NORTHBOROUGH, Mass. – Aspen Aerogels Inc., a thermal management solutions company that develops aerogel insulation with a manufacturing plant in East Providence, reported a $3.1 million loss for the 2017 third quarter.
The company reported a nearly identical loss in the 2016 third quarter. The loss per diluted share was 13 cents for the quarter, the same as one year prior.
Revenue for the company declined 8 percent year over year to $27.2 million from $29.6 million.
“During the quarter, we experienced solid growth in the U.S. and in Europe and resurgent demand in the Brazilian and subsea markets. However, our third-quarter total revenue declined principally as a result of a decline in sales in Asia, led by the conclusion of shipments to the South Asia petrochemical project which comprised over 30 percent of total revenue in the third quarter of 2016,” said Don Young, president and CEO of Aspen Aerogels.
“We remain committed to sustaining our investment in new aerogel technologies, innovative products, and strategic partnerships to drive long-term growth in a diversified set of markets. Our initial success in the patent enforcement action against two China-based companies at the International Trade Commission in late-September validates the strength of the patent portfolio protecting our expanding aerogel technology platform. We remain firmly committed to defending our intellectual property and will continue to assert our rights against companies that infringe our patented technology,” said Young.
The company adjusted its 2017 financial outlook to a yearly net loss of between $19.3 million and $21 million from prior guidance of a net loss ranging from $18.2 million and $20.8 million. The company also updated its total revenue expectation to between $106 million and $112 million from prior estimates of between $104 million and $112 million.
Chris Bergenheim is the PBN web editor.
