THE DATA VISUALIZATION TECHNOLOGY COMPANY

22nd Annual Needham Growth Conference

Greg Woods, President and CEODavid Smith, CFO

January 15, 2020

2

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, 2019 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 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.

3

Data Visualization Technology

4

Revenue and Profitability

$94.7 $98.4 $113.4

$136.7 $141.0

$0

$20

$40

$60

$80

$100

$120

$140

$160

FY 2016 FY 2017 FY 2018 FY 2019 TTM Q3FY20

Revenue($ in millions)

$4.5 $4.4

$3.3

$5.7 $5.4

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

FY 2016 FY 2017 FY 2018 FY 2019 TTM Q3FY20

Net income ($ in millions)

$9.0 $9.2 $9.6

$14.4$13.1

$0

$4

$8

$12

$16

$20

FY 2016 FY 2017 FY 2018 FY 2019 TTM Q3FY20

EBITDA*($ in millions)

13.0% CAGR 8.2% CAGR 17.0% CAGR

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

CAGR calculated FY 2016 through FY 2019

5

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

Investment Thesis

6

OPERATIONAL EXCELLENCEGEOGRAPHIC EXPANSIONPRODUCT INNOVATION STRATEGIC M&A

Growth Playbook – 4 Key Elements

7

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

8

Market Profile and SegmentationEconomically diverse business with high recurring revenue

$90.4$50.9

Revenue by Segment – TTM Q3 FY20($ in millions)

Revenue by Type – TTM Q3 FY20($ in millions)

Product ID65%

Test & Measurement

35% $90.9

$49.3

$74.0 Supplies53%

Hardware

38%

$52.7

$13.5Service/other9%

9

Expanding International Presence

Plus over 165 Dealers

10

Worldwide Installed Base

Customers in 155 Countries

11

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

12

Operating Metrics

$5.9$6.3

$5.4

$8.7

$7.0

6.3% 6.4%4.8%

6.4%5.0%

0.0%

10.0%

20.0%

30.0%

40.0%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

FY16 FY17 FY18 FY19 TTM Q3 FY20

Operating Income and Margin

Operating income Operating margin

($ in millions)

$287.7$315.5 $322.2

$365.4 $377.8

$21.0 $21.2 $14.7 $19.5 $20.7

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

FY16 FY17 FY18 FY19 TTM Q3 FY20

Revenue and EBIT per Employee

Revenue per Employee EBIT per Employee

($ in thousands)

13

QL-300

CMYK+ White

Product Identification Segment

New Solutions Enhance Customers’ Capabilities

QL-120XIndustry-best

2-year warranty$67.1 $69.9

$81.7$86.8

$90.9

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

FY16 FY17 FY18 FY19 TTM Q3 FY20

Product ID Revenue

($ in millions)

14

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

15

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 estimates

2019 2024

$18.6billion

$31.6billion

Growth Opportunities in Digitally Printed Labels and Packaging

16

Test & Measurement SegmentNew Printers and Data Acquisition Recorders

17

Strategic Acquisitions in T&M Segment

$27.5 $28.6$31.7

$49.9 $49.3

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

$60

FY16 FY17 FY18 FY19 TTM Q3 FY20

T&M Segment Revenue

($ in millions)

Flight deck printer

Ethernet switch

Acquisition Year

Honeywell 2017

RITEC 2016

Miltope 2014

18

Aircraft OEMs

Tier 1 integrators

Airline Direct

Addressing the Major Tiers of the Aerospace Value Chain

19

0 500 1000 1500 2000

2019

2020

2021

B737 and A320 Estimated Annual Production Rate

B737 A320

1,440

1,356

1,284

12,700B737s and A320s currently in service

12,000Entering into service in next 10 years

Growth of Narrow-body Aircraft Market

Source: Customer estimates

Source: Customer estimates

20

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

21

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

24

Q3 and YTD 2020 Financial Results Summary

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

Nov 2, 2019 Oct 27, 2018 Nov 2, 2019 Oct 27, 2018

Revenue $ 33,318 $ 34,196 $ 102,967 $ 99,490

Gross Profit 12,297 13,908 38,513 39,417

Gross Profit Margin (%) 36.9% 40.7% 37.4% 39.6%

Operating Income, net 447 2,362 4,078 5,791

Net Income 456 1,417 3,108 3,425

Net Income per Common Share – Diluted $ 0.06 $ 0.20 $ 0.43 $ 0.49

Weighted Avg Number of Common Shares Outstanding – Diluted

7,199 7,167 7,272 7,056

Dividends Declared per Common Share $ 0.07 $ 0.07 $ 0.21 $ 0.21

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Select Consolidated Balance Sheet Data

Amounts In Thousands(Unaudited) November 2, 2019 January 31, 2019

Cash & Cash Equivalents $ 4,468 $ 7,534

Current Assets 65,215 62,608

Total Assets 121,365 118,983

Current Liabilities 27,853 24,665

Long-Term Debt, net of current portion 9,004 12,870

Royalty Obligation, net of current portion 8,488 9,916

Total Shareholders’ Equity $ 72,953 $ 69,775

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Reconciliation of Net Income to EBITDA

FY 2016 FY 2017 FY 2018 FY 2019 TTM Q3 FY20

Net Income $ 4,525 $ 4,428 $ 3,286 $ 5,730 $ 5,414

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

Interest Expense - - 402 876 865

Income Tax Expense 2,384 2,377 1,871 1,578 714

Depreciation/Amortization 2,020 2,431 4,017 6,154 6,213

EBITDA $ 8,857 $ 8,958 $ 9,408 $ 14,193 $ 13,061

($ in thousands)