Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q1 2024 Earnings Presentation
17 slides from Aspen Aerogels's earnings presentation, May 2, 2024
Slide 1: Aspen Aerogels Q1 2024 Financial Results Call
May 2, 2024 ASPEN AEROGELS Q 1 2 0 2 4 F I N A N C I A L R E S U LT S C A L L
Slide 2: Disclaimer on Forward Looking Statements
Disclaimer on Forward Looking Statements This presentation and any related discussion contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from
Slide 3: Disclaimer on Forward Looking Statements
Disclaimer on Forward Looking Statements The presentation contains information regarding certain financial targets and outlook with respect to the Company. Such financial targets and outlook constitute forward looking information and is for illustrative purposes only and should not be relied upon as
Slide 4: Q1 2024 Developments
Q1 2024 Developments Increasing EV customer demand and continued execution driving strong results and improved 2024 financial outlook Q1 2024 Highlights1 Revenue Trends & 2024 Outlook ($ in millions) • $94.5M in total revenue, up 107% year-over-year • Delivered 37% company gross margins Thermal Barr
Slide 5: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights Continued driving scalability by managing fixed costs, right-timing CAPEX, and supplying into growing customer demand LTM Q1 LTM Q1 Q1 2023 Q1 20241 Quarterly Commentary $ in millions except per share figures 2023 20241 • $65M of EV Thermal Barrier revenues in Q1 led to
Slide 6: Updated 2024 Revenue Drivers
Updated 2024 Revenue Drivers Customer volume ramp driving increased thermal barrier baseline revenue of $230M; Energy Industrial on track for $150M $230M of Thermal Barrier revenue Expecting continued ramp into Q2 Progress with EMF enables $150M assumes ~200k Ultium vehicles & Q3 with potential Q4 t
Slide 7: Updated 2024 Outlook and Historical Trends
Updated 2024 Outlook and Historical Trends Improved 2024 outlook reflects a continuation of plans that have been in place for over 12 months to drive performance 2024 Updated Outlook2 15 Month Quarterly Trajectory1 $ in millions, except per share figures Revenues Gross Profit Margin $ in millions %
Slide 8: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing to grow profitably DEMONSTRATED OPERATING EXECUTION Continued cost discipline and operating efficiencies resulting in increased Adj. EBITDA outlook by 83% to $55M on $380M revenue2 INCREASING FL
Slide 9: Appendix
Appendix 8 Aspen Aerogels | Q1 2024 Financial Results Call | May 2, 2024
Slide 10: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 2024 2023 LTM FY 2024 Outlook ($ in millions) Q1 Q1 Q2 Q3 Q4 Q1 2024 Q1 2023 Prior Updated Net Loss (1.8) (16.8) (15.4) (13.1) (0.5) (30.9) (80.1) (23.0) 2.0 Depreciation and Amortization 5.8 2.7 3.5 4.6 4.6 18.4 9.8 30.0 30.0 Stock-based Compensation 4.7 2.3 2.7 2.8
Slide 11: Operating Plan Gearing and Recent Results
Operating Plan Gearing and Recent Results Continued progress towards sustainably being a $650M+ revenue business of 25% EBITDA margins with current capacity $ in millions, expressed as Annual Run Rate2 Annual Capacity and Target Business Model Q2-23 Q3-23 Q4-23 Q1-24 LTM Q1-23 LTM Q1-24 LTM Change T
Slide 12: EV Thermal Barrier to Produced Vehicle Timeline
EV Thermal Barrier to Produced Vehicle Timeline Aspen’s finished PyroThin parts can take anywhere from ~1-3+ months to be installed into a produced vehicle Estimated timeline for average North American PyroThin finished part ~1-4 weeks ~1 Start ~1-2+ months (some scenarios) week Aspen creates In som
Slide 13: Demand Overview - GM Ultium IHS Forecast
Demand Overview - GM Ultium IHS Forecast GM Ultium production is expected by IHS to continue increasing over the next two quarters; 2025 / 2026 outlook is strong Ultium platform volumes have Equinox, Blazer, and Prologue The long-term outlook remains begun to accelerate nameplates are ~61% of ’24 vo
Slide 14: DOE LPO ATVM Loan Program Overview
DOE LPO ATVM Loan Program Overview Aspen’s current status for Plant II project in Georgia For further information, please visit the official Department of Energy website Source: Official DOE & LPO website (https://www.energy.gov/lpo/application-process) (https://www.energy.gov/lpo/advanced-technolog
Slide 15: DOE LPO ATVM Loan Program Stage Description
DOE LPO ATVM Loan Program Stage Description Advanced Due Diligence & Term Sheet Negotiation Phase Overview • LPO performs financial, credit, legal, environmental, and market due diligence. • LPO typically engages external advisors (e.g., legal, technical, financial, market, insurance) to assist in d
Slide 16: PyroThin Thermal Barrier Opportunity Drivers
PyroThin® Thermal Barrier Opportunity Drivers Eight different macro parameters drive our content per vehicle (CPV) opportunity, and long-term revenue potential Commentary Vehicle sales by • China expected to lead global EV penetration 1 North America Europe China Rest of World region • Higher price
Slide 17: Aspen Aerogels
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