Aspen Aerogels, Inc. · NYSE:ASPN
Aspen Aerogels — Q2 2023 Earnings Presentation
15 slides from Aspen Aerogels's earnings presentation, Aug 3, 2023
Slide 1: Aspen Aerogels Q2 2023 Financial Results Call
August 3, 2023 ASPEN AEROGELS Q 2 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 with respect to the Company. Such financial targets constitute forward looking information and is for illustrative purposes only and should not be relied upon as necessarily being indic
Slide 4: Q2 2023 Developments
Q2 2023 Developments Driving on path to profitability by leveraging existing assets and optimizing costs while making commercial progress Q2 2023 Highlights The Road to Creating Near Term Value • Delivered 17% gross margins • 27% Energy Industrial gross margin, the highest in segment history Minimiz
Slide 5: Energy Industrial Overview
Energy Industrial Overview Strong demand for Energy Industrial products, across all regions and applications, is currently supply constrained Energy Industrial demand is … driven by global …while Q2 2023 gross profit margin reaches all-time outpacing our current supply... demand… high as progress to
Slide 6: Q2 and H1 2023 Financial Highlights
Q2 and H1 2023 Financial Highlights Material and fixed cost reductions enabled a 41% YoY reduction in our adjusted Q2 EBITDA loss on 6% higher revenues. Q2 Q2 H1 H1 $ in millions except per share figures Commentary 2022 20231 2022 20231 EV Thermal Barrier revenues in H1 of $24.3M reflect an expected
Slide 7: Historical Trends and 2023 Outlook
Historical Trends and 2023 Outlook Improved profitability guidance, while wide revenue outlook range is driven by variability in Q4 EV Thermal Barrier demand 15 Month Quarterly Trajectory1 2023 Outlook1 $ in millions except per share figures Revenues - $M Gross Profit Margin % Adj. EBITDA2 - $M 60 2
Slide 8: EV Thermal Barrier Demand Overview
EV Thermal Barrier Demand Overview GM Ultium production is expected by IHS’ forecast to increase over 3X from Q2 to Q3, and 2.4X from Q3 to Q4 Ultium platform seeing short-term Major GM nameplates expected to While the long-term outlook delays, volumes to accelerate in Q4 launch, current nameplates
Slide 9: Near-Term Operating Plan Positioning
Near-Term Operating Plan Positioning Focused on building a $550M+ revenue business, targeting 25% EBITDA margins with our current asset base $ in millions, expressed as Annual Run Rate Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 LTM Q2-22 LTM Q2-23 Reflects supplemental GM order EV Thermal Barrier 101 62 $400M 43
Slide 10: Building the EV Thermal Barrier Market
Building the EV Thermal Barrier Market Serviceable addressable market of pouch and prismatic cell packs of $1.6B growing at 27% CAGR to $8.7B by 2030 Global serviceable addressable thermal barrier market1 ($B USD) Key takeaways Includes Cell-to-Cell Barriers for all BEV/PHEV Pouch and Prismatic batt
Slide 11: Summary
Summary Earning our right to win by leveraging the Aerogel Technology Platform®, executing, and investing to grow profitably ACCELERATING NEAR TERM PROFITABILITY Leveraging existing assets and commercial opportunities to deliver $550M of annual revenue capacity, $200M of gross profit, and $140M of E
Slide 12: Appendix
Appendix 11 Aspen Aerogels | Q2 2023 Financial Results Call | August 3, 2023
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q2 Q2 YTD FY 2023 Outlook ($ in thousands) 2023 2022 2023 2022 Low High Net Loss (15,423) (24,050) (32,219) (43,534) (85,000) (75,000) Depreciation and Amortization 3,503 2,032 6,207 4,161 20,200 20,200 Stock-based Compensation 2,710 2,295 4,977 4,123 11,100 11,100 In
Slide 14: 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 15: 1 Aspen Aerogels | Q2 2023 Financial Results Call | August 3, 2023
1Aspen Aerogels | Q2 2023 Financial Results Call | August 3, 2023