Aspen Aerogels posts $6.8M loss in Q1

PROVIDENCE – Aspen Aerogels Inc., a manufacturer of aerogel insulation that operates a manufacturing plant in East Providence, reported a $6.8 million loss for the 2018 first quarter, less than the $9.1 million loss the company reported in the first quarter of 2017, in a Securities and Exchange Commission filing Thursday.

Loss per diluted share was 29 cents for the quarter, compared with 39 cents last year.

The company noted in the filing it is making investments to increase its capacity at its East Providence facility. It said it has increased nameplate capacity to 50 million square feet of aerogel blankets to date. The company has plans to expand that capacity to 60 million square feet by the end of 2020.

The company also noted it had paused construction on a facility in Statesboro, Ga., to better align with the timing of its capacity expansion.

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The company said it is expecting a $6 million increase in operating expenses during 2018 for new initiatives and personnel, as well as a revenue decline due to the conclusion of a multiyear petrochemical project with a major Asian energy company and a decline in the volume of subsea projects, which combined constituted 19 percent of company revenue in 2017.

Chris Bergenheim is the PBN web editor.