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Dec 31, 2023
Aspen Aerogels Q4 2023 Earnings Report
Reported record quarterly revenue and improved gross margins.
Key Takeaways
Aspen Aerogels reported a strong fourth quarter in 2023, with record revenues of $84.2 million, a gross margin of 35%, and an adjusted EBITDA of $9.1 million. The company saw improvements in operating income and net loss compared to the previous year. They also provided a financial outlook for 2024, projecting revenue of at least $350 million and adjusted EBITDA of at least $30 million.
Achieved record company revenues of $84.2 million, up 41% year-over-year.
Delivered gross margins of 35%, a twelve-percentage point improvement quarter-over-quarter.
Reported operating income of $1.4 million, a $16.0 million improvement quarter-over-quarter.
Net loss improved to $0.5 million, a $9.1 million improvement year-over-year.
Forward Guidance
Aspen Aerogels expects total revenue to be at least $350 million, with approximately $150 million in Energy Industrial revenues, and $200 million in Thermal Barrier revenues. Adjusted EBITDA is expected to be at least $30 million.
Positive Outlook
- Total revenue is expected to be at least $350 million.
- Energy Industrial revenues are projected to be approximately $150 million.
- Thermal Barrier revenues are projected to be approximately $200 million.
- Adjusted EBITDA is expected to be at least $30 million.
- Net loss is expected to be under $23 million.
Challenges Ahead
- Net loss per share is expected to be under $0.30.
- Capital Expenditures, excluding investments in Plant II, are expected to be $50 million.
- Capital Expenditures for Plant II in the first half of 2024 are expected to be $30 million.
- Capital Expenditures for Plant II an additional $15 million for the second half of 2024, assuming continued construction right-timing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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