- Aspen Aerogels Inc ASPN stated that the increased visibility to expected order volume for 2022 from General Motors Co GM and Toyota Motors Corp TM is driving an updated outlook in thermal barrier revenues from $18 million to a range of $52 million - $62 million, a potential threefold increase in demand versus original expectations.
- FY22 Outlook, updated: Aspen expects revenue of $180 million - $200 million (previous view $145 million - $155 million) against the consensus of $154.83 million.
- It expects a net loss of $(79.8) million - $(86.8) million (prior view $(66.7) million - $(70.7) million.
- The company attributed the wider loss expectation to increased materials costs and manufacturing and operating expenses required to support the additional thermal barrier volumes.
- ASPN expects Adjusted EBITDA of $(55.0) million - $(62.0) million (prior view $(42.0) million - $(46.0) million).
- It expects a net loss per share of $(2.20) - $(2.40) versus prior view of $(1.88) - $(1.99), against the consensus of $(1.97).
- ASPN expects capital expenditures of $250 million - $300 million, reflecting the advancing progress of Phase I of Plant II and the acceleration of investments for high-volume thermal barrier assembly in Mexico.
- CEO Donald R. Young stated, "Our updated outlook for the year reflects an acceleration in demand and penetration in the EV market, coupled with solid energy industrial growth. We are increasing our investment levels for the year in advance of the significant expected growth within our PyroThin® thermal barrier business."
- Price Action: ASPN shares are trading higher by 13.4% at $20.15 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
