Aspen Aerogels(US:ASPN) Prnewswireยท2024-08-07 20:30Core Insights - Aspen Aerogels reported record quarterly revenues of $117.8 million, representing a 25% increase quarter-over-quarter (QoQ) and a 145% increase year-over-year (YoY) [1][5] - The company achieved a net income of $16.8 million, a significant turnaround from a net loss of $15.4 million in the same quarter last year [1][5] - Adjusted EBITDA for the quarter was $28.9 million, compared to a loss of $10.8 million in the second quarter of 2023 [2][5] - Aspen has increased its 2024 revenue and profitability outlook for the second consecutive quarter, projecting revenues to exceed $390 million, up from a prior estimate of over $380 million [4][5] Financial Performance - Total revenue for Q2 2024 was $117.8 million, with the Thermal Barrier segment generating $80.8 million (up 24% QoQ and 540% YoY) and the Energy Industrial segment contributing $36.9 million (up 27% QoQ and 4% YoY) [5][6] - Gross margins improved to 44%, reflecting a 7-percentage point increase QoQ and a 26-percentage point increase YoY [5][6] - Operating income reached $20.0 million, marking a 720% improvement QoQ and a $37.0 million increase YoY [5][6] Updated Financial Outlook - The updated 2024 financial outlook includes projected revenues exceeding $390 million, net income over $7 million, and Adjusted EBITDA exceeding $60 million [4][5] - The company anticipates a YoY revenue growth of 63% and an increase in earnings per share (EPS) to over $0.09 [4][5] Business Highlights - Aspen's business model demonstrated significant operating leverage, with strong revenue and profitability growth across both business segments [3][5] - The Energy Industrial segment is on track to deliver over $150 million in revenue for 2024, with a 94% QoQ increase in revenue from external manufacturing facilities [5][6] - The company is actively engaged with the U.S. Department of Energy regarding a potential loan, which could support its growth initiatives [7]