Aspen Aerogels, Inc. has reported its second quarter 2024 financial results, showcasing significant growth and positive momentum. The company's total revenue for the second quarter of 2024 was $117.8 million, a substantial increase from $48.2 million in the second quarter of 2023, representing a 145% year-over-year growth. Net income for the quarter was reported at $16.8 million, a significant improvement from the net loss of $15.4 million in the same quarter last year.
The company's adjusted EBITDA for the second quarter of 2024 also demonstrated remarkable progress, standing at $28.9 million, compared to $(10.8) million in the second quarter of 2023.
Quarterly highlights include: Record quarterly revenues of $117.8 million, up 25% quarter-over-quarter and 145% year-over-year. Gross margins of 44%, showing a 7-percentage point improvement quarter-over-quarter and a 26-percentage point improvement year-over-year. Net income of $16.8 million, marking an $18.7 million improvement quarter-over-quarter and a $32.2 million improvement year-over-year. Adjusted EBITDA of $28.9 million, representing a 124% improvement quarter-over-quarter and a $39.8 million improvement year-over-year.
The company's updated 2024 financial outlook includes an increase in revenue, net income, adjusted EBITDA, and earnings per share (diluted) compared to the prior outlook, reflecting the company's confidence in its continued growth and performance.
In addition, Aspen Aerogels, Inc. provided a comparison of key financial metrics for the trailing twelve-month periods ended June 30, 2023, and 2024, which demonstrated substantial improvements across revenue, gross profit, net income (loss), adjusted EBITDA, operating income, and total capex.
Aspen Aerogels' strong financial performance is attributed to the significant operating leverage of its business model, as well as the accelerating revenues and profitability growth across its business segments. The company remains optimistic about its ability to capture excess demand and pursue additional market opportunities.
The company's positive financial results reflect its position as a technology leader in sustainability and electrification solutions, with a focus on addressing global megatrends such as resource efficiency, e-mobility, and clean energy.
Aspen Aerogels, Inc. is scheduled to hold a conference call to discuss its second quarter 2024 results and recent business developments, providing an opportunity for shareholders and interested parties to gain further insights into the company's financial performance and outlook.
The company's impressive financial results and positive outlook underscore its commitment to delivering sustainable and innovative solutions while driving continued growth and value for its stakeholders. Today the company's shares have moved -6.2% to a price of $18.5. For more information, read the company's full 8-K submission here.
