Welcome to our dedicated page for Aspen Aerogels news (Ticker: ASPN), a resource for investors and traders seeking the latest updates and insights on Aspen Aerogels stock.
Aspen Aerogels, Inc. (NYSE: ASPN) is a leading technology company specializing in advanced aerogel insulation solutions. Its core products provide unparalleled thermal performance, significantly outperforming traditional insulation materials. Aspen's flexible aerogel insulation products are used across various industries, including oil and gas, LNG shipping and storage, building and construction, outdoor apparel, appliances, transportation, and military and aerospace.
The company's innovative product line includes Pyrogel® and Cryogel®, which are renowned for their superior insulation properties, and Spaceloft®, which offers industry-leading energy efficiency and fire safety for buildings. Aspen's PyroThin® technology addresses critical thermal runaway challenges in the electric vehicle (EV) market, enhancing the safety and performance of lithium-ion battery cells. Aspen Battery Materials, the company’s carbon aerogel initiative, aims to boost the effectiveness of these cells, enabling longer driving ranges and reduced costs for EV manufacturers.
Headquartered in Northborough, Massachusetts, Aspen Aerogels operates manufacturing facilities in East Providence, Rhode Island, and engages in extensive research and development activities. The company collaborates with leading industry partners to expand the applications of its Aerogel Technology Platform® into new high-value markets.
Recent business highlights show the company's robust growth trajectory. In the third quarter of 2023, Aspen reported total revenue of $60.8 million, a significant increase from the previous year. The company's strategic focus on the EV market has resulted in notable commercial success, with its EV Thermal Barrier revenues more than doubling compared to the prior quarter. Aspen anticipates continued demand growth and aims to secure multiple OEM awards by the end of 2023.
The financial outlook for 2023 and beyond remains positive, with expectations for increased revenue and improved profitability driven by strong demand from both the Energy Industrial and EV markets. Aspen's commitment to sustainability and resource efficiency underpins its strategic initiatives, positioning the company as a key player in the global push towards clean energy and e-mobility.
For more information, visit Aspen Aerogels' website at www.aerogel.com or follow them on social media for the latest updates.
Aspen Aerogels has received a PyroThin® design award from Valmet Automotive to supply thermal barriers for the next generation electric Porsche 718 series. This marks Aspen's sixth OEM award and includes models like the Cayman and Boxster, set for production in 2025. Aspen's 2024 financial outlook remains unchanged, projecting revenues of over $380 million, with the Thermal Barrier segment contributing over $230 million. The net income is expected to exceed $2 million with an earnings per share of over $0.03. Adjusted EBITDA is projected to be over $55 million, reflecting a 340% year-over-year improvement. The company is optimistic about adding more awards to its portfolio in 2024.
Aspen Aerogels, Inc. reported $94.5 million in company revenue with 37% gross profit margins and $12.9 million Adjusted EBITDA for Q1 2024. They raised their 2024 Adjusted EBITDA outlook by 83% and expect positive net income for the year. Recent business highlights include revenue growth, thermal barriers, operating income improvement, and awards received. The updated 2024 financial outlook shows significant growth in revenue, Adjusted EBITDA, net income, and earnings per share.
Aspen Aerogels, Inc. (NYSE: ASPN) received both the Automotive News PACE Award and the Innovation Partnership Award for its PyroThin C2C barrier platform used in electric vehicle battery safety. The company collaborated with General Motors to develop the solution, recognized for its industry-leading innovation and technology advancement. Aspen's PyroThin technology has revolutionized the automotive industry by improving EV safety, energy density, and cell health across North America, Europe, and Asia. With a rich history of customer collaboration and innovation, Aspen continues to push the boundaries of what is achievable in the industry.
FAQ
What is the current stock price of Aspen Aerogels (ASPN)?
What is the market cap of Aspen Aerogels (ASPN)?
What does Aspen Aerogels, Inc. specialize in?
Which industries use Aspen Aerogels' products?
What are some of Aspen Aerogels' key products?
How does Aspen Aerogels contribute to the electric vehicle market?
Where is Aspen Aerogels headquartered?
What was Aspen Aerogels' revenue for the third quarter of 2023?
What financial outlook does Aspen Aerogels have for 2023?
How can I contact Aspen Aerogels for product inquiries?
Does Aspen Aerogels engage in research and development?
What recent achievements has Aspen Aerogels made in the EV market?
