Aspen Aerogels Reports Q4 Prel. Revenue Better Than Consensus

(RTTNews) - Aspen Aerogels, Inc. (ASPN) Thursday reported preliminary fourth-quarter revenue that is better than the Street estimates and an improvement from last year.

The company posted preliminary revenues of $84 million for the fourth quarter, higher than $59.6 million in the same quarter a year ago. The consensus estimate of analysts polled by Thomson-Reuters stands at $74.9 million.

For the full year, preliminary revenue was $238 million, up 32% year-over-year.

For 2024, Aspen Aerogels said it expects revenue of $350 million with upside potential as EV production accelerates. The company also said more than 47% year-over-year revenue growth is possible.

"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. 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," commented Don Young, Aspen's President and CEO.