NORTHBOROUGH, Mass. – Aspen Aerogels Inc. incurred a $14.6 million loss in 2019, an improvement from a $34.4 million loss in 2018, the company reported on Thursday.
Loss per diluted share for the year was 60 cents, compared with $1.45 one year prior.
Revenue for 2019 was $139.4 million, a 33.5% increase year over year. This included $136.9 million in product revenue, an increase from $102.1 million in 2018, and $2.4 million in research services revenue, an increase from $2.2 million one year prior.
The company designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence.
“We are extremely pleased with the results we achieved during 2019. Total revenue growth for the year of 34% was driven by strong demand in our core North American petrochemical and refinery markets, and significant growth in project-related revenue in the subsea market, in the Middle East and from the PTT LNG Nong Fab receiving terminal project,” said Don Young, CEO and president of Aspen.
“We also made great progress on our program to leverage the unique properties of our aerogel technology platform within the electric vehicle market,” continued Young. “During the past three months, we signed evaluation agreements with Evonik Industries AG and SKC Co., Ltd. to accelerate development of our proprietary carbon aerogels to improve the performance and cost of lithium-ion batteries for electric vehicles.”
Company expenses on research and development increased 33% year over year to $8.4 million in 2019. Sales and marketing expenses also increased from $13.8 million in 2018 to $15.6 million in 2019. General and administrative expenses declined 13.8% year over year to $16.5 million.
Fourth quarter losses for the company totaled $956,000, an improvement from a $14.1 million loss in the fourth quarter of 2018. Quarterly revenue increased 31.4% year over year to $46.2 million.