Aspen Aerogels(US:ASPN)2022-04-28 15:21Financial Performance & Growth - Aspen Aerogels achieved a 37% year-over-year (YoY) revenue growth in Q1 2022, driven by strong demand across all markets and higher than expected thermal barrier volumes[9, 21] - The company reaffirms its Long-Range Plan (LRP) targets, focusing on near-term capacity investments to support future revenue growth from awarded programs[10] - Aspen Aerogels estimates ~$1 billion of program awards through 2025, driving Stage 1 revenue growth, and ~$2 billion of program awards after 2025, forming the foundation of Stage 2 revenues[11] Strategic Investments & Capacity Expansion - Aspen Aerogels closed a $150 million investment from Koch Strategic Platforms[9] - The company is investing in additional capacity, including EP + Plant II Phase 1 & 2, which will be available as early as 2025, with a target annual revenue capacity of $900 million[11] - Capital expenditure (Cap Ex) for Q1 2022 was $145 million, with an outlook of $250 million - $275 million for the full year, supporting R&D facility upgrades, Plant II construction, and IT systems[22] Technology & Innovation - Aspen Aerogels is focused on delivering a drop-in solution for battery designs at a low cost, addressing the issue of silicon cracking in graphite[16] - The company is developing materials with nanomorphology-derived mechanical and electrical properties, aimed at enabling high silicon content with tunability for various silicon loadings[20] - Aspen Aerogels is validating material performance and energy density preservation at the cell level, with a target of less than 10% variability for 30 x 1 Ah pouch cells using Aspen Si-CA anode material[20] Awards & Recognition - General Motors (GM) awarded Aspen Aerogels the OVERDRIVE AWARD as part of GM's 30th Annual Supplier of the Year Awards[9] - Aspen Aerogels received the LAUNCH EXCELLENCE award from GM, recognizing the company's responsiveness and world-class levels of service[8, 9]