Aspen Aerogels sees FY23 revenue $238M, consensus $229.41M

Aspen Aerogels announced preliminary FY23 revenue results, a preliminary 2024 revenue outlook, and the initial shipments through its supplemental aerogel supply for its Energy Industrial business. Sees FY23 PyroThin thermal barrier revenues $110M, up 98% year-over-year; Energy Industrial revenues $128M, up 3% year-over-year despite capacity constraints 1.96X 2021’s revenues, effectively meeting a target set in early 2021 to double revenues by 2023. “The successful launch of our supplemental supply provides critical capacity that we believe will enable our Energy Industrial business to live up to its full demand potential,” commented Don Young, Aspen’s President and CEO. “We are proud of the results that the team delivered in 2023 by effectively doubling our revenues in two years, a goal that we’ve been striving for since early 2021,” continued Mr. Young. “Our profitability profile is also vastly improved as we focus on driving to our gross margin and adjusted EBITDA margin targets of 35% and 25%, respectively.”