On August 7, 2024, Aspen Aerogels Inc (ASPN, Financial) released its 8-K filing for the second quarter of 2024, showcasing impressive financial results and business highlights. Aspen Aerogels Inc is a technology leader in sustainability and electrification solutions, specializing in high-performance aerogel insulation for the energy industrial and sustainable insulation markets.
Quarterly Performance and Financial Achievements
Aspen Aerogels Inc reported record quarterly revenues of $117.8 million, marking a 25% increase quarter-over-quarter and a staggering 145% year-over-year growth. This performance significantly surpassed the analyst estimate of $101.80 million in revenue. The company also achieved a net income of $16.8 million, a notable turnaround from the net loss of $15.4 million in the same quarter last year. Net income per share (diluted) was $0.21, compared to an estimated earnings per share of $0.04.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Change |
|---|---|---|---|
| Revenue | $117.8 million | $48.2 million | +145% |
| Net Income | $16.8 million | $(15.4) million | N/A |
| Adjusted EBITDA | $28.9 million | $(10.8) million | N/A |
Income Statement Highlights
The company's gross profit for Q2 2024 was $51.6 million, a significant increase from $8.4 million in Q2 2023. Operating expenses were $31.6 million, up from $25.5 million in the same period last year. Despite the increase in operating expenses, the income from operations was $20.0 million, compared to a loss of $17.0 million in Q2 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, Aspen Aerogels Inc reported total assets of $748.6 million, up from $703.0 million at the end of 2023. The company's cash and cash equivalents stood at $91.4 million. Total liabilities were $230.8 million, with stockholders' equity amounting to $517.8 million.
Updated 2024 Financial Outlook
Aspen Aerogels Inc has updated its 2024 full-year outlook, projecting revenues to exceed $390 million, up from the prior outlook of $380 million. The company also expects net income to surpass $7 million and Adjusted EBITDA to exceed $60 million. Earnings per share (diluted) are now anticipated to be greater than $0.09, compared to the previous estimate of $0.03.
"This quarter’s results demonstrate the significant operating leverage of our business model as we continue to utilize a higher percentage of our current capacity and effectively execute our strategy," commented Don Young, Aspen’s President and CEO.
Conclusion
Aspen Aerogels Inc's strong Q2 2024 performance underscores its robust business model and strategic execution. The company's significant revenue and profitability growth, along with its updated financial outlook, position it well for continued success in the sustainability and electrification markets. Investors and stakeholders will be keenly watching Aspen Aerogels Inc's progress as it captures additional market opportunities and scales its operations.
Explore the complete 8-K earnings release (here) from Aspen Aerogels Inc for further details.
