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Sep 30, 2024
Aspen Aerogels Q3 2024 Earnings Report
Aspen Aerogels reported third quarter 2024 financial results, achieving revenue of $117.3 million and demonstrating continued cost discipline with 42% gross margins and 22% Adjusted EBITDA margins.
Key Takeaways
Aspen Aerogels reported a revenue of $117.3 million for Q3 2024, a significant increase compared to $60.8 million in Q3 2023. The company's gross margins stood at 42%, with Adjusted EBITDA margins at 22%. They have increased their 2024 financial outlook to $450 million in revenue, $9 million in net income, and $90 million in Adjusted EBITDA.
Total revenue for Q3 2024 was $117.3 million, compared to $60.8 million in Q3 2023.
Thermal Barrier revenue reached $90.6 million, up 176% year-over-year.
Net loss was $13.0 million, including a $27.5 million one-time charge from convertible note redemption.
Adjusted EBITDA for Q3 2024 was $25.4 million, compared to $(7.3) million in Q3 2023.
Forward Guidance
Aspen updated its 2024 full year outlook to $450 million of revenue, $9 million of net income, and $90 million of Adjusted EBITDA.
Positive Outlook
- Increased revenue outlook to $450M.
- Expects continued growth into 2025.
- Driving the margin profile achieved in 2024.
- Adjusted EBITDA is expected to be $90M.
- Net income is expected to be $9M.
Challenges Ahead
- Additional charges may occur.
- Gains or losses may be realized.
- Financing costs or interest expense may be incurred.
- Potential for supply chain disruptions.
- Further cost inflation may occur.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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