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Aspen Aerogels, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Recent Business Highlights
ASPNAspen Aerogels(ASPN) Prnewswire·2025-02-12 21:30

Core Insights - Aspen Aerogels, Inc. reported a total revenue of 452.7millionforFY2024,representinga90452.7 million for FY 2024, representing a 90% year-over-year increase [3][6] - The company achieved a net income of 13.4 million for the year, a significant turnaround from a net loss of 45.8millionin2023[3][6]−AdjustedEBITDAforFY2024was45.8 million in 2023 [3][6] - Adjusted EBITDA for FY 2024 was 89.9 million, compared to a loss of 22.9millioninthepreviousyear,indicatingasubstantialimprovementinoperationalperformance[3][6]FinancialPerformance−Q42024revenuereached22.9 million in the previous year, indicating a substantial improvement in operational performance [3][6] Financial Performance - Q4 2024 revenue reached 123.1 million, up from 84.3millioninQ42023,markinga4684.3 million in Q4 2023, marking a 46% increase [2][6] - The company reported a net income of 11.4 million in Q4 2024, compared to a net loss of 0.5millioninthesamequarterof2023[2][6]−Grossmarginsimprovedto400.5 million in the same quarter of 2023 [2][6] - Gross margins improved to 40% for FY 2024, a 16 percentage point increase from 2023 [6][15] Business Developments - Aspen secured a contract to supply PyroThin® Thermal Barriers for Volvo Truck's commercial vehicle program, expanding its customer base [8][9] - The company ended FY 2024 with 220.9 million in cash and generated 20.9millioninfreecashflowduringQ4[7][6]−AspenisdemobilizingitsplannedsecondaerogelmanufacturingfacilityinStatesboro,Georgia,andwillfocusonmaximizingcapacityatitsexistingEastProvidencefacility[10][11]OperationalEfficiency−TheEnergyIndustrialsegmentgeneratedrecordrevenueof20.9 million in free cash flow during Q4 [7][6] - Aspen is demobilizing its planned second aerogel manufacturing facility in Statesboro, Georgia, and will focus on maximizing capacity at its existing East Providence facility [10][11] Operational Efficiency - The Energy Industrial segment generated record revenue of 53.1 million in Q4 2024, a 70% increase year-over-year [6][9] - Approximately 91% of Energy Industrial revenues were supplied through an external manufacturing facility, a significant increase from 10% in Q4 2023 [6][10] - Capital expenditures for FY 2024 were reduced to 86.3million,downfrom86.3 million, down from 175 million in 2023, reflecting a more capital-efficient approach [6][15] Future Outlook - For Q1 2025, the company expects revenue to range between 75millionand75 million and 95 million, with a projected net loss between 15millionandbreakeven[12][14]−TheQ12025outlookincludesanticipateddepreciationandamortizationof15 million and breakeven [12][14] - The Q1 2025 outlook includes anticipated depreciation and amortization of 5.8 million and stock-based compensation expense of $2.7 million [12][14] - Management expressed confidence in the company's strong balance sheet, which supports various growth opportunities and capital efficiency initiatives [11][9]