PROVIDENCE – Aspen Aerogels Inc. incurred a $37.1 million loss in 2021, a plunge from a $21.8 million loss in 2020, the company reported on Thursday.
Loss per diluted share for the year was $1.22, compared with 83 cents one year prior.
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Revenue for 2021 was $121.6 million, a 21.3% increase year over year. This included $121.1 million in product revenue, an increase from $99.8 million in 2020, and $510,000 in research services revenue compared with $439,000 one year prior.
The company designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence.
“Our business continues to accelerate and we are pleased with the increasing market adoption of our high-performance thermal solutions. Aspen’s 2021 revenue growth of 21% reflects our initial revenues in the electric vehicle market and a continuation of the beginning stages of a post-COVID recovery in the energy infrastructure market,” said Don Young, Aspen’s CEO and president, in a statement. “We were not immune to COVID-related staffing and raw material shortages during the year, particularly in the fourth quarter. We carried a backlog of between $6 million and $8 million of fourth-quarter orders into the first quarter of 2022 due to COVID-related production constraints.”
Company expenses on research and development was $11.4 million in 2021, an increase from $8.7 million in 2020. Sales and marketing expenses was $16.6 million, up from $11.8 million in 2020. General and administrative expenses was $22.5 million, an increase from $15.7 million the year before.
Fourth-quarter losses for the company totaled $16.4 million, an increase from a $6.2 million loss in the fourth quarter of 2020. Quarterly revenue was $31.5 million compared with $23 million in the fourth quarter last year.
