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NORTHBOROUGH, Mass. - Aspen Aerogels, Inc. (NYSE:ASPN) reported better-than-expected fourth quarter results but saw its shares tumble 32% after issuing weak guidance for the first quarter of 2025.
The sustainability and electrification solutions provider posted Q4 adjusted earnings per share of $0.14, surpassing analyst estimates of $0.08. Revenue for the quarter came in at $123.1 million, up 46% YoY and above the consensus estimate of $114.42 million.
However, Aspen’s outlook for Q1 2025 fell short of expectations. The company forecasts revenue between $75 million and $95 million, well below analyst projections of $104.2 million. It also expects a net loss per share between $0.18 and breakeven, compared to the consensus estimate of $0.08 in earnings per share.
For the full year 2024, Aspen reported revenue of $452.7 million, a 90% increase YoY. Net income was $13.4 million, which included a $27.5 million one-time charge from the redemption of the company’s convertible note.
"Our financial results for 2024 underscore the scalability of our business model and leading market position," said Don Young, Aspen’s President and CEO. "In addition to exceeding our initial 2024 revenue and profitability expectations, we added multiple OEMs to our growing list of customers."
The company also announced it has stopped construction of its planned second aerogel manufacturing facility in Statesboro, Georgia. Instead, Aspen will focus on maximizing capacity at its existing East Providence facility and utilizing a flexible supply strategy with external manufacturing capabilities.
Despite the positive Q4 results, investors appeared to focus on the weak Q1 guidance, sending Aspen Aerogels shares sharply lower following the earnings release.
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