Aspen Aerogels Stock Jumps 37% On Q1 Results, Updated Outlook

(RTTNews) - Shares of Aspen Aerogels, Inc. (ASPN) surged over 37% on Thursday morning after the company reported a first-quarter loss that was narrower than the Street view. The company also lifted its full-year financial outlook.

ASPN is currently trading at $20.92, up $5.70 or 37.44%, on the NYSE. The stock opened its trading at $19.79 after closing Wednesday at $15.22. The stock has traded between $5.32 and $21.50 in the past 52-week period.

Revenues for the first quarter were $94.5 million, compared to $45.6 million in the first quarter.

Net loss was $1.8 million or $0.02 per share, compared to a net loss of $16.8 million or $0.24 per share last year. Analysts polled by Thomson Reuters had expected a loss of $0.11 per share.

Looking forward to the full year 2024, the company now expects revenues to be above $380 million and earnings per share of $0.03. Previously, the company expected revenues to be above $350 million and a loss per share of $0.30.

Analysts currently estimate a loss of $0.19 per share and revenues of $362.04 million for the quarter.