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

Aspen Aerogels, Inc. (ASPN), a manufacturer of insulating materials, announced on Wednesday a reduced preliminary loss for the third quarter, credited to a significant increase in revenue compared to the previous year.

The company forecasts a preliminary net loss of approximately $13 million, slightly improved from the $13.073 million recorded in the same quarter last year.

Preliminary revenue reached $117 million, marking a notable increase from the prior year's $60.755 million.

On average, 11 analysts surveyed by Thomson Reuters anticipated quarterly revenue of $95.52 million. These analyst projections typically exclude special items.

The company's Register plant has an initially estimated annual revenue capacity ranging from $1.2 billion to $1.6 billion, contingent on the product mix.

Additionally, the company disclosed that it has secured a conditional commitment from the U.S. Department of Energy (DOE) for a proposed loan of up to $670.6 million.

This loan is part of the Advanced Technology Vehicles Manufacturing loan program administered by the DOE's Loan Programs Office, aimed at financing the construction of a second aerogel manufacturing facility in Register, Georgia.

The Register plant is set to produce PyroThin aerogel blankets, which provide ultra-thin and lightweight thermal barriers to help prevent thermal runaway. Aspen Aerogels Georgia, LLC, a subsidiary of Aspen Aerogels, is the proposed borrower of the loan.

At the close of trading, ASPN shares were up 10.94%, priced at $24.88 on the New York Stock Exchange.