NORTH BOROUGH, Mass., October 26, 2022 /PRNewswire/ — Aspen Aerogels, Inc. ASPN (“aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced financial results for the third quarter ended 2022 09/30/2022and discussed recent business developments.
Total revenue for the third quarter of 2022 was $36.7 millioncompared to $30.4 million in the third quarter of last year. Net loss in the third quarter was $29.6 millioncompared to a net loss of $7.8 million in the third quarter of 2021. Net loss per share for the third quarter was $0.75compared to $0.24 in the third quarter of last year.
Adjusted EBITDA for the third quarter of 2022 was ($23.2) millioncompared to (7.8) million US dollars in the third quarter of 2021. A reconciliation of non-GAAP Adjusted EBITDA to net loss is included in the financial plans accompanying this news release. A discussion of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures”.
Third Quarter Highlights
- Total revenue increased 21% year over year
- generated $12.0 million by PyroThin® Revenue from thermal barriers
- Energy Industrial revenue from $24.8 million
- Ended the third quarter with cash from $102.4 million
“We had record sales of PyroThin thermal barrier in the third quarter, although lower than expected at the beginning of the quarter. We know that automotive OEMs will be impacted by supply chain challenges from time to time, which could certainly affect their growth ramps. We believe that both our EV and Energy Industrial businesses continue to provide a favorable backdrop for us to reach our sales target for 2023 $240 million and our sales target for 2025 of $720 million” remarked Donald R Young, President and CEO. “Our strategy to fund our growth plan remains focused on strategic investors who know our business and the markets we serve. We believe that as a core piece of financing, having a strategic investor will validate our business…
