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Mar 31, 2020
Aspen Aerogels Q1 2020 Earnings Report
Announced first quarter 2020 financial results and recent business developments, strengthened balance sheet and liquidity, and withdrew prior 2020 financial outlook.
Key Takeaways
Aspen Aerogels reported a revenue increase to $28.4 million compared to $27.9 million in the first quarter last year. The company's net loss improved to $3.2 million, compared to a net loss of $6.0 million in the first quarter of 2019. Adjusted EBITDA for the first quarter was $0.5 million, an increase from $(2.6) million in the previous year.
Product revenue grew 6% to $28.3 million.
Gross profit grew 61% to $6.0 million.
Gross margin improved by 800 basis points to 21%.
Adjusted EBITDA increased by $3.0 million to $0.5 million.
Forward Guidance
Due to the general uncertainty in the markets for our products resulting from the COVID-19 pandemic and the potential impact of significant volatility in the global oil markets, we are withdrawing our prior 2020 financial outlook.
Positive Outlook
- Aspen Aerogels remains open for business.
- Aspen has not yet encountered any significant disruption to our supply chain.
- Aspen has not yet encountered any significant disruption to manufacturing operations.
- Aspen has not yet encountered any significant disruption to our ability to deliver to our customers.
- Aspen remains confident that Aspen’s underlying business fundamentals and operational effectiveness are strong.
Challenges Ahead
- General uncertainty in the markets for Aspen's products resulting from the COVID-19 pandemic.
- Potential impact of significant volatility in the global oil markets.
- Withdrawing prior 2020 financial outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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