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Mar 31, 2023
Aspen Aerogels Q1 2023 Earnings Report
Aspen Aerogels reported first quarter 2023 financial results with revenue growth of 19% year-over-year.
Key Takeaways
Aspen Aerogels reported revenue of $45.6 million, a 19% increase year-over-year. The company's net loss was $16.8 million, an improvement compared to the previous year's $19.5 million loss. The company was awarded a PyroThin® contract for a European EV commercial truck program and is executing a contract manufacturing strategy to increase capacity.
Total revenue grew 19% year-over-year, and net loss was reduced by $2.7M, or 14% year-over-year
PyroThin® thermal barrier revenues of $11.7 million, up 53% year-over-year
Gross margin of 11%, a 1,600bps improvement year-over-year, as well as maintaining OPEX flat quarter-over-quarter
Ended first quarter of 2023 with cash and equivalents of $208 million
Forward Guidance
Aspen updates its 2023 full year outlook as follows:
Positive Outlook
- Total revenue is expected to range between $200 million to $250 million
- Net loss is expected to range between $101.9 million and $91.9 million
- Adjusted EBITDA is expected to range between $(60) million and $(50) million
- Net loss per share is expected to range between $1.46 and $1.31
- CAPEX is reduced from a range of $350-400 million to a range of $100-150 million, including $49.4 million invested in the first quarter
Challenges Ahead
- Aspen may incur, among other items, additional charges, realize gains or losses, incur financing costs or interest expense, or experience other events in 2023, including those related to the planned capacity expansion, supply chain disruptions or further cost inflation, that could cause actual results to vary materially from this outlook.
- Inability to execute the growth plan
- Inability to complete construction and commissioning the Plant II and to do so at a cost consistent with Aspen's estimates and aligned with Aspen's expectations of demand from our EV customers
Historical Earnings Impact
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Avg. Return Before/After Earnings
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