NORTHBOROUGH, Mass. – Aspen Aerogels Inc. this week reported a loss of $7.8 million in the third quarter, or 24 cents per diluted share, compared with a $6.8 million loss one year prior, or 25 cents per diluted share.
The company, which designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence, on Oct. 27 said that revenue for the quarter totaled $30.3 million, a rise from $23.9 million one year prior.
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“Our business continues to accelerate and we are pleased with the increasing market adoption of our high-performance thermal solutions,” said Don Young, president and CEO of Aspen. “Third-quarter revenue growth of 26% reflected a continuation of the beginning stage of a post-COVID recovery in our maintenance-related business in the global chemical and refinery markets, particularly in the United States. As a result of this solid growth, gross profit and gross margin improved versus the third quarter of 2020.”
The company also said it has made progress on its PyroThin thermal barrier business. Young said that the company delivered $1 million of thermal barrier prototypes in the quarter and expects to begin shipping production parts to automotive customers in the fourth quarter.
“The pace of our thermal barrier design, prototype and quoting activities, along with the scope of our efforts, continue to expand,” said Young. “We are increasingly being asked to provide broader solutions for improved battery performance and safety centered on our PyroThin materials that provide thermal management, mechanical stability and fire protection properties to EV battery systems.”
