Aspen Aerogels reports $34.4M loss in 2018

ASPEN AEROGELS reported a $34.4 million loss in 2018.
ASPEN AEROGELS reported a $34.4 million loss in 2018.

NORTHBOROUGH, Mass. – Aspen Aerogels Inc. reported a loss of $34.4 million, or $1.45 per diluted share, in 2018 compared with a $19.3 million loss in 2017, or a loss of 83 cents per diluted share, according to a filing with the Securities and Exchange Commission Thursday evening.

The company that designs, develops and manufactures aerogel insulation reported that revenue for the year was $104.4 million, a 6.5 percent year-over-year decline.

The company has a manufacturing facility in East Providence.

“During the fourth quarter, our total revenue declined as a result of a year-over-year decrease in project work in the subsea market and due to the conclusion of the South Asia petrochemical project. We also continued to experience increased raw material costs during the period, which put pressure on our margins. The decrease in revenue and the higher raw material costs led to the decline in our net income and Adjusted EBITDA versus the fourth quarter of 2017,” stated Don Young, president and CEO of Aspen Aerogels.

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The company said that the decline in profit for the year included a $7.4 million impairment charge on pre-construction and related costs for a manufacturing facility in Georgia.