Aspen Aerogels, Inc. Reports First Quarter 2024 Financial Results and Recent Business Highlights

Core Insights - Aspen Aerogels reported total revenue of $94.5 million for Q1 2024, a significant increase from $45.6 million in Q1 2023, reflecting a year-over-year growth of 107% [1][5] - The company achieved a gross profit margin of 37% and an Adjusted EBITDA of $12.9 million, compared to a loss of $13.9 million in the same quarter of the previous year [1][2] - Aspen has raised its 2024 baseline Adjusted EBITDA outlook by 83%, now expecting over $55 million on projected revenues of over $380 million [5][6] Financial Performance - The net loss for Q1 2024 was $1.8 million, a significant improvement from a net loss of $16.8 million in Q1 2023, resulting in a net loss per share of $0.02 compared to $0.24 [1][19] - Adjusted EBITDA improved by 42% quarter-over-quarter and $26.9 million year-over-year, indicating strong operational scalability [5][6] - The company ended Q1 2024 with cash and equivalents of $101.5 million, down from $139.7 million at the beginning of the period [5][21] Business Developments - Aspen is transitioning its Energy Industrial products to an external manufacturing facility while focusing its East Providence plant on producing aerogel for electric vehicle (EV) thermal barriers [3] - The company is engaged with multiple automotive OEMs and battery cell manufacturers, aiming to deliver $650 million in annual revenue with at least 35% gross margins and 25% Adjusted EBITDA margins [3] - Aspen received the Automotive News PACE Award for its PyroThin® cell-to-cell barrier platform, highlighting its innovation in the automotive sector [5] Updated Financial Outlook - The updated 2024 financial outlook includes projected revenue of over $380 million, a 9% improvement from the prior outlook, and a year-over-year growth rate of 59% [5][6] - The company anticipates a positive net income for 2024, a significant turnaround from the previous expectation of a net loss of over $23 million [5][6] - Key metrics for the updated outlook include Adjusted EBITDA of over $55 million and earnings per share expected to exceed $0.03 [5][6]