Aspen Aerogels(ASPN) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for FY 2024 was $452.7 million, a 90% year-over-year increase from $238.8 million in FY 2023[4] - Q4 2024 revenue reached $123.1 million, up 46% year-over-year from $84.3 million in Q4 2023[2] - FY 2024 net income was $13.4 million, compared to a net loss of $45.8 million in FY 2023, reflecting a $59.2 million improvement[4] - Adjusted EBITDA for FY 2024 was $89.9 million, a significant increase of $112.8 million from $(22.9) million in FY 2023[5] - Revenue for Q4 2024 was $123,088,000, a 46% increase from $84,219,000 in Q4 2023[28] - Gross profit for Q4 2024 was $47,133,000, compared to $29,618,000 in Q4 2023, representing a 59% increase[28] - Net income for Q4 2024 was $11,362,000, compared to a net loss of $519,000 in Q4 2023[28] - Adjusted EBITDA for Q4 2024 was $22,694,000, up from $9,132,000 in Q4 2023[32] Cash Flow and Assets - The company generated $20.9 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, compared to $101,618,000 at the end of Q3 2024[30] - Total current assets increased to $409,448,000 in Q4 2024 from $266,331,000 in Q4 2023, a growth of 54%[26] - Total stockholders' equity increased to $614,705,000 in Q4 2024 from $488,055,000 in Q4 2023, a rise of 26%[26] Liabilities and Expenditures - Total liabilities rose to $280,439,000 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 $7 million[14] Future Outlook - Q1 2025 revenue is expected to range between $75 million and $95 million, with a projected net loss between $15 million and breakeven[14] - The company expects a net loss of up to $15,000,000 for Q1 2025, with an Adjusted EBITDA outlook ranging from $0 to $15,000,000[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]