Aspen Aerogels(ASPN)2024-08-08 20:15Revenue Growth - Revenue for the three months ended June 30, 2024, was $117,770,000, a significant increase from $48,158,000 in the same period of 2023, representing a growth of 144.5%[8] - Total revenue for the six months ended June 30, 2024, was $212.3 million, a significant increase from $93.7 million in the same period of 2023, representing a growth of approximately 126.3%[41] - Revenue from the U.S. market for the six months ended June 30, 2024, was $125.1 million, compared to $51.9 million in the same period of 2023, indicating a growth of approximately 141.5%[41] - Total revenue increased by $69.6 million, or 145%, to $117.8 million for the three months ended June 30, 2024, compared to $48.2 million in the same period in 2023[135] - Thermal barrier revenue was $80.8 million for the three months ended June 30, 2024, compared to $12.6 million for the same period in 2023, reflecting a significant increase in demand[138] - Thermal barrier revenue increased to $146.2 million for the six months ended June 30, 2024, compared to $24.3 million for the same period in 2023[155] Profitability - Net income for the three months ended June 30, 2024, was $16,818,000, a turnaround from a net loss of $15,423,000 in the same period of 2023[8] - For the six months ended June 30, 2024, the company reported a net income of $15.0 million, compared to a net loss of $32.2 million for the same period in 2023[17] - Net income for the six months ended June 30, 2024, was $16.8 million, compared to a net loss of $32.2 million for the same period in 2023[108] - The company reported a basic net income per share of $0.22 for the three months ended June 30, 2024, compared to a loss of $0.22 per share in the same period of 2023[8] Expenses - Operating expenses for the three months ended June 30, 2024, totaled $31,592,000, compared to $25,451,000 in the same period of 2023, an increase of 24.3%[8] - Research and development expenses for the three months ended June 30, 2024, were $4,565,000, up from $3,964,000 in the same period of 2023, reflecting a growth of 15.1%[8] - General and administrative expenses increased by $9.2 million, or 36%, to $34.7 million for the six months ended June 30, 2024, from $25.5 million in the comparable period[164] - Sales and marketing expenses increased by $2.0 million, or 13%, to $17.8 million for the six months ended June 30, 2024, compared to $15.8 million in the same period in 2023[162] Assets and Liabilities - Total current assets increased to $288,537,000 as of June 30, 2024, up from $266,331,000 at the end of 2023, reflecting a growth of 8.3%[7] - Total liabilities increased to $230,802,000 as of June 30, 2024, up from $214,993,000 at the end of 2023, representing a rise of 7.4%[7] - Total stockholders' equity increased to $517,827,000 as of June 30, 2024, up from $488,055,000 at the end of 2023, indicating a growth of 6.1%[11] - The company reported total inventories of $53.0 million as of June 30, 2024, up from $39.2 million at December 31, 2023, reflecting an increase of approximately 35.2%[46] Cash Flow - The company used $10.9 million in cash for operating activities, a significant improvement from $32.3 million used in the same period last year[17] - As of June 30, 2024, the company had unrestricted cash and cash equivalents of $91.4 million[17] - Cash and cash equivalents balance as of June 30, 2024, was $91.4 million, sufficient to support current operating requirements and initial capital expenditures[172] Research and Development - The company is increasing investment in research and development for next-generation aerogel products and manufacturing processes, particularly for the electric vehicle market[18] - Research and development expenses are expected to increase in absolute dollars while decreasing as a percentage of revenue in 2024, reflecting continued investment in new aerogel technologies[128] - The company is actively developing aerogel products for the EV market, including the PyroThin thermal barriers designed to enhance battery safety and performance[100] Market and Strategic Initiatives - The company is expanding aerogel manufacturing capacity and establishing an automated thermal barrier fabrication operation to meet expected growth in the EV market[101] - Contracts have been secured with major OEMs, including General Motors and Toyota, to supply thermal barriers for next-generation EV battery systems[102] - The company expects to achieve a target revenue capacity of approximately $650 million in 2024, supported by productivity improvements and external manufacturing facilities[106] - The U.S. Department of Energy has invited the company into the due diligence stage for a loan application related to the construction of a second manufacturing plant[107] Legal and Compliance - The company is involved in ongoing patent infringement proceedings in Italy and Korea, with significant legal developments occurring in 2023 and 2024[196][197] - The company has no material changes in its internal control over financial reporting as of June 30, 2024[193] - The company maintains effective disclosure controls and procedures to ensure timely reporting of required information[191]