Aspen Aerogels, Inc. Reports Second Quarter 2024 Financial Results and Recent Business Highlights
August 7, 2024
- Company revenue of $117.8 million, up 25% quarter-over-quarter (QoQ) and 145% year-over-year (YoY)
- Thermal Barriers : $80.8 million of revenue, up 24% QoQ and 540% YoY
- Energy Industrial: $36.9 million of supply constrained revenue, up 27% QoQ and 4% YoY
- Energy Industrial segment remains on path to deliver over $150 million of revenue in 2024; shipped $28.3 million of revenue from our external manufacturing facility in Q2, an increase of 94% QoQ. Carbon capture projects are beginning to present additional market opportunities.
- Delivered gross margins of 44%, a 7-percentage point improvement QoQ and 26-percentage point improvement YoY
- Net income of $16.8 million, an $18.7 million improvement QoQ and $32.2 million improvement YoY
- Adjusted EBITDA of $28.9 million (25% margin), a $16.0 million or 124% improvement QoQ and $39.8 million improvement YoY
- Operating income of $20.0 million, a $17.6 million improvement or 720% QoQ and $37.0 million improvement YoY
- Cash generated from operations of $6.8 million in the quarter
- Ended second quarter of 2024 with cash and equivalents of $91.4 million
“This quarter’s results demonstrate the significant operating leverage of our business model as we continue to utilize a higher percentage of our current capacity and effectively execute our strategy,” commented Don Young, Aspen’s President and CEO. "We saw strong revenue and profitability growth across both of our business segments. Our Thermal Barrier segment revenues continue to accelerate as our customers ramp production to capture demand. The supply for our Energy Industrial business is increasing, as we nearly doubled our revenues from our external manufacturing facility. We remain confident in our ability to capture the significant excess demand in this segment.
ATVM Department of Energy Loan Status Update
Late last year, we announced that the U.S. Department of Energy Loan Programs Office invited Aspen into the formal due diligence and term sheet negotiation stage of the process. The Company continues to progress with the Department of Energy during this process. In June 2024, after a public notice period, the Department of Energy released a Final Environmental Assessment and issued a “Finding of No Significant Impact.” While the DOE’s determination is not an assurance that the DOE will issue a loan, the Company remains deeply engaged with the Loan Programs Office and its advisors and continues to believe that Aspen is a strong candidate to partner with the DOE Loan Programs Office in this program.
Good quater