February 23, 2018

Aspen Aerogels ends 2017 in $19.3M hole

Courtesy
Aerogels are the lightest solids on Earth, according to NASA, because they are almost entirely made up of air. Pictured here is Aspen Aerogels' blanket insulation.

Northborough-based Aspen Aerogels had a strong fourth quarter and reduced its net loss by $4 million, but it still ended the year in the red with a net loss of $19.3 million.

The company reported a 2017 total revenue of $111.6 million, a decrease from the $117.7 million reported in 2016. As such, the company ended the year with a $19.3 million loss.

The company reported a loss of $12 million in 2016.

The loss is despite fourth-quarter revenue of $36.4 million, an increase of about $9 million from the fourth quarter in 2016.

Per share, net less for the year was 83 cents, compared to just 52 cents in 2016.

In the earnings release Thursday, the company said the fourth quarter revenue growth of 32 percent was driven by strong demand in the U.S. and Europe along with many subsea projects.

The company attributed its fourth-quarter revenue growth to the solid operations in its East Providence, R.I. plant.

In a statement, President and CEO Don Young said the company is hopeful a joint development program and supply agreement with European chemical company BASF will help support Aspen's expansion plans.

Young cited the company's legal victories in enforcing its patents, including against a Dutch aerogel insulation reseller and Chinese companies who allegedly infringed on the patent.

"These victories validate the strength of the patent portfolio protecting our innovative and expanding aerogel technology platform," Young said. "We remain firmly committed to defending our intellectual property and will continue to assert our rights against companies that infringe our patented technology."

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