Aspen Aerogels posts 4Q, 2014 profit losses, revenue gains

ASPEN AEROGELS reported increases in revenue for the fourth quarter and year, but profit losses for the same periods.
ASPEN AEROGELS reported increases in revenue for the fourth quarter and year, but profit losses for the same periods.

NORTHBOROUGH, Mass. – Aspen Aerogels reported a net loss of $66.3 million for 2014, 39 percent more than the $47.6 million loss reported the year before.

The nanotechnology firm also reported a profit loss for the fourth quarter of $2.7 million, or 12 cents per diluted share, an improvement over the loss of $17 million, or $5,403.25 per share, reported during the prior year period. For the year, the net loss was $5.37 per diluted share.

However, the company reported increases in revenue for both the fourth quarter and year that ended Dec. 31.
Aspen Aerogels reported revenue growth of 15 percent to $28 million in the fourth quarter, and 19 percent to $102.3 million for the year.

Don Young, president and CEO of Aspen Aerogels, said that 2014 was an important year for Aspen Aerogels, as its initial public offering was completed in June 2014. He said the IPO provided funds enabling the company to expand its capacity to meet growing customer demand and strengthen its balance sheet.

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Young said construction of the company’s third manufacturing plant in East Providence remains on schedule and should be operational in the second quarter of this year. Another manufacturing plant is expected to begin operating in two years, and the company is still reviewing potential sites in the United States, Young said.

“Aspen Aerogels also achieved several important financial milestones during 2014, including significant improvements in profitability as measured by gross margin, gross profit and adjusted [earnings before interest, taxes, depreciation and amortization]. The health of our business remains strong and I am excited about our prospects for 2015,” Young said.

The company released its 2015 full-year outlook, saying it expects revenue to range between $113 million and $117 million.

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