Aspen Aerogels posts $24M loss in Q2

PROVIDENCE – Aspen Aerogels Inc. posted a loss of $24.1 million in the second quarter of 2022, or 68 cents per diluted share, compared with a $6.7 million loss one year prior, or 23 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 that revenue totaled $45.6 million in the quarter, up from $31.7 million in the second quarter of 2021.

“We are pleased with the increasing market adoption of our high-performance thermal and EV [electric vehicle] safety solutions,” said CEO and President Donald R. Young in a statement. “Aspen continues its strong growth trajectory, with accelerated demand for both our PyroThin thermal barrier solutions for EVs and energy industrial products which address energy efficiency, asset resiliency, and safety in traditional energy settings and LNG [liquefied natural gas] facilities.”

Young said total second-quarter revenue grew 44% year over year and 19% sequentially.

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“We are increasing the level of our investment in personnel, infrastructure, and related activities, primarily focusing on Phase 1 of our second aerogel manufacturing facility located in Georgia (“Plant II”); a high-volume thermal barrier assembly operation in Mexico; and enhancing the technical, commercial and operational teams that support our commercial markets,” Young said. “The positive impact of these investments and the leveraging of growing volumes set the stage for reaching our revenue and profitability goals.”