Aspen (ASPN) Provides Preliminary Revenue Results & Guidance

Core Insights - Aspen Aerogels, Inc. (ASPN) reported preliminary revenue results for Q4 2023 and full-year 2023, indicating significant growth in revenues and expectations for 2024 [1][2] Financial Performance - Q4 2023 revenues reached $84 million, a 38% increase quarter over quarter, with PyroThin thermal barrier revenues growing 61% to $53 million and Energy Industrial revenues increasing 11% to $31 million [1] - For the full year 2023, revenues totaled $238 million, up 32% from 2022, with PyroThin thermal barrier revenues surging 98% year over year to $110 million and Energy Industrial revenues rising 3% to $128 million [1] Future Outlook - The company anticipates revenues of $350 million for 2024, representing over 47% year-over-year growth, driven by the acceleration of electric vehicle (EV) production [2] - ASPN aims to improve its gross margin and adjusted EBITDA margin targets to 35% and 25%, respectively, while optimizing its cost structure and expanding its EV customer base [2] Market Position - ASPN has experienced a 65.4% stock price increase over the past three months, outperforming the Zacks Building Products - Miscellaneous industry's growth of 23% [5] - Earnings estimates for 2024 suggest a significant year-over-year rise of 84.2% [5]