NORTHBOROUGH, Mass. – Aspen Aerogels Inc. lost $5.7 million in the second quarter of 2020, or 21 cents per diluted share, the company reported on Thursday after the stock market closed.
One year prior, the company lost $5.3 million in the second quarter of 2019, or 22 cents per share one year prior.
Company revenue was $24.6 million, a 16.6% decline year over year.
The company designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence.
“As expected, our second quarter revenue declined 17% due to a decrease in subsea project work and the impact of COVID-19 on our maintenance-related business, most notably in the U.S. petrochemical and refinery market,” said Don Young, president and CEO of Aspen. “We did, however, experience year-over-year growth in on-shore project work globally, led by continued strong demand in the LNG market. In addition, our initiatives to reduce compensation, discretionary expenses and bill of material costs offset most of the impact of the decrease in revenue.”
