Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q3 2023 Earnings Presentation
14 slides from Aspen Aerogels's earnings presentation, Nov 2, 2023
Slide 1: Aspen Aerogels Q3 2023 Financial Results Call
November 2, 2023 ASPEN AEROGELS Q 3 2 0 2 3 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: Q3 2023 Developments
Q3 2023 Developments Record company revenues and continued gross margin expansion driven by accelerating PyroThin® demand Q3 2023 Highlights Financial Performance Progression • Record quarterly company revenue of $60.8M 2023 Revenue & Gross Margin Trajectory ($ in millions)1 Gross Profit % PyroThin
Slide 5: Q3 and YTD 2023 Financial Highlights
Q3 and YTD 2023 Financial Highlights Material costs and fixed cost absorption from higher revenue run rates driving operating loss reductions Q3 Q3 Q3 YTD Q3 YTD $ in millions except per share figures Commentary 2022 20231 2022 20231 YTD EV Thermal Barrier revenues of $57M, or $33M in Q3, begin to r
Slide 6: Historical Trends and 2023 Outlook
Historical Trends and 2023 Outlook Improved profitability guidance, Q4 performance will be driven by continued increase in EV Thermal Barrier demand 15 Month Quarterly Trajectory1 2023 Outlook1 $ in millions except per share figures Revenues - $M Gross Profit Margin % Pyrothin Energy Industrial REVE
Slide 7: Operating Plan Gearing and Recent Results
Operating Plan Gearing and Recent Results Results on path towards building a $550M+ revenue business, targeting 25% EBITDA margins with our current asset base $ in millions, expressed as Annual Run Rate Q1-23 Q2-23 Q3-23 Q4-23* LTM Q3-22 LTM Q3-23 LTM % Change EV Thermal Barrier $400M Capacity 131 8
Slide 8: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing to grow profitably The Road to Creating Near Term Value ACCELERATING NEAR TERM PROFITABILITY Leveraging existing assets and agreements to deliver $550M annual revenue capacity, $200M gross profi
Slide 9: Appendix
Appendix 8 Aspen Aerogels | Q3 2023 Financial Results Call | November 2, 2023
Slide 10: Demand Overview - GM Ultium IHS Forecast
Demand Overview - GM Ultium IHS Forecast GM Ultium production doubled from Q2 to Q3; ramp projected to continue into Q4 and 2024 Ultium platform volumes are 2024: major GM nameplates to The long-term outlook remains accelerating heading into Q4 scale; new Honda launches strong 2023 GM Ultium EV Prod
Slide 11: GM North American Ultium Battery Manufacturing
GM North American Ultium Battery Manufacturing Battery Estimated Expected Plant Location Status Capacity Notes Partner Cost SOP Testing high-capacity module In- assembly lines; Expected to reach Lordstown, 30 LG Chem $2.3B Completed production full capacity in November OH GWh (2022) (targeting 36M c
Slide 12: GM North American Ultium EV Assembly Plants
GM North American Ultium EV Assembly Plants Union Est 2024 Est 2025 Est 2024 Est 2025 Assembly SOP1 Nameplates Notes Status Production Production1 1 Production1 Production1 2023 Equinox EV 73k 83k Ramos, 2023 Blazer EV 58k 54k Also builds ICE variants of the Blazer CTM 168k 191k Mexico 2024 Prologue
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Q3 YTD FY 2023 Outlook ($ in thousands) 2023 2022 2023 2022 Low High Net Loss (13,073) (29,595) (45,292) (73,129) (62,400) (52,400) Depreciation and Amortization 4,550 2,531 10,757 6,692 15,300 15,300 Stock-based Compensation 2,789 2,590 7,766 6,713 10,400 10,400 O
Slide 14: - ASPEN|acrogels
- ASPEN|acrogels