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Mar 31, 2022
Aspen Aerogels Q1 2022 Earnings Report
Aspen Aerogels reported strong revenue growth and strengthened its balance sheet.
Key Takeaways
Aspen Aerogels, Inc. reported a 37% year-over-year increase in total revenue for Q1 2022, reaching $38.4 million. The company strengthened its balance sheet through a $150.0 million investment from Koch Strategic Platforms and $23.6 million raised via an At-the-Market equity offering. However, the net loss increased to $19.5 million, compared to $6.3 million in the same quarter last year.
Total revenue grew 37% year-over-year to $38.4 million.
PyroThin thermal barrier revenue reached a record $7.6 million, a 41% increase compared to Q4 2021.
Secured $150.0 million in financing from Koch Strategic Platforms.
Raised $23.6 million through an At-the-Market equity offering.
Forward Guidance
Aspen Aerogels maintains its 2022 full-year outlook, projecting total revenue between $145.0 million and $155.0 million, a net loss between $66.7 million and $70.7 million, and Adjusted EBITDA between $(42.0) million and $(46.0) million.
Positive Outlook
- Total revenue is expected to range between $145.0 million and $155.0 million.
- Net loss is expected to range between $66.7 million and $70.7 million.
- Adjusted EBITDA is expected to range between $(42.0) million and $(46.0) million.
- Net loss per share is expected to range between $1.88 and $1.99.
- Growth targets remain unchanged for a doubling of revenue from 2021 to 2023 and tripling revenue from 2023 to 2025 to approximately $720 million.
Challenges Ahead
- Aspen Aerogels may incur charges, realize gains or losses, incur financing costs or interest expense, or experience other events in 2022, including those related to the planned capacity expansion, that could cause actual results to vary materially from this outlook.
- Any sustained downturn in the energy industry or energy prices.
Historical Earnings Impact
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