Aspen Aerogels Posts Narrower Prelim. Loss In Q3, Revenues To Surge; Stock Up

(RTTNews) - Aspen Aerogels, Inc. (ASPN), a maker of insulating materials, Wednesday announced a narrower preliminary loss for the third quarter, on a surge in revenue, compared to the prior year.

The company expects preliminary net loss of around $13 million, compared with $13.073 million, recorded for the same period last year.

Preliminary revenue stood at $117 million, higher than prior year's $60.755 million.

On average, 11 analysts, polled by Thomson Reuters forecast to post revenue of $95.52 million, for the quarter. Analysts' estimates typically exclude special items.

The Register plant has an initial estimated annual revenue capacity of $1.2 billion to $1.6 billion, depending on the product mix.

Further, the company said that it has received a conditional commitment from the U.S. Department of Energy or DOE for a proposed loan of up to $670.6 million.

The loan comes under the Advanced Technology Vehicles Manufacturing loan program within DOE's Loan Programs Office for financing the construction of its planned second aerogel manufacturing site in Register, Georgia.

The Register plant will manufacture PyroThin aerogel blankets to offer ultrathin and lightweight thermal barriers to help prevent thermal runaway. Aspen Aerogels Georgia, LLC, a subsidiary of Aspen Aerogels is the intended borrower of the loan. ASPN was trading up by 10.94 percent at $24.88 on the New York Stock Exchange.