AstroNova reported Q3 FY2025 net revenue of $40.4 million, up 7.7% year-over-year, driven by strength in the Test & Measurement (T&M) segment, offset by a modest decline in Product Identification (PI). The company noted that MTEX NS integration has been more time-consuming and resource-intensive than anticipated, resulting in a $1.1 million MTEX operating loss on $1.7 million in MTEX revenue for the quarter. Management launched a comprehensive cost-reduction and product line rationalization initiative and realigned MTEX's organizational reporting to AstroNova leadership to accelerate integration and standardization of practices. Full MTEX optimization is expected to extend through mid-calendar year 2025, with ongoing plans to retrofit MTEX technology across most product lines and to migrate customers toward the ToughWriter brand to improve margins. Management suspended near-term annual guidance for fiscal 2025 and 2026, opting instead to present longer-term targets at the March update, reflecting the extended integration timeline. The inkjet printer upgrade for a large legacy PI order began shipping in Q4 and is expected to contribute several million dollars to PI revenues over the coming quarters. Overall, while the near-term profitability is pressured by MTEX-related costs and a weaker PI hardware mix, AstroNova remains positioned for potential margin expansion through the ToughWriter transition, lower royalty exposure, and a higher share of higher-margin T&M shipments as Boeing-related delays resolve.