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Sep 30, 2023
Aspen Aerogels Q3 2023 Earnings Report
Aspen Aerogels reported record revenue driven by PyroThin sales and improved gross profit margins in Q3 2023.
Key Takeaways
Aspen Aerogels reported record revenue of $60.8 million in Q3 2023, driven by a 160% quarter-over-quarter increase in PyroThin® revenues, reaching $32.8 million. The company's gross profit margins improved to 23%, a 6-percentage point increase from the previous quarter. Net loss was $13.1 million, and adjusted EBITDA was $(7.3) million, showing improvements compared to the previous year.
Record quarterly revenues reached $60.8 million.
PyroThin thermal barrier revenues were $32.8 million, up 160% quarter-over-quarter.
Gross profit margins improved to 23%.
Cash and equivalents ended the quarter at $94.6 million.
Forward Guidance
Aspen updated its 2023 full year outlook. Total revenue is expected to be greater than $225.0 million. Net loss is expected to range between $62.4 million and $52.4 million. Adjusted EBITDA is expected to range between $(40.0) million and $(30.0) million. Net loss per share is expected to range between $0.90 and $0.76 Capital Expenditures are expected to be up to $175 million.
Positive Outlook
- Total revenue is expected to be greater than $225.0 million.
- Net loss is expected to range between $62.4 million and $52.4 million.
- Adjusted EBITDA is expected to range between $(40.0) million and $(30.0) million.
- Net loss per share is expected to range between $0.90 and $0.76
- Capital Expenditures are expected to be up to $175 million.
Challenges Ahead
- Additional charges
- Realize gains or losses
- Incur financing costs or interest expense
Historical Earnings Impact
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Avg. Return Before/After Earnings
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