Aspen Aerogels Announces Thermal Barrier Award from Valmet Automotive for Electric Porsche 718 Series and Reiterates 2024 Financial Outlook

Aspen Aerogels Announces Thermal Barrier Award from Valmet Automotive for Electric Porsche 718 Series and Reiterates 2024 Financial Outlook.

Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced a PyroThin^® design award from Valmet Automotive to supply the next generation electric-only Porsche 718 series.

Aspen is also reiterating its 2024 financial outlook.

Valmet Automotive / Porsche EV Thermal Barrier Commercial Award

• Valmet Automotive is Porsche’s manufacturing partner for the next generation electric 718 lineup
• The Porsche 718 platform covers the Cayman and Boxster models with an expected start of production in 2025
• Porsche, through Valmet, joins Audi and Scania as announced PyroThin^® awards linked to the Volkswagen Group

 Donald R. Young, Aspen’s President and CEO, said:

We are excited to add Valmet Automotive and Porsche to our growing list of customers as they prepare to manufacture an all-electric 718 lineup.

“This award, and the depth of our quote and development pipeline with additional OEM customers, further validates PyroThin^® as the go-to EV thermal barrier solution. We believe that we will add more awards to our roster during 2024 to drive further diversification in our PyroThin^® customer base for 2025 and beyond.”

2024 Financial Outlook Unchanged

Aspen’s 2024 full year outlook remains as follows:

($ in millions, except per share amounts)

Ricardo C. Rodriguez, Chief Financial Officer and Treasurer, commented:

We developed a pragmatic performance baseline when planning for 2024 and while preparing the most recently communicated outlook increase as part of our Q1 results.

Mr. Rodriguez added, “Thinking more broadly and long-term, our profitable Energy Industrial segment, in combination with a broad set of blue-chip PyroThin^® customers, positions us to continue supporting the long-term EV demand ramp with conviction. We look forward to discussing our Q2 results in detail at our next earnings call on August 1^st, 2024.”

The Company’s 2024 outlook assumes depreciation and amortization of $30 million, stock-based compensation expense of $14 million, other (income) expense and income tax expense of $9 million, and weighted average shares outstanding of 75.8 million for the full year.

A reconciliation of net loss to non-GAAP Adjusted EBITDA for the 2024 financial outlook is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measure is also included below under the heading “Non-GAAP Financial Measures.”

Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (“GAAP”), Aspen provides an additional financial metric that is not prepared in accordance with GAAP (“non-GAAP”). The non-GAAP financial measure included in this press release is Adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measure does not include the impact of items that management does not consider indicative of Aspen’s core operating performance. In addition, management uses Adjusted EBITDA (i) for planning purposes, including the preparation of Aspen’s annual operating budget, (ii) to allocate resources to enhance the financial performance of its business, and (iii) as a performance measure under its bonus plan.

Management believes that this non-GAAP financial measure reflects Aspen’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in its business, as it excludes expenses and gains not reflective of Aspen’s ongoing operating results or that may be infrequent and/or unusual in nature. Management also believes that this non-GAAP financial measures provides useful information to investors in understanding and evaluating Aspen’s operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. This non-GAAP measure may not be comparable to similarly titled measures presented by other companies.

The non-GAAP financial measure does not replace the presentation of Aspen’s GAAP financial results and should only be used as a supplement to, not as a substitute for, Aspen’s financial results presented in accordance with GAAP. In this press release, Aspen has provided a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. Management strongly encourages investors to review Aspen’s financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

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Aspen Aerogels Announces Thermal Barrier Award from Valmet Automotive for Electric Porsche 718 Series and Reiterates 2024 Financial Outlook. source