Aspen Aerogels loses $9M in first quarter
Courtesy Aspen Aerogels
One of Aspen Aerogels products is insulation material.
Constrained capital investment and a quiet global energy market contributed to a first quarter operating loss of $9.1 million for Northborough-based Aspen Aerogels, Inc.
The company on Thursday reported a 29 percent revenue drop from $32.8 million in the first quarter of 2016 to $23 million this year, and adjusted EBITDA of negative $5.1 million.
Aspen Aerogels defines adjusted EBITDA as net income before interest, taxes, depreciation, amortization, stock-based compensation expense and other occasional items that it doesn't believe are indicative of the company’s overall performance.
The company got hit by an increase in expenses related to patent enforcement actions, and a decrease in total revenue, which led to the net loss and decline in adjusted EBITDA, said Don Young, president and CEO of Aspen Aerogels. He said the company is working to diversify its markets, and saw activity in the district energy and liquified natural gas markets in the quarter. remains on track to introduce products for the power market in the second half of the year.
The company expects a net loss for 2017 ranging between $18.2 million and $21.2 million, and total revenue for the year ranging between $102 million and $112 million.
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