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Dec 31, 2021
Aspen Aerogels Q4 2021 Earnings Report
Aspen Aerogels reported fourth quarter and fiscal year 2021 financial results, announcing Statesboro, Georgia as the site for its 2nd manufacturing plant.
Key Takeaways
Aspen Aerogels reported a revenue increase of 21% for the full year 2021, driven by initial revenues in the electric vehicle market and recovery in the energy infrastructure market. However, the company experienced a net loss for both the quarter and the full year, impacted by COVID-related challenges and increased investments in personnel and infrastructure.
Total revenue for the fourth quarter was $31.5 million, compared to $23.0 million in the fourth quarter last year.
Fourth quarter net loss was $16.4 million, compared to a net loss of $6.2 million in the fourth quarter of 2020.
The company carried a backlog of between $6 million and $8 million of fourth quarter orders into the first quarter of 2022 due to COVID related production constraints.
Aspen began shipments of production parts to major U.S. and Asian automotive customers during the fourth quarter and delivered $6.7 million of PyroThin thermal barriers during the year.
Forward Guidance
Aspen issues its 2022 full year outlook as follows: Total revenue is expected to range between $145.0 million and $155.0 million. Net loss is expected to range between $66.7 million and $70.7 million. Adjusted EBITDA is expected to range between $(42.0) million and $(46.0) million. Net loss per share is expected to range between $1.95 and $2.07
Positive Outlook
- Projecting solid revenue growth in each of our principal markets during 2022
- Expecting a tripling of EV thermal barrier revenue to $20.0 million for the year
- Increasing investment levels during the year to keep pace with rapidly growing e-mobility opportunities
- Focusing investment on establishing an automated fabrication operation in Mexico
- Enhancing the technical, commercial and operational teams and associated resources supporting our thermal barrier and carbon aerogel battery materials businesses.
Challenges Ahead
- Planned investments will expand Adjusted EBITDA loss and net loss in 2022 versus 2021
- Assumes depreciation and amortization of $9.7 million
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