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Sep 30, 2020
Aspen Aerogels Q3 2020 Earnings Report
Reported a decrease in revenue due to COVID-19 impact on energy infrastructure business and announced EV thermal barrier contract award.
Key Takeaways
Aspen Aerogels reported a decrease in revenue and an increase in net loss for the third quarter of 2020, impacted by COVID-19. However, the company also announced a major EV contract award.
Total revenue for the third quarter was $24.2 million, down from $35.4 million in the third quarter last year.
Third quarter net loss was $6.8 million, compared to a net loss of $2.3 million in the third quarter of 2019.
Adjusted EBITDA for the third quarter was $(3.2) million, compared to $1.4 million in the third quarter of 2019.
A major U.S. automotive OEM awarded Aspen a contract to supply PyroThinTM thermal barriers for use in its battery platform.
Forward Guidance
Aspen updates its 2020 full year outlook as follows: Total revenue is expected to range between $102.0 million and $106.0 million, Net loss is expected to range between $20.6 million and $18.6 million, Adjusted EBITDA is expected to range between $(6.0) million and $(4.0) million and Net loss per share is expected to range between $0.78 and $0.71
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