Exhibit 99.1 Aspen Aerogels, Inc. Reports First Quarter 2024 Financial Results and Recent Business Highlights For Immediate Release $94.5 million in company revenue drove 37% gross profit margins and $12.9 million of Adjusted EBITDA Raising 2024 baseline Adjusted EBITDA outlook by 83% Expecting positive net income for 2024 NORTHBOROUGH, Mass., May 1, 2024 — Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced finan ...

Core Insights - Aspen Aerogels reported total revenue of $94.5 million for Q1 2024, a significant increase from $45.6 million in Q1 2023, reflecting a year-over-year growth of 107% [1][5] - The company achieved a gross profit margin of 37% and an Adjusted EBITDA of $12.9 million, compared to a loss of $13.9 million in the same quarter of the previous year [1][2] - Aspen has raised its 2024 baseline Adjusted EBITDA outlook by 83%, now expecting over $55 million on projected revenues of over $380 million [5][6] Financial Performance - The net loss for Q1 2024 was $1.8 million, a significant improvement from a net loss of $16.8 million in Q1 2023, resulting in a net loss per share of $0.02 compared to $0.24 [1][19] - Adjusted EBITDA improved by 42% quarter-over-quarter and $26.9 million year-over-year, indicating strong operational scalability [5][6] - The company ended Q1 2024 with cash and equivalents of $101.5 million, down from $139.7 million at the beginning of the period [5][21] Business Developments - Aspen is transitioning its Energy Industrial products to an external manufacturing facility while focusing its East Providence plant on producing aerogel for electric vehicle (EV) thermal barriers [3] - The company is engaged with multiple automotive OEMs and battery cell manufacturers, aiming to deliver $650 million in annual revenue with at least 35% gross margins and 25% Adjusted EBITDA margins [3] - Aspen received the Automotive News PACE Award for its PyroThin® cell-to-cell barrier platform, highlighting its innovation in the automotive sector [5] Updated Financial Outlook - The updated 2024 financial outlook includes projected revenue of over $380 million, a 9% improvement from the prior outlook, and a year-over-year growth rate of 59% [5][6] - The company anticipates a positive net income for 2024, a significant turnaround from the previous expectation of a net loss of over $23 million [5][6] - Key metrics for the updated outlook include Adjusted EBITDA of over $55 million and earnings per share expected to exceed $0.03 [5][6]

NORTHBOROUGH, Mass., April 30, 2024  /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen", the "Company"), a technology leader in aerogel-based sustainability and electrification solutions, won a coveted Automotive News PACE Award for its PyroThin cell-to-cell (C2C) barrier platform used by leading automotive OEMs globally to improve electric vehicle (EV) battery safety and performance. Aspen was also honored with an Innovation Partnership Award recognizing its extensive collaboration with General Moto ...

Pasha Pechenkin Last summer, I believed that Aspen Aerogels (NYSE:ASPN) was not insulating investors from the cold, like its products are supposed to do. The company after talked about its promise, but that did not convince investors as it took a long time to show up in the results. With the business having seen runaway sales growth, but moreover operating leverage in recent quarters, investors have gotten a lot more faith into the story, for good reasons. I like the business and prospects, even after an im ...

Revenue Growth - Total revenue for 2023 was $238.7 million, up from $180.4 million in 2022, representing a year-over-year growth of 32.3%[24] - Revenue from insulation products grew from $17.2 million in 2008 to $128.6 million in 2023, achieving a compound annual growth rate of 14%[12] - Sales of PyroThin thermal barriers reached $110.1 million in 2023, a significant increase from $55.6 million in 2022 and $6.7 million in 2021[16] - The company expects a target revenue capacity of approximately $650 million in 2024, supported by productivity improvements and external manufacturing[20] - The U.S. revenue for 2023 was $151.0 million, while international revenue was $87.7 million, indicating strong global demand[24] - Revenue from thermal barrier aerogel products reached $110.1 million in 2023, up from $55.6 million in 2022 and $6.7 million in 2021, indicating significant growth[42] - The company’s energy industrial revenue has grown at a compound annual growth rate of 14% from 2008 to 2023, reaching $128.6 million[42] - Total revenue from international sales was $87.7 million in 2023, representing 37% of total revenue, compared to $66.4 million (37%) in 2022 and $54.8 million (45%) in 2021[65] Manufacturing and Capacity Expansion - The company is expanding its aerogel manufacturing capacity with a second plant in Georgia, although construction timelines are being adjusted based on demand[20] - The company plans to expand its aerogel blanket capacity by constructing a second manufacturing plant in Bulloch County, Georgia, to meet increasing demand[42] - The company is expanding its aerogel blanket capacity by constructing a second manufacturing plant in Bulloch County, Georgia, with an extended timeframe for construction[71] - The company has increased manufacturing capacity and productivity at its East Providence facility since 2008[69] - The company is expanding its supplier base globally, including Europe and Asia, to mitigate risks associated with raw material supply[148] Financial Performance and Risks - The company reported net losses of $45.8 million, $82.7 million, and $37.1 million for the years ended December 31, 2023, 2022, and 2021, respectively, with an accumulated deficit of $673.6 million as of December 31, 2023[98] - The company anticipates significant cash outlays during 2024 for maintaining aerogel manufacturing operations and constructing a second aerogel plant in Bulloch County, Georgia[99] - The company may consider strategic acquisitions of complementary businesses or technologies, which would require significant capital and increase future capital requirements[100] - The company has incurred annual net losses since inception and may continue to do so, potentially affecting its ability to achieve profitability[97] - The company expects to continue incurring operating losses due to expenses associated with business development, including research and development, sales and marketing, and general and administrative costs[98] - Negative cash flows from operating activities were reported at $42.6 million, $94.4 million, and $18.6 million for the years ended December 31, 2023, 2022, and 2021, respectively[113] - The company has not yet achieved positive total cash flow, and its ability to generate positive cash flow remains uncertain[113] Market and Competitive Landscape - The energy industrial insulation market is a multi-billion dollar market, with significant demand driven by maintenance and capital expansion projects[11] - The company faces increased financial, operational, and legal risks in developing, selling, and supplying products in the EV market, which could adversely impact its business and financial conditions[102] - The company faces significant competition in the automotive industry, particularly from established Chinese firms[1] - The company faces strong competition from established manufacturers of traditional insulation materials and increasing competition from companies developing high-performance insulation materials[175] - The company is in the early stages of developing battery materials for lithium-ion batteries in EVs, facing substantial competition from well-capitalized competitors[178] Product Development and Innovation - The patented carbon aerogel technology is nearing development maturity, potentially enhancing market opportunities in energy storage[17] - The company has developed PyroThin thermal barriers specifically for the EV and energy storage industries to address thermal runaway issues in lithium-ion batteries[48] - The company is seeking partnerships with industry leaders to optimize its carbon aerogels for lithium-ion batteries, including an evaluation agreement with SKC Co., Ltd.[180] - The qualification process for the company's products can be lengthy and unpredictable, potentially delaying adoption and incurring significant expenses[188] Supply Chain and Material Costs - The company has experienced significant price increases in certain silica precursors due to supply imbalances in the silanes market and is reformulating products to mitigate this risk[46] - Material costs represented 36%, 51%, and 48% of product revenue for the years ended December 31, 2023, 2022, and 2021, respectively[45] - The company has faced significant increases in the costs of silica precursor materials, which constituted over 50% of raw material costs in previous years[143] - Supply chain disruptions and raw material shortages could adversely impact the company's financial condition and operational results[142] Strategic Partnerships and Contracts - The company has entered into multi-year production contracts with major automotive OEMs, including General Motors and Toyota, for thermal barriers[15] - The company has entered into contracts with major automotive manufacturers, including GM and Toyota, to supply thermal barrier products for EV battery systems[39] - The Loan Agreement with GM allows for a multi-draw senior secured term loan of up to $100 million, with specific conditions and covenants that could restrict operational flexibility[118] Employee and Operational Challenges - The company employs 548 full-time employees, with 517 located in the United States[87] - Employee strikes and labor-related disruptions could adversely affect the company's operations and profitability[169] - The company may not be able to successfully recruit and retain skilled employees, which could impede operations and strategic objectives[195] Economic and Market Conditions - The cyclical nature of automotive sales and production can adversely affect the company's business, particularly in the EV market[121] - Any deterioration in the macroeconomic environment could lead to defaults by business partners, adversely impacting operations and financial condition[130] - The COVID-19 pandemic has negatively impacted global sales and manufacturing output, affecting the company's ability to fulfill customer orders[131]

Shares of Aspen Aerogels (ASPN 15.56%) jumped 15.6% on Tuesday after the sustainability and electrification solutions specialist announced far stronger-than-expected quarterly results.The key to Aspen Aerogels' outperformanceAspen Aerogels' fourth-quarter revenue jumped 41% year over year to $84.2 million, and its net loss narrowed to $519,000, or $0.01 per share, from a loss of $0.20 per share a year earlier. Analysts, on average, were modeling a much wider net loss of $0.12 per share on revenue of $83.8 m ...

Call end: 09:48 Aspen Aerogels, Inc. (NYSE:ASPN) Q4 2023 Earnings Call February 13, 2024 08:30 AM ET Company Participants Neal Baranosky - Senior Director of Corporate Strategy and Finance Don Young - President and CEO Ricardo Rodriguez - CFO Conference Call Participants George Gianarikas - Canaccor Colin Rusch - Oppenheimer Chris Souther - B. Riley Eric Stine - Craig-Hallum Alex Potter - Piper Sandler Tom Curran - Seaport Research Partners Amit Dayal - H.C. Wainwright Operator Good morning and thank you fo ...

When it comes to reporting and trading, small-cap stocks usually get overlooked due to the lack of information, interest, or both. However, in the sea of options, hidden gems hold the potential to increase their value multiple times in the future, and Aspen Aerogels (NYSE: ASPN) might be one of these.A small-cap stock represents publicly traded company shares with a market capitalization typically between $250 million and $2 billion.In their Q4 report 2023, Aspen pre-announced that the total revenue reached ...

Financial Performance - Aspen Aerogels reported a quarterly loss of $0.01 per share, better than the Zacks Consensus Estimate of a loss of $0.12, and an improvement from a loss of $0.20 per share a year ago, indicating a significant earnings surprise of 91.67% [1] - The company achieved revenues of $84.22 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 0.47%, and showing a year-over-year increase from $59.61 million [1] - Over the last four quarters, Aspen Aerogels has exceeded consensus EPS estimates four times and topped consensus revenue estimates three times [1] Stock Performance and Outlook - Aspen Aerogels shares have declined approximately 24% since the beginning of the year, contrasting with the S&P 500's gain of 5.4% [2] - The future performance of Aspen Aerogels' stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [2] - The current consensus EPS estimate for the upcoming quarter is -$0.09 on revenues of $78.44 million, and for the current fiscal year, it is -$0.15 on revenues of $354.51 million [4] Industry Context - The Building Products - Miscellaneous industry, to which Aspen Aerogels belongs, is currently ranked in the top 15% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [4] - The performance of Aspen Aerogels may also be influenced by the overall industry outlook, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [4] - CaesarStone, another company in the same industry, is expected to report a quarterly loss of $0.14 per share, reflecting a significant year-over-year decline, with revenues projected at $124.94 million, down 21.6% from the previous year [5]

$84.2 million quarterly revenue enabled gross margins of 35% and adjusted EBITDA of $9.1 million NORTHBOROUGH, Mass., Feb. 12, 2024 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced financial results for the fourth quarter and full year 2023, which ended December 31, 2023, and discussed recent business developments. Total revenue for the fourth quarter of 2023 was $84.2 million, compared to $59. ...