PROVIDENCE – Aspen Aerogels Inc. incurred an $82.7 million loss in 2022, a deeper plunge from a $37.1 million loss in 2021, the company reported on Wednesday.
Loss per diluted share for the year was $2.10, compared with $1.22 one year prior.
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Revenue for 2022 was $180.4 million, a 48.3% increase year over year.
The company designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence.
“We achieved record PyroThin thermal barrier revenue of $55.6 million for the year, an increase of nearly 9 times 2021 revenues. Combined with a robust Energy Industrial market, we delivered annual revenues of $180 million, up 48% year-over-year,” Aspen Aerogels CEO and President Donald R. Young said in a statement. “We received a Letter of Intent from the luxury brand of an important German OEM group where the thermal barrier parts are targeted for a battery platform intended for use across several of their models.
“We also received an order for approximately 1.5 million prototype parts for a commercial vehicle brand within the same German OEM group. We believe we are well positioned to achieve our goals of deepening our technical and commercial relationships with existing customers and adding important new customers,” Young said.
Company expenses on research and development totaled $16.9 million in 2022, an increase from $11.4 million in 2021. Sales and marketing expenses totaled $28.8 million, up from $16.6 million in 2021. General and administrative expenses totaled $38.5 million, an increase from $22.5 million the year before.
Fourth-quarter losses for the company totaled $9.6 million, a decrease from a $16.4 million loss in the fourth quarter of 2021. Quarterly revenue was $59.6 million, compared with $31.5 million in the fourth quarter last year.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.
Aspen Aerogels expects a full-year loss of $1.46 to $1.31 per share in 2023, with revenue in the range of $200 million to $250 million.
Material from the Associated Press was used in this report.
