Aspen Aerogels 2Q net loss more than doubles on IPO costs
ASPEN AEROGELS widened its second-quarter net loss by more than 100 percent in 2014, with a total net loss of $42.2 million compared with $19 million last year. Excluding costs related to the company's June IPO, the net loss for the three months ended June 30 was $3.3 million.
NORTHBOROUGH, Mass. – Aspen Aerogels Inc., a nanotechnology firm that designs and manufactures energy-efficient insulation products, has reported a second-quarter net loss of $42.2 million, more than doubling the net loss of $19 million posted for the same period last year.
Revenue increased 15.8 percent year over year in the second quarter, climbing to $26.6 million during the three months ended June 30 compared with $23 million in the second quarter of 2013.
On a per-share basis, Aspel Aerogels’ second-quarter net loss in 2014 was $13.88 per diluted share, with more than 3 million common shares outstanding following its initial public offering on June 18. A year earlier, in 2013, Aspen Aerogels had 3,137 outstanding common shares, making its net loss for the second quarter of last year $6,051.64 per diluted share.
Adjusted net loss for the second quarter, a non-GAAP measure that excluded $38.8 million in non-cash expenses related to the company’s June IPO, was $3.3 million, narrowing by 70.3 percent the adjusted net loss of $11.2 million for the second quarter of 2013.
To give investors a comparable look at the company’s performance in the second quarters of 2013 and 2014, Aspen Aerogels based its adjusted earnings per share on the number of outstanding shares subsequent to the IPO, which totaled 23 million. By this estimation, Aspen Aerogels’ net loss per share for the second quarter was 14 cents, compared with a net loss of 48 cents per share for the same period a year ago.
“Our performance was strong across the business,” said Don Young, president and CEO of Aspen Aerogels. “With the successful completion of our IPO in June, we have a strong balance sheet and the assets in place to execute our strategic growth plan.”
To meet growing demand, Young said the company has begun construction of a third manufacturing line at its facility in East Providence, which will be operational during the first half of 2015.
Looking ahead, Aspen Aerogels projected total 2014 revenue of between $98.5 million and $101.5 million, with an expected net loss per share of between $5.45 and $5.55.