<SEC-DOCUMENT>0001214659-25-006034.txt : 20250417
<SEC-HEADER>0001214659-25-006034.hdr.sgml : 20250417
<ACCEPTANCE-DATETIME>20250416212122
ACCESSION NUMBER:		0001214659-25-006034
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250417
DATE AS OF CHANGE:		20250416

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AstroNova, Inc.
		CENTRAL INDEX KEY:			0000008146
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
		ORGANIZATION NAME:           	06 Technology
		EIN:				050318215
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13200
		FILM NUMBER:		25844049

	BUSINESS ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893
		BUSINESS PHONE:		4018284000

	MAIL ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASTRO MED INC /NEW/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLAN TOL INDUSTRIES INC
		DATE OF NAME CHANGE:	19850220

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASKELADDEN CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001815572
		ORGANIZATION NAME:           	
		EIN:				810803834
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
		BUSINESS PHONE:		682-553-8302

	MAIL ADDRESS:	
		STREET 1:		1452 HUGHES ROAD
		STREET 2:		SUITE 200 #582
		CITY:			GRAPEVINE
		STATE:			TX
		ZIP:			76051
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>g416250dfan14a.htm
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
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    <TD STYLE="text-align: justify">&nbsp;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Soliciting Material Pursuant to Section 240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman; margin: 0pt 0; text-align: center"><B>AstroNova, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Samir Patel</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Askeladden Capital Management LLC</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Jeff Sands</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Shawn Kravetz</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Ryan Oviatt</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Boyd Roberts</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">(Check all boxes that apply):</P>

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    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman">Fee paid previously with preliminary materials</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <TD>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
    14a-6(i)(1) and 0-11</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Samir Patel and Askeladden Capital Management LLC issued the following press release
containing an open letter to AstroNova shareholders:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Askeladden Capital Comments on AstroNova Q4 and FY2025 Results</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><I>Q<B>4 represents fourth consecutive quarter of poor performance blamed on &ldquo;delays,&quot;
which are now expected to continue into FY2026</B></I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><I>ALOT shares are down &gt;50% since the disastrous MTEX acquisition last May,
which led to a covenant breach and event of default on the company's debt facility in Q4</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><I>Samir Patel of Askeladden Capital, AstroNova's largest shareholder, has nominated
five director candidates with specific and relevant expertise who will instill a culture of accountability to shareholder value</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>FORT WORTH, TX /&nbsp;ACCESS Newswire&nbsp;/
April 16, 2025</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">To fellow shareholders of AstroNova:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">By now you have likely seen the fourth quarter and full-year 2025 financial
results for AstroNova (ALOT). I write today to comment on these results. I am the portfolio manager of Askeladden Capital Management
LLC (collectively, &ldquo;we,&rdquo;), which on behalf of our clients is AstroNova&rsquo;s largest shareholder. I am very concerned about
AstroNova&rsquo;s future, and that is why I have nominated a slate of five candidates for election to the board of directors at the upcoming
annual shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">These pitiful results, which we discuss in more detail below, underscore the urgent
need for substantial change. We think CEO Greg Woods&rsquo; continued employment with AstroNova represents a culture lacking accountability,
and we believe that the board of directors has failed to provide sufficient oversight and leadership. In our view, CEO Greg Woods and
the four longest-serving directors have individually and collectively presided over substantial shareholder value destruction in both
the short and long term,<SUP>1</SUP> clinging to a CEO who has delivered failure after failure <I>with respect to performance targets
the Board itself has set</I>.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> According to data from YCharts, as of the close on April 15, 2025,
inclusive of dividends and rounded to the nearest whole percent, AstroNova shares have gained 30% since director Mitchell I. Quain
joined the Board on August 24, 2011, substantially underperforming gains of 186% and 226% for the iShares Micro-Cap ETF and Russell
2000 ETF respectively. Shares have declined by 33% since Greg Woods was named CEO on February 1, 2014, substantially underperforming
gains of 58% and 93% for the respective indices. Shares have declined by 41% since Mr. Warzala joined the Board on December 6, 2017,
substantially underperforming gains of 20% and 37% for the respective indices. Shares have declined 47% since Yvonne Schlaeppi
joined the Board on April 3, 2018, substantially underperforming gains of 18% and 36% for the respective indices. Shares have
declined by 29% since Alexis P. Michas joined the Board on June 17, 2022, substantially underperforming gains of 2% and 17% for the
respective indices. Finally, shares have declined by 54% since May 9, 2024, the date of the MTEX acquisition, substantially
underperforming declines of 12% and 8% for the respective indices.</P>



<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">This state of events is why I nominated five qualified and motivated candidates to
replace incumbent Board members. Our goal is to instill an incentives-driven culture of accountability throughout the organization, and
leverage our nominees&rsquo; specific and relevant expertise to restore value not only for Askeladden&rsquo;s clients, but for all long-suffering
ALOT shareholders. In the near future, we intend to file a proxy statement and to solicit proxies in support of our nominees, and we encourage
you to read those materials when they become available and to consider our nominees for election to the board of directors.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Q4 and FY 2025 Results</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Recent results extend the company&rsquo;s multi-year track record of broken promises
and missed targets. We observed virtually no bright spots in Q4. Year-on-year (y/y):</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">Q4 net revenue declined 5.6% despite the acquisition of MTEX,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">Q4 gross profit declined 13.7%,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">Q4 Adjusted EBITDA declined over 46%,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">For FY 2025, cash flow from operations fell 60% y/y to a measly $4.85 million, representing
less than half of the already-disappointing Adj. EBITDA figure.<SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The company also disclosed that in Q4:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<TD STYLE="width: 21.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">it breached its debt covenants, creating an event of default for which it had to seek a
waiver,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">it took a $13.4 million goodwill impairment primarily attributable to its acquisition of
MTEX, equivalent to over 20% of AstroNova&rsquo;s market cap as of the close on April 15, 2025, and over 70% of the cash outlaid for MTEX
in May 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In December 2024, Woods telegraphed a strong end to the fiscal year ending the next
month.<SUP>3</SUP> Woods stated Q4 would benefit from orders that had been delayed from Q3 and prior quarters:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in">Regarding the product identification (PI) segment: <I>&ldquo;In fiscal
Q4, we began shipping a large inkjet printer order&nbsp;<B>that had been delayed</B>&nbsp;to allow some customer-requested enhancements.&nbsp;We
expect that the order will contribute several million dollars to our PI segment's top line over the next several quarters.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in">Regarding the aerospace segment: <I>&ldquo;&hellip; segment performance
would have been even stronger&nbsp;had it not been for the nearly two-month Boeing strike which delayed shipments.&nbsp;With the strike
now resolved, <B>we're ramping shipments back up<U>, and we expect stronger sales volume as we close out fiscal 2025</U></B>.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In reality, company-wide revenues <I>declined </I>sequentially from Q3 to Q4 by 7.5%;
PI by 2.5% and Aerospace by 17%. Adjusted EBITDA declined sequentially by 13.5%.<SUP>4</SUP> This substantial shortfall is particularly
embarrassing because he provided guidance essentially halfway through Q4; Woods should have had visibility into how the quarter was going
to turn out.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> 2025-04-14 8-K Result of Operations and 2024-12-12 8-K Result of Operations
and Form 10-Q.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> Q3 2025 Earnings Call Transcript. December 12, 2024.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> 2025-04-14 8-K Result of Operations and 2024-12-12 8-K Result of Operations
and Form 10-Q.
</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">On the Q4 2025 conference call, management once again blamed poor results on delays
&ndash; this time in <I>&ldquo;large defense industry orders&rdquo;</I> &ndash; but delays are a recurring theme.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">In Q1 2025, the company blamed a $3 million revenue shortfall on component shortages, which
delayed shipment and repairs of certain aircraft printers.<SUP>6</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman">In Q2 2025, Woods blamed MTEX results on integration delays due to its entrepreneurial
culture, claiming it was off to a <I>&ldquo;slow start&rdquo;</I> but had <I>&ldquo;built a strong backlog&rdquo;</I> and expected to
begin shipping <I>&ldquo;in the third and fourth quarters, which will enable [MTEX] to meet our targeted revenue contribution.&rdquo;
<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Thus, for each quarter of FY 2025, Woods blamed results that were lower than expected
due to &ldquo;delays&rdquo; &ndash; supplier delays, customer delays, integration delays &ndash; despite the obvious fact that a delayed
order should <I>benefit </I>a future quarter when it actually ships.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Despite all of these delays pushing orders <I>out </I>of FY2025, Woods is now telegraphing
<I>further </I>weakness in the PI segment in the first half of FY2026. The company&rsquo;s guidance for FY2026 &ndash; already very poor,
as we discussed in our last letter &ndash; is apparently back-half weighted, meaning any further &ldquo;delays&rdquo; would mean results
might not improve until 2027:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><B><I>&ldquo;This segment is not expected to perform strongly out of the
gate in fiscal 2026</I></B><I>, but we expect that these actions we are taking on cost reductions and portfolio re-alignment will be demonstrated
as we move through the second half of the fiscal year.&rdquo;<SUP>8</SUP></I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Supplier and customer delays are simply a fact of life; well-managed organizations
take this into account and find a way to execute and meet targets in spite of such challenges. These results lead us to question AstroNova&rsquo;s
sales execution. Over the past four quarters, Woods has blamed everyone else &ndash; customers, suppliers, new employees at MTEX, and
even the seller of MTEX &ndash; for AstroNova&rsquo;s poor results. In our view, the ultimately responsible parties are Woods himself,
and the Board that continues to employ him.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Years of Missed Annual Targets Under Short-Term Incentive Plan (STIP)</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Looking farther back, the company&rsquo;s own proxy statements disclose that named
executive officers have consistently failed to meet annual targets under the company&rsquo;s short-term incentive plan (STIP). The proxy
statement discloses specific targets, <I>set by the Human Capital and Compensation Committee of the Company&rsquo;s Board of Directors,
</I>against which management&rsquo;s performance is measured. Per last year&rsquo;s proxy statement reveals, this committee was comprised
of three members &ndash; Richard S. Warzala was the Chairman, joined by Alexis P. Michas and Mitchell I. Quain.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> Q4 2025 Earnings Call Transcript. April 14, 2025.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>6</SUP> Q1 2025 Earnings Call Transcript. June 6, 2024.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>7</SUP> Q2 2025 Earnings Call Transcript, September 16, 2024.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>8</SUP> Q4 2025 Earnings Call Transcript, April 14, 2025 (our emphasis).</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">For the seven STIP thresholds set over the last five years &ndash; five relating
to operating profit or EBITDA, and two relating to revenue &ndash; management has not once met or exceeded the target. The average % of
target earned is merely 13.2%, with five out of seven targets having either a zero or a 3.2% score.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2020 (Revenue) &ndash; 3.2% of STIP target earned</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2020 (Operating income) &ndash; 0% of STIP target earned</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2021 (Revenue) &ndash; 0% of STIP target earned</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2021 (Operating income) &ndash; 0% of STIP target earned</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2022 (operating income) &ndash; 62.8% of STIP target earned</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2023 (operating income) &ndash; 0% of STIP target earned</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">FY 2024 (Adj. EBITDA) &ndash; 26.7% of STIP target earned<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Since FY2025 Adj. EBITDA of $12.3 million was substantially below FY2024&rsquo;s
$17.6 million &ndash; not to mention the original guidance for FY25 of ~$21 million at the midpoint<SUP>10</SUP> &ndash; FY 2025 could
be another zero.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">For some context, while high-quality aggregate data is difficult to find, one 2017
analysis by Arthur J. Gallagher &amp; Co noted that for the top 200 companies in the S&amp;P 500, from 2012 &ndash; 2015, between 60 and
63% of named executive officers were paid at or above short-term target levels in the given year. <SUP>11</SUP> So over 5 years, the median
executive might achieve 100% of the target, or greater, 3 times.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman">________________</FONT><FONT STYLE="font-size: 10pt">_____________</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>9</SUP> Sources for all data are the proxy statements for the relevant fiscal
year.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>10</SUP> Q4 2024 Earnings Release.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>11</SUP> &ldquo;2015 Short- and Long-Term Incentive Design Criteria Among Top
200 S&amp;P 500 Companies&rdquo; https://corpgov.law.harvard.edu/2017/02/24/2015-short-and-long-term-incentive-design-criteria-among-top-200-sp-500-companies/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Jam Tomorrow, Never Today</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">In our <A HREF="https://www.sec.gov/Archives/edgar/data/8146/000181557225000014/dfan14a_final.htm">last
letter</A>, we discussed the company&rsquo;s failure to deal with ink quality issues on promised timelines and its failure to deliver
promised results during the integration of MTEX.<SUP>12</SUP> Inventory balances are another view into what we see as a widespread pattern
of poor operational management at AstroNova. On April 14<SUP>th</SUP>, 2025, Woods proclaimed: <SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><I>&ldquo;we're taking decisive action to reduce debt&nbsp;and improve
cash flow through an inventory reduction program.&nbsp;These initiatives reflect our commitment to financial discipline and delivering
value to our shareholders.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Let&rsquo;s contextualize this guidance with historical performance. The &ldquo;Management&rsquo;s
Discussion and Analysis&rdquo; section of the company&rsquo;s annual Form 10-K and quarterly Form 10-Q discloses a figure called &ldquo;inventory
days on hand.&rdquo; Here is how that metric has trended since Woods became CEO on February 1, 2014: <SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2014: 113 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2015: 106 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2016: 92 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2017: 114 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2018: 124 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2019: 120 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2020: 151 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2021: 147 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2022: 156 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2023: 176 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2024: 168 days</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">1/31/2025: 175 days <SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The jump from 2019 &ndash; 2022 is understandable. Due to shortages of key components
or materials, many businesses increased inventory during the COVID-induced supply chain crisis. AstroNova was no exception; then-CFO David
Smith explained in September 2021: <SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman"><I>&ldquo;We're addressing potential
supply shortages proactively through long-range planning and supplementing inventories as needed. [&hellip;] resulting in us carrying
more inventory than we normally w</I></FONT><I><FONT STYLE="font-size: 10pt">ould and certainly more than we had planned.&rdquo;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>12</SUP> Our DFAN14A filing of April 3, 2025 discussed how certain
ink&nbsp;quality issues persisted for two years before being resolved, resulting in lost revenues, warranty/repair costs, and damage
to the company brand. The filing also discussed losses following the MTEX acquisition, which led to a $13.4 million impairment in
the PI segment, largely attributable to MTEX, implying a&nbsp;roughly 70% writeoff&nbsp;on the cash outlay less than a year after
purchase, as well as a phase-out of 70% of the MTEX product line that the company recently announced. See <A HREF="https://www.sec.gov/Archives/edgar/data/8146/000181557225000014/dfan14a_final.htm">https://www.sec.gov/Archives/edgar/data/8146/000181557225000014/dfan14a_final.htm</A></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>13</SUP> Q4 2025 Conference Call Transcript. 2025-02-14</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> &ldquo;<FONT STYLE="font-size: 10pt">Astro-Med
CEO Evertt Pizzuti to Retire; Board Appoints Gregory Woods as Successor.&rdquo; Press release filed on EDGAR. https://www.sec.gov/Archives/edgar/data/8146/000091426013000095/exhibit991.htm</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>15</SUP> Sources for all of the above are the Form 10-K filed with the SEC for
the relevant years.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>16</SUP> AstroNova Q2 2022 Earnings Call Transcript.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">However, what is not understandable is bloated inventory levels persisting through
the present day. As supply chains stabilized, most businesses saw inventory balances normalize, with &ldquo;destocking&rdquo; becoming
a common theme in 2023 and 2024. <SUP>17 18 19 20</SUP> AstroNova has been a sad exception: today&rsquo;s inventory days-on-hand are still
higher than they were in September 2021, when then-CFO Smith stated inventory balances were above-normal.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The company repeatedly promised to convert excess inventory to cash. For example,
Woods stated in May 2023: <FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><I>&ldquo;We&rsquo;re starting to work our inventory down&hellip; it&rsquo;s
definitely higher than what we need&hellip;. You&rsquo;ll start to see that come down as we go through this year. We&rsquo;ve got plans
to do it. And we have good, reliable supply&hellip; we typically try to keep about three months&rsquo; supply.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Similarly, then-CFO Smith stated in March 2024: <SUP>22</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in"><I>&ldquo;Inventory continues to be a focus and it needs to be.&nbsp; [&hellip;]
as&nbsp;we move through the year, the combination of improvement on the inventory side&nbsp;and obviously the benefit of the higher margins
are going to give us the ability to really go after the remaining portion of the revolving credit/debt.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman">Promises are easy to make and hard to
keep. The company&rsquo;s FY2025 &ldquo;plan&rdquo; to reduce inventory and pay down debt is hardly new; they had <I>&ldquo;plans to do
it&rdquo;</I> in 2023, and it was a <I>&ldquo;focus&rdquo;</I> in 2024.<SUP>23</SUP> Yet progress is absent. Inventory days-on-hand as
of the end of FY 2025 (175 days) are essentially equivalent to the peak year-end figure reported in FY23 (176 days), are 40 &ndash; 45%
higher than levels reported in FY18 and FY19 (124 an</FONT><FONT STYLE="font-size: 10pt">d 120 days), and are 54% higher than when Woods
took over as CEO (113 days).</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>17</SUP> &ldquo;How the pandemic affected inventory.&rdquo; McKinsey &amp; Company,
June 2024 - https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/charts/how-the-pandemic-affected-inventory</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>18</SUP> &ldquo;Destocking freeing up US warehousing space, but costs remain
elevated.&rdquo; Journal of Commerce / S&amp;P Global Market Intelligence, January 2024. https://www.spglobal.com/market-intelligence/en/news-insights/research/destocking-freeing-up-us-warehousing-space-but-costs-remain-el
&#9;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>19</SUP> &ldquo;Inventory Glut Catches Up To Industrial Companies.&rdquo; Bloomberg,
August 2023 - https://www.bloomberg.com/opinion/articles/2023-08-11/industrial-strength-destocking-spreads-and-causes-cuts-to-sales-outlooks-ll6udrka</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>20</SUP> &ldquo;End of De-stocking in European Industrials Improves Revenue
Predictability.&rdquo; Fitch Ratings. November 2024. https://www.fitchratings.com/research/corporate-finance/end-of-de-stocking-in-european-industrials-improves-revenue-predictability-05-11-2024</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman"><SUP>21</SUP></FONT> May 2023 <FONT STYLE="font-family: Times New Roman">Sidoti
Micro-Cap Virtual Conference &ndash; Call Transcript.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>22</SUP> AstroNova Q4 2024 Earnings Call Transcript.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>23</SUP> See notes and above.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">The company&rsquo;s failure to deliver on its plans to reduce inventory mirrors what
we discussed extensively in our last filing: broken promises regarding ink quality issues, MTEX&rsquo;s expected performance, and company-wide
EBITDA margins.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Given this performance, shareholders have every right to ask: where was the Board
of Directors the past few years? What sort of due diligence did the Board perform prior to the MTEX acquisition? Why does the board seem
to accept and excuse continual delays and failure to meet performance goals?</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">AstroNova&rsquo;s share price as of the close on April 15, 2025 &ndash; $8.23 &ndash;
is ~40% below its price when Woods was appointed CEO on February 1, 2014, and ~32% lower even including interim dividends. During this
time period, the iShares Russell 2000 ETF (IWM) and Micro-Cap ETF (IWC) have delivered total returns of 58.5% and 93% respectively. <SUP>24</SUP>
We believe the company&rsquo;s market price today reflects the company&rsquo;s strained balance sheet and a complete lack of confidence
in the company&rsquo;s ability to execute.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">It&rsquo;s time for a change. As AstroNova&rsquo;s largest shareholder, we think
that bringing fresh perspectives and a top-down culture of accountability to AstroNova is firmly in the best interests of our clients,
and all other long-suffering ALOT shareholders. We look forward to providing all shareholders with further information in our upcoming
proxy statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">This filing, and future filings, will also be made available to shareholders after
dissemination on EDGAR via our website: https://www.askeladdencapital.com/astronova/
These documents will also be available at no cost at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Samir Patel</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Founder and Portfolio Manager &ndash; Askeladden Capital</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Contact:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">samir@askeladdencapital.com</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">(682) 553-8302</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>THIS IS A SOLICITATION PURSUANT TO RULE 14a-12 UNDER THE SECURITIES EXCHANGE ACT
OF 1934. SAMIR PATEL, WHO MAY BE DEEMED A PARTICIPANT IN THIS SOLICITATION, HAS ADVISED THE COMPANY OF HIS INTENT TO NOMINATE HIMSELF
AND FOUR OTHER CANDIDATES FOR ELECTION TO THE BOARD OF DIRECTORS AT THE 2025 ANNUAL MEETING OF STOCKHOLDERS.</B></P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><SUP>24</SUP> Data from YCharts.</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>MR. PATEL INTENDS TO FILE&nbsp;WITH THE SECURITIES AND EXCHANGE COMMISSION (THE
&ldquo;SEC&rdquo;) AND FURNISH TO ITS STOCKHOLDERS A PROXY STATEMENT IN SUPPORT OF HIS NOMINATION. ANY SUCH PROXY STATEMENT WILL CONTAIN
IMPORTANT INFORMATION, AND INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE. INVESTORS
AND STOCKHOLDERS WILL BE ABLE TO OBTAIN FREE COPIES OF ANY PROXY STATEMENT AND OTHER DOCUMENTS THAT MR. PATEL FILES WITH THE SEC THROUGH
THE SEC&rsquo;S WEB SITE AT WWW.SEC.GOV AND FROM MR. PATEL BY WRITING TO HIM AT 1452 HUGHES ROAD, SUITE 200, # 582, GRAPEVINE, TX 76501.
INFORMATION ABOUT THE DIRECT AND INDIRECT INTERESTS OF MR. PATEL AND ASKELADDEN CAPITAL MANAGEMENT LLC, ANOTHER PARTICIPANT IN THIS SOLICITATION,
ARE AVAILABLE IN A SCHEDULE 13D THAT HE FILED ON MARCH 27, 2025 AND WILL BE PROVIDED IN ANY DEFINITIVE PROXY STATEMENT THAT HE FILES,
ALONG WITH INFORMATION ABOUT HIS QUALIFICATIONS AND ALL OTHER RELEVANT INFORMATION, ALL OF WHICH WILL BE AVAILABLE TO INVESTORS AT NO
COST AT THE SOURCES CITED ABOVE. THE OTHER FOUR PARTICIPANTS IN THIS SOLICITATION (JEFF SANDS, SHAWN KRAVETZ, RYAN OVIATT AND BOYD ROBERTS)
DO NOT HAVE ANY DIRECT OR INDIRECT INTERESTS, INCLUDING SECURITIES OWNERSHIP; INFORMATION ABOUT THEIR QUALIFICATIONS AND ALL OTHER RELEVANT
INFORMATION WILL BE AVAILABLE TO INVESTORS AT NO COST IN THE SOURCES CITED ABOVE.</B></P>

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