NORTHBOUROUGH, Mass. – Aspen Aerogels Inc. reported a net loss of $19.3 million for 2017, compared to a $12 million loss in 2016 in an Securities and Exchange Commission filing Thursday.
The company that designs, develops and manufactures aerogel insulation reported revenue declining by $6.1 million, from $117.7 million in 2016 to $111.6 million last year.
Loss per diluted share was 83 cents compared to 0.52 one year prior.
Net loss for the fourth quarter 2017 was $1.7 million, compared to a net loss of $5.7 million one year prior. Fourth quarter revenue also increased year over year from $27.2 million in 2016 to $36.4 million in 2017.
”We benefited from record manufacturing yields and strong operational productivity in our East Providence, Rhode Island manufacturing facility,” said President and CEO of Aspen Aerogels Don Young in a statement.
“We have also commenced a series of projects, which we refer to as our EP20 projects, intended to increase the capacity of our East Providence manufacturing facility by 20 percent by the end of 2020. The EP20 projects will cost up to $20 million and will involve a series of process technology advancements to enhance the profit potential of our existing manufacturing assets. We intend to use a portion of the $5 million in advance payments from BASF to fund the EP20 projects planned for 2018,” concluded Mr. Young.
The company expects its 2018 net loss to range between $16.9 million and $20 million. It also expects its total revenue to range between $106 million and $116 million.
Chris Bergenheim is the PBN web editor.
