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Side-by-side financial comparison of ASTROTECH Corp (ASTC) and Black Hawk Acquisition Corp (BKHA). Click either name above to swap in a different company.
Black Hawk Acquisition Corp is the larger business by last-quarter revenue ($230.6K vs $148.0K, roughly 1.6× ASTROTECH Corp). Black Hawk Acquisition Corp runs the higher net margin — -1.6% vs -2653.4%, a 2651.7% gap on every dollar of revenue.
Astrotech Corporation, formerly Spacehab Inc., is a technology incubator headquartered in Austin, Texas. Astrotech uses technology sourced internally and from research institutions, government laboratories, and universities to fund, manage and sell start-up companies. Astrotech Corporation's subsidiaries provide commercial products and services to NASA, the U.S. Department of Defense, national space agencies, and global commercial customers.
ASTC vs BKHA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.0K | $230.6K |
| Net Profit | $-3.9M | $-3.8K |
| Gross Margin | 5.4% | — |
| Operating Margin | -2635.8% | -94.5% |
| Net Margin | -2653.4% | -1.6% |
| Revenue YoY | -43.3% | — |
| Net Profit YoY | 2.0% | -100.5% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $148.0K | $230.6K | ||
| Q3 25 | $297.0K | $494.5K | ||
| Q2 25 | $220.0K | $767.6K | ||
| Q1 25 | $534.0K | $765.9K | ||
| Q4 24 | $261.0K | — | ||
| Q3 24 | — | $965.5K | ||
| Q2 24 | — | $668.2K | ||
| Q4 23 | $1.1M | — |
| Q4 25 | $-3.9M | $-3.8K | ||
| Q3 25 | $-3.5M | $154.4K | ||
| Q2 25 | $-2.9M | $520.5K | ||
| Q1 25 | $-3.6M | $658.4K | ||
| Q4 24 | $-4.0M | — | ||
| Q3 24 | — | $883.8K | ||
| Q2 24 | — | $310.9K | ||
| Q4 23 | $-2.6M | — |
| Q4 25 | 5.4% | — | ||
| Q3 25 | 63.3% | — | ||
| Q2 25 | 33.6% | — | ||
| Q1 25 | 44.4% | — | ||
| Q4 24 | 59.4% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q4 23 | 47.7% | — |
| Q4 25 | -2635.8% | -94.5% | ||
| Q3 25 | -1190.6% | -69.0% | ||
| Q2 25 | -1326.4% | -32.3% | ||
| Q1 25 | -724.2% | -14.2% | ||
| Q4 24 | -1655.6% | — | ||
| Q3 24 | — | -8.8% | ||
| Q2 24 | — | -53.8% | ||
| Q4 23 | -275.2% | — |
| Q4 25 | -2653.4% | -1.6% | ||
| Q3 25 | -1166.7% | 31.2% | ||
| Q2 25 | -1331.8% | 67.8% | ||
| Q1 25 | -680.3% | 86.0% | ||
| Q4 24 | -1536.0% | — | ||
| Q3 24 | — | 91.5% | ||
| Q2 24 | — | 46.5% | ||
| Q4 23 | -236.9% | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.0M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.5M | $-3.8M |
| Total Assets | $19.7M | $23.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.0M | — | ||
| Q3 25 | $11.3M | — | ||
| Q2 25 | $15.1M | — | ||
| Q1 25 | $18.1M | — | ||
| Q4 24 | $21.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q4 23 | $52.4M | — |
| Q4 25 | $15.5M | $-3.8M | ||
| Q3 25 | $19.1M | $-3.3M | ||
| Q2 25 | $22.1M | $-2.5M | ||
| Q1 25 | $24.8M | $-2.3M | ||
| Q4 24 | $28.1M | — | ||
| Q3 24 | — | $-2.1M | ||
| Q2 24 | — | $-2.0M | ||
| Q4 23 | $40.3M | — |
| Q4 25 | $19.7M | $23.9M | ||
| Q3 25 | $23.2M | $23.3M | ||
| Q2 25 | $27.0M | $73.5M | ||
| Q1 25 | $27.5M | $72.8M | ||
| Q4 24 | $31.0M | — | ||
| Q3 24 | — | $71.4M | ||
| Q2 24 | — | $70.5M | ||
| Q4 23 | $42.8M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-3.5M | $-100.5K |
| Free Cash FlowOCF − Capex | $-4.0M | — |
| FCF MarginFCF / Revenue | -2671.6% | — |
| Capex IntensityCapex / Revenue | 277.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-14.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $-100.5K | ||
| Q3 25 | $-3.9M | $-107.9K | ||
| Q2 25 | $-2.4M | $-278.6K | ||
| Q1 25 | $-3.9M | $-163.3K | ||
| Q4 24 | $-3.0M | — | ||
| Q3 24 | — | $-42.8K | ||
| Q2 24 | — | $-414.2K | ||
| Q4 23 | $-1.8M | — |
| Q4 25 | $-4.0M | — | ||
| Q3 25 | $-4.4M | — | ||
| Q2 25 | $-2.7M | — | ||
| Q1 25 | $-3.9M | — | ||
| Q4 24 | $-3.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q4 23 | $-2.0M | — |
| Q4 25 | -2671.6% | — | ||
| Q3 25 | -1476.1% | — | ||
| Q2 25 | -1231.4% | — | ||
| Q1 25 | -728.1% | — | ||
| Q4 24 | -1288.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q4 23 | -175.2% | — |
| Q4 25 | 277.7% | — | ||
| Q3 25 | 150.8% | — | ||
| Q2 25 | 158.2% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 122.2% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q4 23 | 13.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.70× | ||
| Q2 25 | — | -0.54× | ||
| Q1 25 | — | -0.25× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.05× | ||
| Q2 24 | — | -1.33× | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
