Aspen Aerogels, Inc. announced its first quarter 2025 financial results on May 8, 2025, reporting total revenue of $78.7 million, a decrease from $94.5 million in the first quarter of 2024. The company incurred a net loss of $301.2 million, which included a substantial $286.6 million impairment charge related to the demobilization of its previously planned second aerogel manufacturing plant in Statesboro, Georgia, along with $9.8 million in associated restructuring costs.
Excluding these one-time charges, the adjusted net loss for the quarter was $4.8 million. Adjusted EBITDA for the first quarter of 2025 was $4.9 million, down from $12.9 million in the comparable period of 2024. The significant impairment charge reflects the financial impact of the company's strategic pivot away from the large-scale Statesboro plant expansion.
Despite the financial headwinds, Aspen Aerogels announced a new PyroThin award with a leading American OEM for a next-generation prismatic LFP vehicle platform. The company also noted record-level quoting activity in its PyroThin thermal barrier business and stated that its Energy Industrial segment is now equipped to pursue additional geographies and end markets. Management emphasized ongoing efforts to reduce fixed costs and leverage a diversified supply chain.
For the second quarter of 2025, Aspen Aerogels provided an outlook expecting revenue between $70 million and $80 million, a net loss between $11 million and $4 million, and a net loss per share between $0.13 and $0.05.
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