Aspen Aerogels posts 3Q net loss

ASPEN AEROGELS reported a third quarter loss of $2.4 million compared with a net loss of $12.7 million in the third quarter of 2013.
ASPEN AEROGELS reported a third quarter loss of $2.4 million compared with a net loss of $12.7 million in the third quarter of 2013.

NORTHBOROUGH, Mass.– Aspen Aerogels Inc., a nanotechnology firm that designs and manufactures energy-efficient insulation products, has reported a third quarter loss of $2.4 million compared with a net loss of $12.7 million in the third quarter of 2013.

Revenue for the quarter was $25.4 million, reflecting growth of 16 percent compared with 2013 third quarter revenues of $21.9 million.

On a per-share basis, Aspen Aerogels’ third quarter net loss in 2014 was 10 cents per diluted share, with more than 22 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 third quarter of last year $4,049.41 per diluted share.
Gross profit was $5 million in the third quarter, compared with $3.6 million in the prior year period.
“I am pleased that we have posted another strong quarter, achieving several financial records including quarterly gross profit. … The health of our business remains strong and I am confident of our outlook for the remainder of the year and for 2015,” Don Young, president and CEO of Aspen Aerogels, said in a statement.
He said that construction of the company’s third manufacturing line in East Providence remains on schedule, and is expected to be operational during the 2015 second quarter.
For the nine months that ended Sept. 30, total assets numbered $147.2 million, compared with $90 million last year.
In 2015, the company said that total revenue is expected to range between $113 million and $117 million, with expected net loss per share between 31 cents and 43 cents.

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