Aspen Aerogels, Inc. announced its fourth quarter and full year 2024 financial results on February 12, 2025. For the full year 2024, total revenue reached a record $452.7 million, a 90% increase year-over-year from $238.8 million in 2023. The company achieved a net income of $13.4 million, compared to a net loss of $45.8 million in 2023, and Adjusted EBITDA of $89.9 million, up from $(22.9) million in 2023. Gross margins expanded to 40% for the full year.
In the fourth quarter of 2024, total revenue was $123.1 million, with net income of $11.4 million and Adjusted EBITDA of $22.7 million. The company ended the year with $220.9 million in cash and generated $20.9 million of free cash flow in Q4. Aspen Aerogels also secured a new contract to supply PyroThin Thermal Barriers for a Volvo Truck commercial vehicle program, expanding its customer base.
In a significant strategic shift, Aspen Aerogels announced it has stopped construction of its planned second aerogel manufacturing facility in Statesboro, Georgia. The company will now focus on maximizing capacity at its existing East Providence facility and utilizing a flexible external manufacturing strategy. This decision reflects a move towards a more capital-light approach to capacity expansion, with management assessing options to derive value from the Statesboro assets.
For the first quarter of 2025, Aspen Aerogels provided an outlook projecting revenue between $75 million and $85 million, a net loss between $10 million and $3 million, and Adjusted EBITDA between $4 million and $11 million. This outlook includes an estimated $3.0 million in restructuring costs related to the strategic changes.
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