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Dec 31, 2022
Aspen Aerogels Q4 2022 Earnings Report
Aspen Aerogels experienced revenue growth and strategic advancements in Q4 2022.
Key Takeaways
Aspen Aerogels reported a 90% year-over-year increase in quarterly revenue, driving annual revenues to $180 million, a 48% increase. The company's Q4 net loss was $9.6 million, an improvement from the previous year's $16.4 million. The company also executed a successful equity offering and secured a lending commitment from General Motors.
Total revenue for Q4 2022 reached $59.6 million, a 90% increase compared to Q4 2021.
Q4 2022 net loss was $9.6 million, an improvement from the $16.4 million net loss in Q4 2021.
The company generated $55.6 million of PyroThin thermal barrier revenue for the year.
Aspen executed a successful equity offering, raising approximately $265 million during the fourth quarter.
Revenue by Segment
Forward Guidance
Aspen Aerogels anticipates revenue between $200 million and $250 million, a net loss between $101.9 million and $91.9 million, and adjusted EBITDA between $(60) million and $(50) million for the full year 2023.
Positive Outlook
- Total revenue is expected to range between $200 million to $250 million
- Revenue growth of between 11 percent and 39 percent over 2022 is expected
- Customer demand for PyroThin thermal barriers will drive revenue
- Important nameplate launches expected in the second half of the year
- At least 70 percent of EV thermal barrier revenues being delivered in the second half of the year
Challenges Ahead
- Net loss is expected to range between $101.9 million and $91.9 million
- Adjusted EBITDA is expected to range between $(60) million and $(50) million
- Assumes depreciation and amortization of $22.3 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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