24/7 Market News- Aspen Aerogels Reports Q2 2024 Financial Results

August 8, 2024

DENVER, Colo., Aug 08, 2024 (247marketnews.com)- Aspen Aerogels, Inc. (NYSE: ASPN) reported its second quarter 2024 financial results, including a 145% increase in revenue for the second quarter of 2024, $117.8 million, compared to $48.2 million for the second quarter of 2023, and $16.8 million in net income, compared to a net loss of $15.4 million for the second quarter of 2023.

Aspen’s President and CEO, Don Young, commented, “This quarter’s results demonstrate the significant operating leverage of our business model as we continue to utilize a higher percentage of our current capacity and effectively execute our strategy.

“We saw strong revenue and profitability growth across both of our business segments. Our Thermal Barrier segment revenues continue to accelerate as our customers ramp production to capture demand. The supply for our Energy Industrial business is increasing, as we nearly doubled our revenues from our external manufacturing facility. We remain confident in our ability to capture the significant excess demand in this segment.”

Aspen increased its 2024 full year revenue outlook from $380 million to $390 million and earnings per share from 3-cents to 9-cents.

Ricardo C. Rodriguez, Aspen’s CFO and Treasurer, added, “We remain ready to capture additional revenues as our automotive OEM customers win their fair share of the market and as we increase our Energy Industrial product supply. Providing additional context to our updated outlook, we continue planning objectively around the production track record of our OEM customers, the tightening global emissions regulatory environment, and an EV market that favors recently launched models, many of which are equipped with PyroThin®. We believe that delivering results as demand presents itself, versus attempting to calculate outsized upside expectations, makes the most sense.”

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