NORTHBOROUGH, Mass. – Aspen Aerogels Inc. posted a $6.5 million loss for the third quarter, or 27 cents per diluted share, more than doubling the company’s loss in the third quarter of 2017 when it posted a $3.1 million, or 13 cents per diluted share, loss, the company reported Thursday afternoon.
The company designs, develops and manufactures aerogel insulation used primarily in energy infrastructure and in the building materials market for thermal efficiency. It manufactures many of its products in a facility in East Providence.
The company’s revenue declined 12 percent year over year to $23.9 million, which company President and CEO Don Young said was due to a decline in Aspen Aerogel’s work in the South American and subsea markets. The company also said that a decline in revenue, higher raw materials cost and a planned reduction in manufacturing output to manage inventory levels were the key factors in the weakened bottom line.
Young said that he expected revenue and profitability to improve in the fourth quarter and in 2019.
“We also remain excited by the potential of the next generation aerogel products currently under development with BASF for the building materials market.”
The company reported a $7 million loss in the second quarter of 2018.
