ASPN - Aspen Aerogels reports mixed Q2 earnings; updates FY23 outlook

2023-08-02 17:50:57 ET

• Aspen Aerogels press release ( NYSE: ASPN ): Q2 GAAP EPS of -$0.22 beats by $0.15 .
• Revenue of $48.2M (+5.7% Y/Y) misses by $0.97M .
• Adjusted EBITDA for the second quarter of 2023 was $(10.8) million, compared to $(18.3) million in the second quarter of last year.

• Aspen updated its 2023 full year outlook as follows:

  • Total revenue is expected to range between $200 million and $250 million vs. consensus of $$225.36M.
  • Net loss is expected to range between $85.0 million and $75.0 million, as compared to the previous range of $101.9 million and $91.9 million
  • Adjusted EBITDA is expected to range between $(55) million and $(45) million, as compared to the previous range of $(60) million and $(50) million
  • Net loss per share is expected to range between $1.21 and $1.07, as compared to the previous range of $1.46 and $1.31 vs. consensus of -$1.21.
  • CAPEX of up to $150 million to enable continued growth in 2024

  The Company's 2023 outlook assumes depreciation and amortization of $20.2 million, stock-based compensation expense of $11.1 million, interest income of $1.3 million and weighted average shares outstanding of 70.3 million for the full year.

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