Page 1

ASTRONICS CORPORATION NEWS RELEASE • Astronics Corporation • 130 Commerce Way ⚫ East Aurora , NY 14052-2164 For more information , contact : Company : David C. Burney , Chief Financial Officer Phone : ( 716 ) 805-1599 , ext . 159 Email : david.burney@astronics.com Investor Relations : Deborah K. Pawlowski , Kei Advisors LLC Phone : ( 716 ) 843-3908 Email : dpawlowski@keiadvisors.com FOR IMMEDIATE RELEASE • • • Astronics Corporation Reports 2021 First Quarter Financial Results Sales for the quarter were $ 105.9 million , slightly better than guidance Net loss was $ 11.9 million Adjusted EBITDA * loss was $ 0.5 million • Bookings for the quarter continued sequential improvement to $ 120.0 million • Backlog at the end of the quarter was $ 297.5 million * Adjusted EBITDA is a Non - GAAP Performance Measure . Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net income . EAST AURORA , NY , May 6 , 2021 - Astronics Corporation ( Nasdaq : ATRO ) ( " Astronics " or the " Company " ) , a leading supplier of advanced technologies and products to the global aerospace , defense and other mission critical industries , today reported financial results for the three months ended April 3 , 2021 . Peter J. Gundermann , the Company's President and CEO , commented , " As we expected , our first quarter was a slow start to the year . However , our Aerospace bookings continue to recover , increasing 36 % sequentially from the fourth quarter , resulting in our first positive Aerospace book- to - bill ratio of 1.23 since the pandemic began over a year ago . We are encouraged that the industry seems poised for recovery as the pandemic comes under control . " First Quarter Summary and Review of Major Markets First quarter revenue was $ 105.9 million , down 32.8 % from the comparator period of 2020. The Company incurred a net loss of $ 11.9 million and an adjusted EBITDA loss of $ 0.5 million , or 0.5 % of sales . -MORE-