Aspen Aerogels, Inc. - ASPN STOCK NEWS

Aspen Aerogels (ASPN) announced the appointment of James Sweetnam to its Board of Directors, expanding the board to eight members. Sweetnam brings extensive experience from leadership positions at Dana Corporation and Eaton Corporation. His expertise will enhance Aspen's capability to pursue growth opportunities, particularly in the electric vehicle market, leveraging its aerogel technology. CEO Donald Young expressed confidence in Sweetnam's track record, highlighting the potential for significant advancements in partnerships with automotive OEM customers. The addition is timely as the company seeks to capitalize on its innovative solutions.

Aspen Aerogels reported a 44% revenue growth year-over-year, reaching $45.6 million for Q2 2022, compared to $31.7 million in Q2 2021. However, the company faced a net loss of $24.1 million, up from $6.7 million the previous year, with net loss per share increasing to $0.68. Adjusted EBITDA was $(18.3) million, a decline from $(3.4) million. Looking forward, 2022 revenue guidance remains between $180 million and $200 million.

Management anticipates significant investments to enhance growth, aiming for revenue doubling by 2023 and tripling by 2025.

Aspen Aerogels (ASPN) plans to discuss its Q2 2022 financial results on July 28, 2022. The results will be released after market close on July 27, 2022. CEO Don Young and CFO Ricardo Rodriguez will lead the conference call at 8:30 a.m. EDT, accessible via phone and live webcast. The company focuses on sustainability and electrification, providing innovative solutions for the EV market and enhancing energy efficiency in buildings. Key products include PyroThin® for thermal safety in EVs and Spaceloft® for energy efficiency.

Aspen Aerogels (NYSE: ASPN) announced on June 29, 2022, that it will not proceed with the planned public offerings of its common stock and green convertible senior notes due 2027, originally announced on June 28, 2022. The company made this decision due to unfavorable market conditions that do not align with the best interests of its shareholders. No shares or notes will be sold as a result. The offerings were to be conducted under an effective shelf registration statement filed with the SEC.

Aspen Aerogels (NYSE: ASPN) announced plans for $225 million in common stock and $150 million in green convertible senior notes due 2027. The offerings will be registered under the Securities Act and will include a 30-day option for underwriters to purchase up to 15% more securities. Proceeds will be used for capital projects, including a new aerogel manufacturing facility in Georgia, and for general corporate purposes. The offerings are subject to market conditions.

Aspen Aerogels (ASPN) announced an updated financial outlook for 2022, significantly increasing thermal barrier revenue expectations from $18 million to between $52 million and $62 million, driven by demand from General Motors and Toyota. Overall revenue is projected at $180 million to $200 million, reflecting strong growth in the energy industrial demand book. However, net loss is expected to rise to $79.8 million to $86.8 million, attributed to higher material costs. Aspen is advancing the construction of its Plant II in Georgia and a high-volume thermal barrier facility in Mexico, with capital expenditures projected at $650 million to $750 million.

Aspen Aerogels, Inc. has appointed Virginia H. Johnson as Chief Legal Officer, General Counsel, and Corporate Secretary, effective May 19, 2022. With over 20 years of legal experience, Johnson previously served as General Counsel at Schneider Electric North America and held senior roles at Global Atlantic Financial Group. Her expertise in corporate strategy and legal operations aligns with Aspen's focus on sustainability and diversity. Aspen aims to leverage her leadership to enhance its growth and innovation in sustainability solutions, particularly in electrification and resource efficiency.

Aspen Aerogels (NYSE: ASPN) announced its participation in several investor events during May 2022, including the Water Tower Research Fireside Chat and the Oppenheimer Emerging Growth Conference. Key executives, including CEO Donald R. Young and CFO Ricardo C. Rodriguez, will engage in discussions about the company's quarterly earnings and future outlook. Events are virtual, and materials will be accessible on Aspen's Investor Relations website. Notable dates include May 4 for the Fireside Chat and May 10 for the Oppenheimer Conference.