THE DATA VISUALIZATION TECHNOLOGY COMPANY

Sidoti Inaugural Virtual Microcap Conference 2020

Greg Woods, President and CEODavid Smith, CFO

June 30, 2020

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Safe Harbor and Non-GAAP Financial Measure Provisions

Information included in this presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results.

These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will” and similar

expressions to identify forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, some of which are

beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to be materially different from those

expressed or implied by such forward-looking statements. These risks, uncertainties, and factors include, but are not limited to, those factors set forth in

the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 and subsequent filings AstroNova makes with the Securities and

Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise. Investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information

presented in this presentation.

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this presentation contains the non-GAAP

financial measure EBITDA. The Company believes that this non-GAAP financial measure helps investors to gain a meaningful understanding of changes in

the Company's core operating results, and also can help investors who wish to make comparisons between AstroNova and other companies on both a

GAAP and a non-GAAP basis. AstroNova’s management uses this non-GAAP measure, in addition to GAAP financial measures, as the basis for measuring its

core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also

used by the Company’s management to assist with their financial and operating decision-making. Non-GAAP financial measures are not a substitute for

GAAP financial measures and may not be comparable to similarly titled measures of other companies.

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Data Visualization Technology

4

Investment Thesis

Leading market positions and brands

Continuous improvement culture

Expanding global footprint

Robust product development pipeline

Recurring revenue > 50%

Track record of successful M&A

1

4

2

3

5

6

5

HEALTH & WELLBEING TOP PRIORITY

ADDRESSING IMPACTS

Reducing costs to address weakness in aerospace market due to COVID-19 and 737 MAX production halt.

Shifted significant number of team members to offsite working while enhancing cleaning and protection procedures at production facilities.

Resilient and Nimble COVID-19 Response

Taking actions to enhance ecommerce and digital sales capabilities while capitalizing on demand strength in key end markets.

Maintained production while keeping health and safety of employees, customers, suppliers and communities at the forefront of our attention.

BUSINESS CONTINUITY

PLAYING OFFENSE

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Key Actions to Strengthen Financial Position Amid Pandemic

Reduced headcount by 5% due to 737 MAX

grounding

Reduced executive compensation

Reallocated resources to enhance near-term

liquidity

Temporarily suspended quarterly dividend

Received $4.4 million loan under SBA’s

Paycheck Protection Program

Renegotiating credit facility with existing

lender

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OPERATIONAL EXCELLENCEGEOGRAPHIC EXPANSIONPRODUCT INNOVATION STRATEGIC M&A

Growth Playbook – 4 Key Elements

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Comprehensive Product PortfolioExecuting a common strategic vision across three lines of business

• Professional Digital Color Label Presses

• Specialty Printers

• Color Inkjet Label Printers

• Digital LED Toner (EP) Printers

• Thermal Transfer Printers

• Media, Inks, Toner and Supplies

• Label Design and Management Software

• Narrow-format Airborne Printers

• Wide-format AirbornePrinters

• Airborne Ethernet Switches

• Aviation Printer Paper and Supplies

• Global Aviation Repair Facilities

• Data Acquisition Systems

• Data Recorders and Printers

• I/O Modules

• Data Visualization and Analysis Software

• Thermal Paper and Supplies

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Market Profile and SegmentationEconomically diverse business with high recurring revenue

$90.4$50.9

Revenue by Segment – TTM Q1 FY21($ in millions)

Revenue by Type – TTM Q1 FY21($ in millions)

Product ID68%

Test & Measurement

32% $86.9

$41.3

$71.2 Supplies56%

Hardware

35%

$45.0

$12.0Service/other9%

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Driving Digital Engagement Through NewProduct ID Microsite

https://demos.astronovaproductid.com/

Virtual Demos

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Growing Consumables Demand in Key “Essential” Markets

Cleaning & Sanitation Medical Supplies & PPE

Pharmaceuticals Food & Bev, CBD, E-juice & Oils

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Expanding International Presence

Plus over 165 Dealers

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Worldwide Installed Base

Customers in 155 Countries

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AstroNova Operating SystemIt’s not just what we do, but how we do it

Continuous Improvement

Through operational excellence and lean initiatives, we

consistently strive to increase efficiency and enhance margins

Innovation

Stage-Gate methodology accelerates and streamlines the product development process

Building Value

Our customer-centric philosophy ensures we deliver superior quality, delivery, cost

and growth

One Global Team We work as a unified

organization in a data-driven environment that fosters mutual

trust and respect

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QL-300

CMYK+ White

Product Identification Segment

New Solutions Enhance Customers’ Capabilities

QL-120XIndustry-best

2-year warranty

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TrojanLabel Expands Addressable Product ID Market

• Manufacturer of digital color label presses and specialty printing systems

• Strong presence in EMEA and Asia

• Added 50 dealer partners worldwideDigital Color Label Printer Market

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Industry Spending

• Increasing demand for short runand versioned products

• Corrugated, cartons and flexible packaging

• Labels account for ~15% of total market

Source: Smithers Pira, Company estimates2019 2024

$18.6billion

$31.6billion

Growth Opportunities in Digitally Printed Labels and Packaging

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Test & Measurement Segment

New Printers and Data Acquisition Recorders

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Strategic Acquisitions in T&M Segment

Flight deck printer

Ethernet switch

Acquisition Year

Honeywell 2017

RITEC 2016

Miltope 2014

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Aircraft OEMs

Tier 1 integrators

Airline Direct

Addressing the Major Tiers of the Aerospace Value Chain

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737 MAX/Aerospace Industry Update

Aerospace business heavily impacted by 737 MAX production halt and

COVID-19

Airline travel appears to have bottomed; Pace

and timing of recovery uncertain

737 MAX assembly line restarted end of May

2020

Expect 737 MAX to be highly successful, but

current production plans call for prolonged

recovery

Longer-term dynamics appear strong, especially for narrow-body aircraft

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Revenue and Profitability

$94.7 $98.4

$113.4

$136.7 $133.4

$0

$20

$40

$60

$80

$100

$120

$140

$160

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Revenue($ in millions)

$4.5 $4.4

$3.3

$5.7

$1.8

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Net income ($ in millions)

* Please refer to the appendix in this presentation for a reconciliation of EBITDA to the nearest GAAP equivalent.

$9.0 $9.2 $9.6

$14.4

$8.3

$0

$4

$8

$12

$16

$20

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

EBITDA*($ in millions)

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OPERATIONAL EXCELLENCE

Rigorously applying the

AstroNova Operating System

suite of lean business

management tools to

continuously improve our cost,

delivery, and quality across the

entire enterprise

GEOGRAPHIC EXPANSION

Identifying new markets where

our technology and products

represent a competitive

advantage, and building our

network of Innovation

Technology Centers

PRODUCT INNOVATION

Innovating new products and

expanding our relationships

with customers across our

Product Identification and Test

& Measurement segments

STRATEGIC M&A

Acquiring fairly-valued assets

that strengthen our core

competencies, extend our

technology advantage to new

end markets or add

complementary technologies

Growth Playbook – 4 Key Elements

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Investment Thesis

Leading market positions and brands

Continuous improvement culture

Expanding global footprint

Robust product development pipeline

Recurring revenue > 50%

Track record of successful M&A

1

4

2

3

5

6

Questions?

Appendix

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Q1 FY 2021 Financial Results Summary

In Thousands, Except for Per Share Data(Unaudited) Three Months Ended

May 2, 2020 May 4, 2019

Revenue $ 30,919 $ 36,181

Gross Profit 10,855 14,239

Gross Profit Margin (%) 35.1% 39.4%

Operating Income, net 663 2,468

Net Income 432 1,700

Net Income per Common Share – Diluted $ 0.06 $ 0.24

Weighted Avg Number of Common Shares Outstanding – Diluted 7,105 7,248

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Select Consolidated Balance Sheet Data

Amounts In Thousands(Unaudited)

May 2, 2020 January 31, 2020

Cash & Cash Equivalents $ 11,091 $ 4,249

Current Assets 64,610 60,151

Total Assets 120,000 116,664

Current Liabilities 31,935 26,767

Long-Term Debt, net of current portion 6,334 `` 7,715

Royalty Obligation, net of current portion 7,550 8,012

Total Shareholders’ Equity $ 71,562 ` $ 71,375

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Reconciliation of Net Income to EBITDA

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Net Income $ 4,525 $ 4,428 $ 3,286 $ 5,730 $ 1,759

Interest Income (72) (78) (168) (145) (143)

Interest Expense - - 402 876 826

Income Tax Expense 2,384 2,377 1,871 1,578 (390)

Depreciation/Amortization 2,020 2,431 4,017 6,154 6,295

EBITDA $ 8,857 $ 8,958 $ 9,408 $ 14,193 $ 8,347

($ in thousands)