© Reuters.
NORTHBOROUGH, Mass. – Aspen Aerogels, Inc. (NYSE:NYSE:), a leader in sustainability and electrification solutions, announced its preliminary full-year 2023 revenue results and provided a 2024 revenue outlook as well as an update. in your supplemental supply of airgel.
In the fourth quarter of 2023, Aspen reported revenue of $84 million, an increase of 38% from the previous quarter. The company's PyroThin thermal barrier revenue saw a significant 61% quarter-over-quarter increase, reaching $53 million, while Energy Industrial revenue grew 11% to $31 million. For the full year, the company's revenue was $238 million, up 32% year over year, with PyroThin thermal barrier revenue doubling to $110 million and Energy Industrial revenue growing modestly by 3 % to 128 million dollars. This growth trajectory effectively met Aspen's early 2021 goal of doubling revenue by 2023.
Looking ahead to 2024, Aspen projects revenue of $350 million, which would represent a more than 47% increase in year-over-year revenue growth. This forecast is reinforced by the successful initial shipments of its supplemental supply, which aims to meet the full demand potential of its Industrial Energy business.
Aspen President and CEO Don Young expressed pride in the company's achievements, including notable revenue growth and improved profitability profile. He highlighted the company's focus on achieving gross margin and adjusted EBITDA margin targets of 35% and 25%, respectively.
Despite the positive outlook, Ricardo C. Rodríguez, Aspen's chief financial officer and treasurer, highlighted potential challenges ahead, such as customers' expansion of new electric vehicle (EV) nameplates. He stressed the importance of optimizing cost structures and maximizing business potential to navigate uncertainties.
Preliminary financial results for 2023 remain unaudited and subject to completion of financial close procedures and internal reviews. Aspen expects to release its actual financial results for the fourth quarter on February 12, 2023.
These forward-looking statements, including the 2024 revenue outlook, are subject to risks and uncertainties, including potential supply chain disruptions, cost inflation and events related to capacity expansion, which could cause actual results to differ materially. .
This announcement is based solely on information currently available to Aspen management and does not represent a comprehensive financial statement. The company cautions investors to consider the risks associated with forward-looking statements.
Aspen Aerogels specializes in aerogel technology, which contributes to resource efficiency, electric mobility and clean energy. Its products serve several markets, including electric vehicles, sustainable building materials and energy infrastructure. The company's headquarters and manufacturing facilities are located in Northborough, Massachusetts, and East Providence, Rhode Island, respectively. This information is based on a press release.
InvestingPro Insights
As Aspen Aerogels, Inc. (NYSE: ASPN) moves forward with its optimistic 2024 revenue outlook, InvestingPro insights can provide investors with additional context on the company's financial health and market performance. Based on real-time data, Aspen has a market capitalization of $14.59 billion, indicating a strong presence in the market. The company's P/E ratio stands at 18.47, suggesting a reasonable valuation relative to its earnings. Furthermore, Aspen has seen a commendable revenue growth of 22.15% in the trailing twelve months as of Q1 2023.
InvestingPro's advice highlights the high quality of Aspen's earnings, as evidenced by free cash flow outpacing net income and a steady rise in earnings per share. Furthermore, analysts remain optimistic about the company's sales growth in the current year. These factors, combined with Aspen's impressive gross profit margins and the fact that it has maintained dividend payments for 26 consecutive years, paint a picture of a financially sound and reliable investment.
For investors who want to delve deeper into Aspen's performance and potential, InvestingPro offers a number of additional tips. There are currently over 10 additional InvestingPro tips available, providing comprehensive analysis that could be crucial to making informed investment decisions. With the Cyber Monday special offer, InvestingPro subscriptions are now available at a discount of up to 60%. Also, using the coupon code ProW345Investors can enjoy an additional 10% discount on a 2-year subscription to InvestingPro+, unlocking a treasure trove of expert financial knowledge.
This article was generated with the support of ai and reviewed by an editor. For more information consult our T&C.
