NORTHBOROUGH, Mass. – Aspen Aerogels Inc. on Thursday reported a loss of $13.1 million in the third quarter of 203, or 19 cents per diluted share, compared with a $29.6 million loss one year prior, or 75 cents per diluted share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 29 cents per share.
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The company, which designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence, said revenue for the quarter totaled $60.8 million, an increase from $36.7 million one year prior.
Five analysts surveyed by Zacks expected $50.8 million.
The company said its PyroThin thermal barrier business generated $32.8 million in revenue in the third quarter, up 160% quarter over quarter.
“Our PyroThin product offering continues to gain commercial traction on the basis of our clearly differentiated and proprietary technology,” commented Don Young, Aspen’s CEO and president. “Our EV Thermal Barrier revenue increased by over 2.5X versus the prior quarter, and we anticipate this demand growth to continue throughout the remainder of the year and into 2024. We believe that our recent awards keep us on track to reach our goal of six confirmed OEM awards by the end of 2023, as we continue to diversify our customer base.”
At the same time, however, Aspen’s total operating expenses were $27 million for the third quarter, up from $22 million in the same period a year ago. The company posted increased expenses for sales and marketing, up to $8.3 million from $7.2 million a year prior and general and administrative costs, up to $15 million from $9.9 million in the third quarter of 2022.
Expenses for research and development fell year over from $4.6 million to $4.2 million.
