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Dec 31, 2019
Aspen Aerogels Q4 2019 Earnings Report
Aspen Aerogels reported a revenue increase driven by strong demand and progress in the electric vehicle market.
Key Takeaways
Aspen Aerogels, Inc. announced financial results for the fourth quarter and full year 2019. The company's total revenue for the fourth quarter was $46.5 million, compared to $35.7 million in the fourth quarter last year. The fourth quarter net loss was $1.0 million, compared to a net loss of $14.1 million in the fourth quarter of 2018.
Total revenue grew 30% to a record $46.5 million.
Gross profit more than doubled to a record $11.3 million.
Gross margin improved by 800 basis points to 24%.
Adjusted EBITDA increased by $5.8 million to $2.6 million.
Forward Guidance
Aspen reaffirms its 2020 full year outlook.
Positive Outlook
- Total revenue is expected to range between $138.0 million and $148.0 million
- Net loss is expected to range between $5.7 million and $9.7 million
- Adjusted EBITDA is expected to range between $5.0 million and $9.0 million
- Net loss per share is expected to range between $0.22 and $0.37
- Expects that ongoing initiatives to reduce raw material costs will help to improve gross margin to the mid-20s for the full year from 19% during 2019.
Challenges Ahead
- Expects revenue growth rate to moderate in 2020 due principally to expectation that subsea revenue will be closer to historical average of $11.0 million in 2020 versus $17.0 million in 2019.
- Expects to see little to no growth from the PTT LNG Nong Fab receiving terminal project during 2020 as we complete the second half of the $35 to $40 million order during the year.
- Decided to wind down government research services activities in 2020 that contributed approximately $2.4 million in revenue in 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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