Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q3 2024 Earnings Presentation
20 slides from Aspen Aerogels's earnings presentation, Nov 7, 2024
Slide 1: Aspen Aerogels Q3 2024 Financial Results Call
November 7, 2024 ASPEN AEROGELS Q 3 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: Q3 2024 Developments
Q3 2024 Developments Strong quarterly performance; company fully capitalized to execute current strategy and continue profitable growth Q3 2024 Highlights1 October 31st 2024, Liquidity Summary • Company revenue of $117.3 million, up 93% YoY ($ in millions) 262 • 42% Gross margins and 22% Adj. EBITDA
Slide 4: Q3 Financial Highlights
Q1 2024 Financial Highlights Q3 Continued Effective strategy drivingexecution, scalabilitycost by managing management, fixedand costs, record right-timing ThermalCAPEX, Barrier and revenues supplying are driving into growing accretive customer marginsdemand LTM Q3 LTM Q3 Q3 2023 Q3 20241 Commentary
Slide 5: 2024 Revenue Drivers
2024 Revenue Drivers Updated 2024 outlook includes $315M of Thermal Barrier revenue and $135M of Energy Industrial revenue Assumes ~225K total production with scaling and introduction Energy remains supply constrained; on pace to of new nameplates; seeing continued strong sales results deliver ~$170
Slide 6: Updated 2024 Outlook and Historical Trends
Updated 2024 Outlook and Historical Trends Continued cost discipline driving $30M of Adj. EBITDA improvement on $60M of incremental revenue in raised ‘24 outlook 2024 Outlook2 Historical Financial Trajectory1 $ in millions, except per share figures Prior Updated Revenues Gross Profit Margin $ in mil
Slide 7: Statesboro Plant (Plant II) Project Update
Statesboro Plant (Plant II) Project Update Targeted DoE loan designed to fund remaining project investment. Running costs enable accretion at low demand load. Cost and Funding Update Key Design / Cost Structure Considerations $ in millions 960 Capabilities / Process Running Cost Structure 316 800 64
Slide 8: EV Thermal Barrier Segment – Revenue Pipeline
EV Thermal Barrier Segment – Revenue Pipeline Only $700M of total demand is needed to maintain current segment gross margins. Pipeline provides clear demand path. EV Thermal Barrier Estimated Awarded and Quoted Pipeline Value1, 2 $ in billions Quoted Awarded Implied Revenue at 60% Pipeline Discount
Slide 9: Recapping: EV Thermal Barrier Segment Drivers
Recapping: EV Thermal Barrier Segment Drivers PyroThin is compatible with the form factors and chemistries of today’s vehicles and those of the next 10+ years. Aspen has potential solutions for all Pouch and Prismatic projected to be Nickel based chemistries are ~71% form factors and chemistries ~86
Slide 10: 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 DEMONSTRATED OPERATING EXECUTION Second consecutive quarter with >40% gross margins; held OPEX flat quarter-over-quarter Minimize and Righ
Slide 11: Appendix
Appendix 10 Aspen Aerogels | Q3 2024 Financial Results Call | November 7, 2024
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 2024 2023 LTM FY 2024 Outlook ($ in millions) Q1 Q2 Q3 Q3 Q4 Q3 2024 Q3 2023 Prior Updated Net Loss (1.8) 16.8 (13.0) (13.1) (0.5) 1.5 (54.9) 7.0 9.0 Depreciation and Amortization 5.8 6.0 5.3 4.6 4.6 21.7 13.3 30.0 25.0 Stock-based Compensation 4.7 3.0 2.6 2.8 3.2 13.
Slide 13: US EV Market Update – New Entrants Gaining Share
US EV Market Update – New Entrants Gaining Share 17% of all electric vehicles sold in the United States in October were equipped with PyroThin® GM Ultium, Ford, and Honda are starting to win their fair share in a competitive market with new models US EV Sales Top Gainers/Losers1 (US Oct YTD 2023 vs
Slide 14: Demand Overview - GM IHS EV Forecast
Demand Overview - GM IHS EV Forecast GM NA EV production is expected to increase in the 1H of 2025; continued growth expected in 2026/2027 GM EV volumes are expected to 2025 volumes supported by 17 The long-term outlook remains accelerate in 1H 2025 unique nameplates strong GM NA EV Production Forec
Slide 15: Long-term EV Production Trends Remain Strong
Long-term EV Production Trends Remain Strong Global EV production is expected to increase at a 20% CAGR through 2030; 31% CAGR in North America & Europe Global EV production outlook remains strong, …Europe is expected to see higher EV volumes than North America, driven by increasing emissions regula
Slide 16: DOE LPO ATVM Loan Program Overview
DOE LPO ATVM Loan Program Overview Aspen’s current status for second aerogel manufacturing plant (Statesboro Plant) 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.
Slide 17: 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 18: 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 19: Aerogel Plant II – Statesboro
Aerogel Plant II – Statesboro 18 Aspen Aerogels | Q3 2024 Financial Results Call | November 7, 2024
Slide 20: "aspen lae rogels
"aspen lae rogels