Aspen Aerogels loss expands to $5.5M in 2Q

ASPEN AEROGELS REPORTED a $5.5 million loss for the second quarter of 2017.
ASPEN AEROGELS REPORTED a $5.5 million loss for the second quarter of 2017.

NORTHBOROUGH, Mass. – Aspen Aerogels Inc. reported a $5.5 million loss for the second quarter of 2017, an increase from its $1.4 million loss in the same 2016 period. Loss per diluted share for the quarter was 23 cents, compared with 6 cents a year earlier.

Revenue for the company also declined year over year for the second quarter, with the company reporting $25.1 million in total revenue, a decline of 9.4 percent.

“As expected, our second-quarter performance reflected the impact of constrained capital investment and low activity levels in the global energy markets,” said Don Young, president and CEO of Aspen Aerogels. “Continued softness in our downstream business, in combination with the conclusion of shipments to the South Asia petrochemical project, resulted in much of the decrease in total revenue during the quarter. This decrease in total revenue and a planned reduction in manufacturing output levels led to the decline in net income and Adjusted EBITDA.”

The company said it expects the net loss for 2017 to range between $18.2 million and $20.8 million, revised from prior guidance of $18.2 million to $21.2 million.

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Aspen Aerogels designs, develops and manufactures aerogel insulation used primarily in the energy infrastructure and building materials markets. It has a manufacturing facility in East Providence.

Chris Bergenheim is the PBN web editor.

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