HWM - Aspen Wins PyroThin Design Award From Valmet Automotive | Benzinga
Aspen Aerogels, Inc. (NYSE: ASPN) secured a PyroThin design award from Porsche's manufacturing partner, Valmet Automotive, to supply the next-generation electric-only Porsche 718 series. This marks the company's sixth OEM award. Aspen Aerogels also reiterated its 2024 financial goals.
The company is optimistic about adding Valmet Automotive and Porsche to its growing list of customers. Aspen Aerogels believes that this award validates PyroThin as a leading EV thermal barrier solution. It expects to secure more awards in 2024, driving further diversification in its PyroThin customer base for 2025 and beyond.
2024 Outlook Unchanged
For 2024, the company expects revenues to be more than $380 million, suggesting an increase of 59% year over year. Revenues from the Thermal Barrier segment are expected to be more than $230 million, up 109% year over year. Meanwhile, the Energy Industrial segment's revenues are expected to be greater than $150 million, reflecting an increase of 17% from the year-ago reported figures.
Adjusted EBITDA is expected to be more than $55 million, up 340% year over year. It expects net income to be more than $2 million, up 104% year over year. The company ...