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Jun 30, 2023
Aspen Aerogels Q2 2023 Earnings Report
Aspen Aerogels reported financial results for the second quarter of 2023 and discussed recent business developments.
Key Takeaways
Aspen Aerogels reported Q2 2023 revenue of $48.2 million, compared to $45.6 million in the second quarter of last year. Net loss was $15.4 million, compared to a net loss of $24.1 million in the second quarter of last year. The company is reducing projected 2023 Net Loss outlook by $17 million.
Delivered Q2 gross profit margins of 17%, a 20-percentage point improvement over the same period last year
Achieved record level quarterly Energy Industrial gross profit margin of 27%
Decreased year-over-year quarterly net loss by $8.6 million, a 36% reduction on 6% higher revenues
Fulfilled PyroThin® thermal barrier revenues of $12.6 million in Q2, up 17% year-over-year
Forward Guidance
Aspen updated its 2023 full year outlook as follows: Total revenue is expected to range between $200 million and $250 million. Net loss is expected to range between $85.0 million and $75.0 million, as compared to the previous range of $101.9 million and $91.9 million. Adjusted EBITDA is expected to range between $(55) million and $(45) million, as compared to the previous range of $(60) million and $(50) million. Net loss per share is expected to range between $1.21 and $1.07, as compared to the previous range of $1.46 and $1.31. CAPEX of up to $150 million to enable continued growth in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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