PROVIDENCE – Aspen Aerogels Inc. posted a loss of $15.4 million in the second quarter of 2023, or 22 cents per diluted share, compared with a $25 million loss one year prior, or 68 cents per diluted share, the company reported Wednesday.
The Northborough, Mass.-based company, which designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence, said revenue totaled $48.1 million in the quarter, up from $45.6 million in the second quarter of 2022.
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“We remain actively focused on execution and operational excellence,” commented Don Young, Aspen’s CEO and president. “Our energy industrial business is strong, delivering record level quarterly gross profit margins for that segment at 27%. Because demand continues to exceed our current capacity, we are working closely with our aerogel manufacturing partner to accelerate the availability of our supplemental supply.”
Aspen Aerogels expects full-year losses to be between $1.07 to $1.21 per share, with revenue in the range of $200 million to $250 million.
“We continue to work closely with several EV OEMs as they finalize the designs of their battery platforms,” Young said. “We believe we have line of sight to several meaningful awards that have potential to drive incremental demand in 2024, and ramp into 2025 and beyond. … In the meantime, we anticipate an acceleration of revenue from GM later this year as they begin high-volume production of the Silverado, Blazer, Equinox and BrightDrop electric vehicles.”
