NORTHBOROUGH, Mass. – Aspen Aerogels Inc. reported a loss of $2.3 million in the third quarter, compared with a loss of $6.5 million one year prior, the company reported Friday.
Losses per diluted share were 9 cents in the third quarter, compared with a loss of 27 cents in the third quarter of 2018.
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The company designs, develops and manufactures aerogel insulation used primarily in the energy infrastructure and building materials markets. It maintains a manufacturing facility in East Providence, which it said it has continued to invest in to expand its capacity.
Company revenue totaled $35.4 million, a 48% increase year over year. The increase was credited to strong demand in the company’s North American petrochemical and refinery markets and continued shipments to a liquid natural gas terminal in Thailand.
The company’s United States revenue totaled $15.2 million in the quarter, a 32.3% increase year over year. International revenue totaled $20.2 million in the third quarter, a 62.5% increase year over year.
“We remain laser focused on improving our profitability. We expect to deliver record product revenue during the fourth quarter driven by continued strength in our core U.S. markets and a significant backlog of project work, particularly in the LNG market,” said Aspen Aerogel President and CEO Don Young.
The company reported year-over-year increases in research and development spending, sales and marketing expenses and general and administrative costs, resulting in a 25.3% increase in operating expenses.
“We also made good progress on our strategic initiative to leverage our aerogel technology platform to develop breakout opportunities in new markets,” added Young. “We are continuing to explore the role our aerogel technology platform may play in the battery materials market with prospective battery industry partners and to work closely with BASF to develop a line of next-generation, high-performance products for the building materials market. In addition, our recent success at the U.S. Court of Appeals, along with our prior wins in the German courts, reinforces the strength of our patent portfolio supporting these new business activities,” he said.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
