Aspen Aerogels, Inc. announced its third quarter 2024 financial results on November 6, 2024, reporting total revenue of $117.3 million, a significant increase from $60.8 million in the third quarter of 2023. The Thermal Barrier segment contributed $90.6 million to this quarterly revenue. The company achieved a consolidated gross margin of 42% and an Adjusted EBITDA margin of 22% for the quarter.
The company reported a net loss of $13.0 million, which included a $27.5 million one-time charge from the redemption of its convertible note. Adjusted EBITDA for the third quarter of 2024 was $25.4 million, a substantial improvement from $(7.3) million in the prior-year period. These results demonstrate strong operational execution and cost discipline.
Aspen Aerogels updated its full-year 2024 financial outlook, projecting total revenue of $450 million, net income of $9 million, and Adjusted EBITDA of $90 million. This represents a significant increase from previous outlooks, with revenue up $100 million and Adjusted EBITDA up $60 million from the original expectations. Management stated the company is fully capitalized to execute its current strategy and is on track to achieve at least $650 million in annual revenue with at least 35% gross margins and 25% Adjusted EBITDA margins using existing assets and supply arrangements.
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