Aspen Aerogels Reports Doubling Q1 2024 Revenue and Updates Its 2024 Financial Outlook

May 2, 2024

DENVER, Colo., May 02, 2024 (247marketnews.com)- Aspen Aerogels, Inc. (NYSE:ASPN) reported its first quarter financial results and its total revenue for the first quarter of 2024 was $94.5 million, compared to $45.6 million for the same quarter of 2023.

Aspen’s adjusted EBITDA for the first quarter of 2024 was $12.9 million, compared to a loss of $13.9 million for the same quarter of 2023.

“We continue to execute the transition of our Energy Industrial products to our external manufacturing facility and dedicate our manufacturing plant in East Providence to the production of aerogel for EV thermal barriers. We believe the Q1 results further demonstrate that we have the capability with existing assets and supply arrangements to deliver $650 million of annual revenue with at least 35% gross margins and 25% Adjusted EBITDA margins,” stated Aspen’s President and CEO, Don Youn. “We remain deeply engaged with a growing list of automotive OEMs and battery cell manufacturers and have strong conviction that we are providing a unique solution to a very challenging problem. We remain focused on scaling the five OEM awards that we have in hand alongside maximizing our Energy Industrial business.”

Aspen updated its 2024 full year outlook including raising its expected revenue from up to $350 million to up to $380 million, while increasing its adjusted EBITA from to up to $30 million to up to $50 million.

Aspen’s Chief Financial Officer and Treasurer, Ricardo C. Rodriguez, commented,”We added $10 million of revenue quarter over quarter, a 12% increase. More importantly, we increased Adjusted EBITDA by 42% quarter over quarter, to $12.9 million, and operating income increased by 76%, further validating the scalability of our operations. We are increasingly optimistic about our outlook for the year as our main automotive OEM customers capture their fair share of the EV market, and our Energy Industrial customers benefit from incremental supply through our external manufacturing facility.” Mr. Rodriguez added, “These elements, combined with our team’s continued execution, enable us to raise our 2024 baseline Adjusted EBITDA outlook by 83%, to $55 million on $380 million of revenue, and to anticipate positive net income for the year.”

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