Home Economy Economic Activity SEC filing of the week: Aspen Aerogels posts $13.4M profit in 2024

SEC filing of the week: Aspen Aerogels posts $13.4M profit in 2024

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PBN Staff

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02/14/2025

Aspen-1-1 — ASPEN AEROGELS Inc. reported a $13.4 million net income in 2024, an increase from the $$45.8 million loss a year ago, according to its filing with the U.S. Securities and Exchange Commission on Feb. 12.

PROVIDENCE – Aspen Aerogels Inc. reported a $13.4 million profit in 2024, improving on a $45.8 million loss from a year ago, according to its filing with the U.S. Securities and Exchange Commission on Feb. 12. The profit per diluted share for the year was 17 cents, compared to a loss of 66 cents per

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PROVIDENCE – Aspen Aerogels Inc. reported a $13.4 million profit in 2024, improving on a $45.8 million loss from a year ago, according to its filing with the U.S. Securities and Exchange Commission on Feb. 12. The profit per diluted share for the year was 17 cents, compared to a loss of 66 cents per diluted share the year prior. Revenue for 2024 was $452.6 million, an 89% increase from $238.7 million a year ago. The company designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence. “Our financial results for 2024 underscore the scalability of our business model and leading market position,” said Don Young, Aspen Aerogels CEO and president. "In addition to exceeding our initial 2024 revenue and profitability expectations, we added multiple OEMs to our growing list of customers, including the recent award from Volvo Truck, and established external manufacturing capabilities to provide supply for our growing Energy Industrial business. We are taking a prudent approach to 2025 and are implementing several actions that increase our agility and capital efficiency.” For the fourth quarter that ended Dec. 31, the company posted a profit of $11.4 million compared to a loss of $519,000 the year prior. The company reported quarterly earnings of 14 cents per diluted share compared to a loss of 1 cent per share a year ago. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share. The maker of insulation products posted revenue of $123.1 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $121 million. For the current quarter ending in March, Aspen said it expects revenue in the range of $75 million to $95 million. (Material from The Associated Press was used in this report.)