Aspen Aerogels Wins Porsche 718 Supply Deal

Aspen Aerogels, Inc. has announced a significant achievement with the receipt of the PyroThin® design award from Valmet Automotive to supply the next generation electric-only Porsche 718 series. This marks Aspen's sixth original equipment manufacturer (OEM) award. The Porsche 718 platform, covering the Cayman and Boxster models, is expected to commence production in 2025. Notably, Valmet Automotive is Porsche's manufacturing partner for the electric 718 lineup.

In terms of financial outlook, Aspen has reiterated its 2024 full-year guidance, with the following key metrics:

  • Revenue from thermal barrier and energy industrial segments is expected to exceed $380 million and $230 million, respectively, representing year-over-year improvements of 59% and 109% for the respective segments.
  • Adjusted EBITDA is projected to be greater than $55 million, reflecting a substantial increase of 340% compared to the previous period.
  • Net income (loss) is anticipated to exceed $2 million, signifying a 104% improvement from the prior period.
  • Earnings per share are expected to surpass $0.03, representing a remarkable 105% increase year-over-year.

Ricardo C. Rodriguez, the Chief Financial Officer and Treasurer of Aspen, emphasized the company's strategic positioning, particularly in the profitable energy industrial segment, and highlighted the potential for continued support of the long-term electric vehicle (EV) demand ramp.

Aspen's 2024 outlook assumes depreciation and amortization of $30 million, stock-based compensation expense of $14 million, other (income) expense and income tax expense of $9 million, and weighted average shares outstanding of 75.8 million for the full year.

The press release also included a detailed explanation of the non-GAAP financial measure, adjusted EBITDA, which the management considers indicative of Aspen's core operating performance. Management believes that this non-GAAP financial measure provides useful information to investors and allows for meaningful comparisons and analysis of trends in its business.

Aspen Aerogels, Inc. is a technology leader in sustainability and electrification solutions, leveraging its aerogel technology platform to address global megatrends such as resource efficiency, e-mobility, and clean energy. The company's PyroThin® products play a crucial role in addressing thermal runaway challenges in the EV market, while its battery materials initiative aims to enhance the performance and reduce the cost of lithium-ion battery cells for EVs.

Aspen Aerogels, Inc. continues to forge partnerships with industry leaders to expand its aerogel technology into additional high-value markets and is headquartered in Northborough, Massachusetts. Today the company's shares have moved 1.6% to a price of $30.94. Check out the company's full 8-K submission here.

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