Aspen Aerogels, Inc. (NYSE: ASPN) has pre-announced its full-year 2023 revenues of $238 million, with $84 million in Q4, and is expecting a potential over 47% year-over-year revenue growth in 2024. The company also initiated supplemental supply for its energy industrial products in Q4 of 2023.
Don Young, Aspen's President and CEO, expressed confidence in the company's future, stating, "The successful launch of our supplemental supply provides critical capacity that we believe will enable our energy industrial business to live up to its full demand potential."
He added, "We are proud of the results that the team delivered in 2023 by effectively doubling our revenues in two years, a goal that we’ve been striving for since early 2021."
Ricardo C. Rodriguez, Chief Financial Officer and Treasurer, commented on the 2024 outlook, saying, "There’s potential for further growth beyond our current 2024 expectations. However, we remain cautious given the challenges that our customers face with launching and scaling new EV nameplates."
He continued, "We believe our best hedge to this uncertainty is continuing to optimize our cost structure, maximize the potential of our energy industrial business, broaden our EV customer base, right-time capital expenditures, and identify further operating efficiencies."
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $104,361 | $139,375 | $100,273 | $121,622 | $180,364 | $214,110 |
| Revenue Growth | n/a | 33.55% | -28.06% | 21.29% | 48.3% | 18.71% |
| Operating Margins | -32% | -10% | -22% | -33% | -44% | -28% |
| Net Margins | -33% | -10% | -22% | -30% | -46% | -26% |
| Net Income (k) | -$34,440 | -$14,565 | -$21,809 | -$37,094 | -$82,738 | -$54,901 |
| Net Interest Expense (k) | -$524 | -$406 | -$240 | -$229 | $1,617 | $6,596 |
| Depreciation & Amort. (k) | $10,787 | $10,213 | $10,198 | $9,440 | $9,222 | $13,287 |
| Free Cash Flow (k) | -$12,247 | -$3,166 | -$13,340 | -$32,406 | -$272,373 | -$270,208 |
| Capital Expenditures | $3,593 | $2,112 | $3,416 | $13,778 | $177,974 | $206,295 |
| Current Ratio | 1.61 | 1.5 | 3.38 | 3.07 | 4.68 | 3.27 |
