Aspen Aerogels, Inc. Reports Third Quarter 2024 Financial Results and Recent Business Highlights
Aspen Aerogels (NYSE: ASPN) reported strong Q3 2024 results with revenue of $117.3 million, up 93% year-over-year, led by $90.6 million in Thermal Barrier revenue. The company posted a net loss of $13.0 million, including a $27.5 million one-time charge from convertible note redemption. Gross margins improved to 42%, and Adjusted EBITDA reached $25.4 million.
The company secured significant financing, including a $125 million term loan facility and a conditional commitment from the U.S. Department of Energy for up to $670.6 million. Aspen raised its 2024 outlook to $450 million in revenue, $9 million in net income, and $90 million in Adjusted EBITDA.
Aspen Aerogels (NYSE: ASPN) ha riportato risultati solidi per il Q3 2024 con un fatturato di 117,3 milioni di dollari, in aumento del 93% rispetto all'anno precedente, trainato da 90,6 milioni di dollari di entrate da Barriere Termiche. L'azienda ha registrato una perdita netta di 13,0 milioni di dollari, compreso un onere una tantum di 27,5 milioni di dollari derivante dal riscatto di note convertibili. I margini lordi sono migliorati al 42% e l'EBITDA rettificato ha raggiunto i 25,4 milioni di dollari.
L'azienda ha ottenuto finanziamenti significativi, compreso un prestito a termine di 125 milioni di dollari e un impegno condizionato da parte del Dipartimento dell'Energia degli Stati Uniti per un massimo di 670,6 milioni di dollari. Aspen ha rivisto al rialzo le sue previsioni per il 2024, prevedendo un fatturato di 450 milioni di dollari, un utile netto di 9 milioni di dollari e 90 milioni di dollari in EBITDA rettificato.
Aspen Aerogels (NYSE: ASPN) reportó resultados sólidos para el tercer trimestre de 2024 con ingresos de 117,3 millones de dólares, un aumento del 93% interanual, impulsados por 90,6 millones de dólares en ingresos por Barreras Térmicas. La empresa publicó una pérdida neta de 13,0 millones de dólares, incluyendo un cargo excepcional de 27,5 millones de dólares por la redención de notas convertibles. Los márgenes brutos mejoraron al 42% y el EBITDA Ajustado alcanzó los 25,4 millones de dólares.
La compañía aseguró financiamiento significativo, incluidos un préstamo a plazo de 125 millones de dólares y un compromiso condicional del Departamento de Energía de EE. UU. por hasta 670,6 millones de dólares. Aspen elevó sus perspectivas para 2024 a 450 millones de dólares en ingresos, 9 millones de dólares en ganancias netas y 90 millones de dólares en EBITDA Ajustado.
아스펜 에어로젤 (NYSE: ASPN)이 2024년 3분기 강력한 실적을 발표했습니다. 수익은 1억 1,730만 달러로 전년 대비 93% 증가했으며, 9,060만 달러의 열차단재 수익에 의해 주도되었습니다. 회사는 1,300만 달러의 순손실을 기록했으며, 이는 전환사채 상환으로 인한 2,750만 달러의 일회성 비용을 포함합니다. 총 마진은 42%로 개선되었고, 조정 EBITDA는 2,540만 달러에 도달했습니다.
회사는 1억 2,500만 달러의 기간 대출 시설과 미국 에너지부의 최대 6억 7,060만 달러에 대한 조건부 약속을 포함한 상당한 자금을 확보했습니다. 아스펜은 2024년 수익 전망을 4억 5,000만 달러, 순이익 900만 달러, 조정 EBITDA 9천만 달러로 상향 조정했습니다.
Aspen Aerogels (NYSE: ASPN) a annoncé des résultats solides pour le troisième trimestre 2024 avec un chiffre d'affaires de 117,3 millions de dollars, en hausse de 93 % par rapport à l'année précédente, porté par 90,6 millions de dollars de revenus issus des Barrières Thermiques. La société a enregistré une perte nette de 13,0 millions de dollars, incluant une charge exceptionnelle de 27,5 millions de dollars liée à la rédemption d'obligations convertibles. Les marges brutes se sont améliorées à 42 %, et l'EBITDA ajusté a atteint 25,4 millions de dollars.
L'entreprise a sécurisé un financement significatif, incluant un prêt à terme de 125 millions de dollars et un engagement conditionnel du Département de l'Énergie des États-Unis pour un montant pouvant aller jusqu'à 670,6 millions de dollars. Aspen a rehaussé ses prévisions pour 2024, tablant sur 450 millions de dollars de revenus, 9 millions de dollars de bénéfice net et 90 millions de dollars d'EBITDA ajusté.
Aspen Aerogels (NYSE: ASPN) hat starke Ergebnisse für das 3. Quartal 2024 gemeldet, mit einem Umsatz von 117,3 Millionen Dollar, was einem Anstieg von 93 % im Vergleich zum Vorjahr entspricht, angetrieben durch 90,6 Millionen Dollar im Umsatz mit Thermischen Barrieren. Das Unternehmen verzeichnete einen Nettoverlust von 13,0 Millionen Dollar, einschließlich einer einmaligen Belastung von 27,5 Millionen Dollar aufgrund der Einlösung von wandelbaren Schuldscheinen. Die Bruttomargen verbesserten sich auf 42 %, und das bereinigte EBITDA erreichte 25,4 Millionen Dollar.
Das Unternehmen sicherte sich erhebliche Finanzmittel, darunter ein Darlehensgeschäft im Umfang von 125 Millionen Dollar und ein bedingtes Engagement des US-Energieministeriums von bis zu 670,6 Millionen Dollar. Aspen hat seine Prognose für 2024 auf 450 Millionen Dollar Umsatz, 9 Millionen Dollar Nettogewinn und 90 Millionen Dollar bereinigtes EBITDA angehoben.
- Revenue grew 93% YoY to $117.3 million
- Thermal Barrier revenue increased 176% YoY to $90.6 million
- Gross margins improved by 19 percentage points to 42%
- Adjusted EBITDA margin reached 22%
- Operating income improved by $32.0 million to $17.4 million
- Secured $670.6 million conditional DOE loan commitment
- Raised 2024 revenue outlook by $60 million to $450 million
- Net loss of $13.0 million in Q3 2024
- Energy Industrial segment revenue declined 4% YoY
- $27.5 million one-time charge from convertible note redemption
- Dilution from new share offering in October 2024
Insights
The Q3 results showcase remarkable financial performance with
Key financial developments include:
- Successful refinancing with
$125 million term loan and$43 million drawn from revolving credit - Conditional DOE commitment of
$670.6 million for expansion - Public offering raising
$93.2 million
The strategic positioning in both Thermal Barrier and Energy Industrial segments shows strong market diversification. The
The DOE loan commitment and facility expansion plans signal confidence in long-term market demand. The company's target of
Continued cost discipline delivered
Increased 2024 Financial Outlook to
Various financing activities completed to fully-fund growth strategy
Total revenue for the third quarter of 2024 was
Adjusted EBITDA for the third quarter of 2024 was
Recent Business Highlights & Quarterly Performance
- Company revenue of
, up$117.3 million 93% year-over-year (YoY)- Thermal Barrier:
$90.6 million of revenue, up176% YoY - Energy Industrial:
$26.8 million of supply constrained revenue, down4% YoY
- Thermal Barrier:
- Completed 5-week turnaround of external manufacturing facility to enable expanded supply capacity for Energy Industrial segment
- Delivered gross margins of
42% , a 19-percentage point improvement YoY - Net loss of
, which included a$13.0 million one-time charge from the redemption of the Company's convertible note, a$27.5 million improvement YoY. Adjusting net income for the above one-time charge would result in net income of$0.1 million , a$14.5 million YoY improvement$27.4 million - Adjusted EBITDA of
($25.4 million 22% margin), a improvement YoY$32.6 million - Operating income of
, a$17.4 million improvement YoY$32.0 million - Cash generated from operations of
in the quarter$20.8 million - Ended third quarter of 2024 with cash and equivalents of
$113.5 million
Recent Financing Activity
- On August 19, 2024, closed on
term loan facility and drew$125 million of$43 million capacity asset-based revolving credit facility with MidCap Financial, a leading commercial finance company managed by Apollo Capital Management, L.P.$100 million - The proceeds from the above transaction were utilized for the full cash redemption of the Company's legacy convertible note of
$150.0 million - On October 16, 2024, the Company announced that it had received conditional commitment from the
U.S. Department of Energy Loan Programs Office for a proposed loan of up to for financing the construction of its planned second aerogel manufacturing facility ("Statesboro Plant") in$670.6 million Statesboro, Georgia – full press release link - On October 21, 2024, closed underwritten public offering with net proceeds of approximately
for funding growth CAPEX and to enable opportunistic near-term investment$93.2 million
"We are fully capitalized to execute our current strategy and are well-positioned for continued profitable growth," noted Don Young,
Updated 2024 Financial Outlook
($ in millions, except per share amounts) | ||||||||
Metric | February (2/12/2024) | May Update (5/1/2024) | August Update (8/7/2024) | Current | Δ Over August | |||
Revenue | >350 | >380 | >390 | 450 | 60 | |||
YoY Growth | 47 % | 59 % | 63 % | 88 % | ||||
Net Income (Loss)* | >(23) | >2 | >7 | 9* | 2 | |||
Adjusted EBITDA | >30 | >55 | >60 | 90 | 30 | |||
Earnings Per Share | >(0.30) | >0.03 | >0.09 | 0.11* | 0.02 |
*Current 2024 Outlook now includes a
The Company's 2024 outlook assumes depreciation and amortization of
Ricardo C. Rodriguez, Chief Financial Officer and Treasurer, added, "Q3 was productive with a range of successful financing transactions aimed at lowering our cost of capital and fully funding our current strategy as we continue to execute. From our original outlook, we have increased our revenue by
A reconciliation of net income to Adjusted EBITDA for the 2024 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading "Non-GAAP Financial Measures."
Last Twelve-Month Financial Comparison
A comparison of key financial metrics for the trailing twelve-month periods ended September 30, 2023 and 2024:
($ in millions, numbers may not total due to rounding) | ||||||
Metric | LTM Q3 2023 | LTM Q3 2024 | Delta | % Improvement | ||
Revenue | 214 | 414 | 200 | 93 % | ||
Gross Profit | 42 | 165 | 124 | 297 % | ||
% Margin | 19 % | 40 % | ||||
Net Income (Loss) | (55) | 1 | 56 | 103 % | ||
% Margin | (26 %) | 0 % | ||||
Adjusted EBITDA | (37) | 76 | 113 | 309 % | ||
% Margin | (17 %) | 18 % | ||||
Operating Income | (60) | 41 | 101 | 168 % | ||
% Margin | (28 %) | 10 % | ||||
Total CAPEX | 206 | 99 | (107) | 52 % |
Conference Call and Webcast Notification
A conference call with
Shareholders and other interested parties may call +1 (833) 470-1428 (domestic) or +1 (929) 526-1599 (international) and reference conference ID "921873" to participate in the conference call. In addition, the conference call and an accompanying slide presentation will be available live as a listen-only webcast hosted at the Investors section of
Following the live event, an archived version of the webcast will be available on
Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in
Management believes that this non-GAAP financial measure reflects
The non-GAAP financial measure does not replace the presentation of
About Aspen Aerogels, Inc.
Special Note Regarding Forward-Looking and Cautionary Statements
This press release and any related discussion contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements, including statements relating to
ASPEN AEROGELS, INC. Condensed Consolidated Balance Sheets (Unaudited and in thousands) | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
(In thousands) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 113,489 | $ | 139,723 | ||||
Restricted cash | 394 | 248 | ||||||
Accounts receivable, net | 115,199 | 69,995 | ||||||
Inventories | 47,430 | 39,189 | ||||||
Prepaid expenses and other current assets | 29,344 | 17,176 | ||||||
Total current assets | 305,856 | 266,331 | ||||||
Property, plant and equipment, net | 451,569 | 417,227 | ||||||
Operating lease right-of-use assets | 20,373 | 17,212 | ||||||
Other long-term assets | 4,789 | 2,278 | ||||||
Total assets | $ | 782,587 | $ | 703,048 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 42,280 | $ | 51,094 | ||||
Accrued expenses | 26,531 | 22,811 | ||||||
Deferred revenue | 2,405 | 2,316 | ||||||
Finance obligation for sale and leaseback transactions | 3,653 | — | ||||||
Operating lease liabilities | 3,181 | 1,874 | ||||||
Long term debt - current portion | 26,250 | — | ||||||
Total current liabilities | 104,300 | 78,095 | ||||||
Revolving line of credit | 42,735 | — | ||||||
Long term debt | 93,674 | — | ||||||
Convertible note - related party | — | 114,992 | ||||||
Finance obligation for sale and leaseback transactions long-term | 10,486 | — | ||||||
Operating lease liabilities long-term | 23,742 | 21,906 | ||||||
Total liabilities | 274,937 | 214,993 | ||||||
Stockholders' equity: | ||||||||
Total stockholders' equity | 507,650 | 488,055 | ||||||
Total liabilities and stockholders' equity | $ | 782,587 | $ | 703,048 |
ASPEN AEROGELS, INC. Consolidated Statements of Operations (Unaudited and in thousands, except share and per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(In thousands, except | ||||||||||||||||
Revenue | $ | 117,340 | $ | 60,755 | $ | 329,611 | $ | 154,499 | ||||||||
Cost of revenue | 68,297 | 46,945 | 193,847 | 127,196 | ||||||||||||
Gross profit | 49,043 | 13,810 | 135,764 | 27,303 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 4,591 | 4,218 | 13,645 | 12,281 | ||||||||||||
Sales and marketing | 9,306 | 8,386 | 27,130 | 24,226 | ||||||||||||
General and administrative | 17,746 | 15,840 | 52,465 | 41,382 | ||||||||||||
Impairment of equipment under development | — | — | 2,702 | — | ||||||||||||
Total operating expenses | 31,643 | 28,444 | 95,942 | 77,889 | ||||||||||||
Income (loss) from operations | 17,400 | (14,634) | 39,822 | (50,586) | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest expense, convertible note - related party | (1,469) | (1,938) | (7,550) | (2,424) | ||||||||||||
Interest income (expense) | (1,147) | 1,313 | (883) | 5,532 | ||||||||||||
Income from Employee Retention Credits | — | 2,186 | — | 2,186 | ||||||||||||
Loss on extinguishment of debt | (27,487) | — | (27,487) | — | ||||||||||||
Total other income (expense) | (30,103) | 1,561 | (35,920) | 5,294 | ||||||||||||
Income (loss) before income tax expense | (12,703) | (13,073) | 3,902 | (45,292) | ||||||||||||
Income tax expense | (267) | — | (1,889) | — | ||||||||||||
Net income (loss) | $ | (12,970) | $ | (13,073) | $ | 2,013 | $ | (45,292) | ||||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | (0.17) | $ | (0.19) | $ | 0.03 | $ | (0.65) | ||||||||
Diluted | $ | (0.17) | $ | (0.19) | $ | 0.03 | $ | (0.65) | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 76,261,294 | 69,317,805 | 76,402,123 | 69,243,843 | ||||||||||||
Diluted | 76,261,294 | 69,317,805 | 79,149,193 | 69,243,843 |
Analysis of Cash Flow
The following table summarizes our cash flows for the periods indicated.
Three Months Ended | ||||||||||||
March 31, 2024 | June 30, 2024 | September 30, 2024 | ||||||||||
(In thousands) | ||||||||||||
Net cash provided by (used in): | ||||||||||||
Operating activities | $ | (17,749) | $ | 6,843 | $ | 20,771 | ||||||
Investing activities | (25,863) | (24,827) | (20,821) | |||||||||
Financing activities | 5,259 | 8,141 | 22,158 | |||||||||
Net (decrease) increase in cash | (38,353) | (9,843) | 22,108 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 139,971 | 101,618 | 91,775 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 101,618 | $ | 91,775 | $ | 113,883 |
Reconciliation of Non-GAAP Financial Measures
The following tables present a reconciliation of the non-GAAP financial measure included in this press release to the most directly comparable GAAP measure:
Reconciliation of Adjusted EBITDA to Net loss
We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depreciation, amortization, stock-based compensation expense and other items, which occur from time to time and which we do not believe are indicative of our core operating performance.
For the three and nine months ended September 30, 2024 and 2023:
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income (loss) | $ | (12,970) | $ | (13,073) | $ | 2,013 | $ | (45,292) | ||||||||
Depreciation and amortization | 5,321 | 4,550 | 17,093 | 10,757 | ||||||||||||
Stock-based compensation | 2,630 | 2,789 | 10,307 | 7,766 | ||||||||||||
Other expense (income) | 2,616 | (1,561) | 8,433 | (5,294) | ||||||||||||
Loss on extinguishment of debt | 27,487 | - | 27,487 | - | ||||||||||||
Income tax expense | 267 | - | 1,889 | - | ||||||||||||
Adjusted EBITDA | $ | 25,351 | $ | (7,295) | $ | 67,222 | $ | (32,063) |
For the trailing twelve months ended September 30, 2024 and 2023:
Last Twelve Months | ||||||||
September 30, | ||||||||
2024 | 2023 | |||||||
(In thousands) | ||||||||
Net income (loss) | $ | 1,494 | $ | (54,901) | ||||
Depreciation and amortization | 21,654 | 13,287 | ||||||
Stock-based compensation | 13,495 | 10,438 | ||||||
Other expense (income) | 10,335 | (5,351) | ||||||
Loss on extinguishment of debt | 27,487 | - | ||||||
Income tax expense | 1,889 | - | ||||||
Adjusted EBITDA | $ | 76,354 | $ | (36,527) |
For the 2024 full year financial outlook:
Year Ending | ||||||||||||||||
December 31, 2024 | ||||||||||||||||
Current | August Update | May Update | February | |||||||||||||
(In thousands) | ||||||||||||||||
Net income (loss) | $ | 9,000 | $ | 7,000 | $ | 2,000 | $ | (23,000) | ||||||||
Depreciation and amortization | 25,000 | 30,000 | 30,000 | 30,000 | ||||||||||||
Stock-based compensation | 14,000 | 14,000 | 14,000 | 14,000 | ||||||||||||
Other expense, net and income tax expense | 14,500 | 9,000 | 9,000 | 9,000 | ||||||||||||
Loss on extinguishment of debt | 27,500 | - | - | - | ||||||||||||
Adjusted EBITDA | $ | 90,000 | $ | 60,000 | $ | 55,000 | $ | 30,000 |
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SOURCE Aspen Aerogels, Inc.
FAQ
What was Aspen Aerogels (ASPN) revenue in Q3 2024?
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