Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q4 2024 Earnings Presentation
14 slides from Aspen Aerogels's earnings presentation, Feb 13, 2025
Slide 1: Q4 and Full Year 2024 Financial Results Call
February 13, 2025 ASPEN AEROGELS Q 4 A N D F U L L Y E A R 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: Q4 2024 Developments and Year-End Highlights
Q4 2024 Developments and Year-End Highlights Record company revenue and continued gross margin expansion driven by focus on profitability and cash generation Energy Industrial Thermal Barrier Financial Performance Progression • Delivered $53.1M in Q4 • Delivered $70M in Q4, Revenue & Gross Margin %
Slide 4: Q4 and Full Year 2024 Financial Highlights
Q1 and Q4 2024Full Financial Year 2024 Highlights Financial Highlights ng scalability bybusiness Demonstrating managingmodel fixedscalability costs, right-timing while tightly CAPEX, managing and supplying fixed costs into and growing reducing customer capital demand expenditures $ in millions excep
Slide 5: Business Segment Dynamics
Business Segment Dynamics Leveraging our Aerogel Technology Platform® into dynamic, complementary, and expanding end markets 2024 2025 Demand Drivers Demand Drivers • Strong demand due to geopolitics • Acceleration in new projects and permits • LNG, power generation, and C02 recapture • Middle East
Slide 6: Driving Performance in 2025 and Beyond
Driving Performance in 2025 and Beyond We continue to regear the company to create value in a broad range of demand outcomes without additional capital Minimized CAPEX Investments • Leveraging modular external manufacturing supply model • Maximizing Rhode Island capacity • Avoiding $671M of indebted
Slide 7: 2025 Q1 Outlook and Historical Trends
2025 Q1 Outlook and Historical Trends While a broad range of demand outcomes are possible, we remain focused on protecting profitability and capturing upside Q1 2025 Outlook2 Historical Financial Trajectory1 $ in millions, except per share figures Revenues Gross Profit Margin $ in millions % Revenue
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 DEMONSTRATED OPERATING EXECUTION FY 2024 gross margins grew to 40% driving $13.4 million of net income and $89.9 million of Adj EBITDA Min
Slide 9: Appendix
Appendix 8 Aspen Aerogels | Q4 & FY 2024 Financial Results Call | February 13, 2025
Slide 10: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 2024 2023 FY Q1-25 Outlook ($ in millions) Q1 Q2 Q3 Q4 Q4 2024 2023 Low High Net Loss (1.8) 16.8 (13.0) 11.4 (0.5) 13.4 (45.8) (15.0) - Depreciation and Amortization 5.8 6.0 5.3 5.4 4.6 22.5 15.3 5.8 5.8 Stock-based Compensation 4.7 3.0 2.6 2.5 3.2 12.9 11.0 2.7 2.7 L
Slide 11: Long-term EV Production Trends
Long-term EV Production Trends Global EV production is still projected to increase at a 18% CAGR through 2030; 29% CAGR in North America & Europe Global EV production outlook expected to …Europe and North America saw BEV production decrease in 2024; increase at 18% CAGR through 2030 China market sig
Slide 12: US EV Market Update – New Entrants Gaining Share
US EV Market Update – New Entrants Gaining Share GM and Honda were ~19% of all electric vehicles sold in the United States in Q4 2024 GM Ultium and Honda are continuing to capture their fair share in a competitive market with new models US EV Sales Top Gainers/Losers1 (US Q4 2023 vs Q4 2024 change i
Slide 13: Demand Overview - GM IHS EV Forecast
Demand Overview - GM IHS EV Forecast 5% projected volume reduction in 2025 to more closely resemble sales rates; growth expected in 2026/2027 Q1 reduction expected as OEM 2025 volumes supported by 17 2025 with 5% reduction, while reaches inventory targets unique nameplates long-term outlook remains
Slide 14: Aspen Aerogels
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