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Aspen Aerogels(ASPN) - 2024 Q4 - Annual Results
ASPNAspen Aerogels(ASPN)2025-02-12 21:30

Financial Performance - Total revenue for FY 2024 was 452.7million,a90452.7 million, a 90% year-over-year increase from 238.8 million in FY 2023[4] - Q4 2024 revenue reached 123.1million,up46123.1 million, up 46% year-over-year from 84.3 million in Q4 2023[2] - FY 2024 net income was 13.4million,comparedtoanetlossof13.4 million, compared to a net loss of 45.8 million in FY 2023, reflecting a 59.2millionimprovement[4]−AdjustedEBITDAforFY2024was59.2 million improvement[4] - Adjusted EBITDA for FY 2024 was 89.9 million, a significant increase of 112.8millionfrom112.8 million from (22.9) million in FY 2023[5] - Revenue for Q4 2024 was 123,088,000,a46123,088,000, a 46% increase from 84,219,000 in Q4 2023[28] - Gross profit for Q4 2024 was 47,133,000,comparedto47,133,000, compared to 29,618,000 in Q4 2023, representing a 59% increase[28] - Net income for Q4 2024 was 11,362,000,comparedtoanetlossof11,362,000, compared to a net loss of 519,000 in Q4 2023[28] - Adjusted EBITDA for Q4 2024 was 22,694,000,upfrom22,694,000, up from 9,132,000 in Q4 2023[32] Cash Flow and Assets - The company generated 20.9millionoffreecashflowinQ42024,endingtheyearwith20.9 million of free cash flow in Q4 2024, ending the year with 220.9 million in cash[1] - Cash and cash equivalents at the end of Q4 2024 were 221,276,000,comparedto221,276,000, compared to 101,618,000 at the end of Q3 2024[30] - Total current assets increased to 409,448,000inQ42024from409,448,000 in Q4 2024 from 266,331,000 in Q4 2023, a growth of 54%[26] - Total stockholders' equity increased to 614,705,000inQ42024from614,705,000 in Q4 2024 from 488,055,000 in Q4 2023, a rise of 26%[26] Liabilities and Expenditures - Total liabilities rose to 280,439,000inQ42024from280,439,000 in Q4 2024 from 214,993,000 in Q4 2023, an increase of 30%[26] - Capital expenditures for Q1 2025, excluding costs related to the Statesboro plant project, are expected to be less than 7million[14]FutureOutlook−Q12025revenueisexpectedtorangebetween7 million[14] Future Outlook - Q1 2025 revenue is expected to range between 75 million and 95million,withaprojectednetlossbetween95 million, with a projected net loss between 15 million and breakeven[14] - The company expects a net loss of up to 15,000,000forQ12025,withanAdjustedEBITDAoutlookrangingfrom15,000,000 for Q1 2025, with an Adjusted EBITDA outlook ranging from 0 to 15,000,000[32]OperationalDevelopments−AspenwasawardedacontracttosupplyPyroThinThermalBarriersforaVolvoTruckcommercialvehicleprogram,indicatingmarketexpansion[7]−ThecompanyplanstomaximizecapacityatitsEastProvidencemanufacturingfacilityandhashaltedtheconstructionoftheStatesboroplantproject[10]ResearchandDevelopment−ResearchanddevelopmentexpensesforQ42024were15,000,000[32] Operational Developments - Aspen was awarded a contract to supply PyroThin Thermal Barriers for a Volvo Truck commercial vehicle program, indicating market expansion[7] - The company plans to maximize capacity at its East Providence manufacturing facility and has halted the construction of the Statesboro plant project[10] Research and Development - Research and development expenses for Q4 2024 were 4,405,000, slightly up from $4,075,000 in Q4 2023[28] Gross Margins - Gross margins improved to 40% in FY 2024, a sixteen-percentage point increase over 2023[8]