 | 197 | 157 |
| Change in Reserves Related to ASC 740 Liability | 133 | 60 | 93 |
| Transaction Costs | 121 | ||
| State Taxes, Net of Federal Tax Effect | 96 | 56 | (2) |
| Meals and Entertainment | 21 | 14 | 0 |
| Change in Valuation Allowance | (68) | 73 | 182 |
| Share Based Compensation | (74) | (43) | (52) |
| Foreign Derived Intangible Income | (151) | (98) | (180) |
| R&D Credits | (205) | (160) | (160) |
| Return to Provision Adjustment | (363) | 12 | (22) |
| Other | (79) | (7) | 17 |
| Total | $ 2,202 | $ 1,379 | $ 749 |
Income Taxes - Change in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Balance ,beginning of the year | $ 505 | $ 414 | $ 303 |
| Increases in prior period tax positions | 10 | 0 | 24 |
| Increases in current period tax positions | 143 | 162 | 136 |
| Reductions related to lapse of statutes of limitations | (19) | (71) | (49) |
| Balance, end of the year | $ 639 | $ 505 | $ 414 |
Segment Reporting and Geographical Information - Additional Information (Detail) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Jan. 31, 2025
USD ($)
Segment
Customer
|
Jan. 31, 2024
USD ($)
Customer
|
Jan. 31, 2023
Customer
|
|
| Segment Reporting Information [Line Items] | |||
| Number of reporting segments | Segment | 2 | ||
| Customer accounted for greater than 10% of net sales | Customer | 0 | 0 | 0 |
| Goodwill assigned | $ 14,515 | $ 14,633 | |
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | President and Chief Executive Officer [Member] | ||
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | The CODM evaluates the performance of and allocates resources to the reporting segments based on segment profit or loss, which represents the segments’ income (loss) before income taxes and excludes corporate expenses | ||
| T&M [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill assigned | $ 4,522 | 4,522 | |
| Product Identification [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill assigned | $ 9,993 | $ 10,111 |
Segment Reporting and Geographical Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
||||
| Segment Reporting Information [Line Items] | ||||||
| Total Revenue | $ 151,283 | $ 148,086 | $ 142,527 | [1] | ||
| Total Cost of Revenue | 98,534 | 96,465 | 94,371 | |||
| Total Operating Expenses | 61,389 | 42,825 | 42,713 | |||
| Corporate Expenses | 15,816 | 11,491 | 11,435 | |||
| Operating Income (Loss) | (8,640) | 8,796 | 5,443 | |||
| Other Income (Expense) | (3,647) | (2,723) | (2,033) | |||
| Income (Loss) before Income Taxes | (12,287) | 6,073 | 3,410 | |||
| Income Tax Provision | 2,202 | 1,379 | 749 | |||
| Net Income (Loss) | (14,489) | 4,694 | 2,661 | |||
| Operating Segments [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total Revenue | 151,283 | 148,086 | 142,527 | |||
| Total Cost of Revenue | 98,534 | 96,465 | 94,371 | |||
| Total Operating Expenses | 45,573 | 31,334 | 31,278 | |||
| Operating Income (Loss) | 7,176 | 20,287 | 16,878 | |||
| Operating Segments [Member] | PI [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total Revenue | 102,345 | 104,041 | 103,089 | |||
| Total Cost of Revenue | 68,420 | 69,064 | 70,079 | |||
| Total Operating Expenses | 37,892 | 24,890 | 25,121 | |||
| Operating Income (Loss) | (3,967) | 10,087 | 7,889 | |||
| Operating Segments [Member] | T&M [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total Revenue | 48,938 | 44,045 | 39,438 | |||
| Total Cost of Revenue | 30,114 | 27,401 | 24,292 | |||
| Total Operating Expenses | 7,681 | 6,444 | 6,157 | |||
| Operating Income (Loss) | 11,143 | 10,200 | 8,989 | |||
| Corporate Expenses [Member] | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Corporate Expenses | $ (15,816) | $ (11,491) | $ (11,435) | |||
| ||||||
Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Assets | $ 145,595 | $ 133,251 | |
| Depreciation and Amortization | 4,780 | 4,266 | $ 3,916 |
| Capital Expenditures | 1,165 | 1,697 | 229 |
| Operating Segments [Member] | Product Identification [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Assets | 82,531 | 70,028 | |
| Depreciation and Amortization | 3,530 | 2,572 | 2,219 |
| Capital Expenditures | 1,066 | 1,687 | 121 |
| Operating Segments [Member] | T&M [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Assets | 55,086 | 55,783 | |
| Depreciation and Amortization | 1,250 | 1,694 | 1,697 |
| Capital Expenditures | 99 | 10 | $ 108 |
| Corporate Expenses [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Assets | $ 7,978 | $ 7,440 | |
Segment Reporting and Geographical Information - Summary of Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | $ 151,283 | $ 148,086 | $ 142,527 | [1] | ||
| Long-Lived Assets | 41,158 | 33,021 | ||||
| United States [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | 89,466 | 84,757 | 83,559 | [1] | ||
| Long-Lived Assets | 29,868 | 32,090 | ||||
| Europe [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | 39,121 | 41,761 | 38,859 | [1] | ||
| Long-Lived Assets | 11,149 | 754 | ||||
| Canada [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | 8,210 | 8,742 | 8,690 | [1] | ||
| Long-Lived Assets | 141 | 171 | ||||
| Asia [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | 8,018 | 7,216 | 5,547 | [1] | ||
| Long-Lived Assets | 6 | |||||
| Central and South America [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | 4,967 | 4,221 | 4,589 | [1] | ||
| Other [Member] | ||||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
| Revenue | $ 1,501 | $ 1,389 | $ 1,283 | |||
| ||||||
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Postemployment Benefits [Abstract] | |||
| Contributions paid or accrued amounted | $ 0.6 | $ 0.5 | $ 0.5 |
Product Warranty Liability - Activity in Product Warranty Liability (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Product Warranties Disclosures [Abstract] | |||
| Balance, beginning of the year | $ 711 | $ 1,072 | $ 834 |
| Provision for Warranty Expense | 709 | 1,181 | 2,077 |
| Cost of Warranty Repairs | (872) | (1,542) | (1,839) |
| Balance, end of the year | $ 548 | $ 711 | $ 1,072 |
Restructuring - Additional Information (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Jan. 31, 2024
USD ($)
Printer
|
Jul. 29, 2023
USD ($)
|
Jan. 31, 2024
USD ($)
Printer
|
|
| Restructuring Cost and Reserve [Line Items] | |||
| Pre-tax restructuring | $ 2,576 | ||
| Product Retrofit Program [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Pre-tax restructuring | $ 600 | ||
| Net reversal to restructuring charge | $ 200 | ||
| Number of printers sold to customers | Printer | 150 | 150 | |
| Expected restructuring expense | $ 800 | ||
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Revenue | ||
| PI Segment Restructuring Plan [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Pre-tax restructuring | $ 2,600 | ||
Restructuring - Summary of Restructuring Costs by Type (Detail) $ in Thousands |
12 Months Ended |
|---|---|
|
Jan. 31, 2024
USD ($)
| |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | $ 2,576 |
| Inventory Write-Off [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 1,991 |
| Severance and Employee Related Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 536 |
| Facility Exit and Other Restructuring Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 49 |
| Cost of Revenue [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 2,064 |
| Cost of Revenue [Member] | Inventory Write-Off [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 1,991 |
| Cost of Revenue [Member] | Severance and Employee Related Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 73 |
| Selling & Marketing [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 400 |
| Selling & Marketing [Member] | Severance and Employee Related Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 351 |
| Selling & Marketing [Member] | Facility Exit and Other Restructuring Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 49 |
| Research & Development [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 29 |
| Research & Development [Member] | Severance and Employee Related Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 29 |
| General & Administrative [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | 83 |
| General & Administrative [Member] | Severance and Employee Related Costs [Member] | |
| Restructuring Cost and Reserve [Line Items] | |
| Restructuring Costs | $ 83 |
Concentration of Risk - Additional Information (Detail) - Vendor [Member] - Customer [Member] |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| Purchases [Member] | |||
| Concentration Risk [Line Items] | |||
| Concentration Risk, Percentage | 18.70% | ||
| Purchases [Member] | Two Vendors [Member] | |||
| Concentration Risk [Line Items] | |||
| Concentration Risk, Percentage | 27.30% | 23.50% | |
| Trade Accounts Payables [Member] | |||
| Concentration Risk [Line Items] | |||
| Concentration Risk, Percentage | 13.30% | 46.90% | 16.20% |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
Jan. 31, 2025
USD ($)
|
|---|---|
| Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
| Purchase obligation | $ 29.0 |
| Purchase obligation, to be paid, year one | $ 27.4 |
Fair Value Measurements - Schedule of Company's Long-Term Debt Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) - USD ($) $ in Thousands |
Jan. 31, 2025 |
Jan. 31, 2024 |
|---|---|---|
| Fair Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt and Related Current Maturities | $ 25,202 | $ 13,026 |
| Fair Value [Member] | Level 3 [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt and Related Current Maturities | 25,202 | 13,026 |
| Carrying Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-Term Debt and Related Current Maturities | $ 25,239 | $ 12,972 |
Subsequent Events - Additional Information (Details) € in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Mar. 20, 2025
EUR (€)
|
Apr. 14, 2025
USD ($)
|
Jan. 31, 2025 |
Mar. 20, 2025
USD ($)
|
|
| Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Outstanding principal balance | € 12,250,000 | $ 9,500,000 | ||
| Principal balance of term loan outstanding in year one | 325,000 | |||
| Principal balance of term loan outstanding in year two | 725,000 | |||
| Principal balance of term loan outstanding in year three | 950,000 | |||
| Percentage of reduction of global workforce | 10.00% | |||
| Percentage of reduction of product portfolio | 70.00% | |||
| Expected annualized cost | $ 3,000,000 | |||
| Revolving Credit Facility [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 0.50% | |||
| Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument face amount | 25,000,000 | |||
| Debt instrument, basis spread on variable rate | 0.50% | |||
| Outstanding principal balance | $ 21,700,000 | |||
| Revolving Credit Facility [Member] | Minimum [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Commitment fee rate | 0.15% | |||
| Percentage added to variable rate | 0.60% | |||
| Revolving Credit Facility [Member] | Minimum [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Commitment fee rate | 15.00% | |||
| Debt instrument, basis spread on variable rate | 1.60% | |||
| Revolving Credit Facility [Member] | Maximum [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Commitment fee rate | 0.35% | |||
| Percentage added to variable rate | 1.50% | |||
| Revolving Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Commitment fee rate | 40.00% | |||
| Debt instrument, basis spread on variable rate | 2.85% | |||
| Revolving Credit Facility [Member] | SOFR [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 1.00% | |||
| Revolving Credit Facility [Member] | SOFR [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 1.00% | |||
| Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 1.60% | |||
| Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Percentage added to variable rate | 0.60% | |||
| Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 2.50% | |||
| Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Percentage added to variable rate | 1.85% | |||
| Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 0.50% | |||
| Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 0.50% | |||
| Revolving Credit Facility [Member] | Eurodollar [Member] | Minimum [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 1.60% | |||
| Revolving Credit Facility [Member] | Eurodollar [Member] | Minimum [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 1.60% | |||
| Revolving Credit Facility [Member] | Eurodollar [Member] | Maximum [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 2.50% | |||
| Revolving Credit Facility [Member] | Eurodollar [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Debt instrument, basis spread on variable rate | 2.85% |
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
|
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Balance at Beginning of Year | $ 618 | $ 731 | $ 826 |
| Provision/(Benefit) Charged to Operations | 2,486 | (113) | 100 |
| Deductions | 0 | 0 | (195) |
| Balance at End of Year | $ 3,104 | $ 618 | $ 731 |